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Sources say that Indian billionaire Ambani will meet Trump and Qatar's emir at Doha
Mukesh ambani, the Indian billionaire, will meet with Donald Trump, President of the United States, and Qatar's emir in Doha, according to two sources. His company, Reliance Industries, is looking to strengthen ties between authorities in both countries. Qatar's sovereign fund, QIA has invested in Reliance over the years. Ambani is Asia's wealthiest man and has many business relationships with U.S. technology giants like Google and Meta. Ambani is attending a state dinner in Doha for Trump, but he does not intend to have any business or investment discussions. This was confirmed by the first source who has direct knowledge of this matter. Both sources confirmed that another Indian businessman based in London, close to the Trump administration and the Qatari government, will attend. They did not identify the individual. Ambani did not provide any further details about his agenda. Reliance didn't immediately answer'questions. Qatar's Emir, Sheikh Tamim bin Hamad Al-Thani, visited India in February. His country had committed to investing $10 billion in various industries. Trump will leave Qatar for the United Arab Emirates on Thursday, a trip which is more focused on investments than on security issues in the Middle East. (Reporting Aditya Kalra, Editing Clarence Fernandez).
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Gold drops as US-China truce on trade dims appeal of safe-haven assets
Gold prices dropped on Wednesday, as easing U.S. China trade tensions eased investor fears of a global recession. This increased risk appetite for investors and weakened the appeal of bullion as a safe haven. As of 0828 GMT, spot gold was down 0.4% at $3,233.69 per ounce. Prices reached a record-high of $3,500.05 per ounce last month due to increased trade war concerns. U.S. Gold Futures declined 0.3% to $3.238.10. After discussions over the weekend in Geneva, the U.S. agreed to suspend reciprocal tariffs for 90 days. The U.S. plans to reduce its "de minimus tariff" on low-value shipments coming from China to 30%. This is according to an executive order of the White House and industry experts. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that the recent tariff truce has boosted the stock market and, at least temporarily, has taken away the focus on safe havens which has pushed gold to record levels in recent months. There's the risk of further decline if we break through that $3,200 mark, and then we might test $3,165 fairly quickly." The global stock market has rallied on the back of easing Sino-U.S. Trade War concerns. It also received support from relatively benign U.S. Inflation data. The Federal Reserve is expected to announce its interest rate policy on Thursday. After the April consumer price index was lower than expected, traders speculated about possible rate cuts in later years. Markets expect the Fed to reduce rates by 53 basis points this year starting in September. Gold is traditionally seen as a hedge to inflation. However, in an environment of low interest rates it tends also to flourish as it pays no interest. Silver spot fell 0.2%, to $32.83, platinum rose 0.8% at $995.66 and palladium remained unchanged at $957.69. (Reporting and editing by Eileen Soreng in Bengaluru, Anmol Choubey from Bengaluru)
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Residents of Libya's capital are trapped in the most intense fighting they have seen for years
Witnesses in Tripoli said that the most intense clashes since years continued through Wednesday morning after Monday's death of a key militia leader sparked fighting between rival groups. The United Nations Libya Mission UNSMIL expressed its "deep alarm" at the violence escalating in Tripoli's densely populated areas and called for an immediate ceasefire. The latest unrests in Libya's capital follow battles that seemed to consolidate Abdulhamid al-Dbeibah's power as prime minister of the divided government of National Unity (GNU), and an ally of Turkey. Any prolonged fighting in Tripoli could attract factions outside of the capital. This could lead to an escalation among Libya's numerous armed actors after years relative calm. The English-language Libyan Observer reports that the main fighting took place on Wednesday between the Dbeibah aligned 444 Brigade, and the Special Deterrence Force(Rada), which is the last major armed Tripoli group not in his camp. Residents of Tripoli trapped inside their homes due to the fighting expressed horror at the sudden outbreak of violence that followed weeks of increasing tensions between armed groups. It's terrifying to watch all the intense fighting. "I had my family all in one room so that we could avoid the random shelling," said by phone a father of 3 in Dahra. Mohanad Juma, a resident of the western suburb Saraj, said that fighting would stop for a few moments before it resumed. "Each time the fighting stops, we feel relieved. "But then we lose our hope again," said he. ARMED FACTIONS Libya has seen little stability since an uprising in 2011 backed by NATO ousted Muammar Gadaffi, the longtime autocrat. The country was split in 2014 into rival eastern and Western factions. However, a major outbreak of warfare halted in 2020 with a ceasefire. Libya, a major energy exporter and a waystation for migrants headed to Europe, has attracted foreign powers, including Turkey, Russia and Egypt, as well as the United Arab Emirates, into its conflict. The main oil facilities of Libya are located in the south and east, away from the current fighting. While the eastern part of Libya is dominated by Khalifa haftar's Libyan National Army for over a decade, control in Tripoli as well as western Libya is splintered between numerous armed groups. Dbeibah ordered on Tuesday the dismantling what he called irregular military groups. This announcement follows the death of Abdulghani Kikli (also known as Ghaniwa), a major militia leader, on Monday, and the unexpected defeat of his Stabilisation Support Apparatus group by factions aligned to Dbeibah. The 444 Brigade and the 111 Brigade, which are allies of Dbeibah, have taken over SSA territory, indicating a concentration of power within the fragmented capital. Rada is the only major faction that has not been closely linked to the Prime Minister.
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Holcim shareholders approve spin-off of North American Business
Holcim's shareholders approved Wednesday the separation and spin-off of its North American business, a move designed to take advantage of increased construction spending in the United States. Almost all shareholders supported the decision to separate the company into two companies, Amrize and Holcim, which will focus on North America. Holcim will provide building materials for the remainder of the world. The spin-off should be complete by the end June. The listing will be done via a 100% share spin-off for Holcim's shareholders. The new company stock will trade on the New York Stock Exchange, and also on the Six Swiss Exchange. Amrize will have more than 1,000 locations and 19,000 employees in North America. It will be the largest cement producer across Canada and the United States. It is aiming to capitalize on the massive infrastructure projects underway in the region. Jan Jenisch, Holcim's Chairman, said that the two companies would benefit from a more focused strategic and operational approach as separate publicly traded companies. Jenisch will be Amrize's CEO and chairman. $1 = 0.8386 Swiss Francs (Reporting and Editing by Rachel More, Madeline Chambers, and John Revill)
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Bouygues' construction and energy businesses deliver better than expected earnings
French construction-to-telecoms group Bouygues posted better-than-expected first-quarter core earnings on Wednesday, driven by strong performances of its energy arm Equans, construction and telecom units. In late 2022, the company acquired Equans (formerly owned by Engie) from French power group Engie as part of its growth strategy in energy services and transition. Bouygues has reported a current operating profit (COPA) for the third quarter of 69 millions euros ($77million), which is substantially higher than the 35 million euro consensus estimate of the company. Early trading saw a 2.7% increase in the shares. COPA margins at Equans increased 0.9 percentage points year-on-year, to 3.8%. However, quarterly sales were flat due to "some temporary wait-and see stance in some activities in France and Europe", according to a company statement. On a recent media call, CFO Pascal Grange stated that "the daily news from the USA creates a level uncertainty in the economy which makes people hesitate to invest." Grange, when asked about the impact on tariffs during a separate analyst conference call, said that the group is not concerned because it produces local products, adding "in the U.S., we are quite locally". The quarter's sales of 12,59 billion euros were in line with the consensus, and included La Poste Telecom's first contribution to the full quarter. Bouygues acquired the Telecom firm by mid-November 2024. Sales at Colas, which builds roads and railways, rose by 3% in the third quarter, boosted by a 12% increase in rail division, a result of demand for soft mobility infrastructure. Sales in the construction division rose by 3%. This was largely due to a 13% increase in sales at the international subunit. It said that the backlog in construction businesses was at an all-time high of 34,2 billion euros at the end of March 2025. The group has confirmed its outlook for the full year, despite a "very uncertain macroeconomic and political environment".
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The dollar continues to soften on the back of tariff truces and muted inflation.
The European stock market was little changed after a rally on easing trade tensions. Meanwhile, the dollar continued its losses from the previous day as the relatively benign U.S. Inflation data kept Federal Reserve rates on hold. Stocks in Asia rose overnight, while U.S. futures were flat. The S&P 500 entered positive territory for this year after moving into positive territory on Tuesday. Investors have driven global equity markets higher as a truce appears to be in place in the trade war between China and the United States. Lars Skovgaard is a senior investment strategist with Danske Bank. He added, "I find it hard to believe that we will return to the extreme political noise." The STOXX Europe 600 index was down by less than 0.2% last week, after a recent rally. It has risen over 17% from its low on April 9th, the day U.S. president Donald Trump announced that he would suspend most reciprocal tariffs against U.S. trading partner. The broadest MSCI index of Asia-Pacific stocks outside Japan rose by 1.4% while Japan's Nikkei fell 0.1%. JD.com, a Chinese online retailer, posted impressive results. This boosted the Hang Seng index by 2%. This week, investors will focus on the earnings of Tencent and Alibaba. Equity futures indicated a flat start for Wall Street. Investors who were worried about inflationary effects of U.S. Tariff Policies, which severely undermined expectations of Fed rate reductions in the near future, also found some relief from data on Tuesday that showed softer than expected U.S. Consumer inflation. Although traders expect the inflation rate to rise as tariffs increase import costs, there is still uncertainty about the future as Washington continues to negotiate with its trading partners. In an interview with CNN on Tuesday, Trump said he would be willing to deal directly with Chinese President Xi Jinping over the details of a new trade agreement. The "potential" deals that Trump has been touting with India, Japan, and South Korea have not yet materialized. "We still have a deadline of 90 days hanging over U.S. China trade relations," Frederic Neumann said, chief Asia economist for HSBC. The Fed warned of increasing economic uncertainty and indicated that it was prepared to wait until the U.S. Tariffs are fully assessed before reducing interest rates. Jerome Powell, the Fed chair, is set to make remarks on Thursday. The U.S. Dollar, which has been hammered recently due to economic and political uncertainty, fell 0.7% against yen and dropped 0.4% against euro. The dollar index fell 0.4%. This follows a previous 0.8% decline. Bank of America’s Global Fund Manager Survey (FMS) revealed on Tuesday that global asset managers had their largest underweight position against the dollar in nearly 19 years as Trump’s trade policy reduced investor appetite for U.S. investments. Retail sales figures for April, due Thursday, will be the next big indicator of the health of the U.S. economy. On the same day, Russia and Ukraine will hold talks in Istanbul in hopes of reaching a ceasefire after three years in Europe's deadliest conflict since World War Two. U.S. crude oil fell 0.3%, to $63.49 per barrel, but remained near its two-week high. Gold spot fell 0.3% per ounce to $3,237 as trade tensions eased and its appeal as a safe haven was weakened.
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Indonesia increases CPO export levy by 10% as of May 17,
A regulation signed Wednesday shows that Indonesia will increase its crude palm oil export levy from 7.5% to 10% starting May 17, in order to fund the country's increased mandate for biodiesel blends. Export levies on refined products will range from 4.75% to 9.5% of CPO reference prices, an increase of between 3% and 6 % of current rates. The levies collected are used to finance palm oil programs such as the biodiesel program and a smallholder replanting subvention. Indonesia increased its palm oil-based Biodiesel mix from 35% to 40% this past year. It is now studying moving to 50% by 2026. Next year, it will also be blending 3% of jet fuel with the biodiesel. This year, the country's plantation funds agency which is responsible for collecting and distributing palm levy will distribute $2.14 billion (35.47 trillion Rupiah) as a biodiesel subsidy. An official from the Energy Ministry said that Indonesia consumed 4,44 million kilolitres (4.4 million liters) of biodiesel in this year until April 24. Indonesia, the world's largest palm oil consumer, has set aside 15.6 million KL for biodiesel distribution by 2025. This is up from 13 million KL in 2018. $1 = 16,565.0000 Rupiah (Reporting and editing by John Mair, Alasair Pal and Bernadette Cristina)
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Gulf stocks fall as excess oil worries weigh
On Wednesday, most Gulf stocks were down slightly as a drop in oil prices due to fears of increased supplies hurt sentiment. Investors also paused for thought about the economic implications of the U.S. China tariff truce. The price of oil, a major factor in the Gulf financial markets, fell on Wednesday as traders awaited a possible increase in U.S. crude stocks. Prices remained near their two-week highs, however, as traders waited for a possible increase in U.S. crude inventories. The U.S.-China Trade War may have stopped, but the financial markets are still uneasy. Israel warned Wednesday that three ports in Yemen should be evacuated after the Iran-aligned Houthis fired a missile at it, while U.S. president Donald Trump was visiting three Gulf States. Saudi Arabia's benchmark index fell by 0.19%. Saudi Telecom, and Saudi Electricity Company are the two biggest losers. Both fell nearly 5% in early Wednesday trading. Saudi Arabian Refineries Company shares surged 8%, limiting the losses. The refiner looks set to record its third consecutive session of gains. Dubai's main stock index traded flat at 0.09%, as a gain of 2.5% in Mashreqbank offset a fall of 2.7% in Amlak Finance. Qatar's benchmark stock market index fell 0.01%, while Abu Dhabi's benchmark index remained unchanged.
INSIGHT - While Trump and Zelenskiy are discussing a mineral deal, the production of minerals in Ukraine is still years away
A small team of eco-consultants dropped sensors into the ground to measure the water level in a snow-covered field in central Ukraine. This is where the largest lithium deposits in the country are found.
The small Ukrainian mining company UkrLithiumMining that has the license contracted the environmental survey years before any mining operations on the undeveloped site.
This shows how much more work needs to be done for a mineral deal between Ukraine, the United States and other countries before it generates any significant revenue. The President Donald Trump views the minerals deal, which he will clinch with President Volodymyr Zelenskiy on Friday in Washington, as America's means of recouping some of the money that it has given Ukraine in financial aid and weapons to fight Russia which invaded Ukraine three years ago.
Denys Alyoshin, Chief Strategy Officer of UkrLithiumMining said that the Washington agreement was a positive step because it makes Ukraine more resilient to Russian aggression over the long term.
He said that without a Western security guarantee, it would be difficult to develop the Polokhivske Lithium deposit. The deposit, one of Europe's largest, is only 240 km from the Russian border.
Alyoshin said, "Before war broke out I had many commercial negotiations with... investors interested in the project." "But once the war broke out, a rational CEO wouldn't go to a place where there was a war. They would go to Zimbabwe or Canada. There are many places where there isn't a war.
The Trump administration, despite Zelenskiy's repeated requests, has not offered Kyiv any security guarantees. This has led to doubts about the commercial viability of developing rare mineral deposits, which are used in high-tech gadgets and batteries. Even if Russia agrees to a ceasefire this year, there is still the risk of war. The draft minerals agreement, which was reviewed by, included reassuring words but did not guarantee security. The focus was on creating a U.S. and Ukraine-managed "Reconstruction Investment Fund", to which Kyiv would contribute 50% of the future revenues from monetization state-owned resources.
The terms of the agreement are very broad, and more negotiations will be required to nail down the details.
Four experts have told
Alyoshin stated that even if peace is restored to Ukraine, UkrLithiumMining will need to raise $350 millions and conduct a feasibility report for at least 1.5 years before they can begin building a mine or enrichment plant.
"It will mean that we can reach a steady stage production...it could be in 2029." The next U.S. Presidential elections will take place in 2028. Trump, who has championed minerals cooperation to secure peace, is constitutionally prohibited from running for another term.
Seven mining executives and analysts said that Alyoshin’s timeline was optimistic. The typical exploration period is four years. A feasibility study will take an additional year to complete before construction can begin. "The truth is that the majority of the lithium deposits in Ukraine have been identified during the Soviet period and we haven’t had any updates or exploration in many years," Federico Gay, an analyst at Benchmark Mineral Intelligence in London.
He said that even if all the pieces fall into place, it will take at least eight years to develop the Polokhivske Deposit to the point where it produces usable lithium. Gay said that the deposit was deep and could require as much as $800 million to build the concentrator and mine. He added that an additional $1 billion would be required to produce the compounds for batteries.
Alyoshin stated that his company planned to eventually produce 1.5 million tonnes per year of raw ore and then process it into 300,000 tons of petalite concentrat - a lithium-rich substance.
Alyoshin said that with additional investment the lithium carbonate concentrate could be refined further to produce 22,000 tons of battery-grade Lithium Carbonate.
It has not been previously reported the specifics of production and processing timetables planned at the Polokhivske Deposit.
Classified Reserves
The demand for these minerals is very high. Rare earths and lithium are both used to make electric vehicle batteries. Lithium can also be found in auto motors, wind turbines, and advanced military weapon systems. According to mining experts and analysts, it is a huge undertaking to convert Ukraine's lithium and rare-earth reserves into mines that can be operated and processing facilities built.
The economy ministry of Ukraine and the Prime Minister's Office did not respond immediately to requests for comments for this article. Ukraine does not produce rare earths, but according to the Institute of Geology of Ukraine, it has large deposits of these minerals including lanthanum. cerium, and neodymium. The detailed data on these reserves is classified. Investors might be leery of a deal where the U.S. receives mined minerals as a return for security assurances, protection against future Russian attacks, and aid. Mining companies would use royalty agreements to secure financing from investors. They receive a percentage of sales revenue once production starts.
While Trump is in office, any deal he makes to gain access to Ukraine's vital minerals will not allow the United States to challenge China's huge advantage in these key minerals. Julian Kettle, Vice-Chair Metals and Mining of Wood Mackenzie, said that while it is a counter to China it still poses the issue of where and how the minerals will be processed.
The country is a producer of titanium, and has large graphite and Lithium deposits. You can increase production in existing mines. "But when it comes to new frontier development, the time from discovery to delivery of materials could be up to ten years."
China is the third largest lithium producer in the world, behind Australia and Chile. China is the top producer of rare-earth elements in the world, including neodymium, used to produce strong, lightweight, powerful permanent magnetic materials used in military equipment.
The U.S. Geological Survey, a government agency does not disclose details about lithium production in the United States. The USGS estimated that 45,000 metric tonnes of rare earth oxides contained in mineral concentrates was produced last year, making the U.S. second largest concentrate producer behind China.
The gap is huge. USGS reports that China mined 270,000 tons of rare earths last year, or 69% of global production. It has even more control over rare earth processing, a complex process that is highly polluting.
Beijing produces 90% of all rare earth elements.
NEGOTIATIONS TO BE CONTINUED
Dominic Raab is the head of global affairs for Appian Capital Advisor, a firm that invests into mining companies. He said the deal between Ukraine and the U.S. was a step in the right direction in terms of helping to fund Ukraine's development.
Raab said that there was still a lot of due diligence and negotiations to be conducted. He previously served as the former British deputy prime minister and secretary of state for foreign affairs.
Raab stated that Appian is interested in investing in Ukraine’s mineral projects if there was more information about the geological potential of the country.
According to BMI, Ukraine is home to significant amounts of rare earth elements and lithium, graphite titanium, graphite used in nuclear power generation, as well as uranium. "Ukraine's not been mapped for 30 years." Gracelin Baskaran is the director of the Center for Strategic and International Studies' critical minerals security program.
She said, however, that the mining industry - which uses around one-fifth as much energy worldwide - requires a robust electrical infrastructure: "Ukraine was bombed out." The state of the infrastructure in Ukraine and the security risks are too high to consider it a serious competitor. (Reporting from Pratima Deai in London, and Olena Harma in Kyiv. Additional reporting by Thomas Peter at Kopanky, and Ernest Scheyder at Houston. Editing by Veronica Brown and Mike Collett White.
(source: Reuters)