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Foreign Minister says Belgium is open to a bigger role in Congo mineral sector
The Belgian Foreign Minister said that the country is willing to invest more in the minerals sector of Democratic Republic of Congo. This was during a recent visit to this former Belgian colony which is looking to diversify their investment partners. Central Africa is a vast nation with large mineral reserves, including copper, cobalt and lithium, but the chronic instability that has plagued it for decades has prevented foreign investment from being made to fully exploit them. Kinshasa is currently on a push to attract new players to the sector and talks are already under way with Washington after a Congolese senator pitching a minerals-for-security deal contacted U.S. officials. When asked by Monday about the possibility of interest in Congolese mineral, Minister Maxime Prevot replied that Belgium has firms with the expertise to increase its role in this sector. He said that players such as Umicore, John Cockerill and others have the expertise to process these rare materials. He added, "If the opportunity ever arises for us to be an investor partner as well, we won't back down." Belgian companies have been mining, processing, and trading Congolese diamonds, cobalt and copper for decades, despite China's dominance. Last year, Umicore, a global materials technology company based in Belgium, signed an agreement with the state miner Gecamines to ship concentrates of germanium to Europe. Prevot said that Belgium's approach in working with Congo is good for both nations, and contrasted it with the way some other partners operate. He said: "We watch the motivations and approaches of other international actors, who can have a transactional approach at times." Prevot, a Rwandan-backed M23 rebel group, is currently waging an offensive against the Congolese army in the eastern provinces of the country. (Extra reporting by Maxwell Akalaare Adombila, Dakar; Writing and editing by Sofia Christensen and Joe Bavier.
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Ferrari launches new 296 Speciale Hybrid models in advance of EV launch
Ferrari updated its hybrid range with the 296 Speciale on Tuesday, and its convertible variant as it prepares to make its first jump into the fully-electric era. Ferrari, which will unveil its first EV next month, has unveiled two new plug-in hybrids at its Maranello headquarters in northern Italy. The 2021 Ferrari 296 is the basis for these cars, which are now nearing the end of their lifecycle. Enrico Galliera, the Chief Marketing and Sales Officer, said that the 296 Speciale was lighter, faster and had improved aerodynamics. He added that it was focused on driving pleasure and performance. He said, "It is not a vehicle for everyone. We won't expand our clientele with it." It's for our old clients who are familiar with Ferrari and want to experience the thrill of driving. The 296 Speciale is powered by a six-cylinder combustion engine with a displacement of three litres. It produces 700 horsepower. The electric component of the 296 Speciale adds 180 horsepower. The first deliveries are expected in the first quarter next year. The retractable top, also known as 'A,' will be available in second quarter. The price of the new car in Italy will be 407,000 euros (449,000 dollars), and 462,000 euros for a convertible. This puts the price in the middle to upper range of Ferrari. Galliera, who spoke after Ferrari announced that it would increase the prices of certain cars in the United States up to 10% as a response to tariffs, said the amount of the price hike will still be determined. The price increase in the U.S. is only affecting certain models that are nearing their end-of-life cycle. Galliera stated that although the order books for 296 Speciale opened on Tuesday, interest was already high. Priority will be given to clients who have dealt with an official Ferrari dealer within the last five years. Galliera said that although it is not a limited series model, the exclusivity of this car will be maintained by limiting its lifespan to four-to five years, as with other Ferrari models. Ferrari will unveil its first electric car on October 9th in Maranello, ending the tradition of petrol-powered cars. "It'll be completely different." Galliera noted that the company has been working on EV components for over a decade. Benedetto Vigna, Ferrari's CEO, confirmed this month that the company will continue to produce petrol and hybrid vehicles as well as electric cars. He said the company will launch six new models, including a fully-electric model, this year.
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Can citizen scientists clean up UK's troubled water?
Volunteers test rivers for chemicals Resources are being cut by government agencies Citizen Science aims to improve Waterways Adam Smith The Great UK WaterBlitz was organised by Earthwatch Europe and involved thousands of volunteers testing rivers and lakes in 90 different locations. The charity will analyze the results and send them to the Environment Agency (EA), a government agency responsible for waste management and conservation, and managing water contamination, in an effort to improve the quality of the water. The condition of Britain's rivers and waterways is a scandal. Privatised water companies are widely criticized for pumping raw sewerage into rivers and oceans. In a recent report, the National Audit Office (an independent parliamentary institution) said that water infrastructure would require an estimated investment of 47 billion pounds ($62.5 million) over the next five year to repair infrastructure and clean rivers and seas. "Citizen science can be incredibly powerful in this area." Woods stated that it is a catalyst for meaningful environmental changes - ordinary citizens coming together to create something special in their thousands. Earthwatch Europe also said that it would use the results from the mass tests to hold water companies accountable for failing to keep waterways clean. Earthwatch Europe's last testing blitz, conducted in September, revealed a significant amount of antidepressants and agricultural contaminants, as well traces of stimulants such as nicotine and caffeine. The EA began monitoring these substances based on their findings. DIGNATING Infrastructure Late last year, lawmakers accused companies of prioritizing dividends and bonuses for management over investments, causing critical infrastructure to degrade. In October, Britain’s regulator ordered that water companies refund millions of pounds in customer fees for failing to comply with environmental regulations. Now, water company executives can also be charged with criminal offenses if they violate environmental regulations. Water UK, the company that represents these companies, stated in October that although performance wasn't what it should have been, improvements had been made. Waterways that are dirty can be harmful to wildlife, ecosystems, human health, and other activities like farming and fisheries. Woods said that "more polluted waters require more treatment and we will not know what contaminants to remove if we do not monitor what goes into our rivers." She added that Britain's drinking-water is among the most safe in the world. If we continue to pollute our freshwater systems this might not be the case. Earthwatch Europe, a charity for the environment, and The Rivers Trust report that significant cuts in the EA has made it more difficult to monitor statutory compliance. The National Audit Office reported that funding for EA enforcement activities fell by 80 percent, from 117 millions pounds in 2010 down to 23 million pounds by 2020. The EA stated that it would intensify efforts to hold companies accountable. It tested 4,536 sites in the past year, and is aiming for 10,000 inspections in this year. "LOVE WHERE YOUR LIVE" This blitz is a continuation of the work that Keri and Annette Lloyd already do as non-profits Friends of Bilbrook, in South Staffordshire, central England. They test the water in their local rivers every month for ammonia and other pollutants. The information is then sent to Severn Trent, a water provider, and open data platforms like FreshWater Watch run by Earthwatch Europe. The residents would like to see stronger relationships between the authorities and the residents. They also said that the EA had not sampled the water in Bilbrook since 2022. Keri Lloyd said, "We (use) the old motto of 'love your home'", explaining that they felt the collected data was not being used properly. "We want to value it." The EA stated that there were multiple sampling points near Bilbrook. The site is monitored every five years, with a re-sampling scheduled for 2027. It said, "We are not able to monitor all our sampling points each year." Michelle Walker, the technical director at The Rivers Trust said that citizen science was a valuable resource, particularly as government agencies are cutting budgets. She said that the government no longer collects much data (national) and there are many holes in national data sets. The trust works with other organisations to create national standards for citizen testing. These include methods for monitoring water, fish populations and soil. The EA stated that "we encourage an open approach to the data collection and are collaborating with citizen scientists across the country... but this cannot replace all the other reasons why we monitor." Walker stated that the billions of dollars set aside to monitor combined sewer overflows - pipes that discharge raw sewage in the environment when heavy rain falls - could be used to fund citizen research. She added that a citizen science program would cost only a fraction of the money the EA spends on monitoring, and the amount the water industry will spend to do the same. "You can start engaging people about rivers and they will become advocates for their own river." They start local habitat improvement projects and form groups called Friends of the River. "It will pay for itself many times over."
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Sources say that ADNOC, the UAE's LPG supplier, will supply US LPG in India after China and US tariffs.
Industry sources have confirmed that Abu Dhabi National Oil Company will begin replacing some of its liquefied gas supplies to India from June with cheaper U.S. cargoes, as U.S. China tariffs are reshaping global trade flows. ADNOC will be able to ship more LPG from its own production to China. Buyers in China are paying a higher price to replace U.S. supplies after Beijing raised tariffs on U.S. products. This move will also reduce LPG prices for India, which is the No. 2 importer. India imports more than 80% its LPG from the Middle East including Saudi Arabia and the United Arab Emirates. It also sources LPG through annual contracts with Qatar, Kuwait, and Qatar. In the first week of this month, Indian refiners asked Middle East suppliers for a very rare swap: some of their long-term supply was to be replaced with U.S. LPG. Sources said that Indian refiners requested U.S. LPG be delivered at a discount to the Middle Eastern benchmark Saudi Contract Price. ADNOC has, according to sources, agreed to supply U.S. LPG to refiners in India under annual contracts between June and July. They said that the U.S.-China conflict has widened price gaps between Middle Eastern LPG and U.S. LPG. One of the sources stated: "It's difficult to replace all volumes with U.S. LPG." LPG." June Goh is an analyst with Sparta Commodities. She said that India's LPG consumption is mostly for domestic purposes and therefore requires a higher percentage butane. She added, "India can therefore benefit from the diversion but not propane cargoes of U.S. LPG." ADNOC and Indian refiners Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. did not respond to requests for comments. According to data from the government, India imported approximately 60% of its total LPG consumption in 2023/24. This equates to 29,66 million metric tonnes. Yousef SABA in Dubai contributed additional reporting; Florence Tan, Jan Harvey and Jan Harvey edited the article.
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Copper prices rise ahead of National Holiday due to China demand
The price of copper rose on Tuesday due to a combination of factors: a strong yuan, a high demand in China, which is the world's largest consumer, ahead of its holiday in May, and concerns over a tight supply of copper. The benchmark three-month copper price on the London Metal Exchange was up 0.9% at $9,458.50 a metric ton by 1019 GMT. However, it failed to overcome the resistance from its 50-day average of $9489. Arthur Parish, analyst at SP Angel, said: "We're seeing a trend in China of restocking ahead of the May Day holiday." The mainland China market will close on May 1 to celebrate a five-day Labour Day break. Yangshan Copper Premium The price of copper, which is a measure of the demand for imported copper into China, reached its highest level since December 2023 at $93 per tonne. This premium has increased by 6% since last Friday when official data revealed a weekly decline of 32% in copper inventories monitored by the Shanghai Futures Exchange. Alastair Munro is a senior base metals analyst at Marex. He said that the SHFE data for Wednesday will show a further decline. This topic, he added, would be crucial in May. Parish stated that "the restocking requirements were made worse after stocks were redirected to the U.S. from Asia amid the tariff-driven increase in COMEX premiums." Copper stocks in COMEX owned warehouses The Comex premium to the LME benchmark is unusually high at $1,443 per tonne, as Washington continues to investigate possible new U.S. Copper Import Tariffs. Spread between LME Cash Copper and the Three-Month Contract The premium was increased to $30 per ton, up from $16.5 just a week earlier. This indicates that the LME system is also experiencing a tightening of nearby supplies. According to the International Copper Study Group, the surplus on the global copper markets is expected to grow this year from 138,000 tons to 289,000 tons, and will continue next year. The Chinese yuan reached a new one-month high in relation to the dollar on February 2, providing additional support for Chinese purchasing activity. Other London metals saw aluminium rise 1.3% to $2.465 per ton, while zinc rose 1.2% to 2.663, lead increased 0.2% to 1.970, and tin rose 0.5% to 32,155. Nickel fell 0.1% to 15.595. (Reporting and editing by Freya Whiworth; Polina Devitt)
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Burkina Faso will nationalise additional industrial mines: PM
Burkina Faso intends to take over more industrial mines owned by foreign companies, said its Prime Minister, as it seeks to increase its revenue from its natural resources. Burkina Faso, like its neighbours Mali, Niger and Mali, is seeking greater control over their resources. Last year, it revised its mining code and created a new mining company for the state, Societe De Participation Miniere Du Burkina (SOPAMIB). In a late-last-year deal, it used SOPAMIB in order to take control of two industrial mines that were previously owned by Endeavour Mining, a London listed company. In a late-night broadcast of a national television speech, the Prime Minister Jean Emmanuel Ouedraogo announced that the government intended to expand its control over resources. He said that "SOPAMIB had already recovered two mines industrial, Boungou and Wahgnion. This will continue." Investors are worried about the reforms in the mining sector. Burkina Faso’s military-led Government says that changes are needed to maximize revenue and relaunch an economy affected by insecurity. The price of gold has risen over 25% in the past year due to geopolitical unrest and President Donald Trump’s unpredictable trade policies. Burkina Faso has been fighting jihadist militants in the country since 2015. In 2023, it produced more than 57 tons. There are mining companies such as West African Resources Ltd. and IAMGOLD, both of Australia. The new mining code gives priority to national expertise and local providers, as part of a government-led revolution in the way its mineral wealth is managed. Burkina Faso has shifted its focus to Russia in order to increase economic and security cooperation. It granted a licence for industrial mining to Russian miner Nordgold last week. The project is a gold one in the Kourweogo Province of Burkina’s Plateau-Central Region. Ouedraogo stated that existing state-controlled mines have been successful. The National Precious Substances Company collected over eight tons gold in 2024, and more than eleven tons in the first three months of this year. This was primarily due to artisanal mining. He added that the government will also establish a national reserve of gold for the first ever time in its history. He said, "We need to see the benefits of mining and not just the negative effects on the Burkinabe population." (Writing and editing by Maxwell Akalaare Adombila, Louise Heavens, Joe Bavier and Jessica Donati)
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Afreximbank launches $3 billion credit line to reduce Africa's fuel imports
African Export-Import Bank launched a $3 billion revolving line of credit that will allow African and Caribbean buyers easier access to petrol, jet fuel, diesel and other products produced by refineries in the continent. It said that the bank expected the facility to provide trade finance of $10-14 billion over the first three years, and to help reduce the region's $30?billion fuel import bill. This year, both oil-exporting and import-dependent countries have seen their economies shook by the sharp drop in crude prices as well as a rise in freight costs. Brent crude has fallen more than 20% in price since mid-January, mainly due to supply dynamics and fears of a global trade conflict. Insurance costs for ships that use the Red Sea are also on the rise. This is because U.S. Airstrikes in Yemen, which were prompted by renewed Houthi attack, have increased hundreds of thousands of dollar to a typical cargo of fuel. By securing bank credit and shifting purchases to refineries nearby, governments can reduce the shock budgets from external swings. The Revolving intra-African oil Import Financing Program is the result of Afreximbank’s recent efforts to increase regional processing capacity. The Cairo-based lender is the largest financier of Nigeria's 650,000-barrel-per-day Dangote refinery. The lender has also helped revamp Nigeria's Port Harcourt Oil Complex and is currently arranging financing for plants in Angola, Ivory Coast and Angola. The ventures that could be added to the 1.3? million? Refinery capacity in bpd. In a Monday statement, Afreximbank's President Benedict Oramah stated that the programme would galvanize efforts to make the Gulf of Guinea an important refining hub. Afreximbank issues or confirms letters of credit and discount trade instruments, and provides advances to energy ministry, state fuel importers, and private traders who buy from African refineries. The credit line is also a test bed for the African Continental Free Trade Area (ACFTA), which aims to increase regional trade and industrialisation. Afreximbank is also a controlling shareholder in Atmin, which was founded by ex-Shell oil traders with a focus on African oil trade, according to two trading sources.
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Utility Entergy exceeds profit estimates on the back of growing demand for power and lower costs
Entergy, a U.S. utility company, surpassed analysts' estimates for the first-quarter profits on Tuesday thanks to strong demand for electricity and lower costs. The U.S. Energy Information Administration predicts that power consumption will reach new records in 2025 and in 2026. This is due to the rapid expansion of data centres dedicated to artificial intelligence, cryptocurrency and home and business use more electricity to heat and transport. According to a study backed by the Department of Energy, power demand for U.S. data centres is expected to triple by 2028. This could use up to 12% of all electricity in the country. Residential sales at Entergy increased 13.2%, to 8,784 gigawatt hours (GWh), while industrial sales grew 9%, to 13,833 GWh. Entergy supplies electricity to almost 3 million customers in Arkansas, Louisiana and Texas. According to data compiled and analyzed by LSEG, the New Orleans-based Louisiana company reported an adjusted profit per share of 82 cents for the three-month period ended March 31. This compares with an average analyst estimate of 69cents per share. Its total revenue increased by nearly 2%, to $2.85 Billion during this period. This was mainly due to higher sales of electric and natural gases. Total operating costs fell by 16%, to $2.15 Billion. The company reaffirmed that its adjusted profit forecast for 2025 is $3.75 to 3.95 per share. Analysts predict that Entergy will post a profit of $3.87 per share. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shilpa Majumdar.
Trump escalates trade war by threatening to impose tariffs on European wines and spirits
Donald Trump, the U.S. president, threatened on Thursday to impose a tariff of 200% on wine, cognac, and other alcohol imported from Europe. This opened a new front in an ongoing global trade war which has caused financial markets to be roiled and sparked recession fears.
Investors were worried about Trump's threat to impose more trade barriers in the world's biggest consumer market.
Trump's threats came in response to an EU plan to impose tariffs next month on American whiskey and products -- which is itself a response by Trump to his 25% tariffs for steel and aluminum imports, which went into effect on Wednesday. The European Commission did not immediately comment on Trump's tweet.
Canada, an ally and neighbor of the United States and the largest aluminum supplier, announced its own countermeasures to Trump's metals duties and took the dispute to World Trade Organization.
Trump has repeatedly threatened to impose a variety of trade sanctions since returning to the White House last January, but he has delayed action on most of them. In an Oval Office discussion with NATO Secretary General Mark Rutte, Trump said that he will not back down from the reciprocal tariffs which he had promised to impose against all trading partners by April 2.
He said, "We have been ripped of for years and we will not be ripped-off again."
Alcohol is proving to be one of the key friction points in the trade war that's brewing.
As relations between the United States and Canada have deteriorated, some Canadian retailers have removed American Bourbon from their shelves. Trump has also threatened to annex this country.
U.S. Commerce secretary Howard Lutnick said Fox News that he will meet with Canadian Finance minister Dominic LeBlanc on Thursday and Ontario Premier Doug Ford to discuss tariffs. However, he added that the U.S. would be seeking concessions from Canada.
He said, "You must remember that Canada is here, relying on our economic strength." "Why do we do all of this business with Canada if the people are not grateful, respectful and don't want it?"
The EU has proposed many countermeasures worth 28.31 billion euros (26 billion euro) that would be applied to products with little more than a symbolic value such as bathrobes and dental floss.
The proposed duty of 50% on U.S. Bourbon would be a major blow to the industry. Exports have been steadily growing since the United States lifted the tariffs Trump imposed in his first term from 2017 to 2021.
According to the Distilled Spirits Council of the United States (a trade group), the EU exported roughly 40% of spirits in 2023.
Eurostat reports that the United States is responsible for 31% (or more) of EU wine and spirit exports.
Trump's proposed tax of 200% on European alcohol will create additional headwinds for producers such as Pernod Ricard. The company has already reduced its sales forecast due to Chinese duties that were imposed in 2013.
The industry calls for more toasts and fewer tariffs
Both sides of the Atlantic have urged their leaders on de-escalation.
This cycle of retaliation based on tit-for - tat must stop now! SpiritsEurope, a trade association for the industry, said:
Trump has filled his administration with people who share these views.
Treasury Secretary Scott Bessent stated that he is not concerned about recent Wall Street volatility, as the Trump administration has its sights set on a long-term transformation of U.S. economics.
He said that the EU would be more affected by a trade conflict, since it is more dependent on exports to America.
He said, "I would advise these government leaders to realize that they are losing this argument from an economic standpoint," on CNBC.
Investors, businesses, and consumers have been frightened by Trump's threats. Jets, coffees, clothing, automobiles, and packaged food producers are among many businesses that have scrambled to evaluate their operations in light of Trump's actions.
Tesla, the company owned by Trump advisor Elon Musk argued to U.S. Trade officials in a letter that the trade conflict could make the U.S. a target of retaliatory duties.
Tesla, a U.S. exporter and manufacturer, encouraged USTR to take into account the downstream effects of certain proposed measures taken to address unfair trading practices in a March 11 letter.
Some economists claim that the uncertainty is a threat to the U.S. economic health and increases the risk of a recession. A poll conducted by /Ipsos on Wednesday revealed that 70% of Americans believe Trump's tariffs will make purchases more costly.
Trump claimed that his tariffs on alcohol would benefit domestic producers. Importers and distributors in the United States said that it would result in lost sales, job losses and closed businesses.
Eric Faber is the president of Cutting Edge Selections in Cincinnati. He said that U.S. Wineries wouldn't be able fill the gap, if Trumps tariffs make European wines unaffordable. He said that the higher prices would hurt distributors and restaurants who help U.S. wines reach their customers.
He said that it would be "absolutely catastrophic". Reporting by Doina Schiacu, Andy Sullivan, Andrea Shalal and Philip Blenkinsop, in Washington, and by Susan Heavey in Brussels. Additional reporting by David Lawder and Steve Holland; Madeline Chambers; Dominique Patton; Emma Rumney; Tasiilo Humel; Andy Sullivan's writing; Editing and proofreading by Louise Heavens; Bernadette Baum; Mark Porter; Deepa Babington.
(source: Reuters)