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EU envoys renew sanction against Russian individuals and entities
EU diplomats reported that the European Union renewed sanctions against Russian individuals and entities on Friday, but did not remove Russian tycoon Mikhail Fridman from the list in spite of pressures from Hungary. The EU sanctions list must be renewed by all 27 ambassadors in Brussels every six months. The list was renewed through September 15th, the deadline for renewal being Saturday. Hungary, which maintains cordial relations with Moscow despite Ukraine's war, threatened to block renewal of the list unless certain people were removed. Two diplomats confirmed that Budapest initially requested nine names be removed, including Fridman, but other envoys were able to reduce the list to just three Russians. The three are Gulbakhor, the sister of prominent businessman Alisher Usmanov; Viatcheslav, Moshe Kantor, a businessman, and Russian Sports Minister Mikhail Degtyarev. The removal of a fourth person, Vladimir Rashevsky (a businessman), was due to the weakening of his legal case, rather than any pressure from Budapest. Three other names were removed because they died. More than 2,400 people and entities are on the EU's list of sanctions against Russia. Reporting by Julia Payne, Lili Bayer and Alison Williams; editing by Gareth Jones and Alison Williams
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AVZ Minerals, Australia's lithium mining company, wins legal victory in Congo against Congo
AVZ Minerals, an Australian company, announced on Friday that it had won a court case against the Democratic Republic of Congo and China's Zijin Mining for the rights to the Manono Lithium Mine. It is now in negotiations with U.S. parties about raising funds for the project. The International Court of Arbitration of the International Chamber of Commerce ordered DRC state-owned Cominiere, to pay a fine of 39.1 millions euros ($42.46million) for failing to comply with orders earlier to cease any action terminating its joint enterprise with AVZ. AVZ originally held the permit for the development of the Manono Project, one the largest hard rock deposits in the world. This was revoked by the DRC’s mines ministry in 2023, citing that the company hadn’t developed the project quickly enough. The AVZ sought relief from the ICC after a unit of China’s Zijin Mining was granted these rights. AVZ said it will consider recovering the penalty after its shares were suspended and then delisted in May 2022. The Australian company also stated that it was in fact-finding talks with several U.S. parties to raise money for the Manono Project. ($1 = 0.9209 euro) (Reporting and editing by Vijay Kishore in Bengaluru)
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Mark Carney will be sworn-in as the new Canadian Prime Minister, but now he must face Trump
Mark Carney, the former central banker of Canada, will be formally inaugurated as Prime Minister on Friday. This puts him in an ideal position to combat tariffs imposed by U.S. president Donald Trump which could destroy Canada's trade-dependent economy. Carney will swear in as Canada's president at 11 am, with the Governor General Mary Simon present. She is the representative of King Charles. ET (1500 GMT). This moment is the culmination of a remarkable rise for the 59 year old, who becomes Canada's first prime minister with no serious political experience. Carney dominated his rivals in the race to be leader of the Liberal Party on Sunday. He will succeed Justin Trudeau who served in the office for more than nine long years. Carney, the former head of the Bank of Canada as well as the Bank of England, successfully argued that his outsider status and history of dealing with crises made him the ideal person to face Trump, who repeatedly spoke of annexing Canada. Carney told reporters on Wednesday that he would be ready to meet Trump if "there was respect for Canadian sovereignty." He said that he would also continue to impose retaliatory duties on U.S. products until the United States shows Canada some respect. Carney will name a cabinet, but it will not likely be in place for very long. Liberal insiders claim that he'll call an election within the next few days. Opposition parties have said that if he changes his decision, they will join forces to topple the minority Liberal government at the end March in a vote of confidence. Carney's political options will be severely limited once the election is announced, because he cannot take major decisions while running for office. According to the latest opinion polls, it is likely that neither party will gain enough seats to form a majority government. (Reporting and editing by Nia William in Ottawa, with David Ljunggren reporting from Ottawa)
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The price of gas in Europe is falling due to strong winds and the ceasefire talks with Ukraine
The Dutch and British gas price continued to drop on Friday morning, amid high expectations for wind power production and talk of a potential ceasefire in the Ukraine conflict. The Dutch front-month contracts > dropped by 0.29 euros to 41.79 Euro per megawatt hour at 0907 GMT on ICE. The Dutch March contract fell by 0.27 euros to 41.66 Euro/MWh. The British front-month contracts were down 0.43 pence to 102.56 p/therm. LSEG data indicated that stronger wind speeds are expected for the beginning of next week. Gas for power in Northwest Europe is forecast to be down 201 gigawatt-hours a day (GWh/d), at 2,908 GWh/d on Monday. The possibility of a Ukrainian ceasefire has also been raised after Russian President Vladimir Putin stated on Thursday that the U.S. proposal was accepted by his country, but any ceasefire must address the root causes of conflict and many details need to be worked out. Putin mentioned a possible energy partnership between the U.S.A. and Russia, and mentioned a pipeline of gas for Europe. Analysts at Energy Aspects stated that the market was hedging between Russian gas flowing back and flow levels remaining subdued. Analysts said that there was still significant opposition from Europe and Ukraine to the restarting of the pipeline flow, along with legal and logistical obstacles. The Trump administration announced on Thursday that a license for energy transactions with Russian financial institutes expired this week. This increased pressure on Putin to reach a peace deal over Ukraine. In a daily comment, LSEG analyst Saku Jussila said: "This could be a bullish catalyst for energy commodities generally but shouldn't affect the European Gas Markets directly." The benchmark carbon contract in Europe fell by 0.80 euros to 69.80 Euros per metric ton. (Reporting by Susanna Twidale, Editing by Shailesh Kuber)
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Polish central bank expects CPI to return to target range by Q3 2026
According to Friday's projection, the inflation rate in Poland will reach the target range of the central bank in the third quarter 2026. It will stay there until the end of 2027. The National Bank of Poland has set an inflation target of 2.5%, plus or minus a percentage point. The price growth rate in January was 4.9%, and preliminary statistics from the Statistics Office indicate that it was also 4.9% for February. The first half of 2025 will see the highest inflation (5.4% for the first quarter, and 5.2% for the second), before it begins to decline in the third. The central bank stated in a recent report that "regulations in the energy sector will increase CPI inflation in 2025, and in the first half 2026." The government's maximum electricity prices are in effect until the third quarter 2025. It has yet to decide whether or not they will be extended. According to the projection published in March, the inflation rate in 2025 is lower than the one predicted in November (5.6% vs. 4.9%), but the estimates for next year have been increased to 3.4%, from 2.7%. A projection shows that Poland’s GDP will grow faster in 2025, from around 3% to 3,7%. This will be supported by an increase in funds coming from the European Union as well as the National Recovery Plan. In 2026 the GDP growth rate will be 3.4% and in 2027 it will be 2.5%. Adam Glapinski, the Polish central bank governor, said that there are no current reasons to cut interest rates due to inflation. The central bank stated that the projection was prepared using data up to 27 February 2025. It assumed unchanged NBP rates, including a reference rate of 5.75 percent. (Reporting and editing by Philippa Flletcher; Pawel Florkiewicz)
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Gold reaches all-time high, flirts with $3,000 mark
Gold, the safe-haven, surged to an all-time high on Friday. It traded close to the $3,000 key mark, propelled largely by trade war concerns and the expectation of a rate reduction by the U.S. Federal Reserve. As of 0847 GMT, spot gold remained flat at $2.990.54 per ounce. Safe-haven gold reached a new record of $2,993.80 earlier in the session. U.S. Gold Futures increased 0.4% to $3.004.20. This year, bullion has reached 13 new highs and is expected to continue its upward trend for the second consecutive week. Nitesh Sha, commodities strategist for WisdomTree, said: "Risk is more on the upside as sentiment towards gold has been strong in recent months and may continue if these chaotic policy decisions continue." The tariffs imposed by U.S. president Donald Trump have had a major impact on the demand for gold. Trump's threat to impose a tariff of 200% on European alcohol imports is part of the global trade war which has caused financial markets to be roiled and recession fears to rise. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that "momentum, and haven demand, driving an increase in ETF holdings" has also supported gold bullion. SPDR Gold Trust (the world's biggest gold-backed ETF) reported its holdings at 905,81 metric tonnes after reaching its highest level in August 2023 late February. Data on Wednesday revealed that consumer prices have cooled more than expected, which suggests the Fed may cut interest rates this year. The Fed will meet again on Wednesday. It is widely expected that the Fed will keep its overnight benchmark interest rate unchanged. Investors anticipate that policymakers will continue to reduce borrowing costs in June. Analysts at ANZ stated that they "maintain our bullish stance" on gold. They expect prices to reach a new record high of $3.050 an ounce by 2025. Spot silver increased 0.5%, to $33.96 per ounce. Platinum fell 0.2%, to $992.15. Palladium rose 1% to $967.42.
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Iron ore nears a two-week high due to resilient demand and China's stimulus bets
Iron ore futures prices rose on Friday, reaching their highest level in almost two weeks. They were also on course for a weekly increase, thanks to a resilient demand, as well as rising expectations about additional stimulus measures from China, the world's largest consumer. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading session at its highest level since 3 March at 794 Yuan ($109.79), an increase of 2.5% from week to week. As of 0742 GMT the benchmark April iron ore traded on the Singapore Exchange had risen 1.55% to $103.8 per ton. This was the highest price since February 28. This week, the contract has gained 3,3%. China's central banks said that they would reduce interest rates, the reserve ratio for banks and their liquidity at the right time. Steelmakers increased production during March's peak construction season, which has also helped to support prices. A survey by consultancy Mysteel revealed that the average daily hot metal production, which is typically used to gauge demand for iron ore, increased for a third consecutive week, increasing by 0.03% on a weekly basis to 2,31 million tons as of 13 March. China's plans to reduce crude steel production and the escalating trade war in the world, which could dampen outlook for demand, continue to be headwinds that limit further gains. Coking coal and coke, which are used to make steel, have both gained in the DCE. The benchmarks for steel on the Shanghai Futures Exchange have advanced. Rebar rose 0.77%; hot-rolled coil climbed 1.53%; wire rod increased 0.78%; and stainless steel ticked up 0.41%.
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The sewage that contaminates Britain's waterways and oceans is a stain.
Under the dark seas of southern England, 400 millions mussels are encrusted on ropes that hang from buoys scattered over an area as large as the largest airport in the country. The Holmyards built Europe's biggest offshore mussel farming in Lyme Bay. They believed that it would be able to handle the millions of gallons sewage that is pumped into UK water each year. Even if the bacteria are far away, they can still pollute the water and block exports for several weeks to Europe. This could damage the business of a company that produces sustainable food. Sarah Holmyard, the sales manager at the farm, said: "It is criminal that they are allowed to dump their waste in the oceans and get away without any consequences." It's affecting a lot of businesses including ours. The Holmyards' problems, while affecting a small industry in Britain, show how the failure of basic services such as water or sewage can have a negative impact on the economy. Interviews with 20 people, and data analyses show that polluted waters have also affected tourism and construction projects. This is a drag on economic growth at a time the new Labour Government is trying to jump start the economy. According to a Freedom of Information Request, in the five years leading up to October 2024 the Environment Agency objected to 60 planning applications because of the pressure they would put on local sewerage networks. Clean water activists have begun to oppose planning applications. They believe that this will more effectively pressure the government to fix the sewage system, than the current efforts which focus on harming biodiversity. Ash Smith, a campaigner with Windrush Against Sewage Pollution, said that "money talks". Standing knee-deep in gray, untreated sewage in a local stream in Oxfordshire, Ash Smith explained that they were opposing house building in order to demonstrate how the water system has broken down the country's overall infrastructure. Pumping sewage into rivers, seas and oceans has been a major scandal for Britain. Privatised water companies are accused of prioritising profits over investments and dumping sewage into waterways when their ailing infrastructure can't cope. The pollution has discouraged wild water swimmers and angered surfer, led to warnings of toxic blue-green algae blooms in lakes, and created an army who are now experts in water quality, after noticing changes in waterways. In England, water companies will discharge sewage for more than 3.6 million hours by 2023. This will pollute streams, rivers, and coastlines with sanitary items and condoms. It could also damage ecosystems and habitats. SEWAGE SPILLS British sewers combine rainwater and wastewater. Water companies can "spill" water into waterways during heavy rains to avoid sewers becoming overloaded. Many have been fined, however, for releasing too much sewage. Environment Agency data shows that South West Water discharged sewage 530,737 times in 2023, an 83% increase from 2022, making it one the worst performers in England. South West Water is looking at ways to improve the water quality in Lyme Bay. We are ensuring that all designated shellfish waters in the region meet the government target of fewer than 10 spills a year, 10 years before the deadline. In addition, we plan to almost double our investment from 2025-30 to 2.5 billion pounds. John Holmyard, his wife Nicki and their plan for a mussel farm was a complex one. After years of farming mussels in the colder waters near Scotland, they looked for a location with warmer water and a good amount of nutrients to help them grow faster. The site had to be sufficiently far offshore to prevent runoff but also have some protection from the sea to reduce the swell. After visiting other similar sites in Britain, Europe and China, they settled on Lyme Bay and spent seven long years getting planning and regulatory approvals - not knowing if their intuition would be right. The Holmyards expect to reach 10,000-12,000 tonnes when the project is complete. John Holmyard who runs the farm with Nicki, Sarah, and George said that they never thought sewage would affect their farm. "But, it hasn't worked out that way." Shellfish producers have been affected by the toxic effects of sewage. Prior to Britain leaving the European Union, mussels or oysters were able to be shipped directly to the continent without purification. After Brexit, only purified products or those from British waters rated Class A will be accepted by the EU. This change has almost completely destroyed the mussel industry in north Wales, on Britain's West Coast. This region used to be the main source of Britain's exports into Europe, but it now only sells to Europe rarely due to a lack in bulk purification and poor water quality. Shellfish Association of Great Britain SAGB says British exports could double if seas are cleaner. James Green harvests and sells shellfish in Whitstable in southeast England, a town famed for its shellfish dating back to Roman times. He used to sell about half his product to markets in Europe and Hong Kong, but Brexit, and issues with water quality, have forced him to only sell purified oysters within the country. Southern Water, his water supplier, will be fined 90 millions pounds in 2021 because it dumped sewage for five years, up to 2015. This caused a disruption in harvests and exports. He was not compensated and said it's hard to wait until improvements. He said, "I have a business." "Can you hold off until the changes kick in in five, six or seven years?" Green tracks rain and sewer overflows in order to assess the risks of harvesting his oysters. He also monitors E.coli, Salmonella, and Norovirus. Southern Water announced that it would invest heavily in order to maintain the high quality of its shellfish beds along its coast. The 2021 court case involving events that occurred between 2010 and 2015. It found no evidence to support the impact of these events on shellfish beds. These beds are affected by a variety of factors. Driven to despair Holmyards mussels have been tested almost daily for E.coli contamination in the Netherlands and always come out within the Class A limits. The British authorities have reported high E. coli numbers in monthly tests of similar nature, and classified parts of the farm as Class B. Negative readings in the British system can result in different harvests. Holmyards was stopped from exporting their mussels from this part of the farm for a few weeks and the area was also classified as Class B at the same time next year. The family finds it strange, because bacteria from the beach should have been heavily diluted before they reached the farm. Also, the British results don't match the Dutch tests that are more frequent. John stated that they have been unable since Brexit to raise new capital due to the threat of export bans. Food Standards Agency in Britain, which is responsible for classifying areas where shellfish are harvested, has said that it tried to be flexible but had to protect the public's health. It also added that classifications will only improve as water quality improves. Sarah and George explained that an annual survey had shown the farm to have spawned a variety of species such as lobster and crab. In Europe, their blue mussels are a premium product, renowned for their sweet, rich flavour. Despite the bans, Holmyards exports about 95% their mussels into the EU. The rest is sold in Britain. The tourism bosses believe that this type of locally produced, high-quality food is what they should be promoting to potential holidaymakers. Alistair Handyside is the chairman of South West Tourism Alliance. He said that while weather and costs were the main factors affecting tourism, the talk about sewage has damaged the appeal of some locations. He said, "It makes you despair." TOXIC EXPOUT The sight of litter and sewage on beaches and rivers has also prompted thousands to protest. Sally Burtt Jones was one of SOS Whitstable's founders. She is part of a group that organizes protests, tests the local water, and campaigns for legislation change. She expressed her pride in her work as a campaigner. She said, "We care for the community and sea." "When we come together, we can bring about change." John Reeve is a representative of Surfers Against Sewage in Saltburn, a seaside town located on the coast of the Northeast. He has studied geology and worked with local officials to determine how to manage rainwater when storms are becoming more intense due to climate changes. He said, "We're making a change over time." Water industry claims it has made significant investments in infrastructure since privatisation of 1989. However, population growth and climate changes have created new pressures during a period when successive governments and regulator Ofwat were focused on keeping bills low for customers. Ofwat reported that water companies in England & Wales have paid out 53 billion pounds ($66billion) in dividends since privatisation, and collective net debt of 69.5billion in 2024. The government has also gained the power to tie dividends to performance. It has proposed that customer bills increase by 36% on average before inflation in the next five year to fund upgrades to infrastructure. The government is reviewing the sector. Ofwat's spokesperson stated that customers want change: "We must see a transformation of the culture and performance of companies." We will monitor companies and hold them accountable." The Environment Agency has also been a hindrance to construction due to the failures of sewage systems. Most objections to housing, retail, office, school, science business park, and leisure centres are overcome by finding ways to reduce the impact. The objections can add to the time, costs and complexity of building projects. This is a major challenge for the government, which wants to stimulate a boom in infrastructure and housing construction. The biodiversity of the world has been affected by water pollution. The stocks of Atlantic Salmon, which spawn in the freshwater breeding grounds of Britain, have reached new lows. The rod catch for 2023, as declared in the provisional declarations, is the lowest since 1988. Environment Agency blamed the Holmyards for the pollution and sedimentation. Sarah stated that the potential of the business being duplicated elsewhere is huge. But if the same problems of not being allowed to export due to the water quality are present, it will not work. ($1 = 0.8046 pound) (Reporting and editing by David Clarke; Kate Holton, Dylan Martinez)
Iron ore gains on China's stimulus and resilient demand.
Iron ore futures prices rose on Friday, reaching their highest level in almost two weeks. They were also on course for a weekly increase, thanks to a resilient demand, as well as rising expectations about additional stimulus measures from China, the world's largest consumer.
As of 0214 GMT on China's Dalian Commodity Exchange, the most traded May iron ore contract was trading 1.68% higher, at its highest level since 3 March, at 789 Yuan ($108.86), a metric tonne. This is an increase of almost 2% this week.
Singapore Exchange's benchmark April Iron Ore rose by 0.71%, to $102,95 per ton. This is the highest price since February 28. This week, the price has risen by 2.5%.
China's central banks said that they would reduce interest rates, the reserve ratio for banks and their liquidity at the right time.
Steelmakers increased production during March's peak construction season, which has also helped to support prices.
A survey by consultancy Mysteel revealed that the average daily hot metal production, which is typically used to gauge demand for iron ore, increased for a third consecutive week, up 0.03% on a weekly basis to 2,31 million tons as of 13 March.
China's plans to reduce crude steel production and the escalating trade war in the world, which could dampen outlook for demand, continue to be headwinds that limit further gains.
Coking coal and coke both fell by 0.67%.
The benchmark steel prices on the Shanghai Futures Exchange have increased. Steel benchmarks on the Shanghai Futures Exchange advanced.
(source: Reuters)