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Stocks in Europe rise before German inflation data
European shares rose in choppy trade on Monday, as energy stocks rose. Investors awaited the inflation data that would be released by Germany, the largest economy of the euro zone, which could shed light on the impact the Middle East War has had on the Eurozone. The pan-European STOXX 600 index was up 0.2% to 576.55 as of 0938 GMT after two consecutive days of losses. The European stock index is down 9% this month, and will likely have its biggest monthly drop since March 2020. Michael Hewson is a senior analyst at iForex and expects that European stocks will continue to suffer as the conflict shows no signs of easing. Yemen's Iran backed Houthi tribe fired missiles on Israel at the weekend. This escalated the conflict, and raised fears that more disruptions to shipping routes would occur. Hewson said that the markets are undervaluing the possibility that this outbreak of violence will not be resolved quickly. Brent crude rose?above 115 dollars per barrel on Sunday, setting a new record for the month. Shell and TotalEnergies, two energy giants, added 1.3% and 1.8% respectively to push their energy index 1% higher. Orsted's shares jumped 7.6% when Bank of America upgraded its rating to "buy", citing improved outlook for offshore wind developer following the war. Data on the German consumer price index (CPI) and the harmonised consumer prices index are expected at 1200 GMT. Aluminum producer Norsk Hydro led the index gains with an 8% jump, after supply disruption worries lifted the price of the metal following Iran's attack on two of the Middle East's biggest producers. Data from LSEG showed that investors have reduced their bets about monetary easing due to rising price pressure. Money?markets are now pricing in three 25-basis point rate increases by the European Central Bank by 2026. This is a'sharp repricing' from the earlier expectation of steady rates throughout this year. Francois Villeroy de Galhau, the French central bank's chief, said that on Sunday ECB aims to stop energy-driven inflation spreading out. However it is too early to talk about dates for interest rate increases. The oil-sensitive travel industry fell by 0.9%, with Air France and Lufthansa both falling 1.5% and 0.60% respectively. Individually, UK-listed Rio Tinto shares rose nearly 4%, after the'miner' announced that operations had resumed at three of four Pilbara Iron Ore Port Terminals after Tropical Cyclone Narelle swept Western Australia's Pilbara Region. This helped London's FTSE 100 rise by 0.8%. Reporting by Avinash in Bengaluru, Editing by Sonia Cheema & Harikrishnan Nair
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Sri Lanka increases power tariffs when energy costs start to bite
Sri Lanka increased power tariffs on Monday for most households by 7.2%, and for industries by 8.7% as it grapples with rising energy costs resulting from the 'Iran War. The new power prices are linked to the $2.9 billion IMF program that Sri Lanka signed with them in 2023 for recovery from a severe economic crisis. Sri Lanka uses cost-reflective pricing for energy multiple times per year in order to maintain the financial stability of its state-run monopoly Ceylon Electricity Board. The country's energy regulator said in a press release that hotels linked to the?critical tourism sector of Sri Lanka?will pay 9.9% higher. The new prices will cost poorer households between 4.3% and 6.9% more. Prof. K.P.L. said that if 'energy prices' increase more because of the war, we will re-consider a request to raise electricity prices. Chandralal is the chairman of Sri Lanka's Public Utilities Commission. He spoke to reporters in Colombo. CEB initially requested a price increase of 13.56 percent to cover a revenue shortfall of 15.8 billion rupees ($52,6 million) due to rising costs. The new tariffs are set to be implemented at the beginning of April. Sri Lanka declared Wednesdays a public holiday. It also introduced fuel rationing and increased pump prices by 35% in order to manage fuel consumption. Janaka Rajakaruna, Chairman of the State-run Ceylon Petroleum Corporation, said that the island was in talks with Russia and India to ensure a continuous supply of fuel. The company will spend $600 million on fuel refinement for April. Rajakaruna stated that the country is struggling to buy 90,000 metric tons of crude to keep its island refinery operating and to produce enough furnace oil for its thermal power plants.
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EU Energy Ministers Coordinate Iran War Response
A document containing an EU internal briefing revealed that the European Union's energy ministers would meet on Tuesday in order to coordinate their responses to the disruption of oil and gas market caused by the Iran War. Europe's heavy reliance?on imports of energy has exposed it to spiraling prices, since the Strait?of Hormuz, the main shipping route was closed effectively and Tehran began attacking the energy infrastructure in Middle East. Since the U.S. and Israel's war against Iran began on 28 February, European gas prices have increased by more than 70%. The EU document asked ministers to "indicate which concrete measures can be taken to combat the tightening?of?the oil & gas markets?in a coordinated way." The document stated that it was important to avoid fragmented, uncoordinated national responses as well as disruptive signals for the market. In the document, it was stated that ministers should concentrate their efforts on filling up gas storage for winter next year and stabilising oil markets to ensure these supplies. The EU claims that its oil and gas supply is secure for the near future, as the top two suppliers of the bloc are Norway and the United States. The tightening of global supply of certain products, namely diesel and jet-fuel, is a concern for?Europe. Shell CEO Wael Sawan warned last week that Africa could face energy shortages as early as April. EU officials want to encourage countries to fill their gas storage caverns ahead of the winter season. This will help avoid any price spikes later in the year. The meeting will take place via videoconference at 1300 GMT, on Tuesday. (Reporting and editing by Kate Abnett, Sudip Kar Gupta, and Andrew Heavens).
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Brent oil stocks are in limbo as they head for a record-breaking month
Brent crude oil rose by 3% Monday, and was on track for a monthly record rise. Global stocks were in limbo while investors waited for the Gulf conflict that they fear could 'bring inflation to a climax and increase the risk of recession in many parts of the world. In a region that is more dependent on Gulf oil, the?Nikkei?index closed down 2.8% in Asia. European stock markets firmed up in early trading, and Wall Street futures indicated gains - albeit small given the recent sell-off. Investors were assessing conflicting developments. According to The Financial Times, Donald Trump said that the U.S. might seize Kharg Island, where Iran exports most of its oil from the Persian Gulf. However, he also suggested that a ceasefire may come soon. Pakistan has said that it is preparing "meaningful discussions" in order to resolve the conflict with Iran within the next few days. This comes despite the fact that Tehran accuses Washington of planning a land attack as the U.S. army builds up its forces in the area. Eren Osman is managing director of wealth at Arbuthnot Latham. He said that reopening the Strait of Hormuz would be the key to calm the world markets. He said he didn't expect a long-term conflict because he thought Trump had a pain threshold for the market. Madison Cartwright is a senior geo-economics expert at Commonwealth Bank of Australia. She said that Iran's control of Strait of Hormuz gave it little incentive for concession. The bank expected the war to last until at least June. Prices for fuel, oil, gas and fertiliser have risen as a result of the clampdown in the Strait. Food, pharmaceuticals and other petrochemicals are all expected to increase in price. This is especially bad news for Asia as much of this region depends on Middle Eastern energy. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 1.8%. European stocks last gained 0.3%. S&P 500 and Nasdaq Futures both showed gains of 0.5% each. Bruce Kasman warned that the longer the Strait is closed, the more the buffer supply will be reduced, which could lead to dramatic price increases for crude oil, gas, and other commodities. If the Strait remained closed for another month, oil prices would rise to $150/bbl. This scenario would also be consistent with a possible increase in industrial energy consumers' costs. Brent crude is up 3% at $116 per barrel. This would be a gain of 60% in March, which would surpass the jump in price that occurred in 1990 after Iraq invaded Kuwait. U.S. Crude climbed 2% at $101.67. Investors have revised their outlook for interest rate rates in almost all countries due to the inflationary threat. The U.S. Federal Reserve chair Jerome Powell is scheduled to speak at an event on Monday. John Williams, the influential head of New York Fed will also be speaking. This week, data on U.S. manufacturing, retail sales and payrolls will give an update on the state of the economy. Bond markets have been hit by the energy shock and pressure on fiscal budgets due to higher borrowing costs. The yields on ten-year U.S. Treasury bonds were at their lowest point of?4.3959%. The increased volatility of the markets has helped the U.S. Dollar as the most liquid currency in the world. The U.S. also has a comparative advantage over Europe and Asia because it is a net exporter of energy. The dollar index traded?nearly a 10-month-high at 100.26 and was essentially flat for the day. The?dollar fell 0.3% to 159.775yen after more warnings from Japanese authorities about possible intervention. The?dollar has dropped 0.3% to 159.775 yen after more warnings from the Japanese authorities. The euro dropped 0.1% to $1.1493, which is not far off the March low of $1.1409. Gold gained 0.9% on commodity markets to $4,534 per ounce, after recently receiving little support as a haven for safe-havens or as a hedge from inflation risks. Reporting by Iain Withers, Wayne Cole and Thomas Derpinghaus; Editing by Muralikumar Aantharaman and Susan Fenton
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The gold price is capped by dimmed Fed rate cuts and dip buying;
Gold rose on Monday due to a surge in energy prices, which fueled inflation fears and dimmed expectations of interest rate reductions by the U.S. Federal Reserve this year. As of 0755 GMT spot gold was up 0.8% at $4,526.67 an ounce, bouncing back from a loss of 1% earlier in the day. U.S. Gold Futures for April Delivery gained 0.7%, reaching $4,554. Gold's price action last week, when it ended a three-week losing run, suggested that oversold behavior was at play and that recent declines could be reversed. This must be confirmed this week by the price action. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that given the rapid pace of headlines, it was easy to anticipate volatility. Brent crude rose above $115 per barrel after Yemeni Houthis attacked Israel over the weekend. This widened the ongoing war and added to inflation problems. The contract has risen 60% in March so far, which is a record monthly increase. The traders see little likelihood of a rate cut in the United States this year as higher energy costs threaten to increase inflation and limit monetary easing. This compares to expectations of two rate cuts before the conflict started. Gold's appeal is boosted by inflation, but high interest rates reduce its demand. The markets are now awaiting Federal Reserve Chair Jerome Powell’s remarks later that day at a Harvard conference, as well as remarks from New York Fed President John Williams. The U.S. Dollar, which has gained a little more than 2% since February 28, when the U.S. and Israeli war against Iran began, has been a major factor in the gold price's decline. Bullion has risen about 5% this quarter. The biggest macro-picture behind this underperformance is a huge shift in interest rate expectations... Frappell said that the USD has reacted to this. Spot silver increased 1.2%, to $70.43 an ounce. Palladium and platinum spot prices rose by 3.4% and 2.8% respectively. (Reporting and editing by Sumana Nandy, Harikrishnan Nair, and Noel John from Bengaluru)
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Floods and heavy rain kill 22 Afghans
The National Disaster Management Authority in 'Afghanistan (NDMA)' announced on Monday that heavy rains triggered flash floods and collapsed buildings, killing 22 people. It also injured 32 others. The majority of deaths occurred in the eastern and central provinces, such as Parwan, Maidan Wardak and Daykundi, where torrential rainfall caused flash floods, and collapsed houses. It said that conditions remained "unstable", with the risk of flooding and further rain in certain areas. Twenty-two people have been killed and 32 injured in floods and other weather related incidents that occurred across 13 provinces during the last two days, according to an NDMA representative who declined to be identified because he wasn't authorised to address the media. Afghanistan is susceptible to 'natural disasters, and the United Nations has listed it as one of?the most vulnerable countries to climate change. Since the Taliban took power in 2021, international aid has been cut, and the country is struggling to cope. In a report published by the United Nations Development Programme in November, it was stated that earthquakes, flooding, and drought had destroyed 8,000 Afghan homes in 2025, and stretched public services to their limit. Reporting by Sayed Hassib, writing Sakshi Dayal and editing Kate Mayberry.
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India's JioStar terminates Bangladesh IPL cricket broadcast deal, letter shows
Documents seen by the.. In January, Bangladesh banned IPL broadcasts. This was after Kolkata Knight Riders dropped Bangladesh pacer Mustafizur Rahman at the Indian Cricket Board's request. Tensions between the two nations were rising following the murder of a Hindu in Bangladesh. Even though Bangladesh is reviewing its ban, and said on Saturday that any further action will depend on the 'opinion of its sports minister,' the termination by JioStar will mean there will be no broadcaster local for the upcoming IPL season even if it were to change their stance. The agreement is terminated immediately," JioStar stated in a letter dated 17 February to Bangladesh broadcaster TSports. TSports had sublicensed rights from JioStar for IPL season from 2023-2027. The company said that its partner "continued to fail and default" in adhering the agreed payment deadlines. JioStar, the joint venture between Ambani’s Reliance Group and Walt Disney did not reply to questions. TSports, Bangladesh's sport and information ministries and the Ambani-owned Reliance did not reply to queries. IPL is the richest cricket league in the world, valued at $18.5 billion. It is hugely popular in Bangladesh where cricket is a passion, just like in the rest of the subcontinent. The latest season began on March 28. India-Bangladesh ties have been strained ever since the 'political transition' in 'Dhaka on August 20, 2024, which disrupted close ties between Sheikh Hasina and former Prime Minister. Hasina fled to New Delhi following a "mass uprising" in response. There are signs that the relations have thawed since Tarique Rahman said, in February, that Bangladesh will engage with its neighbours on the basis mutual respect and shared interests. In a separate JioStar email, also dated 'February 17', the company also announced that it had terminated the broadcasting deals for the Women’s Premier League Cricket Tournament in Bangladesh due to similar defaults. Reporting by Praveen Parmasivam, Dhaka, and RumaPaul in Chennai; editing by Aditya Koyyur and Arun Kalra
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South Korea confirms imports of Russian naphtha
The South Korean Industry Ministry confirmed the import of 27,000 tons of Russian naphtha arriving on Monday. The ministry refused to confirm the destination of the shipment or if it was for one South Korean company or multiple firms. Local media reported that this is the first time South Korea imports Russian?naphtha after the beginning of the Iran War. Local media reported that the industry ministry is working with the South Korean Foreign Ministry to secure additional supplies of Russian naphtha. Naphtha, a refined oil-based product, is typically used as a feedstock by petrochemical manufacturers and is also a key ingredient in plastics. The ministry said that although South?Korean firms are also trying hard to secure Russian crude, they haven't been successful yet. Ahn Dogeol of the ruling party, who attended a meeting on the economic impact of the Middle East Crisis, said that another problem is a shortage in synthetic resin, which is used to create plastic products and glues. The industry ministry was looking into ways such as limiting the exports of this material. Reporters at the parliament were told that the government was preparing measures to 'prioritise' key sectors such as healthcare, where plastics are used in many different ways, including medical procedures, or everyday necessities, should the war continue, and it'releases domestic oil reserves, or expands supply of petrochemicals,' lawmakers said. Reporting by Heejin Shim, Kyu-seok Kim and Joyce Lee. Editing by Christian Schmollinger & Kate Mayberry.
Brazilian Indigenous artists use film to fight for their rights
Brazilian filmmakers present their work
Films are being used to fight for Indigenous land rights
Native artists can demonstrate strength and legitimacy of their cause
By Andre Cabette Fabio
One rainy night, two dozen film lovers sat in front of a projector and watched as Amazonian filmmaker Takuma Kikuro demonstrated a Fulni-o ritual.
Fulni-o people live in northeastern Brazil. They, along with most Indigenous Brazilians, have been involved in longstanding battles about their land rights.
Takuma said that indigenous cinema was an instrument of fight. He also showed his short "Jungle Fever", about a shaman facing wildfires with his son.
He said, "We're developing it to be seen around the world. Not only in theatres, but on TikTok and YouTube, as well as other media."
Organisers say that more than 7,000 people representing 150 Indigenous ethnicities are participating in the annual Free Land Camp. They will be campaigning against legislation which could prevent some groups from reclaiming territory they were forced to leave.
A growing number of Indigenous Artists, such as the award-winning film maker Takuma, attend. Their films are shown in festivals both in Brazil and abroad.
Indigenous content producers maintain a social media network of influencers, reporting on the Indigenous land movement, which is closely connected with the protection of nature in Brazil and the Amazon rainforest.
The chief of the Kuikuro Village in Takuma, concerned that youths were losing interest, promoted filmmaking.
The chief asked for films to be made that would document and preserve Kuikuro cultures, including Indigenous customs such as their singing.
Takuma, a member of the community, said: "Our community understands how important it is to us that we make these films ourselves." Rain pelted down on a plastic tarp above and a small rave and concert were being staged nearby.
When white people made movies about us, it was because they didn't know what to include.
SELF-REPRESENTATION
Takuma, like many others of his generation began learning filmmaking through the Video nas Aldeias project (Video in the Villages).
The project was launched in 1987 by French Brazilian filmmaker Vincent Carelli. It has resulted in the production of dozens films.
Takuma, who owns his own production company Xingu Filmes in Brazil's Amazon region, is currently producing a number of short films about life in the Xingu Indigenous Territory.
Hugo Fulnio, another filmmaker from the Free Land Camp, screened "Tore Virtual", his short film.
The film takes viewers to an Indigenous village in arid woodlands, where four men alternately shake marakas while women sing.
Hugo, a participant in the Video nas Aldeias Project, said that films "support our cultures and safeguard them for new generations".
In recent years, activists and advocates linked to Brazil's Indigenous Rights Movement have formed large collectives which produce content about their cultures as well as real-time coverage on protests and attacks.
In 2017, at the Free Land Camp, they launched Midia Indigena. This media collective has now more than 251,000 Instagram followers and more than 560,000 TikTok followers.
According to Midia Indigena a network 780 communicators in Brazil produce content.
Priscila Tajowara, president of Midia Indigena and a filmmaker and photographer, says that their work covers Indigenous issues which mainstream media in Brazil has ignored.
Tapajowara: "We were first to speak about invasions such as the Yanomami Indigenous Territory."
According to the United Nations Human Rights Office, the Yanomami people in the Amazon rainforest have been attacked by illegal small-scale gold miners who have destroyed forests, contaminated the water, and brought deadly disease.
The largest indigenous umbrella organization in Brazil, Apib (which organizes the Free Land Camp), has its own media channels. It is supported by seven of its member organizations, who post photos and stories about the Indigenous gathering on social media.
Richard Wera Mirim is a photographer and manager of the Guarani Yvyrupa Commission Instagram account. He has more than 25,000 Instagram followers.
He said that the advantage of having Indigenous communicators was not just their ability to demonstrate the struggles of Indigenous movements, but also their strength and legitimacy.
If the story involves tragedy or Indigenous people being killed, then it will be broadcast on TV. "If it's our fair fight for territories, about exposing invaders, then it won't receive the same coverage," said he.
(source: Reuters)