Latest News
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Cricket-Marsh leads Australia to a crushing victory over Oman in T20 World Cup Dead rubber
Australia thrashed Oman in Pallekele by nine wickets, winning the final Twenty20 World Cup group match in Pallekele. Both teams had already been eliminated from the competition. Mitchell Marsh, who was given a modest target of 105 to win, wasn't in the mood to wait around. He ruthlessly sent Oman's bowlers all over the place, reaching his half-century within the first powerplay. Shakeel Ahmad, from Oman, collided with Vinayak Shukla after he caught Travis Head and bowled him for 32. The 38-year old spinner was overjoyed that he performed Cristiano Ronaldo's trademark celebration. Marsh, who scored 64 runs with seven boundaries and 4 sixes, led 'Australia to victory with 62 balls left to spare. This was a record-breaking chase for a T20 World Cup total of over 100. Australia placed third with two wins, two losses and no points. Oman was the only team without a win. CLINICAL BOWLING DISPLAY FROM AUSTRALIAN Adam Zampa finished with 4-21. Australia had earlier produced a brilliant bowling performance to dismiss Oman in 16.2 overs, after winning the coin toss and choosing to field. Fast bowler Xavier Bartlett started the game with a wicket on the first ball. He removed Aamir Kaleim when his delivery crashed against the stumps. Bartlett's movements troubled the batters, and Jatinder Singh also bowled his next over. He finished with two powerplay?strikes which put?Oman in the backfoot. Oman tried to rebuild, but none of its batters were able to convert their early scores into significant ones. Wasim Ali was the standout with his gritty 32 from 33 balls. He provided the only significant resistance to the steady wicket-taking at the other end. Oman's spinners struggled to keep up with Australia, often misjudging the length of their pitches and playing the wrong line. Zampa took his fourth four wicket haul in T20 World Cups, while Glenn Maxwell, whose first over was marred by a dropped catch, also contributed with two wickets. (Reporting and editing by Alison Williams in Bengaluru, Rohith Nair from Bengaluru)
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Gold Fields increases shareholder returns after profits more than doubled
South 'Africa's Gold Fields announced on Thursday that its full-year profits?more than doubled. This was due to record bullion prices, increased production, and a boost in dividends. Gold prices are expected to rise by 60% by 2025 due to geopolitical and financial uncertainty, the expectation of U.S. rate cuts, and increased purchases by central bankers amid a trend of global dedollarization. Gold prices have risen 15% this year. Gold Fields increased production by 18% in the last year, to 2.438 millions ounces. The miner's headline earnings per share grew to $2.88 from $1.33 the previous year. Gold Fields announced a final "dividend" of 18.50 Rand per share, an increase from 7 Rand. This brought the total payout per year to 25,50 rand, up from 10 rand in 2024. In addition, the company will distribute an additional $353 million to shareholders in the form of special dividends worth $253 million and share buybacks worth $100 million. Gold?Fields' CEO Mike Fraser stated that the company is engaging with the Ghanaian government, which has proposed doubling of the gold royalty?rate as a response to the bullion prices rally. The talks have been?constructive. Fraser said in an interview that while he understood the social needs of Ghanaians, he wanted to make it clear that all governments should take a stance against creating uncompetitive, structural?situations. Gold Fields' Tarkwa Mine in Ghana will be its most productive mine by 2025, out of its entire portfolio, which includes assets in South Africa, Australia, Chile, and Peru. Tarkwa mine produced 475,000 ounces gold last year, which is about a fifth the total Gold Fields output.
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Asia shares boosted by technology as Iran and rate uncertainty dominate markets
Asian stocks rose Thursday, supported?by gains in technology giants from Wall Street. Meanwhile, lingering U.S. Iran tensions supported oil prices and gold was underpinned by safe-haven flows. The dollar was a firm currency after minutes of the Federal Reserve's last meeting showed that policymakers weren't in a hurry to lower rates. The trading was thin in Asia, with Hong Kong, China, and Taiwan closed to celebrate the Lunar New Year. However, MSCI's broadest Asia-Pacific share index outside Japan gained 0.4%, and Tokyo's Nikkei gained 0.70%. The Kospi index of South Korea has risen by more than 3%, reaching a new record high. The news that Nvidia had signed a multiyear agreement to sell millions of its artificial intelligence chips, both current and future, to Meta Platforms on Tuesday triggered a surge in the shares of Wall Street's tech giants. "We needed good news. Tony Sycamore is a market analyst for IG. He said, "I think there's been a general sense of malaise?in the technology sector." "Nvidia was at the forefront of the rally that we saw through to 2025. And now it could be coming to the rescue... some much needed good news can possibly?set tech shares for a better run up until Nvidia earnings next week." The European markets were set to open with a mixed performance. EUROSTOXX '50 futures fell 0.11% while FTSE?futures?added 0.15%. DAX futures fell 0.3%. Nasdaq Futures rose 0.17%, while S&P500 futures climbed 0.11%. Geopolitics was also prominent in the markets. Oil prices continued to rise after a surge in the previous session as investors priced potential supply disruptions due to fears of a war between the U.S. Brent crude futures rose by 0.16% to $70.46 per barrel, after a 4.35% jump in the previous session. U.S. crude gained 0.25% to $65.35 following a 4.6% increase on Wednesday. Michael Every, senior strategist at Rabobank said that the balance of risk now favors a U.S. attack after Friday's market close. He added that an attack would likely last for weeks, rather than being over "by Monday morning". Gold, the safe haven, continued to be bid on and remained steady at $4.998.18 per ounce. FED OUTLOOK The dollar held gains on Thursday, despite better than expected U.S. data. Minutes of the Fed’s January policy meeting also revealed that several policymakers were open to rate increases if inflation remained high. The yen fell to a lower level than 155 dollars per pound, achieving 155.26. Charlie Ripley is a senior investment strategist with Allianz Investment Management. He said: "From our perspective the minutes of the Federal Reserve confirm our belief that rate reductions are off the table in the near future." While some market participants look at inflation through the rearview mirror, the Fed continues to signal the safety warning that 'objects in mirror are closer than it appears'. Policymakers noted that disinflation may be moving at a slower pace. The?euro was also pushed down to $1.18, and bought $1.17915 at its last price, due to the news that European Central Bank president Christine Lagarde is planning to quit her position early. The New Zealand dollar rose 0.07% to $0.5970 after falling 1.4% the previous session. This was due to the central bank of the country calming market expectations that it would make a pivot towards hawkish policy at its meeting.
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Five miner presumed dead following mudslide at South African diamond mining
South Africa's Mining Minister said Friday that five diamond miners who have been?missing? since Tuesday after a mudslide occurred deep underground are presumed to be?dead. Gwede Mantashe said at a press briefing that the bodies of those who were killed should be recovered, South African Broadcasting Corporation (SAB) reported. Miners were trapped more than 800 meters underground when a "mud rush" occurred at the Ekapa Mine in Northern Cape Province. Ekapa Minerals said that all operations had been stopped immediately following the incident and that rescue efforts continued. Howard Marsden, Ekapa Minerals' General Manager, said that the time since the event was a "major concern" but that there had been no changes in their approach to rescue efforts. Mantashe stated in a separate press release that an investigation will be conducted to determine what happened. South Africa's mining industry and government have made efforts to reduce the number of mine-related deaths and injuries as part of "Zero Harm", a campaign. The?country's 41 mine-related deaths was its lowest ever. Ekapa Minerals informed the families of trapped?miners who held a candlelight vigil on Thursday night near the mine. Kimberley was the location of the 19th century diamond rush that attracted fortune seekers from around the world. Diamond revenues helped to finance the colonial ruler Britain during two world wars. (Reporting and editing by Alexander Winning; Additional reporting by Sfundo parakozov, Editing by Anathi madubela)
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At least 50 people are killed and women, children and other victims taken hostage in Nigeria's Zamfara State
A state legislator said that armed men attacked a village in Nigeria’s northwest Zamfara State, killing at least 50 and abducting?several children and women. Hamisu Faru, a lawmaker from Bukkuyum South, claimed that the attackers attacked Tungan Dutse Village at around 5?p.m. On Thursday, the attackers burned down buildings and shot residents who fled. Faru, a phone caller, said that "they have been moving between villages... and leaving at least fifty people dead." He said that the number of abducted victim 'was still to be determined. Traditional leaders and local officials are still trying to find the missing. The Zamfara State Police spokesperson did not return calls for comment. Abdullahi Sani (41), a resident of Tungan Dutse said that three members of his family were killed in the attack. He said, "We are all in pain. No one slept yesterday." Residents contacted local authorities and security forces a day earlier when they saw more than 150 motorcycles with armed men. Sani claimed that the warning was ignored. Insecurity is a major concern in Nigeria, and the government faces increasing pressure to restore stability. In northern Nigeria, there has been an?increase in attacks that are blamed on "bandits". They have committed?deadly assasinations, kidnappings for ransom and forced communities to relocate. Reporting by Ahmed Kingimi, Writing by Chijioke Ahuocha, Editing by Philippa and Alex Richardson
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Andy Home: ROI-Power overrules tariffs, as another US aluminum smelter closes.
The U.S. import duties haven't stopped the United States from losing another aluminum smelter. This leaves only five primary metal production facilities in the country. Century Aluminum suspended production at its Hawesville Smelter in 2022 due to a spike in energy prices following Russia's invasion in Ukraine. They expected to resume operation within a year, once the power prices dropped. Century didn't deliver, and now the company has sold its Kentucky site to digital technology company TeraWulf. Aluminium smelters are massive energy users. A modern plant uses more electricity than a city of the size of Boston. Big Tech is also willing to pay more for data centers, and the fight for long-term energy supply. HALTING THE SLIDER Last year, U.S. president Donald Trump raised the import tariff on aluminium to 50% with the stated aim of stopping the decades-long decline in the domestic primary metals capacity. Century's Mount Holly smelter, located in South Carolina, has had a limited impact on the immediate future. It will restart 50,000 metric tonnes of capacity annually. Tariffs were important, but extending the power supply agreement with Santee Cooper (a local energy provider) was more crucial. By the middle of 2026, the plant will be operating at near-capacity of 220,000 tonnes per year. A state-of the-art greenfields smelter is on its way in Oklahoma. This joint venture, which is 60:40 between Century and Emirates Global Aluminium, promises to be a future success. Bechtel, a U.S. engineering company, has been selected by the partners to conduct preliminary studies on the proposed plant. It would have an annual capacity of approximately 750,000 tons. Oklahoma's advantage is that it produces three times as much energy as it consumes. A power supply agreement for the new plant is still in the works. Even if construction starts on time by the end this year, the first metal production will likely not begin until 2030. LOSS OF CAPACITY FLEX Hawesville's permanent closure reduces the idle capacity that can be used to fill in the gaps between now and the opening of the new Oklahoma smelter. Hawesville, with its annual capacity of 252,000 tonnes, was the second largest remaining smelter in America. It also supplied high-purity aluminum for aerospace and defense applications. Alcoa has a 54,000 ton-per-year production at Warrick in Indiana that is idle, but it does not seem to be in a hurry to restart it. The cost of reactivation is estimated at $100 million, and it would take two years. "At this point, we are unlikely to restart," William Oplinger, Alcoa's President and CEO, told analysts during the company's Q4 results call for 2025 last month. The only remaining smelter is the New Madrid one in Missouri. It was reactivated by 2018 and closed in 2024. Tariffs have reignited hope that the 263,000 ton-per-year facility could be brought back to life, but it would cost a lot and take a long time. Magnitude 7 Metals, the current owner of Magnitude 7, has not indicated its intentions. No Tariff TRUCE According to the U.S. Geological Survey, 60% of aluminum consumption in the United States last year was imported. It won't change until the Oklahoma smelter moves from "project" status to actual production. The Trump administration does not seem to be willing to back down on its import tariffs. The White House dismissed media reports that it would lower tariff rates or provide more exemptions, as "baseless speculative speculation". According to a senior administration official, Trump "will not compromise on reviving the domestic manufacturing which is crucial to our economic and national security. This includes steel and aluminum production." Some tweaks may be made, but a wholesale rollback is unlikely. This means that aluminum consumers in the United States will be paying high prices for their metal for the next couple of years. S&P Global Platts assesses the Midwest Aluminium Premium, which is traded on CME. This premium captures the tariff impact of the market. The London Metal Exchange's cash price is $2,290 a ton, which translates to a "all-in" rate of $5,300 a ton. The fact that Hawesville has not been able save itself from a?such a high premium? says a lot about the fierce competition between Big Tech and other power providers for a competitively priced product. AI still wins out against aluminium. Andy Home is a journalist. This column is a favorite of yours? Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance is available at Open Interest. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. (Editing by Marguerita choy)
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Morning bid: Holidays in Europe-Asia as US and Iran try to avoid conflict
Rae Wee gives a look at what the European and global market will be like on Friday. Asian markets were relatively calm on Thursday, with many parts of the region still on holiday for Lunar New Year. However, investors remain on edge over the possibility that tensions between the U.S. Both nations have been at odds over Iranian nuclear activities for years. The U.S. accuses Iran of military ambitions, while Iran insists its goals are pacifist. The White House said that while the two nations made progress in Geneva during this week's talks, there was still distance on certain issues. A senior U.S. Official said that Iran will submit a proposal to resolve their differences. Market participants are still 'nervous' about increased U.S. military activities in the oil producing region. Michael Every, Senior Global Strategist at Rabobank, says that the balance of risks is tilted towards a U.S. attack after Friday's market close. Any strike would likely last for weeks, rather than be over by Monday morning. This has led to oil prices continuing their'surge from the previous session amid concerns over a potential supply disruption. Brent crude futures rose 0.36% to $70.60 per barrel, while U.S. Crude rose 0.43% at $65.47. Stock prices in other sectors were boosted by renewed optimism about artificial intelligence, after Nvidia announced this week a multi-year agreement to sell Meta Platforms millions current and future AI chips. Analysts say the announcement has given technology stocks a much needed reprieve after they lost ground in this month due to concerns about valuations and how long it will take to increase revenue growth through AI investments. The U.S. Dollar was a bright spot on the 'currency' market as the minutes of the latest U.S. Federal Reserve board meeting revealed that the central bank is not in a hurry to 'cut' its policy interest rate. Several members are open to 'hikes' if inflation remains sticky. The minutes revealed divisions within the bank. Some policymakers expected a productivity boost to ease inflation while others believed heavy AI investments could pose financial risks. The following are key developments that may influence the markets on Thursday. Walmart Earnings Weekly U.S. jobless claims data * Fed's Bostic and Bowman speak
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Eight people are feared dead following a bus sinking into Lake Baikal in Russia.
The local governor of Siberia, Igor Kobzev said that seven Chinese tourists and the bus driver are believed to be dead after a 'tourist' bus plunged into Lake Baikal when the ice beneath it broke. He said that one tourist managed to escape and the search for the others continues. Tourists flock to the world's largest lake located in northern Mongolia. Irkutsk's prosecutor's said a criminal case had been opened, and that the?circumstances?were under investigation. The number of Chinese tourists visiting Russia has increased a lot in the last few years. This is due to the political rapprochement and the "no-limits" strategic partnership that was declared by the two neighbours.
Steel industry is unsure if China will implement output cuts plans
China has said it will cut its crude steel production this year, but traders and steelmakers believe Beijing will not follow through because the industry is profitable and trade tensions are weighing on the economy.
In March, the world's biggest steel producer announced plans to reduce output and restructure their giant steel sector in order to combat overcapacity that has plagued this industry for years and spilled over onto export markets and angered trade partners.
At the Singapore International Ferrous Week, fifteen traders, analysts, and hedge funds shared the same message. The cuts will not be implemented.
They said that the unexpectedly high demand has led to an improvement in profitability across the entire industry, which undermines some of the rationale behind the initial decision to reduce output. In the period from April to June, the industry's profits reached 16.9 billion Yuan ($2.35billion), compared with a loss last year of 22.2billion Yuan.
Participants bet that Beijing will not crack down on the crime rate, especially since the trade war between the United States and China makes policymakers more sensitive to maintaining economic growth.
Even less incentive exists for local governments, where many of the steel mills contribute significantly to the growth targets that officials are evaluated against.
No one wants to cut production when mills can make money again after struggling for survival the last two years.
Between January and April of this year, the Chinese crude steel production increased by 0.4%.
Many at the conference believed that in China, Beijing's lack of public orders since March's announcement indicated that output reductions would be limited or enforced only partially.
The Chinese consultancy Fubao stated in late April, that although provincial targets had been set for production cuts, there was doubt about whether the steel mills will actually adhere to them.
Mengtian Jiang is the chief ferrous metals analysts at Harizon Insights.
"Steel Mills are Making Money, especially since the domestic coking prices have almost halved. I don't see China's Steel Output will be Down Much."
She added that although steel exports could fall by 3% to 4% in the coming year, this will not have a significant impact on China's output of steel. ($1 = 7.1976 Chinese Yuan Renminbi). (Reporting and editing by Lewis Jackson, Shri Navaratnam and Amy Lv in Singapore)
(source: Reuters)