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Russia promises to assist Cuba in overcoming US 'blackmail' and threats
Russia stated on Friday that it stands in solidarity with Cuba, and will continue to provide humanitarian aid for the island-republic run by communists. It rejected what it called threats and blackmail from Washington. Donald Trump, the U.S. president, has stated that he hopes to "take Cuba", but Washington is also calling on Havana to allow greater political and economic freedoms. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters that "against the background of the malicious and targeted escalation?against Cuba we reaffirm solidarity with the Cuban Government and the Cuban People." "We reject threats and blackmail in foreign policy. This also applies to Washington's aggressive demonstrations against Havana, with a?aim to grossly interfere?in Cuban internal affairs in order?to break Cuban statehood." Cuba has been a close ally to Moscow for many decades. From the Communist Revolution of 1959, which brought Fidel Cuba to power, until the collapse of the Soviet Union in 1991. Russia has more recently supported the island financially and with material goods. "Russia and Cuba share a long-standing relationship. Zakharova stated that "we have always stood by Cuba's side in its fight for independence and in its right to live according to its own rules, follow its own path, and defend its interests." "We will continue to provide humanitarian aid to Cuba during this difficult period of artificially fuelled confrontation." The Russian flagged Anatoly Kolodkin oil tanker delivered 700,000 barrels?Russian Urals crude to Cuba's Matanzas Bay in late March, breaking a U.S. blockade. The Trump administration claimed that it permitted the delivery due to "humanitarian reasons". Reporting by FilippLebedev and Maxim Rodionov; Writing by Anna Peverieri, Guy Faulconbridge and Mark Trevelyan. Editing by Mark Trevelyan.
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Copper prices fall as Iran-US standoff continues
Copper prices fell on Friday due to concerns about the continuing 'closure of Strait of Hormuz and the lack of progress made in the 'peace talks between?U.S. Iran. In official open-outcry trade, the benchmark three-month copper price?on the London Metal Exchange?slid 0.5% to $13,290 per metric ton. Israel and Lebanon extended the ceasefire by three weeks. But President Donald Trump stated that he wasn't in a hurry to reach an agreement with Iran. Ole Hansen, head commodity strategy at Saxo Bank, Copenhagen, said: "While the threat of an escalation via military conflict is reduced for the moment, the severity and disruption continue to increase every day." LME copper is stuck between two competing forces: the pressure of a weaker economy on demand and the 'threat of disruptions due to shortages of sulfuric acid. Hansen said that the key resistance to the upside is at $13,525 per ton. This level has been a constant source of challenges since early February. He said that "with all these uncertainties right now, it's probably the reason we've traded sideways more or less for the past two weeks." The International Copper Study Group announced on Thursday that the global refined market for copper is expected to turn into a surplus by 2026. The most active copper contract at the Shanghai Futures Exchange fell 0.7%, to 102460 yuan (14,988.52) per ton. It ended?the week with a 0.31% decline. A continued decline in SHFE inventories was one of the factors that supported the metal. The?fell by 16.3% in the last week, and has more than halved from early March. LME Nickel rose by 0.1% to $18,750 in official 'activity', after hitting its highest level since January 29 at $18,850 due to supply concerns. This week, the International Nickel Study Group said that it expected the market to swing?to its first deficit?since 2021. Lead increased 0.3% at $1,961 and aluminium fell?0.6% on the LME. Tin gained 0.4%, to $50,400.
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Oil prices and world stocks are on the rise as US-Iran tensions weigh
Oil prices held above $100 per barrel and global stock markets fell on Friday as investors remained on edge due to fears of renewed military conflict in the Middle East. European shares fell across the board, but in Asia, Japan’s blue-chip Nikkei rose almost 1%, and?U.S. Stock futures were mixed. The oil price, which was trading at $107 or more, has been under renewed pressure since Iran released video footage of commandos board a cargo vessel in the Strait of Hormuz, and reported that Tehran's Air Defences engaged "hostile target". The price of oil has increased by more than 18% in the past week. This is the biggest weekly increase since the beginning of the war, back in March. It's a sign the hopes for an end to the conflict quickly are fading. Rory McPherson is the chief market strategist of financial planning firm Wren Sterling. He said that this week ended with a de-escalation, which has taken the edge off of sentiment. Trump stated that despite Iran's heightened control over the Strait of Hormuz and its importance, he has ordered the Navy to "shoot down and kill" Iranian boats who are laying mines and increase demining activities. Trump's remarks came days after he announced he would extend indefinitely a ceasefire that had been two weeks with Iran, to allow for more peace talks. MSCI's World Stock Index was slightly lower than the previous day's highs, but still not far from them. McPherson said, "We're aware that the markets have had a strong rally from the lows in March. We will focus on the fundamentals which are strong." "You have markets that are sensitive, like Europe and Japan, and you also have sectors that are strong such as semiconductors here in the United States." The S&P 500 Tech Index has risen 16% in April, and it is on track to have its best month ever. Jim Caron said that investors could underestimate the upside potential of the stock market by focusing on the downside risk, due to the uncertainty created by the Iran War, and he is the chief investment officer for the Portfolio Solutions Group, Morgan Stanley Investment Management. He said, "I think people don't speak enough about the positive aspects of the market. There's also an upside tail risk." "Earnings were strong." The Yen at the Cusp of 160 On the currency markets, dollar is on course for its first gain in three weeks on?dampened expectations for an immediate ease of Middle East tension. The yen was hovering around 160 per dollar, and currency traders were concerned about the possibility of Japanese intervention to boost their currency. Satsuki Katayama, the Japanese Finance Minister, reiterated his verbal warning against intervention. He said authorities could take "decisive action" against speculative movements in the foreign exchange markets. This comes a day after he had stated that Japan was "free" to intervene, and that previous interventions were effective. The euro rose a little to about $1.17 while the pound gained nearly 0.2%, to $1.3492. Investors are eagerly awaiting the policymakers' comments about the impact of the war on inflation and the economy. Jamie Niven is a senior fixed income portfolio manger at Candriam in London. "The Fed won't do anything next Monday, and the Bank of England will also not. But I am always careful about what I say because the Bank of England can surprise me." Spot gold fell just 0.1%, to $4,688 per ounce.
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India's green debt is sold at 'Greenium' for the first time in 3 years
India sold 30-year green bond?at a 6-basis point "greenium" compared to government securities of equivalent maturity,?the highest premium since January 2023 when the country began issuing these notes. Investors are willing to accept a?greenium if it means they will accept a?lower? yield for bonds that finance environmentally-sustainable projects. The Reserve Bank of India issued the 30-year green bonds at a coupon of 7.50%, compared to a yield of 7.5628% on the 30-year 2055 bond with a coupon of 7.24%. With Friday's sale, India has raised $8.24 billion through these papers. Investors showed a strong interest in green bonds at today's auction. "Infra-classification of this?bond makes a good bet for insurers," Shobit Gupta Chief Investment Officer at Generali Central Life Insurance. He added that the green bond issue had been subscribed roughly 2.5 times. This resulted in a greenium of approximately 6 basis points compared to a comparable on-the run security. Traders reported that demand was mainly from a state run insurer and major insurance firms. This is especially true after the government cut the supply of ultra-long bond for the first half year of the fiscal?year. India reduced its borrowing via 30- to 50-year bond sales to 24,9% from 35.9% in April-September 2025 and 30.9% in October-March. According to the borrowing schedule, it plans to raise 150 billion rupees via a '30-year green bonds sale. Market participants urge the government to continue issuing this bond in order to increase liquidity and to help preserve the greenium. The majority of players prefer the ultra-long green bonds, because they might not be able?to have any greenium for five-year or 10-year durations, which are mainly driven by traders," said an official from the Treasury, who requested anonymity, since he was not authorized to speak to journalists.
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Minister: Czech government supports spin-off of CEZ as first step towards state takeover
Karel Havilicek, Minister of Industry and Trade in the Czech Republic, said that the government welcomed a plan to sell a majority stake to investors in CEZ's distribution assets and non-production businesses. Havlicek said to reporters that the plan would provide cash for the government plan to take over the full ownership of CEZ’s production business by a buyout?of minor shareholders. This would not affect their rights or burden the state budget, nor would it significantly hurt CEZ’s cash flow. CEZ is Europe's biggest electricity utility, with a $31 billion market capitalisation. The government took office in late 2018. It has made it a priority to take control of at least the production operations. "Yesterday’s decision?corresponds to what we want. Havlicek said to reporters that they welcomed the decision and it was a first step towards achieving their goal. The plan is to be discussed during CEZ's annual conference on June 1, and should be approved with the support of government. Havlicek stated that he expects 'the utility to flott the minority of assets, which CEZ puts at up to 49 percent, including customer sales, trading, and power distribution, on the Prague Stock Exchange, thus keeping a large part of CEZ listed, while the parent company would eventually be removed from the market. CEZ said that a direct sale was also an option, and that spinning off assets such as the distribution of power and gas, which are largely regulated, would attract a wider range of investors. Havlicek stated that the government had not yet discussed the planned buyout of CEZ with its minority shareholders, but assured them they would receive fair treatment.
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India's SAIL, the state-owned steel company, wins court order to stop antitrust investigation
According to court documents and legal filings by the company, an Indian court has halted the 'antitrust investigation' into the state-run Steel Authority of India after the company questioned the Indian watchdog over alleged 'procedural errors. Exclusively reported in January, the Competition Commission of India conducted an investigation into the antitrust scandal involving India's Steel Sector. The investigation found that 28 companies colluded to fix steel prices. This included Tata Steel, JSW Steel, and state-run SAIL & RINL. Online Madras High Court records show that the judge at an April 21 hearing halted the investigation of?SAIL. ? is reporting for the first-time on SAIL's court arguments and the ruling. SAIL has not responded to a comment request. SAIL's non-public filing, reviewed by? SAIL's?non-public filing reviewed by? The company claimed that the watchdog's team of investigators drafted an supplementary report last year, which found SAIL guilty, but used the material that had been cited earlier to exonerate the?company. SAIL stated in the filing that "principles of natural law mandate any?adverse?or prejudicial action, including reopening an investigation after exoneration must be preceded by?notice". The CCI has not responded to any questions. The next hearing will be on June 10. CCI found that 'Tata Steel JSW Steel SAIL RINL and RINL shared their pricing plans with rivals, and coordinated production reductions to reduce supply, according to reports. The watchdog reviewed dozens of WhatsApp conversations, including those from groups called "Friends of Steel", “Tycoons” and "Steel Live Market".
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German Parliament approves fuel discounts and relief bonuses to combat energy crisis
The lower house of the German parliament approved on Friday a tax-free bonus up to 1,170 euros ($1,175) for workers, and a fuel reduction for May and Juni as part of an overall package designed to offset the impact of increased petrol prices caused by the Iran War. Energy tax on petrol and diesel will be reduced by 0.17 euros a litre over the next two months. The oil companies will determine whether or not the price of fuel drops by this amount. The upper house of parliament will still need to approve the measure after the lower house has made its decision. This is expected later on Friday. Fuel price relief for businesses and consumers is valued at 1.6 billion Euros. Economists criticise this type of aid, saying that governments should instead provide tight-targeted assistance to vulnerable households. Germany Approves Worker Relief Bonus The lower house of the parliament approved an additional relief bonus for employees of up to?to 1000 euros, which employers may pay until June 30th 2027. Employers will be able to deduct the one-off payment and workers won't have to pay tax. Due to the weak economy, it is unclear how many companies will participate in this bonus. The coalition in power estimates that the measure would cost at least 2.8bn euros?in lost taxes. The tobacco tax will be raised this year to help fund the measure. Germany offered a similar bonus up to?to 3,000 Euros during the?energy crises of 2022 that followed Russia’s full-scale invasion of Ukraine. Business groups have criticized the government for shifting household support to employers.
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The Ukraine's Chornobyl nuclear plant has been haunted by war for 40 years following the disaster.
D'enys Khomenko shows no emotion when he recalls the night of last year,?when a Russian drone ripped into the protective arc surrounding the area of the Chornobyl Nuclear Plant that experienced the world's worst nuclear disaster. This narrowly avoided another tragedy. He said that maintaining composure was crucial to keeping the "stricken" plant powered and protected 40 years later as it slowly decommissioned. "Emotions can get in the path of logic. You need to be calm," said the deputy director of technical operations during a visit to the plant, which is located in a wooded zone 100 km north of Kyiv. Since then, workers have patched the hole using a large panel that is dwarfed by a 256-metre wide steel structure covering the damaged reactor 4. Further repairs are required in an environment that is still too dangerous to linger. DANGEROUS DAMAGES FROM DRONE Radiation levels are close to normal in large areas of the exclusion area, but there are still some highly contaminated areas, especially around the destroyed nuclear reactor. Khomenko noted that repairs would require a large number such workers who were not always available. The facility is still at risk four years after the war began, which has seen regular Russian airstrikes on Ukraine's infrastructure. Wild moose are seen roaming the road leading to the facility and in Prypiat which is a nearby abandoned town that has been left to nature. Ukraine, as a result of the drone strike, will be marking the 40th anniversary on Sunday. They'll need to reshield tons of radioactive debris inside reactor 4, which exploded in April 1986 and emitted radioactive clouds throughout much of Europe. Khomenko is one of around 2,250 workers who remain at the facility. The facility was briefly occupied in the early weeks of the invasion 2022, delaying plans to remove the reactor. The drone strike on February 14, 2025 sparked an intense fire that lasted for weeks, damaging the membrane that sealed the steel and concrete structure built by Soviet authorities over the reactor in 1986. Experts claim that the two billion euro structure, built in 2016, was designed to last for 100 years and must be repaired to prevent permanent damage. "The risk of corrosion and the structural undermining creates a danger in terms of nuclear security," Odile Renaud Basso, president of the European Bank for Reconstruction and Development, said. The bank wants to raise funding for repairs that it estimates will be at least 500 millions euros. CHORNOBYL PLANT LYES NEAR RUSSIAN FLYING PATH The original sarcophagus, which is gray and rusted, remains in the arc. The control room at reactor four is dark and filled with old Soviet equipment. Russia has denied any involvement in the attack. According to Ukraine's security services, it involved a Shahed Drone - an?weapon Ukrainian Forces do not use. Moscow claimed that Kyiv attacked its own facility to obtain more weapons and cash from the West. Ukraine's top prosecutor said this week that Russia had repeatedly sent missiles and drones near the facility. Ruslan Kravchenko stated that radars detected at least 90 Russian drones flying within a 5-km (3-miles) radius of shields since June 2024. Khomenko, deputy director of technical operations at the facility, stated that other parts were also vulnerable. For example, a nuclear fuel storage site near the reactor number four. He said that the vehicle was not built to withstand an impact from aerial vehicles or planes. National Guardsmen are patrolling the plant. It is now harder for workers to get to, who often spend up to 13 days on duty there, as the route through Belarus, a country that has close ties with Russia, was cut. (Additional reporting from Daniel Flynn, Editing by PhilippaFletcher).
Thyssenkrupp to help Nigeria's Dangote Fertiliser expand its urea production
The companies announced on Monday that Nigeria's Dangote Fertiliser will use technology provided by a German subsidiary of Thyssenkrupp in order to build four urea granulation plants.
The unit can produce 4,235 metric tonnes of urea per day. This will increase Dangote’s annual production to over 8 million tons.
The new units are being built next to Dangote Fertilizer Complex in Lekki Lagos which is currently operating with Thyssenkrupp UFT technology.
The expansion will be using the German firm's UFT Fluid Bed Granulation Technology. This technology is used for more than 70% global urea production.
The agreement also includes proprietary equipment such as granulators, scrubbers and process design packages. The ammonia conversion technology will be used to incorporate the ammonium-sulfate waste into granules. This will eliminate waste and improve logistics.
Nadja haakansson CEO of Thyssenkrupp said, "This partnership highlights our shared vision for sustainable development industrial and global food security."
Aliko Dangote, President of the Dangote Group, said that the expansion was a reflection of the company's commitment towards agricultural self-sufficiency. It also positions Nigeria as the world's leading fertilizer manufacturer. (Reporting and editing by Thomas Derpinghaus; Isaac Anyaogu)
(source: Reuters)