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Philippines' Marcos suspends taxes on fuel products
On Monday, Philippine President Ferdinand Marcos Jr suspended taxes on kerosene and liquefied petrol gas to help consumers cope with rising fuel prices. Congress had granted Marcos emergency powers for adjusting fuel taxes. This is one of the measures taken by the Philippines to deal with the sharp rise in oil prices caused by the Middle East conflict. Marcos stated that the temporary tax cut reduces LPG prices by almost 37 Philippine 'pesos (0.6154) for each tank, and by 5.60 Philippine pesos (0.0931) for every liter. This will lower costs for households who rely on LPG for cooking and lighting. Marcos didn't?say for how long this suspension would last. However, an interagency panel tasked with leading government response to energy crisis will be meeting on April 14, to decide whether to suspend, reduce, or maintain the excise tax on gasoline and diesel. The 'Philippines' diesel and gasoline prices have doubled in price since the Middle East conflict began on February 28. This is because the country relies heavily on imported fuels, and faces supply problems amid the global price hike. The Philippines central bank warned of "spillover" effects from the Middle East conflict last week after headline inflation in March reached 4.1% on an annually basis.
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Aluminum reaches a four-year high amid renewed supply concerns from the Iran war
Aluminum prices jumped on Monday to their highest level in four years?after Washington announced it would impose an Iranian maritime blockade, reviving concerns about a weaker supply of the metal from the top producers in?the Gulf. Benchmark -three-month aluminum on the London Metal Exchange rose 1.7% by 0930 GMT to $3,558 per metric ton after reaching $3,578, which was its highest level since March 31, 2020. After the weekend's failed peace talks, the U.S. Military announced that it would begin a blocking of all maritime traffic into and out of Iranian ports and coastal zones?on January 14th at 1400 GMT. Neil Welsh, Britannia Global Markets' head of metals, wrote in a note that "Aluminium is at the centre of the market this week after a sharp rise... as traders digest the implications of the full 'naval blockade of the Strait Of Hormuz." Before the 'U.S. and Israeli attacks on Iran,' around 9% of world aluminium was produced in the Gulf region. Several smelters, including Emirates Global Aluminium, have been affected. EGA announced earlier this month it could take up to one year to fully restore production at its Al Taweelah Smelter. This smelter produced 1.6 millions tons of cast iron in 2025. The premium for the LME cash contract on the three-month forward was a reflection of supply concerns The price of copper on the LME rose by only 0.3% to $12,885 per ton. This is the highest level since February 2007. LME copper prices were mediocre, with a 0.3% increase to $12,885 per ton. Investors weighed the negative impact of higher oil prices on the economy and metals demand. Welsh stated that "Copper struggles to gain ground, as the market weighs a drag on demand due to high energy prices and a deteriorating global backdrop." China, the world's largest consumer of red metal, has seen a rise in demand. Yangshan Copper Premium The price of, which measures China's appetite to import the metal, has risen to $74 per ton. This is the highest since June 2025, and a 76% increase in one week. Other metals include LME zinc, which fell 0.3% to $3323, nickel, which rose 2.2% to $17.615, and lead, up 0.1% at $1.923. Tin was not much changed, remaining unchanged at $48,000. Harikrishnan Nair, Harikrishnan Onstad (Reporting)
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Venezuela wants to bring back international miners but it is a risky venture
V enezuela’s efforts to attract foreign investors for the development of its gold, bauxite and?iron seams have enthusiastic support from the Trump administration, but face big challenges. These include armed groups that have deep interests in the chaos and largely illegal prospecting industries which?developed during the last 20 years. Sources in Bolivar, a sprawling state in the southeast of Colombia, said that they are skeptical about international companies' ability to invest meaningfully if there is not a major improvement in security. Local criminals work alongside Colombian rebels. State security forces and the Colombian government have been accused by criminals of working together to support illegal gold operations. "The (crime syndicates) control the mines." In many mines, they are the ones who enforce the laws and set the rules. Ines Garcia is a 51-year old informal miner from El Callao. "Depending on the situation they can be violent and impose punishments," she said. "You have to look out for yourself because just talking can be a danger." Since Delcy Rodriguez became acting president of Venezuela in January, the administration of U.S.-President Donald Trump has supported her efforts to attract investors. This includes a mining bill passed by the ruling party's national assembly in April, led by Jorge Rodriguez's brother, that allows private and foreign companies to extract strategic minerals and gold. Venezuela's oil-dependent economic system has been crippled for years by hyperinflation and other problems, including international sanctions, deteriorated infrastructure, and corruption. After Washington ousted former President Nicolas Maduro from office in January, Venezuela desperately needs money to pay for Rodriguez's promise to improve public services. Mining investments could provide another source of income, including taxes, royalties and jobs. U.S. Interior Secretary Doug Burgum stated during a visit to the U.S. in March that the law would create opportunities for businesses and that Rodriguez would ensure their safety. The U.S. already has a license that authorizes certain transactions with Venezuelan gold, such as those with the state-owned Minerven. "You are guaranteed, you enjoy legal certainty, political stability, and peace of mind, so that your investments will be fully developed -- not just in the hydrocarbons industry, which offers many opportunities, but in the mining sector as well," Rodriguez said to visiting investors during a March event. The Bolivar government has not provided any details on its security plans. Gold Reserve of Canada, which had said that it intended to resume mining in Venezuela and was a member of the Burgum delegation was granted a U.S. licence allowing them 30 days to negotiate. Gold Reserve has not responded to questions regarding whether or not it is seeking the return of the Brisas Mine, which the government seized in 2009. Trafigura, a Swiss commodities trader, is already working on a responsible "sourcing" program with Venezuela's Minerven state gold miner. The work was announced last month. Trafigura said that the work is compliant with a U.S. Treasury license. Hartree Energy, Peabody Energy Ivanhoe, and TechMet mining companies, who were listed in the local press as being part of Burgum's delegation, have not responded to questions. Although many international miners are familiar with the challenges of security, those who live and work within the Orinoco Mining Arc in Bolivar, a grouping of four municipalities designated by Rodriguez’s predecessor as strategically important for mining development, feel that corporate interests come before their own. For real investment to occur, it is important to resolve supply chain transparency, security - because this is an area with armed groups - and oversight of the social-environmental impacts of operations. This engineer worked for Minerven over a decade. He asked to remain anonymous out of fear of reprisals. Sources said that former members of Colombia's Revolutionary Armed Forces of Colombia, now demobilized (FARC), as well as Colombia's National Liberation Army rebels (ELN), are active in Bolivar. They are also local criminal groups Tren de Guayana, 3R and unnamed gangs run by gang leader aliases Fabio and Juancho. Pedro Yepez, who has been mining in El Callao, Sifontes and other municipalities for two decades, says that criminals have provided mining equipment, fuel, and weapons to the area, and also extracted gold. He said that criminals could not do this without the permission and complicity of the government. Community activist who has been monitoring human rights violations for decades in the area and requested not to be named out of safety concerns said that armed groups are in control of the mines, and they work in conjunction with the government. Residents and community leaders shared his concerns. Several said that criminals extort business while the government turns a blind eye. The Venezuelan Communications Ministry, which is responsible for all government press inquiries, has not responded to any detailed questions regarding the allegations of "complicity" by the military or security plans for this region. In 2023, the military launched 'Operation Roraima' to combat illegal mining. It has continued to do so in the following years, and top leaders have publicly celebrated the destruction of illegal'mining camps' and equipment by posting pictures of controlled explosions on social media. The U.S. Department of the Interior has not responded to specific questions regarding security concerns in the area. UN REPORT DETAILED ALLEGATIONS OF MILITARY INVOLVEMENT In a report from 2022, the UN Human Rights Council's fact-finding team said that both the military and armed group were implicated in murders and disappearances in the region. They also expressed concern about worker exploitation, child labour, human trafficking and violations of Indigenous rights. In a 2021 report, the Organization for Economic Co-operation and Development stated that there has been an increase in gold exports from Venezuela ever since Maduro established the Arc. This is primarily due to informal and illegal mining. The report highlighted environmental destruction, human rights violations and military collusion. In an open letter, 16 local nongovernmental groups expressed concern about the continued military control and said that the new mining law would "provide a veneer of legality" for "severe environment degradation and ongoing human right violations". The letter stated that "Military presence at mines is historically associated with human right violations, corruption and hybrid governance structures." Some activists and residents are concerned about the impact of foreign mining companies on the local communities, and the possible effects that a foreign presence could have on the livelihoods and small-scale miners in the area, as well as the Indigenous groups. Who benefits? "You must put the word 'benefits' in quotation marks. "The same state that seeks out investors and negotiates forgets about all the problems," Italo Pizarro said, a Sifontes activist. Bolivar geologist who has more than 40-years' experience in this sector says it will be difficult to remove tens and thousands of informal miner who work in the area, as well criminals who make a living from extortion. "This won’t be easy." Reporting by Maria de los Angeles Ramirez. Editing by Julia Symmes Cobb, and Claudia Parsons.
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Europe's largest pension investor aims to boost private markets
APG's chief investment officer for Private Investments told? that the current credit market flux is a good opportunity to buy. APG invests approximately 600 billion euros ($702.00) for clients, including ABP (the Netherlands' largest pension fund). Patrick Kanters stated that around 26% of APG's assets are in private markets, but this would increase after the ongoing changes in investment rules in The Netherlands. The Future Pensions Act has been implemented in phases, starting in 2023. This allows funds based in the Netherlands to take more risks, such as reducing money held in low-yielding, liquid government debt. The new system, which is based on the assumption that people will live?longer? and have more jobs in their lifetimes, gives younger workers a pot of money that can grow?much faster. APG currently has 10% of its assets allocated to real estate, 5-6% to infrastructure (which would increase to 10% with time), 8% to private equity, a significant jump from the historical 6%, and less than 1% to natural capital assets, such as forestry. It also has a "relatively small" private debt holding of 1,5%, which can rise over time to between 2%-4% depending on the client. Based on the current assets of the company, this could result in a rise from 9 billion to more than 24 billion euros. Dutch pension funds will begin to transfer money from their clients to the new pots in 2019. They have until January 1, 2020 to complete the switch. The move comes at a time when the market is experiencing increased volatility. This was after a number of retail funds in the U.S. were hit with heightened redemption requests due to concerns about falling returns and AI's impact on software companies. Kanters stated in an interview earlier this month that "some sub-markets have corrected, and this can provide opportunities for the future." "These types of investments require a long-term investment horizon." For APG, the focus was on investing where capital was scarce, structures were robust and underwriting discipline was strong, including in real ?assets and infrastructure-related financing, Kanters said. "The quality of the manager, the deal structure, and the downside protection are more important to us than sector-specific calls." APG's private debt investments include real asset credit and structured credit. Direct lending, non-performing loans, and speciality financing are also included. APG's private debt investments are mainly concentrated in Europe, with a market-average of 30%. The U.S. is still the largest and most established private bond market in the world. Kanters stated that for a long-term investment like ours, looking to diversify and build a bigger portfolio, it's difficult to ignore this depth and breadth. He said that Asia offered high-quality managers and attractive returns.
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Starmer, the PM of Britain, says that the UK will not support a blockade of Strait of Hormuz.
Keir Starmer, British Prime Minister, said on Monday that despite the pressure he was under 'Britain will not be drawn into the Iran war or a blockade of Strait of Hormuz. He told BBC Radio 5 Live that he did not support the blockade, and added that it was important to get the Strait opened. Starmer stated that it was vital to get the Strait fully and completely open. We have put our efforts there in recent years and will continue to do so. He said that Britain had minesweepers operating in the area. While he couldn't discuss operational issues, the military capabilities were "concentrated from our perspective on opening the Strait". After weekend talks to end the Iran war failed, the U.S. Military announced that it would block all maritime traffic into and out of Iranian ports and coastal zones on Monday. Central Command of the United States announced that the U.S. Blockade would begin at 10 am ET on Monday (1400 GMT) and "will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal?areas, including all Iranian ports in the Arabian Gulf and Gulf?of Oman." The U.S. Central Command said that the blockade would begin at 10 a.m. ET (14:00 GMT) on Monday. The U.S. Military has said that vessels?transiting through the Strait of Hormuz between non-Iranian and Iranian ports won't be hindered. Donald Trump announced on Sunday that U.S. Forces?would intercept all vessels in international waters who had paid tolls to Iran. Trump posted on Twitter that "no one who pays an illegal toll on the high seas will have safe passage." He also said: "Any Iranians who fire at us or at peaceful vessels will be BLOWN OUT!" (Reporting and editing by Paul Sandle, Michael Holden, and Sam Tabahriti)
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Kuwait raises May crude prices for Asia, pricing document shows
Kuwait raised its official selling price for Kuwait Export Crude in Asia to $17 per barrel over the average 'Oman/Dubai quotations' from $0.50 in April. After weekend talks failed to?clinch a deal? to end the Iran War, the U.S. Military announced it would blockade maritime traffic in Iranian ports and coastal regions. This could jeopardize a fragile?two-week truce. Documents showed that the producer increased the Kuwait Super Light Crude OSP for May to $17 per barrel over Oman/Dubai prices, up from $1.15 in April. Middle East producers have boosted official prices for Asia for May. Saudi Arabia set the price of its Arab Light crude for Asia at a record $19.50 per barrel over the Oman/Dubai benchmark, while Iraq raised the price of its Basrah Medium oil for Asia by $17. Middle East crude is now the most expensive in the world - after the U.S. and Israel war against Iran disrupted shipping along the Strait of Hormuz - a vital artery that supplies about a 'fifth of all the oil around the globe. This month OPEC+ has agreed to?raise?oil production quotas by 206,000 barrels a day for May. It is a modest increase that will largely be on paper, as the key members of OPEC+ are unable to increase production due to their involvement in the Iran War. Analysts expect the oil market to be in deficit this year due to a drop in global production. This is compared to pre-conflict predictions of a comfortable surplus. (Anjana Anil in Bengaluru, and Pablo Sinha at the Editing Department of Christopher Cushing and Clarence Fernandez.)
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Gold falls as Hormuz Blockade boosts dollar and dents Fed rate-cut bets
Gold fell to a new low of?nearly one week? on Monday as a stronger dollar and a surge in oil prices above $100 following the U.S. move to blockade Iranian port fuelled inflation fears, prompting traders back off their expectations of Federal Reserve rate reductions this year. As of 0735 GMT spot gold was down 0.4% to $4,730.75 an ounce. It had hit its lowest level since April 7 earlier that day, at $4643. U.S. Gold Futures for June Delivery fell 0.7% to $ 4,753.30. The dollar gained 0.3% after the?U.S. The Navy prepared to blockade the Strait of Hormuz, which could limit Iranian oil shipments following the collapse of?peace negotiations between the U.S. The Iranian Revolutionary Guards warned that any military vessel approaching the Strait would be considered a breach of ceasefire and treated harshly and firmly. Tim Waterer is the chief market analyst for KCM Trade. He said that "Ceasefire Optimism?has unraveled following the failure of the peace talks. The dollar and oil price have pushed up, and this has pushed gold backwards." Since the U.S. and Israel war against Iran began late in February, spot gold has dropped more than 11%. Gold's appeal is usually boosted by inflation and geopolitical risks, but high interest rates are a drag on this non-yielding precious metal. The greenback price of bullion is also more expensive for holders other currencies. Waterer stated that "as soon as oil prices?return above $100, the focus quickly shifts to possible central bank rate increases to curb inflation. This interest rate outlook is what is affecting gold's performance." The traders now see very little chance for a 'U.S. Rate cuts are unlikely this year as the higher energy prices could feed into inflation, limiting the scope for "monetary easing". Investors priced in two Fed rate reductions for 2026 before the start of war. (Reporting by Noel John in Bengaluru; Editing by Rashmi Aich, Subhranshu Sahu and Sonia Cheema) (Reporting and editing by Rashmi aich, Subhranshu Sahu, Sonia Cheema).
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London Aluminium hits four-year peak on Middle East Supply Woes
Prices for 'three-month' aluminium on the London Metal Exchange hit a four-year high of $3,569. Supply fears returned after a stalemate in the 'U.S. vs. Iran peace talks. The benchmark 'three-month' aluminium on the London Metal Exchange reached $3,555 per metric ton at 0729 GMT. This was up 1.61% from its previous high of $3 569. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading up 0.55% to 24,760 yuan (about $3,623.38) per tonne. After the failed weekend peace talks, the U.S. Military announced that it would begin a blocking of all maritime traffic entering and leaving Iranian ports and coastal regions on Monday. This will put the fragile two-week truce in danger. In a recent note, ING analysts stated that the rising geopolitical risk in the Middle East has intensified concerns about shipments and production of aluminium. Elevated energy prices are adding to the upward pressure on aluminium and reinforcing costs support for smelters, they said. Last month, the conflict forced local aluminium producers to reduce their output. It also disrupted the supply of aluminium by closing down Strait of Hormuz. Before the Iran War, this region supplied roughly 9% global aluminium. Copper prices rose amidst falling stocks and improved demand from China's top consumers. Shanghai copper reached a new high, while London copper gained 0.35 percent. Yangshan Copper Premium On April 10, a measure of the country's appetite to import the metal, rose to $73 per ton, the highest level since June 2025. Nickel, zinc, and lead all fell 0.16%, while tin dropped 1.21%. Nickel grew 2.61% for other?SHFE Metals. Lead fell 0.63%. Tin dropped 0.87%. Zinc slipped 0.63%.
Chilean copper miner Codelco and contractors fined following deadly mine collapse
According to inspection records obtained through public records requests, Codelco, a Chilean state copper mining company, was fined after the deadly collapse of its El Teniente Mine last year. Three contractors, whose employees were killed or seriously injured, were also sanctioned.
Six contract workers were killed and others injured in a rock explosion at El Teniente underground copper mine in July. The sanctions, which had not been reported before, were imposed months after the underground seismic event.
The files were obtained from the Chilean labor ministry by means of open-records request. These fines in Chile are notified to the employer directly and are subject to administrative challenges or reductions. They are usually not disclosed publicly.
At the time, the then-Labor minister Giorgio Boccardo announced that his office, along with the mining regulator Sernageomin would investigate whether there had been any violations of labor safety rules.
A quake measuring about 4.3 on the Richter scale halted all underground operations in the vast mine complex, causing rescue efforts and safety checks.
Codelco incurred a large production cost as a result of the collapse. The company said that the slow restart of underground operations and the shutting down of underground operations in El Teniente reduced copper production by tens thousands of tons. This disrupted shipments during a period of tight global supplies.
The accident also highlighted the geotechnical risk? facing Chile's aged underground mines.
Contractors fined more than CODELCO
The records reveal that the three contractors received fines totaling about $87,000, while Codelco only paid out $20,000, reflecting Chile's system of split liability for subcontracted works.
Under Chile's labor law, while the principal company, Codelco, can be penalized for overarching failures in safety, contractors are directly responsible, as employers, for reporting accidents, risk assessment and worker assignment, among other compliance duties.
Labor inspectors found that Codelco did not have a written procedure detailing how seismic warnings are used to determine whether or not work should be halted or restricted.
According to a separate record of sanctions, after the accident, regulators found that Codelco had violated labor laws when workers were seen entering or preparing for entry into underground areas, while the mine suspension was still in effect.
According to Chilean labor laws, serious or fatal accidents can result in fines of up to 150 UTM (a Chilean tax unit linked to inflation) or approximately $11,000 today. In a 2007 case, the regulator imposed a penalty of 340 UTM, or roughly $26,000 today, on a construction company following a fatal accident.
Workers' safety specialists and labor advocates have questioned if such small 'penalties' are enough to deter major employers.
In 2011, after a mining accident, a Chilean House of Representatives investigation commission reported that it was essential to increase the fines to deter mining companies from violating safety regulations.
Since then, proposals to increase fines for workplace accidents that are serious or deadly have failed.
CODELCO DETAILS CHANGES
Codelco said that since the collapse it has tightened safety procedures to restart work at El Teniente. This includes adding safety briefings before shifts begin, improving communication underground, increasing checks on worker's locations, and reviewing protective gear.
Later, it was revealed that an independent panel headed by a former Anglo American chief executive officer was investigating what caused the accident. They were also looking at whether management problems or workplace issues played a part.
Codelco stated in a press release that the seismic alert system had been?active on the day of accident and that they have appealed against the fine imposed by the Labor Ministry.
The company said that a "legal proceeding is ongoing related to the supervision of worker entry during work stoppage", and it was waiting for a ruling from the authorities.
Codelco announced in August that Andres Musik, the El Teniente mine's manager, would be leaving his position. In February, three senior executives were let go after an internal audit revealed inconsistencies or concealment in the aftermath of a rock explosion at the mine a few years ago.
SUBCONTRACTORS WILL GET LARGER FINES
Zublin, a Strabag subsidiary, was among the three firms that were fined for failing to report an employee's death in 24 hours. Inspectors discovered that the company was aware of the death within two hours but did not notify the labor authorities until evening the next day.
The report stated that it is important to immediately notify the authorities to ensure safety for remaining workers.
The Austrian company didn't immediately respond to our request for a comment.
SalfaCorp, a Chilean construction company, was sanctioned for the death of one of their workers in the Andesita mine sector. Inspectors said the company, among other things, failed to report the fatal accident immediately to the authorities.
Salfa also failed to adequately protect its workers, according to the records.
SalfaCorp didn't immediately respond to an inquiry for comment.
The Chilean?labor regulator fined Constructora Gardilcic as well, the contractor who was not listed and whose workers had been?killed or injured at the Recursos North area of the mine.
Inspectors found that the company failed to report the accident on time, filed injury reports late and had a poor safety plan.
The authorities also found that Gardilcic failed to adequately account for the risks of violent rock explosions outside designated danger areas and placed some workers into jobs they weren't cleared to perform.
Gardilcic didn't immediately respond to an inquiry for comment.
LONG ROAD Ahead
Codelco said that the areas most affected by the accident would remain under strict restrictions as criminal, regulatory and technological investigations continue.
The company has promised a gradual restart that will be approved by the regulator, but it is unclear when normal operations can resume at the mine. (Reporting and editing by Christian Plumb, Aurora Ellis, and Kylie Madry)
(source: Reuters)