Latest News
-
De Guindos: ECB will raise rates depending on the effects of oil prices surge
Luis de Guindos, ECB vice president, said that any rate increase by the European Central Bank will 'depend' on how a surge in crude oil and some chemicals prices is affecting other prices. De Guindos said at an event in 'Madrid that "the rate hike will be dependent... on second-round effect", adding that the ECB wouldn't be able?to?stave off wars first impact, but would closely monitor their secondary effects. The ECB held interest rates at the same level?last week but indicated that it would be ready to 'tighten up policy' if a?higher energy price seeped into the broader economic system, impacting on the prices of other goods or services via what is known as a?second-round effect. De Guindos stated that the partial closing of the Strait?of Hormuz will not only increase energy prices, but also other commodities like aluminium, 'fertilisers, and plastics are likely to become more expensive. The yields on euro zone government bonds climbed to recent peaks after?the United States & Iran?failed a deal to stop the war. This pushed oil 'prices up and prompted traders to price in a %70 chance of a third ECB interest rate hike before December.
-
Islamist militants attack Nigerian army base and kill six soldiers, including the commander
Two military sources reported that Islamist militants on'motorbikes' stormed a base near Nigeria's northeastern boundary with Chad and killed the?commander as well as six other soldiers late Sunday. Sources said that the attack was carried out by Boko Haram members and their splinter group Islamic State West Africa Province. It came just a few days after a series of coordinated attacks against military positions in other parts of Borno State. Insurgents have intensified?attacks against overstretched base and looted arms across the region. This has increased pressure on 'the government and Bola Tinubu, who has vowed to put an end to 'years of violence. Sources said that among those killed on Sunday evening was the base commander, who was just weeks away from retiring. Six other soldiers were also killed when their vehicle hit an improvised explosive device while en route to reinforce troops. Sources who requested anonymity as they were not authorized to speak to the media said that at least 12 militants had been killed during a gunfight which took place 'during the attack against the 242 Battalion Barracks in 'Monguno. Aid groups claim that despite major military operations, militants have been waging a 17-year insurgency in northeast Nigeria to create an Islamic state. They say they've killed thousands of people and forced at least 2 million others from their homes. (Additional reporting from Adewale Klawole, Maiduguri. Writing by Elisha B. Gbogbo. Editing by Andrew Heavens.)
-
EU member states must coordinate on energy prices amid Iran conflict, von der Leyen says
EU Commission President Ursula von der Leyen stated on Monday that the member states of the European Union must coordinate their efforts to reduce energy prices, given a 22 billion Euro ($25.70 Billion) increase in fossil fuel bills since 'the beginning of the Iran War. Von der Leyen told reporters in Brussels that "we're also looking at... coordination of the member states' filling their gas storage to avoid many member states going to the market simultaneously." We will also coordinate the release of oil stocks to achieve the greatest possible effect and ensure that the emergency measures taken by member states will not affect the single market. On April 22, the EU Commission will publish proposals for energy pricing measures, which EU leaders will discuss at their informal summit in the next week. Von?der Leyen stressed that structural measures were needed to reduce energy prices, and the EU executive arm would present its electrification strategy by the summer. Von der Leyen stated that fossil fuel energy will continue to be the most expensive option for the continent in the future. She added that "our strategy to 'decarbonize' has not only been confirmed over the past?years but is gaining importance every day."
-
French cement company Lafarge found guilty for financing jihadists on Syria
A Paris court found Holcim Lafarge guilty on Monday of charges that its Syrian subsidiary had financed terrorism, and violated European sanctions in order to keep a plant operating in northern Syria during the civil war. Eight former Lafarge employees, including executives, were found guilty of funding terrorism. The judges determined that Lafarge paid a total of 5.59 million Euros ($6.53million) between 2013 and September 2014 to jihadists groups, including the Islamic State (IS), and the al Qaeda affiliated Nusra Front. Both were designated terrorists by EU. Isabelle Prevost Desprez, the presiding Judge, stated that payments made by?Lafarge strengthened jihadist groups who carried out deadly attacks across Syria and beyond. "It's clear to the court that the only purpose of funding a terrorist organization was to keep the Syrian factory running for economic reasons." Prevost-Desprez stated that payments to terrorist entities allowed Lafarge's operations to continue. She added that "these payments took the shape of a real commercial partnership? with the Islamic State". Lafarge and Holcim did not immediately respond. This was the first case in which a French company was charged with financing terrorism. The Jalabiya factory, which is located in northern Syria was purchased by Lafarge for $680m in 2008. It began operating in 2010, several months before the Syrian uprising started in 2011. The court heard that the payments were made from 2013 to September 2014. The employees, they said, were living in Manbij near the plant and had to cross the Euphrates to get to the facility. The court found that more than 800 000 euros was paid for'safe passage'. The court also said that another 1.6 million euro was used to buy source materials at quarries 'under IS control. Lafarge was acquired by Holcim, a Swiss-listed company in 2015 The maximum penalty that can be imposed on a company is a fine of 1.13 million euros and the confiscation of assets worth?30 millions. The court has yet to pass a sentence against Lafarge. Lafarge, in a separate US case, admitted in 2022 that its Syrian subsidiary had paid $6 million to IS and Nusra Front in order to allow employees, customers, and suppliers to cross checkpoints following the civil war in Syria. As part of the plea agreement, the group agreed to forfeit and pay $778 million as fines and forfeitures.
-
Keiko Fujimori leads Peruvian election after 50% of votes are counted
On Monday, the second day of voting in Peru was marked by delays at polling stations as well as a persistent uncertainty about if a runoff will be held. Keiko Fujimori, a conservative candidate for president is still in a tight race. Officials extended voting on Monday to tens of thousands of voters who could not cast their ballots 'on Sunday due to delays in the opening of some polling stations. OnPE's official vote count showed that in the early morning hours, former congresswoman Fujimori was leading with approximately 17%, followed by former Lima Mayor Rafael Lopez Aliaga, who is a right-winger, in second place with roughly 15% and center-left candidate Jorge Nieto, in third with a little over 13%. The official count of the exit polls showed that Lopez Aliaga had briefly moved ahead in the early part of the Sunday's count. This shows how close and fluid the race is. (Reporting by Aida Pelaez-Fernandez; editing by Cassandra Garrison)
-
As the Hormuz Crisis worsens, physical oil in Europe reaches a record high of near $150 per barrel
Physical Forties crude reaches record price of $148.87 * Supply disruptions persist despite ceasefire * Repsol CEO: Physical transactions are under pressure (Includes context, and Repsol CEO's comment from paragraph?2) LONDON,?13 April - European crude prices reached a new record near $150 per barrel on Monday after the U.S. announced plans to blockade Strait of Hormuz. This added to concerns?about tight supply. Brent crude futures prices for June delivery LCOc1 rose 6%, to more than $100 per barrel. The U.S. Navy is preparing to block ships going to and coming from Iran through the Strait o'Hormuz. This could limit Iranian oil exports after Washington and Tehran failed to agree on a peace deal. Brent's 2008 all-time record high price of $147 per barrel is still far away. The price of crude oil for immediate delivery has increased significantly as buyers from Europe and Asia are scrambling to secure supplies. Outright price of 'North Sea Forties crude LSEG data shows that the price of a barrel reached $148.87 on Monday. This is higher than its 2008 peak. Josu Imaz, CEO of Repsol, commented on the difference between the price paid for physical cargoes and the prices fetched by financial markets at an event held on Monday. He said that physical transactions were under pressure.
-
Nigeria seeks IMF and World Bank support after Iran shock impacts reforms
Nigeria's finance minister announced on Monday that the country will be seeking stronger international financial support during this week's IMF/World Bank Spring Meetings as a result of the Iran War, which has increased fuel prices at home and complicated reforms. Wale Edun, Africa's leading oil producer, said that the surge in crude prices has benefited him by boosting his foreign exchange earnings. This statement was made ahead of this week's Washington meetings. He added, "But the shock occurs at a critical transition point that intensifies inflationary pressures while raising household living costs." Since the beginning of the conflict, petrol prices have increased by more than 50%, to 1,330 Naira ($0.9788) a litre, and diesel prices have increased by more than 70%, to 1,550?naira per litre, affecting?people? and?businesses?, Edun stated. The abrupt?change could derail the reforms that were launched in 2023 for stabilising the economy and reviving growth. Bola Tinubu, Nigeria's President, has launched the most ambitious economic reform in Nigerian history by ending the costly fuel and electricity subsidies and devaluing its currency. Edun, the G24 chair, has said that he will push for lower borrowing rates, fairer global financial conditions, and more support for reforming countries at this week's meetings. The government reported that Nigeria's benchmark Bonny Light crude grade rose from $70-$73 per barrel to its current level of over $120. The 'World Bank' said that the inflation rate slowed sharply in February to 15.06 percent from 33%?in December 2024. However, it remains high when compared to other countries and is under renewed pressure since the start of the conflict. Edun said the government would concentrate on attracting private investments, creating jobs, and sustaining economic growth while protecting vulnerable households from price increases. $1 = 1,358.8200 Naira (Written by Elisha Gbogbo, edited by Andrew Heavens).
-
European chemical companies will report a decline in Q1 earnings due to the Iran War.
European chemical companies are expected to report lower first-quarter earnings, which will shed light on the extent of the war in the Middle East's impact on an industry that is viewed as being one of the most vulnerable to it. The U.S. and Israeli war?with Iran disrupted the fuel and feedstock market, driving up?prices in the energy-intensive chemicals industry. VCI, a German chemicals association, said that the chemical industry is more affected than other industries by the dramatic rise in energy and raw materials costs because it relies primarily on oil and natural gas as feedstocks. The war-induced surge in energy prices has worsened the already weak conditions that were seen at the beginning of 2026. This sector has been struggling for years due to low demand, high energy costs and supply-chain disruptions, as well as a sluggish economy. Companies are raising prices to protect margins. To compensate for higher costs, companies such as Brenntag, Wacker Chemie Lanxess BASF Evonik EMS Chemie Sika and Wacker Chemie have increased their prices, sometimes multiple times, across products. According to a note by the brokerage, the finance chief for Germany's BASF stated at a JPMorgan Chemicals conference in March that the company expected to see pricing?more than offset the cost inflation in second quarter of this year. Brenntag's Chief Financial Officer said, meanwhile, that customers had accepted price increases so far. Higher energy costs and a delayed economic recovery are global issues, but the German Institute for Economic Research's Martin Gornig said that they have hit Germany and other European countries harder. Mwb Research stated in a recent report that Asian competitors retain an edge due to their lower structural cost bases, which help them buffer the effects of weaker demand. Anna Wolf, an industry expert at Germany's Ifo Institute for Economic Research and a specialist in the German automotive industry, said that higher prices would further erode the competitiveness of European producers against Chinese suppliers. VCI reported that feedback received from companies has been mixed. Some segments have seen a rise in purchasing due to price increases, while others have seen a decrease. Analysts warn that gains could be fragile, and do not expect to see a meaningful recovery in earnings in the short term based solely on pricing. Wolf warned that volatile prices and rising uncertainty could further weaken demand. The recent price increases were unexpectedly steep, considering the weak demand and low business confidence. FAILED US - IRAN TALKS MAY RISK 'CEASEFIRE AND PROLONGER ENERGY SHOCK Wolf said that the absence of a deal would likely lead to Iran's continued blockade of Strait of Hormuz, which will drive up oil and gas prices, and hit the chemical industry two times over. She said that the structural crisis is much deeper than just the geopolitical shock. Wolf stated that even if the Strait of Hormuz were to be opened, the situation wouldn't improve from "very bad" into "bad", as long as the issues of high energy costs, insufficient energy transition infrastructure, and heavy bureaucratic obligations remain unresolved. JPMorgan analysts stated in a Monday note that the level of damage to crude, petroleum products, and petrochemical facilities in the Gulf may cause fluctuations in terms and volumes. (Reporting from Anastasiia Kozolova and Amir Orusov, Gdansk; editing by Milla Nissi-Prussak).
Prosecutor at trial claims that a former US congressman secretly advocated for Venezuela
Former U.S. congressman lobbied illegally U.S. officials in order to reduce pressure on Venezuelan President Nicolas Maduro’s government. A U.S. prosecutor stated this on Monday at the opening of trial which will feature testimony by U.S. secretary of state Marco Rubio.
In his opening statement at Miami Federal Court, David Rivera's lawyer told jurors that his client worked to remove Maduro and not his government from power.
The federal court trial in Miami is based on a contract Rivera had signed with a U.S.-based subsidiary of Venezuelan state owned company for $50 million in 2017.
In his opening statement, prosecutor Roger Cruz stated that the trial will showcase evidence on the role played by Venezuela's interim president Delcy Rodriquez in the alleged "lobbying" effort in the early days of Donald Trump's White House tenure.
Trump has praised Rodriguez for taking over Maduro after his capture by U.S. Special Forces on January 3, 2017.
Cruz informed jurors Rivera, a Republican Republican who served as southern Florida's representative in the U.S. House of Representatives between 2011 and 2013, had been lobbying U.S. government officials on behalf of Venezuela without registering under the Foreign Agents Registration Act as a foreign agent. Cruz stated that Rivera received a total of $20 million. Cruz said that Rivera and Nuhfer, his co-defendant in the case, had "sold their loyalty." The defendants offered access to United States politicians with whom they have spent decades building relationships. One of the 'U.S. Cruz stated that Rubio was one of the politicians Rivera met as part of his efforts to stave-off U.S. Economic Sanctions on Venezuela. Rubio is a former U.S. Senator and a political ally who Rivera once had, Cruz added. Rubio will be called to the stand as a witness on Tuesday.
RIVERA MET WITH LAWMAKERS
Rivera and Nuhfer both pleaded no contest to charges that included failing to register as an agent of a foreign country and money laundering.
Edward Shohat was Rivera's attorney. He acknowledged that Rivera signed a contract to consult with an affiliate in the United States of Venezuelan oil company Petroleos de Venezuela, to try and resolve a dispute with Exxon Mobil.
In his opening statement, he claimed that Rivera didn't have to register with FARA, because he had been paid by an American company and the contract was about business, not politics.
Shohat said that Rivera, during meetings with Rubio, and Texas congressman Pete Sessions pushed to?help the Venezuelan Opposition oust Maduro.
Shohat stated that "at no point in his life, David Rivera has done or said anything to normalize Nicolas Maduro's relationship with the United States." Sessions' office and the State Department did not respond to requests for comments. Exxon didn't immediately respond to an inquiry for comment.
Anita Margot Moss is an attorney for?Nuhfer. She said Nuhfer believed in good faith that she didn't have to register as a Foreign Agent.
TRUMP RAMPED UP SANCTIONS At ?the time of the alleged lobbying campaign, Venezuela was undergoing an economic crisis, Maduro's government was cracking down on street protests, and his opponents accused him of sidelining the opposition-controlled legislature. U.S. legislators were asking?Trump if he would increase pressure on Maduro.
Prosecutors said that to compensate?Rivera Rodriguez ordered U.S. oil refining company Citgo, which is a PDVSA-owned subsidiary, to sign a consulting agreement with a firm owned by the former congressman.
Venezuela's Information Ministry, which deals with media inquiries on behalf of the government, has not responded to a comment request.
Trump increased sanctions against Venezuela despite the alleged efforts to lobby. (Reporting from Luc Cohen, New York; additional reporting by Humeyra Pauk, Washington; Caracas Newsroom; editing by Noeleen Walder; Nia Williams; Andrea Ricci).
(source: Reuters)