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Libyan capital is rocked by the most intense fighting in years
Witnesses in Tripoli said that the most intense clashes since years continued through Wednesday morning after Monday's death of a key militia leader sparked fighting between rival groups. The United Nations Libya Mission UNSMIL expressed its "deep alarm" at the violence escalating in Tripoli's densely populated areas and called for an immediate ceasefire. The latest unrests in Libya's capital may consolidate Abdulhamid al-Dbeibah's power. He is the prime minister of the divided Government of National Unity of Libya (GNU), and an ally of Turkey. Libya has seen little stability since an uprising in 2011 backed by NATO ousted Muammar Gadaffi, the longtime autocrat. The country was split in 2014 into rival eastern and Western factions. However, a major outbreak of warfare halted in 2020 with a ceasefire. Libya, a major energy exporter and a waystation for migrants headed to Europe, has attracted foreign powers, including Turkey, Russia and Egypt, as well as the United Arab Emirates, into its conflict. The main oil facilities of Libya are located in the south and east, away from the current fighting. While the eastern part of Libya is dominated by Khalifa haftar's Libyan National Army for more than a decade, control over Tripoli and Western Libya has been divided among numerous armed groups. Dbeibah ordered on Tuesday the dismantling what he referred to as irregular armed group. This announcement follows the death of Abdulghani Kikli (also known as Ghaniwa), a major militia leader, on Monday, and the unexpected defeat of his Stabilisation Support Apparatus group by factions aligned to Dbeibah. The 444 Brigade and 111 Brigade, which are Dbeibah-allied, have taken over SSA territory, indicating a concentration of power within the fragmented capital. This leaves the Special Deterrence Force, or Rada, as the only major faction that is not closely linked to the Prime Minister. (Reporting and writing by Libya Newsroom; editing by Aidan Lewis).
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Iron ore reaches a 5-week high due to Sino-US Trade truce optimism
The iron ore futures rose to their highest level in over five weeks on March 13, driven by the United States' and China's decision to reduce tariffs after a trade deal, which boosted hopes for a long-lasting resolution of the trade dispute. The September contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 2.43% higher, at 737 Yuan ($102.16), its highest closing since April 7. As of 0702 GMT the benchmark June iron ore traded on the Singapore Exchange had risen 2.3% to $100.80 a ton, its highest level since April 3. China announced on Tuesday that it would lower its tariffs against U.S. Imports by 10% for 90 Days, beginning at 12:01 PM (0401 GMT) Wednesday. The U.S. agreed to reduce the "de minimis tariff" for low-value shipments coming from China by as much as 30%. In an interview aired on Tuesday, U.S. president Donald Trump stated that he would be willing to deal directly with Chinese President Xi Jinping regarding the final details of a U.S. China trade agreement. Shougang Hierro Peru is a Chinese iron ore miner that has suspended its operations following a collapse of telecommunications infrastructure at its port. Repairs are expected to take between four and five months. Analysts and traders said that the Shougang Group - the parent company of the miner and a major Chinese Steelmaker - will need to purchase more iron ore on the spot market in order to maintain production. Coking coal and coke, which are both steelmaking ingredients, also saw gains, rising by 2.11% and 1.58 %, respectively. The benchmark steel prices on the Shanghai Futures Exchange have increased. Rebar gained 1.23%; hot-rolled coil gained 1.27%; wire rod gained 0.58% and stainless steel increased 1.16%.
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Volunteer firefighters fighting Greece's fires
Dimitris Marinelis, a Greek firefighter, spent the summer of 2023 on the frontlines of Europe's largest wildfire, which engulfed an entire forest in northern Greece. He protected homes and set up anti-fire areas as flames engulfed it. Marinelis, like the other members of his team, has never been paid for his work. He is one of thousands who are volunteers and juggle their day jobs while battling Greece's summer fires. They often drop everything to be where they are needed. Marinelis, 54, a 54-year old businessman who runs a construction firm, told the volunteers at their base in Ekali, a leafy suburb of Athens. He said: "When the phone rings or you have to work, you stop thinking of yourself and start thinking of others." Climate change is making Greece hotter and drier, which makes it more susceptible to wildfires. The government announced that they will deploy 18,000 firefighters in record numbers this year. This compares with 15,500 firefighters in 2022. They also plan to recruit around 10,000 volunteers. The company has also set aside 2 billion euros ($2.3billion) for the purchase of new aircraft. It will also use almost twice as many thermal cameras drones to detect fires than last year. One of these will be used by Ekali's team. Marinelis stated, "Unfortunately we are waiting for the worst while hoping for the better." The Greek fire service has a mix of seasonal and permanent workers, and is supported by volunteers. Many Greeks consider this to be the backbone of the firefighting efforts in the country. Online, images of tired firefighters in blackened clothing sleeping by the roadside with messages of support are often posted. It's not always easy for organizations to stay afloat. George Dertilis, the leader of Ekali's 60-member team, said that his team relies on donations to buy equipment and trucks. One truck dates back to 1986. Their uniforms were donated by their colleagues in France or Belgium. He said, "There are occasions when we don't have basic supplies such as hoses." Dertilis stated that in 2021, two weeks before an enormous fire broke out outside Athens they couldn't afford to cover all four trucks. Private donors then stepped up. The fire then destroyed their hoses, and they began searching for donations as the flames continued to burn. The team has grown closer over the years. But it's usually the thought of the family that makes them take less risks. Marinelis Pilou's wife Mariana Pilou is an architect and also volunteers on the team. They both have young daughters, and they try to avoid being deployed to the same fire. Pilou, 53 recalls a recent incident. "It was difficult and when I had to leave, I thought about my children and said... Don't act as a hero." (Writing and Editing by Alexandra Hudson, Karolina Tagaris)
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Indonesian cobalt production will double by 2027. No plans to "control" supply
A senior official announced on Wednesday that Indonesia would double its cobalt production by 2027 compared to last year. He added that the country, the second-largest producer in the world, has no intention of "controlling" the supply of this key component for electric batteries. Septian Hario Seto said that Indonesian cobalt production will increase to 114,630 metric tonnes per year in 2027 from the 55,630 tons produced in 2024. Indonesia is the second largest cobalt producer in the world after the Democratic Republic of Congo, which produces 70% of the global supply. The DRC announced earlier on Wednesday that it is reviewing a ban on exports of cobalt for four months, which was implemented on February 22 in order to curb oversupply and low price. In March, the DRC announced that it would also partner with Indonesia in order to manage global pricing and supply. Seto stated that Jakarta has no intention of "controlling" the cobalt supply. He said that if we want to control nickel, we'll need to control cobalt. Seto stated that the growth in Indonesian production is driven by plants that use high pressure acid leaching, a technique made economically viable thanks to increased cobalt and Nickel prices since 2021. Prices of cobalt will reach $40 per pound by 2022, before dropping to $10/lb by the end 2024. Prices have recovered substantially since the Congo export ban, and are currently around $16/lb. Seto stated that the expansion of cobalt production in Indonesia will not be sufficient to compensate for the reduced supply from the DRC, if the export embargo continues. He added that extending the export ban would cause short-term price volatility and long-term demand reduction for cobalt. This is because battery producers will, for example use technology to reduce cobalt consumption, which is a critical component of batteries for electric cars and mobile phones. He said, "Downstream users may think you're not reliable or sustainable and will then look for ways to replace you." He said that the cobalt content of batteries is now 10%, or even lower, than it was in the past. Reporting by Hongmei LI in Singapore, Editing by Lewis Jackson & Lincoln Feast.
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Romania's Hidroelectrica Q1 profits plummet 56% after electricity production hits decade-low
Hidroelectrica, the Romanian state-owned energy producer, reported a 56% drop in its first-quarter profit on Wednesday. The company cited a severe dry spell that affected the flow of the Danube River. In a press release, the drought led to a 38% decline in annual net electricity production, which fell to 2,654GWh. This was the lowest level of the first quarter in the last decade. The company reported a net loss of 589 millions lei ($129million) for the third quarter. This is down from 1,33 billion lei during the same period in last year. Hidroelectrica reported that the company's revenue in the first quarter fell to 1.87 billion lei from 2.54 billion lei, due to the hydrological conditions being unfavorable, which led to a 60% decrease in wholesale volume available for sale. The report also stated that, although wholesale prices increased by 21% between January and March 2024 compared to the same period in 2024 the wholesale market revenues still fell by 53% due to the reduced sales volumes.
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Top executive of India's Kalyan Jewellers says that the company's opening spree will drive revenue growth.
Kalyan Jewellers, a gold and diamond retailer in India, is targeting a revenue increase of over 25% for this financial year. This comes as the company has accelerated store openings due to heightened demand for lower-carat jewelry. The record high gold price has not stopped the wealthy from buying ornaments and investing in gold in the country that is the second largest gold buyer. However, the middle class has switched to lighter and lower-carat jewellery. Ramesh Kalyanraman, Kalyan Jewellers Executive Director, said that consumers are more likely to shop at chains than independent jewellers. They also spend more on gifts. He said that Kalyan could "easily increase" its revenue by over 25% in the fiscal year which began on April 1. The jeweller plans to open 160 new stores this fiscal year. These will be split equally between the two brands. At the end of March, its bigger rival Titan operated more than 1,000 jewellery stores in India. Roughly half were under its "Tanishq", flagship brand. The executive director of Kalyan Jewellers said that in three years the company's "Kalyan", or "Kalyan"-branded stores, aimed to catch up Titan's "Tanishq", which counts, number. However, he warned that rapid expansion could squeeze the group's core earning margin. Kalyan Jewellers, which opened 136 shops in India in the last year, reported an increase of more than a third in revenues to 250.5 billion Rupees ($2.9billion). This was aided by a double-digit growth in same-store sales. Titan's jewellery business, which is its mainstay, saw its total revenue increase by 21% to 465.7 billion Indian rupees during the fiscal year. $1 = 85.2875 Indian Rupees (Reporting and editing by Mrigank Dahniwala in Chennai)
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Investors consider tariff truce as shares rise and dollar falls
The dollar shook on Wednesday as the relatively benign U.S. data on inflation kept the prospect of Federal Reserve rate cuts later this year alive. Investors were still trying to gauge if the worst trade conflict was over. Financial markets were nervous as Donald Trump's trade war with China appeared to be on hold, following a truce between the two countries. Tony Sycamore, IG analyst, said: "I am a bit cautious about chasing this rally at this level." The worst-case scenario is already priced in. MSCI's broadest Asia-Pacific share index outside Japan rose 1.1% after U.S. shares climbed into positive territory for the entire year, wiping out losses caused by Trump's chaotic tariff rollout. Hong Kong's Hang Seng index rose 1.4% after JD.com, a Chinese ecommerce retailer, posted positive results. This week, investors will focus on the earnings of Tencent and Alibaba. Equity futures predicted a retreat in European markets, and a flat Wall Street day. Investors who were worried about inflationary impacts of U.S. Tariff Policies, which severely undermined expectations of Fed rate reductions in the near future, also found some relief from data overnight that showed softer than expected U.S. Consumer inflation. Although traders expect the inflation rate to rise as tariffs increase import costs, there is still uncertainty about the future as Washington continues to negotiate with its trading partners. The global mood improved after the U.S.-Britain trade agreement last week. It was further improved when U.S.-China announced on Monday that they would suspend their trade war, reduce reciprocal duties, and remove other measures, while they negotiate a permanent arrangement. In an interview with CNN on Tuesday, Trump said he would be willing to deal directly with Chinese President Xi Jinping over the details of a new trade agreement. The "potential" deals that Trump has been touting with India, Japan and South Korea have not yet materialized. "We still have a deadline of 90 days hanging over U.S. China trade relations," Frederic Neumann said, chief Asia economist for HSBC. He added that investors are not taking risks again due to the lingering uncertainty. The Fed warned of increasing economic uncertainty and indicated it was prepared to wait a while to evaluate the impact of U.S. Tariffs before cutting interest rates. The U.S. Dollar, which has been hammered recently due to economic and political uncertainty, fell 0.4% to 146.88 yen and was barely changed at $1.1189 against the Euro. The dollar index had little change after the previous session's 0.8% decline. Bank of America's Global Fund Manager Survey showed that in May, global asset managers had their largest underweight position on the dollar in over 19 years. The Nikkei 225 index of Japan fell 0.4% on Tuesday, reversing a 1.4% gain. Retail sales for April, due Thursday, will be the next big indicator of the health of the U.S. economy. On the same day, Russia and Ukraine will hold talks in Istanbul in hopes of reaching a ceasefire after three years in Europe's deadliest conflict since World War Two. Bank of America’s Global Fund Manager Survey (FMS) revealed on Tuesday that global asset managers had their largest underweight position against the dollar in nearly 19 years as Trump’s trade policy reduced investor appetite for U.S.-based assets. The yield on the benchmark 10-year Treasury note fell 2 basis points to 4.4768. U.S. crude oil fell 0.5% to $63.35 per barrel, remaining near its two-week high. Gold spot was down slightly at $3222.08 an ounce.
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RPT-Deutsche Boerse, Euronext step up battle against IPO flight to US
In the face of U.S. competitors, two of Europe's largest stock exchange operators have stepped up their efforts to keep local initial public offering companies. Marketing and research are challenging the perception that New York listed companies command higher valuations. The stock exchanges of Europe and the UK were hit by a lack of IPOs during the last two years. A number of local companies have chosen to float in the U.S. because of its larger pools of capital, and higher valuations. Deutsche Boerse (which operates the Frankfurt Stock Exchange) warns of sluggish post IPO performance, increased costs, and the threat litigation for firms listing in the U.S. The study found that two-thirds (including Germany) of the companies listed in Europe rose on their first trading day, while only half of European companies listed in America gained on their market debuts. Over time, the European IPOs also performed better than those in the United States. The data does not mention valuations at IPO. However, the exchange highlighted several examples in its report of European listed companies trading at a higher premium than their U.S. listed peers. Euronext operates seven markets, including Amsterdam and Paris. It plans to reissue the same paper, challenging the belief that U.S. listed firms are valued higher than their European counterparts, its spokesperson said. Stefan Maassen is the head of capital market and corporates for Deutsche Boerse. He said: "We see a more intense competition between Europe and America in terms of listing, than we do within Europe." Exchanges receive fees from companies listing on their platforms, as well as from brokers who trade securities. They are considered essential by policymakers in attracting investment. DEEP MARKETS The US capital markets' size and depth are attractive to those who want to list their companies. According to LSEG, based on the closing prices of Monday, the S&P500 index's market capitalisation is $49.5 trillion. This is almost four times greater than that of Europe’s Stoxx 600. European officials are considering new listing regulations to increase access to funding. Deutsche Boerse, Euronext and other European officials are also considering new listing rules to improve access to financing. In its document, Deutsche Boerse said that it had found the average share price of U.S.-listed German companies has fallen by 13% since 2004. It cited trivago.com and Mytheresa.com as two examples. Both have seen their prices fall since flotation. Frankfurt issuers saw a rise of 24%. New Financial, a capital markets think-tank, found that 130 European companies, worth $667 billion, chose to either list or relocate their primary listing in the United States during the last decade. According to the think-tank, 70% of these are trading at a discount from their original listing price, with a fall in average of 9%. In a speech on Tuesday, Christian Sewing, CEO of Deutsche Bank, commented on the move of European companies to the U.S. Deutsche Boerse warns that cross-border listed firms could face greater lawsuit risks. Some market participants do argue that the possibility of litigation provides shareholders with a path to redress. Exchange executives claim that the tariff-induced turmoil in U.S. markets may also increase the appeal of European exchange markets. Some market participants, such as Eva-Maria Wiecko of Rothschild & Co's Head of Equity Market Solutions for Germany and Austria, are more sceptical. In recent years, the U.S. stock market has experienced inflows. However, European markets have seen a large amount of outflows. Wiecko stated that "the recent rebalancing is just a fraction of this number, underscoring continued relative strength in the U.S. Market."
Greek ship assaulted in Red Sea by Houthis gets here in Aden with cargo
The Greekflagged bulker Sea Champ got here in the southern Yemeni port of Aden on Tuesday after being attacked in the Red Sea in what appeared to have been an incorrect missile strike by the Houthi militia, sources said.
Delivering risks are intensifying due to repeated drone and missile strikes in the Red Sea and Bab al-Mandab Strait by the Iran-aligned Houthis considering that November. U.S. and British forces have actually reacted with a number of attacks on Houthi centers but have actually so far stopped working to halt the attacks.
The Sea Champion, which was taking grain from Argentina to Aden, the seat of Yemen's globally acknowledged government, was attacked two times on Monday, with a window damaged however no team injuries, Greek shipping ministry sources stated
A port source in Aden and a different shipping source stated. the vessel was discharging part of its freight of some 9,229 tonnes in Aden before heading to the northern port of Hodeidah, an area managed by the Houthis.
The port source in Aden, who declined to be recognized, said the attack on the vessel was a mistake. A separate port source in Hodeidah, who likewise declined to be identified, said the Houthis informed them the attack was not intentional.
Houthi authorities might not be right away reached for remark.
The vessel's Athens based operator Mega Shipping and Greek delivering ministry officials declined to comment on the vessel's. arrival.
The Sea Champion was anchored in Aden port with its last. position updated at 1211 GMT, according to data from ship. tracking and maritime analytics service provider MarineTraffic.
The Houthis, who manage Yemen's most populated regions, have. assaulted vessels with industrial ties to the United States,. Britain and Israel, shipping and insurance sources say.
ISSUES GROW OVER RUBYMAR
Despite Western attacks on them in Yemen, the Houthis have. vowed to continue striking ships connected to Israel up until attacks. on Palestinians in the Gaza Strip stop.
Delivering sources stated the Sea Champ, which had made grain. shipments in the past to Yemen, had U.S. ownership links.
Up until now, no ships have actually been sunk nor team killed from the. attacks in a sea lane accounting for about 12% of global. maritime traffic.
Issues were installing over the fate of the. Rubymar ship, which was struck by rockets in the Gulf of Aden on. Sunday, regardless of the crew leaving onto another ship.
In a maritime advisory seen , commercial ships. were cautioned to stay away from the location of the deserted. vessel in the middle of fears it might sink.
A U.S. defense official said the vessel had not sunk.
Stephen Cotton, General Secretary of the International. Transport Workers' Federation (ITF), the leading union. organisation for seafarers, stated the Rubymar attack ought to be a. awaken call to instantly prioritise seafarers' safety,. before we see human lives lost on the Red Sea.
He stated an immediate, irreversible Gaza ceasefire was a. crucial step to ensuring safe transit through the Red Sea.
There was likewise alarm that industrial ships could deal with brand-new. perils consisting of the possibility of sea mines being deployed,. maritime security sources stated.
The U.S. armed force's Central Command said on Feb. 17 it had. conducted self defence strikes on different targets consisting of one. unmanned undersea vessel (UUV), which it stated was the very first. observed Houthi work of a UUV because attacks began on Oct. 23.
While numerous ships have actually chosen to divert around southern Africa. to prevent the Red Sea, some have continued to cruise through.
French container shipping group CMA CGM stated on Tuesday its. Jules Verne vessel had actually transited the Red Sea under French marine. escort, after suspending crossings for security risks previously. this month.
The European Union on Monday introduced a naval objective to the. Red Sea secure flexibility of navigation there in the middle of hopes of. more defense and assistance for industrial shipping.
France has actually provided navy escorts in current weeks for some. shipping traffic consisting of French-linked vessels.
(source: Reuters)