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Putin allows Armenian fund to buy Goldman Sachs shares in Russian public companies
According to a Wednesday decree, Russian President Vladimir Putin authorized Armenian investment firm Balchug Capital, to purchase shares held by Goldman Sachs Russian subsidiary, in nine major Russian companies, mainly in the energy sector. Balchug Capital, Goldman Sachs and other companies did not respond immediately to our requests for comments. Balchug Capital is The green light According to a separate order, the U.S. Bank will purchase Goldman Sachs’ subsidiary in Russia by January. This will allow the bank to exit the Russian market, and to extract some of the capital that is stuck there. Since the beginning of the Ukraine war, Moscow has tightened its restrictions on the sale of foreign assets. Any deal involving energy companies or banks requires Putin's approval. The decree was published on the Russian government portal. It stated that Balchug Capital would be able to buy Goldman Sachs International shares in energy companies Gazprom and Rosneft as well as Lukoil and Tatneftegas. They could also purchase shares in NLMK steelmaker, InterRAO electricity operator and Rostelecom telecoms provider. Reporting by Alexander Marrow and in Moscow; Additional reporting by Felix Light, Editing by Mark Trevelyan
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China announces final price guidance on 6 billion yuan of green bonds, according to term sheets
According to a termsheet seen by, China has set final price guidance for green bonds with a three-year and five-year maturity to raise 825 million yuan. The term sheet stated that the price guidance for a three-year bond was 1.88%, and the price guide for a five-year tranche was 1.93%. The green bond issued by China's Ministry of Finance is the first of its type by China in an overseas market. The Chinese finance ministry was not immediately available for comment after regular business hours. According to a termsheet, the initial price guidance for Wednesday was that the bond would be around 2.3% over three years and around 2.35% over five years. The deal size has been limited to 6 billion yuan. The deal was announced by the Ministry of Finance of China on March 19. It followed a China-UK Economic and Financial Discussion in Beijing in January, which was chaired jointly by British Finance Minister Rachel Reeves and Chinese Vice Premier He Lifeng. Reporting by Scott Murdoch, Editing by Andrew Heavens & Hugh Lawson.
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The Russian rouble is weakening slightly amid geopolitical uncertainties
The Russian rouble was slightly weaker against the U.S. Dollar on Wednesday, as the market anticipated further developments in the talks between Russia's and the U.S. regarding Ukraine. President Vladimir Putin’s special envoy is expected to visit Washington later this week. The rouble had fallen 0.3% to 84.25 USD on the OTC market by 1115 GMT. The Russian currency has risen by about 25% this year against the dollar, mainly on expectations that geopolitical tensions will ease. Sources familiar with the plan say that Kirill Dmitriev - a key Kremlin negotiator - is expected to arrive in Washington this week for discussions with President Donald Trump's Administration, including U.S. Special Envoy Steve Witkoff. Denis Popov, an analyst at PSB Bank, said: "The news backdrop is excessively volatile, and we do not believe that it provides clear positive signals. This will continue to limit the demand for rouble-denominated assets." He added that, "due to the increased volatility in exchange rates and the uncertainty of geopolitical outlooks, we will be focusing our attention on sideways movement in the exchange rate in the near term." The rouble, which is the most commonly traded currency in Russia, was down 0.4% to 11.70 at the Moscow Stock Exchange. (Reporting and editing by Gareth Jones.)
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Singapore detains 2 teenagers: one for a plan to shoot at mosques and the other for joining Islamic State
By Jun Yuan Yong SINGAPORE, 2 April - Authorities in Singapore have used the internal security law to punish two teenagers separately. One was charged with planning to attack mosques while the other was charged for wanting to join Islamic State militants to fight on Syria, they said. Authorities said that the 17-year old male subscribed to a far-right extremist ideologie and saw himself as "East Asian supremacist". The department of internal security said that he wanted to shoot at mosques, and had tried unsuccessfully to buy weapons, including in the United States and Malaysia. It said that the teenager wanted to kill 100 Muslims to surpass the Christchurch attack of 2019, in which a gunman shot and killed 51 people in a Mosque. He could be detained for two years, without trial, under the Internal Security Act of the island. Authorities said he was identified after an investigation into a 18-year old detained in December for similar far-right extremism. The authorities in Singapore are concerned about the radicalisation of youths and have used 17 youth aged under 20 since 2015 to enforce the Internal Security Act. This law allows for suspects to remain in custody without trial for long periods of time, or be issued a restriction order that limits travel and Internet access, among other things. Nine of the 17 people detained over the last ten years planned to attack in Singapore. According to statistics, 74% are Chinese, 13.6 % Malays, 9% Indians, and 3.3% other. The second youth detained was a female aged 15 who wanted to marry a fighter for the Islamic State and raise a pro IS family, or fight in Syria with the extremist group. In February, she was given a restriction order. "Self radicalisation can occur very quickly. It took only a few weeks for the 15-year old. The public must be alert to any signs that someone in their vicinity may have radicalized," stated the department of internal security.
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BHP considers spinning off its iron ore and coal divisions
Three sources familiar with the matter said that BHP, the world's largest listed miner, considered splitting off its Australian coal and iron ore divisions as part a medium-term strategy for growth. Two sources stated that BHP, in order to focus on commodities such as potash and cobalt, was considering separating the divisions. This is similar to what it did with South32 back in 2015. The most likely outcome would be an Australian listing. They asked to remain anonymous as the matter was sensitive. BHP is pushing to green their business, and preparing to bid on Anglo American for 2023 and 2024. BHP has declined to comment. This would fundamentally reshape BHP and divorce it from the more than 50 years of iron ore mines in Australia where it was founded in 1885. About 60% of BHP's profits are derived from iron ore. By separating coal from iron ore, the majority of its carbon emissions would be reduced. BHP will keep its South Australian assets. This is in line with its strategy of being a major supplier of metals needed for energy transition. BHP has decided to not move forward with its plans at this time, but the discussions provide an insight into what the miner will consider when it recalibrates the future direction of the company with a new senior leadership. The former National Australia Bank chief Ross McEwan took over as the new BHP chairman this week after Ken MacKenzie left. A contest to replace CEO Mike Henry, who is in his fifth year at the top, will soon begin. Henry and David Lamont, BHP's CFO who stepped down in February 2024 from his role, spoke with investors about the plan to separate BHP’s future growth from declining growth businesses by the end of this decade. They decided that it was not the best time, because BHP needed the enormous amounts of cash generated from the two Australian divisions in order to fund capital expenditures at its Escondida Copper Complex in Chile and Jansen Potash Development in Canada. BHP believes that a spin-off from iron ore and coking coal will generate cash and franking credit benefits for Australian tax payers, so there may be a lot of interest on the part of Australians in any flotation. The people added that a copper and potash unit with more freedom would be able to explore new combinations, like Teck Resources. BHP's inability to buy Anglo, a copper company that would have helped cash flow and boosted the copper business, complicated the plan. The incentive to green the business is also lessened as corporations around the world retreat from environmental goals. This suggests that any further progress on this path could be a long way off. Another person said: "The strategy depends on copper and potassium being self-sustaining business, as both have large capital needs for the next five years." (Reporting and editing by Melanie Burton, Veronica Brown, and Barbara Lewis).
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Russia and Ukraine exchange new accusations over breaches of the energy ceasefire
On Wednesday, Russia and Ukraine both accused the other of launching attacks on each other's power plants in violation of an agreement brokered by the United States. Both sides claimed they would provide details of the alleged violation to the United States. This led to Moscow and Kyiv agreeing to a limited truce in hopes of a full ceasefire. The Russian defence ministry has said that Ukraine conducted drone and bombing attacks on the western Kursk area, which cut power to more than 1,500 households. Volodymyr Zelenskiy, the Ukrainian president, said that a Russian drone had hit an energy substation located in Sumy Region and that artillery shells damaged a powerline in Dnipropetrovsk. This cut off electricity for nearly 4,000 customers. The Trump administration is a sham. impatient Both sides should move more quickly to end the three-year conflict. Dmitry Peskov, Kremlin spokesperson, said that the fact that Vladimir Putin agreed to the energy truce showed that he is serious about engaging in the peace process. Kyiv as well as some of Ukraine's European allies disagree. Peskov stated that Moscow will continue to work with the Americans, despite what Peskov called daily Ukrainian attacks on Russian energy infrastructure. Zelenskiy stated on Tuesday that Russia is breaking the energy truce, and called for the U.S.A. to increase sanctions against Moscow as Trump had threatened to do. Last month, Ukraine stated that it was open to a 30-day full ceasefire. However, Putin refused to agree. This raised a number of questions regarding how the ceasefire would be monitored. There were also concerns that Ukraine might use this breathing space to mobilize more troops and purchase more weapons from Western countries.
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Copper edged ahead of US tariffs, while tin extended its rally
Investors awaited details on reciprocal tariffs in the United States, while tin prices rose to their highest level in almost three years due to supply concerns. The benchmark three-month price of copper on the London Metal Exchange was up by 0.2% to $9,711 per metric ton at 0953 GMT, after falling to its lowest level in three weeks, $9,668.50. On Wednesday, U.S. president Donald Trump is expected to announce sweeping new tariffs against global trading partners. This could lead to retaliation on all sides. He will announce the tariffs around 2000 GMT. Investors are uncertain and confused about the future. Tom Price, Panmure Liberum's head of commodities strategy, said that the main issue is tariffs, but there are also issues such as currency debasement, global conflict and confusion about central bank policies. Trump has already imposed tariffs of 25% on steel and aluminium, and is expected add duties to copper imports. "Aluminium can give you a hint as to what copper will do." Price explained that the market has now entered the second phase where the demand is declining. LME aluminium fell 0.1% to $2.505 per ton. It had previously touched $2.491.50, its lowest level in almost three months, and was down about 9% during the last three weeks. LME tin rose 1.7% to reach $38,115 per ton, after reaching $38,395 at its highest since May 2022. This was due to fears of supply disruptions following the earthquake that struck tin-rich Myanmar on Friday. The price of tin on the Shanghai Futures Exchange rose 3.9%, to 297 590 yuan (US$40 938.48) per ton. Myanmar's Wa State is responsible for 70% of the tin produced in Myanmar. It is also the third largest producer in the world and a major supplier to China. Other metals include lead, which fell 0.6% at $1,980 per ton on the LME, zinc, which dropped 0.6% at $2,806, and nickel, down 0.1% to $16,090. ($1 = 7.2692 Chinese yuan renminbi)
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Lagarde, ECB president: Trump's tariffs are bad for the entire world
The impact of U.S. President Donald Trump’s proposed tariffs on the global economy will depend on their length, scope, and success in negotiations. This was the message from Christine Lagarde, head of the European Central Bank, on Wednesday. On Wednesday, the Trump administration will announce "reciprocal duties" against nations that impose duties on U.S. products. The move comes after the Trump administration imposed new import duties on products from Mexico and Canada, as well as steel and automobiles. In an interview with Ireland's Newstalk radio, Lagarde stated that "it will be negative around the world and the density and durability of the effect will vary depending on scope, the products targeted and how long it will last, as well as whether there are any negotiations." "Because, let's remember quite often, those escalations in tariffs prove harmful, even to those who inflict them, leading people to sit down at the negotiation table and actually discuss and ultimately remove some of these barriers." Lagarde received a prize in Dublin named after Irishman Peter Sutherland. The former World Trade Organization Director General, Lagarde stated that Sutherland "would be in his grave" if he were to know what was going on today. She said, "I don’t think I’ve ever used the word uncertainty so many times in the past few weeks because we don’t know what the deal will be (with the U.S.)." Predictability is very scarce at the moment. Lagarde said that it was too early to tell what the impact would be on Europe's economy of increased defense spending. It will depend on where and how the money is spent. (Reporting and editing by Peter Graff, Ed Osmond and Padraic Halpin)
EXCLUSIVE-Putin growing concerned by Russia's economy, as Trump mulls more sanctions
President Vladimir Putin has grown progressively worried about distortions in Russia's. wartime economy, simply as Donald Trump pushes for an end to the. Ukraine conflict, five sources with knowledge of the circumstance. told Reuters.
Russia's economy, driven by exports of oil, gas and. minerals, grew robustly over the previous two years in spite of numerous. rounds of Western sanctions enforced after its invasion of. Ukraine in 2022.
However domestic activity has actually ended up being strained in recent months. by labour lacks and high interest rates introduced to tackle. inflation, which has accelerated under record military costs.
That has actually added to the view within a section of the. Russian elite that a worked out settlement to the war is. preferable, according to 2 of the sources familiar with. believing in the Kremlin.
Trump, who went back to office on Monday, has promised to. quickly fix the Ukraine conflict, Europe's biggest because. World War Two.
This week he has actually said more sanctions, in addition to tariffs, on. Russia are likely unless Putin negotiates, adding that Russia. was heading for big trouble in the economy. A senior Kremlin. aide said on Tuesday that Russia had up until now gotten no specific. proposals for talks.
Russia, naturally, is economically interested in. negotiating a diplomatic end to the dispute, Oleg Vyugin,. previous deputy chairman of the Reserve bank of Russia said in an. interview, pointing out the risk of growing economic distortions as. Russia turbo-charges military and defence costs.
Vyugin was not one of the 5 sources, who all spoke on. condition of anonymity due to the level of sensitivity of the scenario. in Russia. The degree of Putin's concerns about the economy,. described by the sources, and the influence of that on views. within the Kremlin about the war, are documented here for the. very first time.
Reuters has actually previously reported that Putin is prepared to. discuss ceasefire choices with Trump but that Russia's. territorial gains in Ukraine need to be accepted which Ukraine. must drop its quote to sign up with the U.S-led NATO military alliance.
Kremlin spokesperson Dmitry Peskov, when asked about the. Reuters reporting, acknowledged bothersome elements in the. economy, however stated it was developing at a high rate and was able. to satisfy all military requirements incrementally along with all. welfare and social requirements.
There are issues, but regrettably, issues are now. the buddies of almost all nations of the world, he said. The scenario is evaluated as stable, and there is a margin of. safety.
Trump is focused on ending this ruthless war, by. engaging a wide range of stakeholders, White Home National. Security Council representative Brian Hughes stated in action to. Reuters' questions. In current weeks, Trump's advisers have. walked back his boast that the three-year-old war could be. solved in a day.
Simply days before Trump's inauguration, outbound U.S. president Joe Biden's administration imposed the broadest. bundle of sanctions to so far target Russia's oil and gas. earnings, a relocation that Biden's nationwide security adviser, Jake. Sullivan, said would provide Trump utilize in any talks by. applying economic pressure on Russia.
Putin has said that Russia can battle on as long as it. takes and that Moscow will never bow before another power over. essential national interests.
Russia's $2.2 trillion economy had actually till just recently shown. exceptional endurance throughout the war, and Putin has actually applauded top. financial authorities and business for circumventing one of the most. strict Western sanctions ever troubled a major economy.
After contracting in 2022, Russia's GDP grew faster than the. European Union and the United States in 2023 and 2024. This. year, nevertheless, the central bank and the International Monetary. Fund forecast sub-1.5% growth, although the government tasks. a somewhat rosier outlook.
Inflation has actually edged toward double digits regardless of the main. bank hiking the benchmark rates of interest to 21% in October.
There are some issues here, particularly inflation, a specific. getting too hot of the economy, Putin said in an annual news. conference on Dec. 19. The government and the central bank are. already entrusted with bringing the pace down, he stated.
' WAR GOALS MET'
In 2015, Russia made its most considerable territorial. gains considering that the early days of the war and it now controls nearly. a fifth of Ukraine.
Putin thinks crucial war objectives have actually already been fulfilled,. consisting of control of land that links mainland Russia to. Crimea, and compromising Ukraine's military, stated among the. sources acquainted with thinking in the Kremlin.
The Russian president also recognizes the strain the war is. putting on the economy, the source said, citing actually big. problems such as the effect of the high interest rate on. non-military businesses and market. Russia has treked defence spending to a post-Soviet high of 6.3%. of GDP this year, accounting for a 3rd of budget expenditure. The spending has actually been inflationary. Along with wartime labour. shortages, it has actually driven incomes higher.
On top of that, the government has actually looked for higher tax. revenues to reduce the financial deficit.
Vyugin, the former deputy guv, said continual high. rates would put pressure on the balance sheets of organizations and. banks. Russian coal and steel manufacturer Mechel, owned by. entrepreneur Igor Zyuzin and his household, on Tuesday said it had. restructured its debt, under pressure from low coal prices and. high interest rates.
PUTIN ISSUE
Putin's aggravation appeared at a Kremlin conference with. magnate the evening of Dec. 16, where he scolded top. financial officials, according to two of the sources, who have. understanding of conversations about the economy in the Kremlin and. government.
One of the sources, who was briefed after the conference, was. informed Putin was visibly displeased after hearing private. financial investment was being cut because of the cost of credit.
The Kremlin released Putin's initial remarks praising. company however did not determine any of business individuals. at the mainly closed-door meeting. Reuters verified with one. source that Reserve bank Governor Elvira Nabiullina was not. present.
On Wednesday, Putin stated in televised remarks to ministers. that he had actually just recently gone over with business leaders the dangers. of a decrease in credit activity for long-lasting growth, in an. apparent referral to the December conference.
A few of Russia's most powerful business people, including. Rosneft CEO Igor Sechin, Rostec CEO Sergei Chemezov, aluminium. magnate Oleg Deripaska and Alexei Mordashov, the largest. investor in steel-maker Severstal, have actually openly criticised. the high rates of interest.
Nabiullina has actually dealt with pressure not to raise rates even more. from 2 of Russia's most effective bankers - her former boss,. Sberbank CEO German Gref, and VTB CEO Andrei Kostin - who feared. that Russia was heading towards stagflation, one source with. understanding of discussions about the economy stated.
In his Dec. 19 comments, Putin required a well balanced rate. choice. The next day, at its last financial policy meeting of. the year, the reserve bank held the rate at 21% in spite of market. expectations that it would hike by 200 basis points. In a speech after the decision, Nabiullina rejected caving in to. pressure. She said criticism of central bank policy increased. when rates were high.
Nabiullina, Gref and Kostin did not instantly respond to. requests for remark for this story.
NABIULLINA
Nabiullina, a former financial aide to Putin who likewise served. as his economy minister, is one of Russia's most effective females:. she has functioned as central bank governor because June 2013 and. three of the sources stated that Putin trusts her.
Simply a couple of weeks after sending out soldiers into Ukraine in 2022,. Putin proposed Nabiullina take a third term as reserve bank. chief. Her term ends in 2027.
Her fans say critics miss the underlying reason for the. inflation - the huge spending on the war - and say that without. her, financial stability would have be threatened.
Some lawmakers have actually required her to be replaced, an. not likely outcome, according to 2 of the sources.
No one in such a circumstance will alter the guv of the. reserve bank, stated one of the sources, who is acquainted with. conversations about the economy. Nabiullina's authority is. indisputable, the president trusts her.
(source: Reuters)