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EU Trade chief: U.S. is not looking for a deal to avoid tariffs
The Trump administration doesn't seem to be engaged in talks to avoid a trade conflict with Europe, said the EU's Trade chief on Monday, just two days before tariffs are set to be imposed by the United States on all imports of steel and aluminum. Maros Sefcovic, European Trade Commissioner, told reporters in Brussels he travelled to Washington to start a dialogue with the goal of avoiding "the unnecessary pain and suffering of measures and countermeasures". Sefcovic stated that the two sides had identified some areas where they could benefit from each other. But in the end one hand can't clap. He continued, "The U.S. government does not appear to be engaged to make a bargain." Sefcovic stated that the European Union is ready for constructive engagement. He also said that tariffs are not a good thing and that partners who have 1.6 trillion euro ($1.7 trillion) in mutual trade should "extremely cautious". "Our doors are now open." "But of course, we will protect European businesses and workers from unjustified duties if the result is not positive," he added. "I know that they are expecting nothing less than what we have done."
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Gold Reserve's'stalking-horse' bid for Citgo's parent shares
Gold Reserve, a Canadian miner, said that its Delaware-based subsidiary, Dalinar Energy has made an offer which could be selected as the opening bid at a court auction for shares of Citgo Petroleum, whose parent company is owned by Venezuela. The federal court in Delaware that is conducting the auction on behalf of Citgo parent PDV Holding is expected to accept the bid as a "stalking horse" bid. This is the minimum or starting offer. Gold Reserve reports that if the court decides to accept rival bids for the sale, the topping-off period begins. The final hearing is scheduled for July. The terms of the bid will remain confidential until the company has reviewed all the offers. Citgo, based in Houston, is the crown jewel among Venezuela's overseas assets. Creditors are seeking compensation from Venezuela for the nationalization wave of late President Hugo Chavez and the failure of President Nicolas Maduro to pay his debts. Last year, the Delaware court found Citgo parent PDV Holding responsible for debt defaults and expropriations. The auction of shares launched in October 2023 is being pursued by 18 creditors who have court and arbitration cases involving Venezuela and the state company PDVSA that total $21.3 billion. However, the first round of bidding last year did not meet the expectations of the creditors.
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Greenland holds its parliamentary elections amid renewed US interest
Greenland is a semi-autonomous Danish territory that will hold parliamentary elections on 11 March. Independence will be a major campaign theme, after U.S. president Donald Trump stated he wanted control over the largest island in the world. Greenland was formally incorporated into the Kingdom of Denmark as a territory in 1953. Copenhagen now controls foreign affairs, defence, and monetary policies. Since 2009, Greenland has been able to hold a referendum to determine its independence. Some locals view the vote as an opportunity to secede. WHAT IS AT STAKE A majority of Greenlanders support political and economic independence. Denmark contributes just under $1 billion to the local economy each year. However, opinions differ about the timing of the transition and its potential impact on living conditions. The island is rich in resources that are largely untapped, including rare earth minerals. Trump considers Greenland to be a strategic location that is the shortest way from Europe to North America for the U.S. missile warning system. What will Election Day look like? The polls will be open from 1100 GMT on 11 March and close at 2220 GMT. There will not be any exit polls. The results are expected between 0100 GMT - 0300 GMT on March 12. Who can vote? Greenland’s Ministry of Internal Affairs reports that out of Greenland’s 57,000 residents, approximately 40,500 citizens are eligible to vote. In the 2021 general election, around 27,000 people voted. Greenland has 31 seats, but 16 are required for a majority. What parties are running? Inuit Ataqatigiit Greenland’s ruling party is the socialist Inuit Ataqatigiit, a left-leaning party led by Prime Minister Mute Edde. They advocate for a politically and economically independent Greenland but have not yet presented a plan. IA is opposed to mining for uranium or other radioactive material due to environmental risks. Aaja Chenitz, the party's representative in Denmark's Folketing and one of Greenland’s two seats, currently holds 11 seats within Greenland’s parliament. IA said that it would not rush to vote for independence after the general elections, citing possible economic and social implications. Siumut Erik Jensen leads Greenland’s largest social-democratic party, Siumut. The Siumut supports a gradual transition from Denmark and suggests a referendum within the next four years. As Greenland gains independence, the party proposes to reduce the annual economic contribution from Denmark of approximately $17.500 per resident. Siumut holds 10 seats currently in the Greenland parliament. Naleraq The largest opposition party is Naleraq (left-wing), led by PeleBroberg. It advocates a rapid transition to independence. Naleraq said that Greenland's becoming a sovereign nation will create new business opportunities. It also wants to expand opportunities in industries like fishing, which is responsible for over 95% of Greenland's exports. It also stated that it wanted to pursue a defense agreement with the U.S., and could choose "free association", where Greenland receives U.S. protection and support in exchange for military rights without becoming a U.S. Territory. You could also explore this option with Denmark or another country. Naleraq has five seats in the parliament. Demokraatit The Social-liberal Demokraatit party, led by Greenland’s Minister of Industry and Raw Minerals Jens Frederik Nielsen envisions an independent Greenland, with a market-based economy. It warns against taking premature action in order to protect the economy and people from a possible decline in living standards. Demokraatit currently has three seats in the parliament. Atassut Atassut is a conservative centre-right party led by Aqqalu Jerimiassen. It advocates unity with Denmark and opposes an unplanned transition to independence. Atassut says that Greenland has not achieved independence yet. The party has two members in the Parliament. Qulleq Qulleq is a new left-wing party led by Karl Ingemann. It advocates rapid independence, and claims that full control over the island's natural resources could ease social and economic hardships among Greenlanders.
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Norway Energy Minister: Domestic subsidies don't disturb Nordic power market
Terje Aasland, the Norwegian Energy Minister, said that the government's plan to offer consumers a fixed-price, subsidised power contract in order to protect them from fluctuations in electricity prices does not distort wholesale power market signals. The "Norway Price" plan, first introduced at the end January, envisages that the government will guarantee private consumers a fixed price power contract of 0.40 crowns (0.0342 euros) per Kilowatt Hour (kWh). Aasland presented the finer details of the scheme on Monday, as it was being sent out for consultation. Aasland refuted critics who claimed that the scheme would distort Nordic wholesale electricity markets, eliminate price signals, and reduce incentives to conserve energy. Aasland, a reporter, said: "We don't make any adjustments to our power market." He added that the scheme, which is aimed at the end user market, does not affect incentives for power producers to increase capacity or to manage supply and demand on the wholesale market. Voters are focused on higher energy prices ahead of the September elections. Norway's domestic energy generation is dominated largely by hydropower. It has some of Europe's lowest electricity prices, but they also increased in the wake the European Energy Crisis in 2022. This fueled voters' concerns over the cost of living. The majority of Norwegian households have flexible spot power contracts that follow the hourly prices set on the wholesale energy markets and are exposed to price fluctuations. The government has already implemented a subsidy in 2022 that will reduce 90% of the wholesale electricity prices above 0.75 crowns/kWh. Norway prices will also apply to second homes and vacation cabins. According to the consultation document, local grid companies would administer the Norway price. However, consumers will still have a separate contract to sign with an electricity supplier.
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Copper is under pressure due to tariffs and concerns about growth.
Copper prices fell on Monday, as investors focused on the impact of U.S. tariffs on global economic growth and the demand for industrial metals. By 1033 GMT, the benchmark copper price on London Metal Exchange was down by 0.8% to $9,533 per metric tonne. Last week, it reached a four-month peak of $9 739 after U.S. president Donald Trump granted automakers an exemption from 25% tariffs against Canada and Mexico for a month. The relief, however, was only temporary. Copper is now under pressure again from tariffs and trade wars. Edward Meir, Marex consultant, said: "We'd be cautious heading into March because we believe the markets don't pay enough attention to a slowed U.S. economic growth picture. This could more than offset worries about tight supply." This is one of the effects of tariffs. It effectively freezes business activities." China consumes around half of the global copper supply annually. Stocks of copper, which is used in many industries including power and construction, are showing signs of a weaker demand. Shanghai Futures Exchange monitors the market. Stocks are up 220%, or nearly 270,000 tonnes, since the beginning of the year. Shanghai's bond warehouses Since the beginning of January, copper stock levels have increased by nearly 200%. The Yangshan premium is still a concern for traders , suggests stronger Chinese demand. This measure of China's appetite to import copper, at $50 per ton has increased by more than 40% from early March. Stocks in LME registered warehouses Metal prices have fallen as the metal has been shifted to COMEX, in anticipation of U.S. duties on copper imports. More copper is expected to leave LME's warehouses in the next few days, based on the number of cancelled warrants (metal earmarked for deliveries) at over 40% of total stock. The weaker dollar also helped industrial metals. Aluminium fell 0.2%, to $2 699 per ton. Zinc lost 1%, to $2 858. Lead rose 1.1%, to $2 041. Tin gained 0.2%, to $32,595. Nickel advanced 0.3%, to $16,560.
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Two men are facing trial in the US for a plot to kill dissidents backed by Iran
On Monday, two men accused of belonging to a Russian organized criminal group will be tried in the United States over an alleged failed Tehran-backed plot to assassinate an Iranian dissident who lives in New York. Federal prosecutors claim that in 2021, Iran's elite Revolutionary Guard Corps hired Rafat Omarov and Polad Omarova, members of a sub-group called "Russian mob", to kill an Iranian American activist and journalist who had spoken out against Iran's treatment women. Amirov and Omarov have both pleaded guilty to attempted murder and murder for hire in support of racketeering. Elena Fast, Omarov’s lawyer, stated in a press release that "Mr. Omarov has been presumed innocent." Amirov’s lawyers have not responded to a comment request. Lawyers for both men said in court documents that it was "inaccurate to call them members of the Russian Mob". The target of the alleged conspiracy has not been named by the prosecution, but they said in court documents that the person is expected to give testimony at the trial. Masih Alinjad, an Iranian journalist who left Iran back in 2009, told her she was both the target of the alleged murder plan and the previous alleged attempt to kidnap and take her back to Iran by Iranian intelligence officers. Alinejad brought to the attention of Iranians that women are protesting against laws that require head coverings. She also shared accounts of Iranians who were killed during demonstrations in 2019. Alinejad stated in an interview that she was "very excited" to be a part of the public trial to testify as a witness against those hired by the Islamic Republic for the purpose of killing her. It's as if I have a new life. On Monday, the jury selection began in Manhattan federal court. The trial is before U.S. district judge Colleen MacMahon. The charges were part a larger push by the Justice Department under former President Joe Biden to crackdown on transnational repression or efforts made by U.S. enemies like Iran and China, to silence dissidents in America. The two-week trial may provide an insight into the alleged links between Iran's Government and criminal groups that prosecutors claim it hires for its "dirty works." A representative of Iran’s U.N. Mission did not respond when asked for a comment about the trial of Amirov & Omarov. In 2021, U.S. prosecutors brought charges against four Iranian Intelligence officers for the alleged kidnapping plan. Tehran has denied the allegations and said that they are still at large. Khalid Mehdiyev, an alleged accomplice of Amirov & Omarov was arrested in New York with an AK47 outside Alinejad’s home. Prosecutors say a Revolutionary Guard brigadier general named Ruhollah Bazghandi began monitoring Alinejad in July 2021. Bazghandi, a former Russian mob boss living in Iran, was allegedly hired by Bazghandi to kill Alinejad. Prosecutors said that Omarov and Mehdiyev were also members of the mob. Bazghandi, who was also charged with the same crime but is not currently in U.S. custody. Mehdiyev (26), pleaded not guilt to murder for hire charges in February 2023. However, the case status is unknown. Records show that he was released on May 19, 2023 from U.S. custody. A spokesperson for the Justice Department or an attorney for Mehdiyev did not respond to requests for comments.
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Military prosecutor to question allies of Congo's ex-president Kabila
A military prosecutor has invited officials from the former party of Democratic Republic of Congo President Joseph Kabila to appear in front of him on Monday. This is a sign of the political tensions surrounding the Rwanda-backed rebels’ advances in the East. Jean Mbuyu said that the exact reason behind the invitations wasn't clear. He is a former security adviser to Kabila and a lawyer who represents the officials. Felix Tshisekedi - who had once formed a power-sharing agreement with Kabila – has accused him recently of sponsoring M23 rebels, who have taken over the two largest cities in east Congo since January. Kabila also reached out civil society and opposition members to discuss the future of the country, amid criticisms about Tshisekedi’s response to M23’s military campaign. Mbuyu reported that the military prosecutor's offices sent around 10 invitation letters to Kabila's People's Party for Reconstruction and Democracy members, but only three were expected to show up for questioning on Monday in Kinshasa's capital. Mbuyu stated that they included Aubin Minaku - vice president and former president, National Assembly - and Emmanuel Ramazani Shadary – a former minister of interior and presidential candidate. He said, "We are going to listen as the invitation does not contain any reason." Minaku stated that the officials will respond to the invitations to "avoid any suspicion" and deny any links with M23 or other armed groups. He used the word "Republican", which means loyalty to country, to describe his approach. He said: "We denounced clearly any illegal presence of foreign troops." The latest M23 advances are the most serious escalation in a long-running war that has its roots in the Rwandan genocide of 1994 and the struggle to control Congo's vast minerals resources. Rwanda denies that it has provided arms and troops for M23 and claims its forces are defending themselves against the Congolese Army and militias hostile towards Kigali. Reporting by Sonia Rolley, Paris; Ange Adihe Kasongo, Kinshasa. Writing by Robbie Corey Boulet; Editing and proofreading by Aiden Lewis.
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Chinese cobalt prices surge after Congo export ban on fears of supply
Cobalt futures were halted at the Wuxi Stainless Steel Exchange in China on Monday, after prices jumped by nearly 12% due to growing concerns about battery metal supplies. All contracts with delivery between March-October on the exchange have reached their maximum. Last month, the Congo announced that it would ban all cobalt imports for four-months to curb a glut of supply. Congo is the top cobalt producer in the world, which is a critical component of batteries used for electric cars and mobile phones. Last week, sources familiar with this matter reported that Eurasian Resources Group has declared force majeure for deliveries of cobalt coming from its Metalkol operations due to the temporary export ban by Congo. Two European cobalt traders claimed that the ERG force majeure was responsible for the price increase. "Cobalt is going crazy. The Chinese don't have any metal." One of the traders, who spoke on condition of anonymity as he was not authorized to speak to media, said that there is an increasing realisation of Congo's business-like attitude. The ERG force majeure made them take notice. Fastmarkets, a pricing information agency, reported that European prices rose as well. Standard grade cobalt in Rotterdam was up to $12.25 a lb by March 7 from $10.80 a lb the previous day and $9.95 compared to February 24.
Document shows that Vietnam will sign U.S. agreements as trade and energy officials meet.
According to a document from the government, Vietnam is expecting to sign pacts this week with the United States after its trade minister met U.S. energy and trade officials.
This step follows weeks of conciliation messages Vietnam sent to Washington, in an attempt to avoid tariffs that the Trump administration may impose on Southeast Asian nations due its large trade deficit with the United States.
The document dated March 5, from the Trade Ministry, contains the itinerary of Nguyen Hung Dien, the Minister of Commerce's visit to the United States in this week.
The list also included energy companies, government departments (customs, tax, etc.) and asked them to send representatives.
Dien, the Minister of Energy and Industry Policy, was announced by the government on its portal last week that he would be traveling to the United States to meet U.S. trade representative Jamieson Greer on Thursday.
It did not give any details about possible deals or topics that would be discussed.
Officials in Vietnam have indicated publicly that they intend to purchase U.S. LNG for their fledgling industries and possibly revise the duties on a number of imports ranging from ethanol, LNG and agriculture products.
The document from the Ministry of Energy and Mines shows that PetroVietnam Gas (a trading firm), PetroVietnam Power (a power generator) and EVN, EVN's power distributor, are all state-controlled energy and gas companies. They were asked to send delegates for Dien's U.S. visit.
The meeting is part of a regular series of meetings between U.S. and Vietnamese officials on trade and investment under the Trade and Investment Framework Agreement that was signed in 2007.
The document stated that Dien will first meet Greer, then work with officials from the U.S. Department of Energy and witness the signing of "a variety of agreements" on the following day.
It added that he would then meet with officials from the Commerce Department and groups of industry "interested in Vietnam". However, it did not specify if these meetings were scheduled according to the times in Vietnam or the United States, which might affect the dates. Reporting by Emily Chow and Francesco Guarascio; Editing, Clarence Fernandez
(source: Reuters)