Latest News
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Norway and Spain Form Steel Collaboration for Offshore Wind
Norway’s offshore wind association Norwegian Offshore Wind has signed a memorandum of understanding (MoU) with the Galician Association of Metal Industries and Related Technologies (ASIME) to explore joint opportunities in offshore wind.The MoU states that Spain and Norway have distinct but complementary strengths in floating offshore wind, creating opportunities for collaboration.Their supply chains can work together by combining Spain’s strong industrial manufacturing, steel production, turbine expertise, and logistics infrastructure with Norway’s expertise in offshore engineering, floating structures, marine operations experience, and harsh-environment operations.The main objectives of the MoU are exploring opportunities for joint projects and networking activities where mutually beneficial and promoting sustainability, cost reduction, and efficiency improvements in offshore wind projects through advanced metal technologies.“This collaboration will be aimed specifically at the steel industry, which is instrumental both for floating and bottom fixed offshore wind,” says Einar Tollaksvik, leader of the Working Group for Spain in Norwegian Offshore Wind.“Galicia is one of the best positioned European regions for the implementation and development of the offshore wind industry, because we have the necessary experience throughout the value chain, while we have a unique installed port capacity.“Our companies are very well positioned internationally; in fact, of the only five floating wind farms implemented in Europe, three have Galician components and technology. This agreement is one more step to continue positioning our region as an international offshore wind hub.“The synergies that we will be able to develop with our Norwegian partners will be of great interest for both parties to deepen the development of projects and new business opportunities in both territories,” added Enrique Mallón, Secretary General of ASIME.
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ASCO Gets Repsol’s Base and Logistics Services Contract in Norway
Global integrated logistics and materials management specialist ASCO has been awarded a three-year contract, with options, to provide base and logistics services for Repsol Norge in Tananger and Farsund in Norway.The agreement covers a comprehensive range of services, including warehouse management, cargo handling, waste services, transport and customs clearance, as well as personnel support for logistics, materials management, and helicopter coordination."We are grateful to Repsol for continuing to trust ASCO with its base and logistics services. This contract reinforces our strong partnership and allows us to further develop as a company while remaining a preferred and proud supplier to Repsol.WIt also strengthens our existing operations in Norway, providing a solid foundation for continued collaboration. We remain committed to simplifying, streamlining, and digitising logistics delivery to enhance efficiency and service quality."Repsol has been a key customer for ASCO in Norway since 2011, and this new contract ensures job security at ASCO’s bases in Tananger and Farsund, reinforcing ASCO’s position as a leading logistics provider in the region,” said Øyvind Salte, Commercial Director at ASCO Norge.
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Gold drops as risk appetite wanes on Trump's tariff clarification
Gold prices dropped on Friday, as investors reassessed risk in light of U.S. president Donald Trump's new tariffs. These measures have clarified market trends and raised concerns about economic slowdown. As of 0305 GMT, spot gold was down by 0.5%, at $3,097.99 per ounce. Gold was still on course for a five-week gain. Its safe-haven appeal helped gold reach three records this week. U.S. Gold Futures declined by 0.1% to $3.118.90. Gold dropped by more than 2% in the previous session as traders were weighed down by a wider market decline sparked Trump's tariffs on imports. This sharp drop came only hours after the record-breaking gold price of $3167.57. Ilya Spirak, global macro head at Tastylive, said that gold tends rally during times of uncertainty and difficulty in pricing. However, once the markets have learned how to value the risks involved the support tends to fade. The Trump administration has chosen a path that is less contested and more visible. It's also easier to price. This is reducing some of the "market confusion premium" on gold. Trump announced that he would impose an initial 10% tariff on all imports into the U.S., and a higher duty on some of America's largest trading partners. Tariffs sparked fears that prices would rise dramatically in the largest consumer market. Analysts said that Federal Reserve officials who were seeking more information on Trump's plans for trade got more than they expected when he announced sweeping tariffs. They noted that this could drastically reshuffle the outlook of the country's economy. The market is now awaiting the U.S. Non-Farm Payrolls Report, which may provide insight into the Fed's rate path. Spot silver fell 1% to $11.56 per ounce. Platinum dropped 0.6% at $946.40 and palladium declined 0.8% at $920.75.
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London copper to suffer its biggest weekly loss for nearly five months due to US tariffs
After U.S. president Donald Trump announced an extensive set of tariffs that dampened the outlook for global metal demand, copper prices fell in London on Friday. The London Metal Exchange's three-month copper contract fell 0.75%, to $9296.5 per ton at 0234 GMT. The contract is on track for its largest weekly loss since early November. It has lost 5% thus far. ANZ analysts wrote in a report that the prospect of a trade war around the world and a weaker economy should continue to put downward pressure on commodities markets. ANZ warned that these concerns would worsen if the countries impacted retaliated with their own tariffs, resulting in a global war of trade. Trump announced a set of tariffs that targeted China and other major trading partners. Beijing announced on Thursday that it would take countermeasures against the new tariff of 34%. This will bring the total to 54%. The White House did not include copper. For this metal, the U.S. Administration is conducting a separate investigation into possible new tariffs. The reciprocal tariffs will not apply to certain minerals not available in the U.S. The exclusions included zinc and tin. ING analysts said that despite the fact that base metals are exempt from the new tariffs, the concern about how the new tariffs will affect the demand for raw materials has weighed on the sentiment. Other metals include LME aluminium, which fell by 0.37%, to $2.439 per ton. Lead also dropped 0.23%, to $1.951. Zinc edged lower by 0.07%, to $2.711.5. Tin was down 1.64%, at $36,720, and nickel eased 0.8%, at $15.720 per ton. China's financial market is closed for the public holiday on Friday. Trading will resume Monday, April 7. Click here to see the latest news in metals, and other topics. (Reporting by Michele Pek. Editing by Eileen Soreng).
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Rio Tinto and BHP give in to union pressure over benefits for Pilbara workers
A mining union in Australia said that it had secured important financial benefits for its employees working in the iron rich Pilbara region, including compensation for flight delays and bonuses. The Mining and Energy Union said that Rio Tinto will compensate "Fly-In-Fly-Out" workers who are heading home for delays of more than four hours with A$500 (313.55) and A$1,000 (for delays over 12 hours). The amendment was made after more than 400 Rio Tinto workers from the Paraburdoo Iron Ore Project signed a petition of the Western Mine Workers Alliance to begin bargaining for a new collective agreement. This is the first time that has been done in over 20 years. The website of Rio Tinto revealed that the Paraburdoo Mine is part Rio Tinto’s Western Australian operations and has around 16,000 workers. The WMWA was created by the Australian Workers' Union in conjunction with the MEU. It said that the Fair Work Commission, the industrial relations tribunal was currently assessing the support petition. Rio Tinto would be forced to negotiate if the FWC granted orders for collective bargaining. The iron ore miner has also agreed to fully fund national FIFO up to 30 percent of their rail crew employees and to increase the on-the-job training allowance to A$7.500 per year from A$5.600. It said that the MEU had also negotiated retention bonuses of A$10 500 for all BHP rail crew, regardless of their class. Rio Tinto and BHP have not responded to requests for comment. ($1 = 1.5946 Australian dollars) (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
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Oil to have worst week for months due to Trump's new tariffs
Oil prices continued to fall in early Asian trading on Friday. They were on course for their worst week in several months due to U.S. president Donald Trump's tariffs. This stoked concerns about a possible global trade war, which could impact oil demand. Brent futures were down 31 cents or 0.4% to $69.83 per barrel at 0157 GMT. U.S. West Texas Intermediate Crude Futures fell 32 cents or 0.5% to $66.63. Brent is on track to suffer its largest weekly percentage loss since the week ending October 14 and WTI since January 21. The Organisation of Petroleum Exporting Countries (OPEC+), which is a group of oil-producing countries and their allies, has decided to move forward with their plan to increase the amount of oil produced. They now aim to return 411, 000 barrels per day in May instead of the 135,000 bpd originally planned. This brings forward the surplus we expect to see on the oil market in this year. Analysts at ING stated on Friday that more OPEC+ production should lead to a greater medium sour crude and a larger Brent-Dubai differential. This spread has been at a discount unusual for most of the year. Since Trump's Wednesday afternoon news conference, which he called 'Liberation Day' as he announced an initial 10% tariff on all imported goods to the United States along with higher duties for dozens of its biggest trading partners, both benchmarks have started falling. The new tariffs on imports of refined products, oil and gas were not applied to these products. However, the policy could increase inflation, slow down economic growth, and intensify trade conflicts, which would impact oil prices. Reporting by Sudarshan Varadhan. Gerry Doyle edited the story.
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Dollar and shares tumble as Trump tariffs cause recession fears
The stock market limped into the weekend on Friday. The dollar was headed for its worst month-end in a while, and gold flirted near a record high as investors worried that U.S. president Donald Trump's tariffs could tip the global economic system into recession. Asian shares have struggled to recover the heavy losses of Thursday's session. The Nikkei 225 index in Japan fell by 1.85%. This is a continuation of its 2.8% decline from last Thursday. MSCI's broadest Asia-Pacific index outside Japan fell 0.26% on thin trading, as markets in China Hong Kong and Taiwan were closed for the holiday. Overnight, the S&P 500 lost $2.4 trillion, which is their largest one-day drop since the global coronavirus outbreak on March 16, 2020. Other Wall Street indexes also saw sharp drops. Investors rushed to safety assets after Trump announced Washington's highest trade barriers in over 100 years on Wednesday. David Bahnsen is the chief investment officer of The Bahnsen Group. He said that if tariffs remain unchanged, a recession in Q2 or Q3 is possible as well as a bear market. The question is whether President Trump wants to take these policies off the table if we experience a stock market bear market. We think Trump will pivot and focus on companies making significant investments in America, but it is unclear if that would change the market sentiment. U.S. Stock Futures stabilized during the early Asian session. Nasdaq futures rose 0.05% while S&P500 futures declined 0.06%. In response to the increased fears of a global economic recession, especially in the United States of America, traders have stepped up their bets on more Federal Reserve rate reductions this year. They believe that policymakers will have to ease up more aggressively in order to boost growth in the largest economy in the world. Fed funds futures point to a roughly 96 basis point reduction by December. This was closer to 70 bps just before Trump announced his tariffs on Wednesday. David Doyle, Macquarie Group's head of economics, said that central banks were not equipped to handle stagflation because the effects of lower growth and higher inflation push policy in opposite directions. This means that a stronger core inflation will likely limit the extent of the Fed's policy response due to the headwinds for growth created." Investors will be watching for Fed Chair Jerome Powell's speech on Friday. They are interested in his assessment of the U.S. economic situation and the outlook on policy following Trump's latest tariff salvo. The dollar rose 0.09% to 146.23 yen on the foreign exchange markets, after falling 2.2% the previous day, its steepest drop in over two years. The euro remained at $1.1043 following a 1.9% increase on Thursday. Meanwhile, the Swiss Franc was last at $0.8591 after also gaining 2.6% on that day. The dollar was at 102.04 against a basket. This is a new six-month low. The U.S. Dollar has been weakening this year due to a combination of heavy long positions built up at the end of last year and the renewed focus on U.S. economic growth risks, which have accompanied the tariff talks for weeks. Bond prices have also soared as investors flee to safe assets. The 10-year U.S. Treasury benchmark yield, which had fallen by 14 basis points in the previous session, was little changed last week at 4.0436%. Bond yields are inversely related to bond prices. Spot gold, meanwhile, was nearing a record high of $3,112,81 per ounce and on course for a fifth consecutive weekly gain as concerns about the impact Trump's tariffs would have on the global economic system boosted its appeal as a safe-haven metal. Brent crude futures were down 0.13% to $70.05 per barrel while U.S. West Texas Intermediate Crude futures dropped 0.15% at $66.85 a barrel.
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Mexico's 'cool-headed approach' to Trump's Tariffs has paid off
Mexico's "coolheaded" approach towards U.S. president Donald Trump's tariff offense has paid off with preferential treatment and a strong working relationship with Trump's trade team this week, Mexico's deputy economic secretary said on Thursday. Luis Rosendo Gutierrez said that the undersecretary of international trade for Mexico, Luis Rosendo Gutierrez stated in an interview, that Mexican officials would meet with U.S. Trade Rep Jamieson Greer and Commerce Secretary Howard Lutnick next week to discuss U.S. Tariffs on Auto Imports, Steel and Aluminum, and their state. The U.S., Mexico and Canada Agreement (which has been in place for nearly five years) will also be reviewed. Gutierrez stated that "the instruction from President Claudia Sheinbaum is to work closely with the United States Government looking for fair and preferential treatments, and be cool-headed in doing so." "I think this strategy was the best. "To be close, constructive and to make proposals to the United States." Mexico and Canada largely avoided Trump's 10% global baseline tariff on Wednesday, as well as the steeper "reciprocal" tariffs for many trading partners. Mexico still faces a 25% tariff on fentanyl, but the exemption for USMCA compliant goods has been extended indefinitely. If the fentanyl issue is resolved, these tariffs will fall to 12%. Mexico is still subject to separate 25% tariffs on autos and auto parts, but without U.S. content. And 25% duties on steel imports. Mexico, unlike Canada, has not taken retaliatory actions against U.S. imports as part of the trade dispute. Instead, it prefers to engage in a more constructive dialogue. Mark Carney, the Canadian Prime Minister, announced on Thursday limited countermeasures to about $25 billion of U.S. imported goods. Gutierrez stated, "We would love to see these tariffs reduced." "We need to negotiate in order to try and improve conditions not only for Mexico but also for the United States. This idea will be complementary to our economies." He said that at the meetings next week, Mexican officials will bring up USMCA letters that were agreed upon by Trump's previous administration. These side letters granted Mexico and Canada generous duty-free auto import quotas in case Section 232 tariffs on automobiles are imposed. Trump's administration does not plan to honor its commitments. (Reporting and editing by Sandra Maler, Chris Reese and David Lawder)
The Trump tariffs have caused a drop in the price of Bourses in the Gulf
The Gulf stock markets fell on Thursday morning, amid concerns that the U.S.'s reciprocal tariffs could worsen trade tensions globally and tip the world towards recession.
On Wednesday, U.S. president Donald Trump announced a 10% tariff as a baseline on all imports and increased duties on dozens countries, including its largest trading partners.
Saudi Arabia's benchmark stock index fell by 0.4% after the return to trading following a four-session Eid holiday. Saudi National Bank, the country's largest lender, fell 1.5%. Saudi Aramco, the oil giant in Saudi Arabia was down by 0.8%.
Oil prices, which are a major factor in the Gulf financial markets, have fallen by up to 3% amid fears that trade tensions will limit economic growth and reduce fuel demand.
Dubai, the Middle East's tourism and travel hub, saw its main stock index fall by 1.8%. Blue-chip developer Emaar Properties plunged 8.9% in one day, its largest intraday drop since November 2021.
Meanwhile, Emaar Development slipped 2.4%.
The index in Abu Dhabi fell 0.8% while the Qatari Stock Exchange remained closed due to Eid holidays.
(source: Reuters)