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UK's Starmer promises to protect "working people" from conflict fallout
Keir starmer, the British prime minister, will pledge on Monday to help "working people", whose cost of living is being exacerbated by the conflict in the Middle East. He will warn companies not to try to "exploit" this crisis by raising prices. Starmer's latest effort to calm British concerns about the Strait of Hormuz conflict, which has effectively closed the Strait of Hormuz as a vital waterway that transports oil and liquefied gas, will be "to assist you in the cost of living through this crisis". Finance Minister Rachel Reeves announced on Saturday that the government would provide "targeted support" for?poorer families after being under pressure to cap household energy tariffs regulated by the government and to scrap an increase in vehicle fuel duties. A Financial Times report was confirmed by a?government official that the government would set up a 50 million pound ($66.11 millions) package to help the most vulnerable families, primarily those in rural areas who depend on heating oil. Moments like these are what show you the true nature of a government. My answer is simple. This government will always be there for the working class, no matter what challenges may lie ahead," Starmer said in excerpts of his speech released by Starmer's office. He will respond to reports that heating oil suppliers were canceling orders and raising prices: "I won't tolerate companies trying exploit this crisis in order to make money off working people." The companies will face legal action if they have violated the law. The government has warned energy companies before. On Friday, it called petrol retailers to have a "frank" and "open" discussion on pricing. However, the meeting almost didn't happen because the Petrol Retailers Association threatened to pull out due to the ministers "inflammatory language". Reeves, in an interview with The Times published on Saturday, said that the government is looking into options to help those?vulnerable to sharp increases in energy prices?, particularly those who rely on heating oil. However, he ruled out universal assistance for all households because it would not be affordable. Starmer and his team believe that the best way to stop the rise in energy prices is to de-escalate things. He will state that "we will continue to work towards a rapid resolution of the Middle East situation." There is no doubt that ending the conflict is the fastest way to lower the cost of living. ($1 = 0.7563 pound) (Reporting and editing by Andrew Heavens; Elizabeth Piper)
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Australia's Lynas signss US rare-earth oxide supply deal
Australia's Lynas Rare Earths announced on Monday that?its unit Lynas US LLC had signed a binding letter of intent with the U.S. government to finalise an agreement for rare earth oxide supplies. According to the agreement, the Pentagon will spend $96 million on Lynas's light and heavy rare-earth oxide products, with an NdPr oxide floor price of $110 per kilogram. Lynas stated that the letter of intent outlines a framework for four-year supply agreement to support U.S. National Security and Supply-Chain Resilience objectives. It was revealed that the new offtake agreement 'followed a mutual decision by the companies to revise their earlier?agreement because of?uncertainty about the future of the heavy rare earth processing plant in Seadrift Texas. Amanda Lacaze, CEO of Lynas, said: "This agreement will ensure that the U.S. Defense Industrial Base has access to Light and Heavy Rare Earth Oxides which are vital to modern manufacturing." Rare earths are used in a small, but 'critical' amount to power devices ranging from iPhones, washing machines, to F-35 jets. The agreement comes at a time when the United States is trying to secure vital?minerals, and reduce its reliance on China. China produces about?90% the world's rare-earth magnets. Lynas, the largest rare earths producer in the world outside of China.
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Japan releases oil stocks after US orders to buy American
Japan will'start releasing oil from their stockpiles? on Monday in order to ease the shock of the?U.S. - Israeli?war against Iran. This is a stark reminder to the oil crisis that occurred half a century earlier, which prompted Tokyo to build reserves. Tokyo announced that it would release 80 million barrels of crude oil to Japan, which is enough to last the nation for 45 days. The war in the Gulf has disrupted supplies through the Strait of Hormuz. The Japanese government has instructed the country's refineries to use the crude oil released, which will reduce national reserves by 17% to ensure domestic supplies. The amount of oil that will be released to the 400 million barrels coordinated by the International Energy Agency is unknown. RESERVES STABILISE SUPPLY, BUT "MAINLY BUILD TIME" Yuriy humber, CEO of Tokyo-based consultancy Yuri Group, stated that the release by Japan shows how seriously Tokyo views disruption. The reserves are a short-term stabiliser of supplies and prices, but they mainly serve to buy time. He said that they can't "fully offset" a disruption of the Strait of Hormuz. The Ministry of Economy, Trade and Industry states that any potential release of 12 million barrels held jointly by Saudi Arabia, United Arab Emirates and Kuwait in Japan would be additional to the 80 million barrels announced. Japan began its national oil reserves system in 1978 - several years after Arab oil embargo. Group of Seven nation that relies on the Middle East to provide around 90% of their oil now stocks 254 days of consumption. METI reports that the government will begin releasing oil from its reserves to cover 15 days of consumption in the private sector on Monday, and one month's supply by late this month. Ryosei Akazawa, METI Minister, said that private companies are preparing to tap into?Japan’s stockpiles. He also stated that they were looking for supplies coming from the U.S.A., Central Asia and South America, as well as Gulf countries, which can bypass the Strait of Hormuz. Japan gets around 4% its oil from the U.S., after stopping most purchases from Russia following Moscow's invasion of Ukraine in 2022 - when Tokyo last used its reserves. Lee Zeldin, the U.S. Environmental Protection Agency administrator said: "When you consider the conflict in the Middle East... it's a reminder that all the?crude?oil that went from Alaska - to Japan - was never the target of a successful terrorist terrorism?attack." This conflict is a reminder to other nations that the United States has the resources. (Reporting and editing by William Mallard; Additional reporting in Washington by Valerie Volcovici; Reporting by Katya Obayashi and Yuka obayashi)
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South32, Australia's South32, mothballs Mozal after failing to find affordable power
South32, an Australian diversified miner, announced on Monday that it had put its Mozal aluminum smelter in Mozambique under a 'care and maintenance' program on March 15. The company claimed that it was unable to secure a sufficient and affordable supply of power for Mozal after March 2026. As a result, it placed the smelter in care and maintenance. The Perth-based company and Mozambique’s government and energy suppliers have been negotiating for years in order to come up with an agreement that would allow the smelter to continue its energy-intensive operations. South32 has been in discussions with Hidroelectrica de Cahora Bassa, a hydroelectric power'supplier owned by the Mozambique Government for over six years about a tariff that is set to expire on March 20, 2026. Aluminium production is an energy-intensive process, so a reliable power supply for aluminium manufacturers such as South32 is a major concern. Mozal, in which South32 has a stake of 63.7%, is a major contributor to the aluminium output for South32, accounting for just under 29% of total aluminium production by fiscal 2025. South32 reported a $372-million impairment to the Mozal Smelter as part of its fiscal year 2025 results. This was due to the financial impact from the shutdown. In a statement, the company stated that the alumina sold to Mozal by the?Worsley Alumina Refinery?will be sold to third-party customers at index linked prices.
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Sassou, Congo Republic's Sassou, seeks a new term amid low turnout and internet outage
The Congo Republic held a presidential election on Sunday, which was expected to extend the reign of Denis Sassou Nguesso - one of Africa's most experienced leaders. A low turnout highlighted the lack of suspense about the result. Sassou is facing a "weak" field of opponents, as two of the most well-known opposition leaders are in prison or exile. Many opposition parties boycotted this election because they felt the process was untrustworthy. Analysts and civil society groups predict that the turnout will be lower than the 68% in 2021 when Sassou was elected to his five-year term with 88.4%. A witness reported that there were no or very short lines at the polling stations of Brazzaville's capital. Sassou, after casting his vote in Brazzaville told reporters that he hoped the?enthusiasm he saw on the campaign trail?would be apparent in the final turnout number. He said: "We are hopeful that the things I heard during the campaign will come to pass today." The voting was to finish at 6 pm local time (1700 GMT) and the counting would begin immediately afterwards. The provisional results will be available 48-72 hours after polls close. INTERNET OUTAGE REPORTED Sassou has been in power since 1979, with the exception of a five-year break in the 1990s. He ran against six candidates who were not well-known, and none of them was considered a serious contender. The electoral body was dominated by figures aligned to the ruling Congolese Labour Party. Remadji Hoinathy, of the Institute for Security Studies in Pretoria, said that "the opposition is fragmented" and does not have a "strong, emblematic figure". Sassou will still have a chance despite voter fatigue. Internet monitoring group NetBlocks reported that the internet was down in many parts of the country on Election Day, making it hard to get an accurate picture of what was happening. In an email, Alp Toker of NetBlocks confirmed that a nationwide internet blackout was now in place in the Republic of Congo. This measure is likely to limit transparency in today's elections. Toker stated that this was "technically compatible" with a?internet shutdown imposed for the 2021 presidential election. Neither the Congolese Prime Minister Anatole Collinet Makosso nor the Communications Minister Thierry Moungalla responded to inquiries about the outage. Voters See No Hope for Change Rights groups claim that the political space in Congo has shrunk in recent years. They cite arrests of activists, and suspensions by political parties. After a long decline, the economy - heavily dependent on crude oil - has stabilised over the past few years. According to the World Bank, 52% of Congo’s 6.1m people live in poverty. Some Congolese who voted said that the country needs a new direction. They did not specify whether they backed Sassou, or his opponent. Gigi Wandiabantou, a Brazzaville resident, said: "Our children have diplomas and they are not doing anything." "I'm counting on the people in charge to do something for us mothers." Some Congolese believe there is little hope for change. Frederic Nkou, a Brazzaville resident who is unemployed, said: "It's a?election with a known outcome." "I don’t expect things will improve." Makosso, the Prime Minister, dismissed allegations of pro-Sassou slant ahead of Sunday's vote. He argued that Congo's electoral oversight bodies will ensure a fair and transparent election. Sassou's campaign has been based on continuity. He has pledged to expand education and training and to speed up development projects. Clement Bonnerot, Ngouda Diaone and Robbie Corey Boulet in the Dakar and Congo Republic Newsroom. Editing by Andrei Khalip Joe Bavier Alexander Smith
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Netanyahu responds to Iran's rumours about his death by posting a video
Benjamin Netanyahu, Israeli Prime Minister, posted a video on Sunday of him 'getting a coffee and' chatting with an aide after rumours of his death or injury were spread by the iranian state media. In the video taken in a café on the outskirts of Jerusalem and posted to Netanyahu's Telegram, his aide questions him about the rumours. As he grabs a coffee, Netanyahu makes a joke about the word "dead" -- which in Hebrew slang is used to refer to someone or something that you are "crazy for". "I love coffee. You know what? Netanyahu tells his aide, "I'm mad about my people." The video's location was verified by comparing the file images of the cafe with the interiors shown in the video. The cafe posted multiple photos and videos of Netanyahu's Sunday visit. This allowed us to verify the date. Netanyahu's office distributed videos and limited media access since the U.S. launched its attack on Iran in February. He has also visited two towns that were hit by Iranian missiles as well as a hospital, port, military base and a?port. Netanyahu, who rarely gives interviews or news conferences to Israeli media, held a 'first press conference via video link since the beginning of the war on Thursday. This format was similar to that he used in June, during Israel's 12-day conflict with Iran. Since the beginning of the war, Israel has imposed emergency safety restrictions that have banned public gatherings. Most people are now at home or in safe rooms and shelters. Schools across the majority of the country are closed.
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IEA: Emergency oil stockpiles coming soon to Iran's devastated markets
The International Energy Agency said that more than 400 million barrels?of oil from its emergency reserves would begin to 'flow soon. The agency announced on Sunday that stocks of goods from Asia, Oceania, and North America will be available as soon as possible, and those from Europe and South America will be ready by the end March. The statement stated that the governments have committed to making 271.7 million barrels available from government stock, 116.6 millions barrels from industry stocks and 23.6million barrels from other sources. IEA?said that the majority of pledged reserves – 195.8 millions barrels – are from member nations in?the Americas. 172.2 million of those barrels come from government stock. Asia Oceania members countries have committed to contributing 108.6 millions barrels. 66.8 of those barrels will come from government stock. Europe has pledged 107.5million barrels including 32.7million barrels from government stock. According to the IEA, 72% of planned releases will be crude oil, and 28% oil?products. The IEA was created in 1974, after the oil crises. The IEA has released six coordinated stockpiles since its creation. According to the IEA, the release was made to 'combat a spike in oil price caused by disruptions of around a fifth of the global oil and natural gas supply along the Strait of Hormuz after the war started on February 28. Iran warned on Wednesday that the world must be prepared for oil prices of $200 per barrel, as its forces continue to attack merchant ships in the strait. IEA member countries hold more than 1.2billion barrels in emergency stocks, and another 600m are held by industry under government obligations. Reporting by Layli foroudi, Editing by Joe Bavier & Andrew Heavens
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The economy of Peru grew by 3.54% in January
Data from the nation's INEI statistical agency revealed that Peru's economy grew 3.54% on an annual basis in January. This was driven by growth across most economic sectors, including construction, commerce and mining. The Central Bank's Chief?economist estimated that the figure would be around 3.5%. The National Institute of Statistics and Informatics (INEI), in a report released on January 15, said that the mining sector grew by 3.08% compared to the previous year after?two consecutive declines. The increase in January was due to a rise in production of copper, zinc, and gold. Peru is the third largest copper producer in the world. The statistics office reported that the construction industry also showed a notable increase in January. It grew by 15.63% year-on-year, largely due to domestic cement consumption. In January, the?fishing industry fell by 9.56% on an annual basis. This was its third consecutive month of decline. The Ministry of Economy and Finance of the Andean country estimates an economic growth of 3.2% by 2026, as opposed to the projected 3.44% for '2025. Peru has had eight presidents in the past year, causing political instability. On April 12th, elections will be held and a new president will take office at the end July. (Reporting and editing by Bill Berkrot, Will Dunham and Alexander Villegas)
Snakes and ladders in a potential Ukrainian peace deal
What are the possible contours of a peace agreement between Russia and Ukraine?
SECURITY GUARANTEE
Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States.
The Budapest Memorandum of 1994, in which the U.S., Russia and Britain agreed to refrain from using force against Ukraine and respect Ukrainian sovereignty was not enough for the Ukrainian government. The powers agreed to take the matter to the United Nations Security Council in the event of an attack on Ukraine.
Sources involved in the talks say that the problem is that a security guarantee with teeth could lock the West into an eventual future war against Russia, and a security agreement without teeth could leave Ukraine vulnerable.
Diplomats, in draft proposals of a possible settlement for peace that we saw, spoke about a "robust guarantee of security", which could include an agreement similar to Article 5. Article 5 of NATO's treaty binds allies together to defend one another in the event of an invasion, even though Ukraine isn't a member.
According to a draft of the failed 2022 agreement, Ukraine had agreed to permanent neutrality as part of a deal with the five permanent members on the U.N. Security Council - Britain, China France, Russia, the United States and other nations such as Belarus, Canada Germany Israel, Poland, and Turkey.
Officials in Kyiv, however, say that they will not accept neutrality for Ukraine.
NATO AND NEUTRALITY
Russia has said repeatedly that a possible NATO membership by Kyiv is a war cause and must be rejected. Ukraine should remain neutral, with no foreign bases. Zelenskiy said that it was not up to Moscow to decide Ukraine’s alliances.
NATO leaders in Bucharest agreed to admit Ukraine and Georgia as members one day at the Bucharest Summit of 2008. In 2019, Ukraine amended its constitution to commit to full membership in NATO and the European Union.
U.S. ambassador General Keith Kellogg said that NATO membership for Ukraine was "off the table". Donald Trump said that the U.S.'s past support of Ukraine's NATO membership was a major cause of war.
Ukraine and Russia discussed neutrality in 2022. According to a draft of an agreement, Russia wants limits placed on the Ukrainian military. Ukraine is opposed to any restrictions on the size or capabilities of its military.
Russia has stated that it does not object to Ukraine's EU membership bid, although some members of the EU could oppose Kyiv’s bid.
Territorial
Moscow claims to control about a fifth (or 5%) of Ukraine, and that the territory now belongs to Russia. This is a position that most countries don't accept.
In 2014, Russia annexed Crimea. According to Russian estimates, Russian forces control nearly all of Luhansk and more than 70% Donetsk and Zaporizhzhia regions. Russia controls a small part of Kharkiv.
Putin's most detailed peace proposals, which he outlined in June of 2024, stated that Ukraine would be required to withdraw from all these regions, including those not currently under Russian rule.
According to a draft plan of peace drafted by the Trump Administration, the U.S. will de jure recognize Russian control over Crimea and de facto acknowledge Russian control over Luhansk, Donetsk, Kherson, Zaporizhzhia and other parts.
Ukraine would gain territory in Kharkiv Region, and the U.S. will control and administrate Zaporizhzhia Nuclear Power Plant which is currently under Russian control.
Kyiv has said that legally recognising Russian sovereignty over occupied territories is out of question, and would be a violation of Ukraine's Constitution. However, territorial issues could be discussed in talks after a ceasefire.
Steve Witkoff, a Trump envoy, told Breitbart last week that the main issues are the regions and the nuclear plant. It's also about how the Ukrainians can use the Dnieper River to reach the ocean.
Sanctions
Russia is in favor of Western sanctions being lifted, but is skeptical that this will happen soon. Even if US sanctions were lifted, EU sanctions and other Western sanctions such as those imposed in Australia, Britain and Canada could continue for many years. Ukraine wants sanctions to stay in place.
The U.S. government has been reported to be studying ways to ease sanctions against Russia's energy industry as part of a broader plan that would allow Washington to provide swift relief in the event Moscow agreed to end the Ukraine conflict.
OIL AND GAS
Trump suggested that Putin, the leader of the second largest oil exporter in the world, may be more inclined towards a resolution to the Ukraine War following the recent drop in oil price, although the Kremlin stated that national interests always trump oil pricing.
Some diplomats speculate that the U.S. and Russia are looking for lower oil prices in a larger grand bargain that includes issues ranging from the Middle East to Ukraine.
In the beginning of this month, it was reported that Washington and Moscow officials had held talks about how Washington could help revive Russian gas exports to Europe.
CEASEFIRE
Before talks can begin, European powers and Ukraine want Russia to agree to a truce. But Moscow insists that a ceasefire won't work until verification issues have been resolved. Kyiv claims that Moscow is trying to buy time.
RECONSTRUCTION UKRAINE
European powers are looking to utilize some of the Russian assets that have been frozen in the West, to assist Kyiv. Russia rejects this.
Reports from February indicate that Russia may agree to use $300 billion in sovereign assets that are frozen in Europe as part of the reconstruction of Ukraine, but that it will insist on spending a portion of that money in the one-fifth that is controlled by Moscow's forces.
Ukraine wants to use all $300 billion in assets seized for post-war reconstruction. (Reporting and editing by Gareth Jones, Guy Faulconbridge)
(source: Reuters)