Latest News
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NYT: Musk wants SpaceX IPO banks buying Grok AI subscriptions
The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests for comment. JPMorgan Chase declined to comment. Goldman Sachs also declined. Citigroup, Bank of America and Citigroup did not respond. Morgan Stanley did not respond immediately to our queries. Bloomberg News reported a day before that the Starbase rocket maker in Texas had boosted its target valuation for an initial public offering above $2 trillion. This could be the largest stock market listing ever. The company hopes to raise $75 billion, which is a record amount. This would be a far cry from previous mega-IPOs like 'Saudi Aramco 2019 or Alibaba 2014'. (Reporting and editing by Bill Berkrot, Mark Porter, and Savyata Mihsra from Bengaluru)
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Afghanistan earthquake 5.9 causes eight deaths
The National Disaster Management Authority reported that eight people died and one child was injured when a house in Kabul collapsed following the earthquake in Afghanistan. The German Research Centre for Geosciences, GFZ, reported that an earthquake measuring?5.9 magnitude struck Afghanistan's Hindu Kush on Friday. GFZ said that the quake was at a depth 177 km (110 mi). Witnesses reported feeling strong tremors in the Indian capital New Delhi and Kabul, Afghanistan's capital. Afghanistan is surrounded by rugged mountains and therefore prone to natural disasters. The most deadly are its earthquakes, which kill?about 560 people a year on average. The 6.3-magnitude earthquake that struck the country in November killed at least 27 people and destroyed hundreds of homes. Mohammad Yunus 'Yawar, reporting from Kabul; Akanksha 'Kushi, writing in Bengaluru; Kanjyik 'Ghosh, in Barcelona; Kevin Liffey and Emelia Sithole Matarise editing.
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Emirates Global Aluminium estimates that full recovery of production from the attack could take up to a year
The UAE-based company Emirates Global Aluminium said that it could take up to a full year to fully restore primary aluminium production in its Al Taweelah Smelter, which was damaged by an Iranian attack late last month. In a press release, Al Taweelah said that the facilities were evacuated to the fullest extent and put into emergency shutdown following the attacks of March 28 on the Khalifa Economic Zone Abu Dhabi. EGA stated that to resume operations, it must repair the infrastructure and restore each reduction?cell. Early indications suggest that it could take up to a year for the primary aluminium industry to fully recover. PARTICULAR OPERATIONS EGA stated that the Al Taweelah refining plant, which produces alumina (the raw ingredient of aluminium), and the Al Taweelah Recycling Plant could restart some production sooner, "depending?on?the final?assessment of the site damages". The conflict in the Middle East has caused the price of aluminum to rise the most in almost two years. Benchmark three-month aluminum on the London Metal Exchange rose?10.4% in the last month, and reached its highest level in almost four years -- $3,546.50 a metric ton -- on March 12. The London Metal Exchange's benchmark three-month aluminium reached its highest level in nearly four years - $3,546.50 per metric ton - on March 12. Al Taweelah Aluminium Smelter of EGA will produce 1.6 million tonnes of cast metal in 2025. Al Taweelah is also home to an alumina refinery, which produced 2.4 millions tons of aluminium last year. Hatem Maher (Reporting) Tomasz Janovski and Barbara Lewis (Editing)
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Meloni, Italy's Meloni, visits Saudi Arabia, Qatar, and the UAE amid Gulf tensions and energy concerns
A government official confirmed that Italian Prime Minister Giorgia meloni traveled to Saudi Arabia on Friday for a previously undisclosed trip. The trip will include meetings in Qatar, the United Arab Emirates and other countries. Officials said that the two-day trip was to show support for Gulf countries facing Iranian attacks, and also to protect Italy's energy supply. This is the first visit by an EU leader to Saudi Arabia since the conflict that was started by the United States and Israel in February. It also comes at a moment when there are growing concerns about the security of the?oil & gas 'flows. Qatari liquefied gas covered about 10% of Italy’s total gas consumption before the war. Middle East oil made up around 12% last year of Italy’s total oil imports. Italy received a notification last week that its Gulf supplier would be halting LNG deliveries due to the near-closure?of the Strait?of Hormuz. They will not ship 10 cargoes?between?April and?mid June. QatarEnergy CEO and State Minister for Energy Affairs, QatarEnergy, told?that Iranian attacks had also crippled 17% of Qatar’s LNG export capability. Last month, QatarEnergy's?CEO and state minister for energy affairs told?ajungiaparatulletzten??letztenbackbackééletzten Two sources with knowledge of the situation said on Thursday that Italy would begin to receive liquefied natural gas (LNG), from the Golden Pass LNG facility in the United States, from June. (Reporting and writing by Giuseppe Fonte, Crispian Balmer and Gavin Jones).
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FAO: If the Iran war continues, food prices will continue to rise around the world
The United Nations Food and Agriculture Organization reported on Friday that world food prices rose in March, reaching their highest level since last September. They could rise even more if the Middle East conflict continues to push up energy costs. In a recent statement, FAO Chief Economicist Maximo Toreros said that the price rises have been modest. They are mainly due to higher oil prices. He said that if a conflict continues for more than 40 days, and input costs are high, farmers can reduce their inputs, plant fewer crops, or switch to less intensive fertiliser crops. He added that "these choices will impact future yields, and shape our food supplies and commodity prices throughout the remainder of this year and the following years." FAO Food Price Index (which measures changes in global traded food commodities) rose 2.4% over its revised February level. The index is now 1% higher than it was a year ago. However, the value of the index has dropped by nearly 20% from its March 2022 high, which occurred after the beginning of the Ukraine war. Fertilizer costs could lead to reduced planting The index of cereal prices increased by 1.5% compared to the previous month. This was mainly due to a 4.3% rise in international wheat due to deteriorating crop prospects in America and lower plantings expected in Australia because of higher fertiliser costs. The global maize price edged upwards as the?ample supply of maize in the world offset concerns about fertiliser prices and indirect support from higher ethanol demand prospects related to higher energy costs. Due to the timing of harvest and weaker import demand, rice prices fell 3.0%. Vegetable oil price increases are now at 5.1% for the third month in a row. The higher quotations for palm, soya, sunflower and rapeseed oils reflected the impact on rising global energy costs and expectations of stronger demand. Palm oil prices have reached their highest levels since mid-2022. Sugar prices?jumped 7.2% to their highest level since October 2025 in March, due to higher crude oil prices. Brazil, the largest sugar exporter in the world, is expected use more sugarcane for ethanol production. The price of meat increased by 1.0% in Brazil and Europe, with pig prices rising in the EU. In a separate document, the FAO raised slightly its estimate of the global cereal production forecast for 2025 to a record 3,036 billion metric tonnes. This would mean a 5.8% increase year-on-year. (Reporting and editing by Tomasz Janowski and Barbara Lewis.)
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Morocco will stop fewer illegal migrants in 2025 due to route changes
Morocco will prevent?6.4% less attempts by illegal migrants to reach?Europe in 2020 compared to the previous year. The interior ministry announced this on Thursday. It added that people are using different routes, and the problem is not going away. The ministry responded to questions via email that in addition to stopping 73,640 attempts at illegal migration, they also dismantled over 300 migrant smuggling networks. The Sahel region of Africa has been ravaged by conflict for years. High unemployment, and the impact of climate change in farming communities is also a factor that drives migrants to Europe. Morocco has long been a major starting point for African migrants who are trying to reach Europe through the Mediterranean or Atlantic routes or by climbing fences around the Spanish enclaves in northern Morocco, Ceuta or Melilla. The level of cooperation with Spain has increased Since 2022, Morocco and Spain have strengthened their cooperation in the area of undocumented immigration. This follows the resolution of a previous diplomatic dispute. A senior official from the directorate of migration and border controls said that following tightened controls migrants have 'begun to use other departure points in West Africa, and parts of the southern Mediterranean. The marked drop in interceptions indicates a gradual decrease in irregular migration flows, reflecting a steady 'drying out' of the migration routes transiting through Morocco," he stated. The ministry reported that Morocco saved 13,595 migrants from drowning at sea by 2025. Meanwhile, 4,372 irregular migrants participated in voluntary return programs to their countries of origin. The official stated that voluntary returns are a reflection of Morocco's "human centered approach" to migration management, which "strikes an balance between firmness & responsibility". (Reporting and editing by Barbara Lewis; Ahmed El Jechtimi)
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The PM's Office says that the UK will deploy Rapid Sentry air defense system to Kuwait.
The office of Prime Minister Keir Sterne announced on Friday that Britain is sending its Rapid Sentry air defence system to Kuwait in order to protect British and Kuwaiti interest in the Gulf. This follows an Iranian drone attack on a Kuwaiti petroleum facility overnight. Starmer and Kuwait's Crown prince Sabah al Khalid?al Sabah discussed the deployment in a phone call on Friday morning. A spokesperson for Downing Street confirmed this. The spokesperson stated that "the Prime Minister started by condemning the reckless drone attack overnight on a Kuwaiti oil refinery." "He reaffirmed that the UK stands by Kuwait and our Gulf allies." The spokesperson stated that the leaders discussed the deployment to Kuwait of the UK air defence system, designed to shoot down low-flying drones, and other aerial threats. This would protect Kuwaiti?personnel? and?interests? in the region while avoiding an escalation to a larger conflict. Starmer and 'the crown prince' also discussed a 'disruption of global shipping through Strait of Hormuz. They welcomed a meeting on Thursday, chaired by British Yvette Cooper to develop a plan for reopening the crucial shipping route. (Reporting and editing by Tomasz janowski)
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North American farmers are cutting back on their farm machinery to save money as the season of unprofitable growing approaches
Salespeople for farm machinery are closing out a disappointing season of farming shows in North America, as farmers prepare to plant their spring crops without much new equipment. Farmers are still buying but have cut back on big-ticket purchases due to the high cost of fuel, machinery and fertilizer. They also avoid purchasing expensive items because global grain gluts have driven down crop prices. The manufacturer Degelman Industries' Chad Jones said, "They may not buy a million-dollar combine but they will buy a $100,000 tool." He was standing in front of his yellow-painted rockpickers and rippers, as well as other equipment from the company, at Canada's Farm Show, held in March. According to the Association of Equipment Manufacturers (AEM), a group that represents the major players in North American agriculture, farmers are still spending, but at a much lower level than they did in previous years. The group said that in March, sales of large-ticket items such as tractors and combine were down between 30 %?and 40 % in the U.S. compared to last year. Farm machinery sales are being hammered due to the squeeze on farmer's finances, exacerbated by President Donald Trump's tariffs in his trade war that has increased the cost of production for already expensive machines such as tractors and combine harvesters. The items are made from a large amount of steel, and sometimes with imported components. Trump's administration plans to impose a 25% tariff, rather than a 50% one, on finished goods imported from abroad that contain aluminum and steel. This will increase the price of these products. Goods that are primarily made of steel and aluminum such as tractors and combine will still be subject to the 50% tariff in place since almost a full year. John Deere's official stated that in its latest quarterly earnings call the company estimated tariffs would cost $1.2 billion by 2026. He also said that 2025 tariff costs were not passed onto farmers. Trump called for price cuts from manufacturers last Friday to help farmers. Trump's tariffs may be the cause of the industry's woes, but they are not the only problem. Kip Eideberg of Association of Equipment Manufacturers said that the easiest way to reduce the price of machinery would be to "significantly scale back the tariffs which are hitting the manufacturer, and the retaliatory?tariffs which are hitting farmers." The trade wars between the U.S. and China have affected U.S. crop sales. The soybean export market has been depressed for several months, resulting in huge stocks and a drop in crop prices. Leigh Anderson, economist at Farm Credit Canada, said that the farmers were concerned about their profitability for the next growing season. This has led to a delay in replacing equipment. He said that farmers have delayed purchases and hung on to older equipment longer. The farm show in Regina showed that farmers were not interested, as they did not test drive tractors or other large machinery. The show attracted over 5,000 attendees, but many of the displays were quiet. Eideberg, from AEM, said that it is fair to say that the purchasing behavior has changed. AEM hopes to cut tariffs because it is difficult to lower the cost of machinery and fertilizer production once they are high. Eideberg said, "That is the immediate relief which will make a difference for both farmers and manufacturers." (Reporting and editing by Emily Schmall, Aurora Ellis and Ed White)
Sources say that US refiners Phillips 66 and Citgo are looking to purchase crude oil directly from Venezuela.
According to sources who are familiar with these efforts, Phillips 66, Citgo Petroleum, and other U.S. refiners want to purchase heavy crude oil directly from Venezuelan oil giant PDVSA in order to maximize their profits. They do not plan to use trading houses or the U.S. oil giant Chevron. Trafigura Trading and Vitol secured the first U.S. export licenses for Venezuelan oil in January as part of a $2 Billion deal between Caracas & Washington. Chevron holds an authorization to ship and operate in Venezuela since last year.
Refiners have purchased cargos from these three companies in the U.S. as well as other countries. The pool of buyers will gradually expand after the U.S. President Donald Trump issued a general licence late last month, which authorized broader oil imports from the OPEC nation.
Three sources confirmed that Phillips 66 is a major refiner in the United States and has been seeking internal approval to buy directly from PDVSA. One of the sources said that once the company is ready to go, they plan to charter tankers and load crude oil at PDVSA terminals. Sources spoke anonymously due to commercial sensitivities.
A Phillips 66 spokeswoman declined to comment on 'commercial activity, but stated that the refiners Gulf Coast facilities are capable of processing a variety of crude oils and access to heavy oil presents a valuable business opportunity.
Last month, the company purchased Venezuelan oil at a price of $9 per barrel less than Brent crude.
The White House announced on Friday that the Trump administration is responding in large part to the overwhelming interest of oil and gas companies.
Taylor Rogers, a spokeswoman for the president's office, said that "the team works around the clock" to respond to requests from oil companies.
CITGO WANT OIL DELIVERED - TO U.S. GULF
Citgo Petroleum, a Venezuelan-owned U.S. refining company, is also in discussions to buy crude from Venezuela directly. However, the company wants to have it delivered to U.S. Gulf Coast. This is difficult due to PDVSA’s limited number vessels, according to another source.
Citgo intends to use the opportunities under the general licence to purchase crude from Venezuela directly, the company stated in an email statement. It added that it plans to process Venezuelan oil in the coming month at its Gulf Coast refining facilities. Citgo bought from Trafigura in January a cargo of Venezuelan heavy oil for delivery in February. This was its first Venezuelan import since 2019.
Three other sources confirmed that Valero, which is the second largest U.S. refiner, and the top buyer of Venezuelan crude oil from Chevron in the United States, will buy directly from PDVSA after assessing the state of Venezuela's loading facilities. The company had previously purchased Venezuelan crude for delivery to the U.S. Gulf Coast from Vitol. Valero will increase its imports of Venezuelan Oil. Up to 6.5 Million barrels of Venezuelan Crude are expected for delivery in March at its Gulf Coast Refineries, making Valero the largest foreign refiner. Chevron is expected to make the bulk of these purchases.
Valero and PDVSA didn't immediately respond to requests for comment.
Chevron and Vitol have not responded to requests to comment on the impact of refiners buying directly. Trafigura declined a comment.
CHALLENGES Ahead
Washington is adjusting regulations to do business with Venezuela which remains under sanctions. This could cause refiners to face difficulties in the weeks ahead when trading for April delivery starts. PDVSA told potential buyers that they needed individual licenses from the US or clearance specific to their business. Four sources reported last week that the Treasury's Office of Foreign Assets Control lifted cargoes in its ports. Three sources also said that many U.S. Banks were reluctant to finance Venezuelan oil transactions. Many refiners, in addition to the general license that they intend to use over the next few months, have also submitted individual license requests.
Venezuelan crude oil prices have fallen in recent days, as more Venezuelan oil is heading to the U.S. and not China.
Sources say that Vitol and Trafigura 'offered Venezuelan Merey Cargoes at $10 Per Barrel Below Brent' in the last few days. This is cheaper than prices as low as $6-$7.50 Per Barrel below Brent from last month. Vitol and Trafigura, according to the U.S. Energy Secretary Chris Wright, have negotiated prices that are around $15 below Brent per barrel for initial Venezuelan crude purchase. This has resulted in $500 million of sales in a single month. Estimates claim that they made up to $4 profit per barrel, after transport and storage costs. Reporting by Nicole Jao, Marianna Pararaga and Arathy Smasekhar from Houston. Editing and editing by Nathan Crooks, Rod Nickel and Rod Nickel.
(source: Reuters)