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Oil prices rise despite a gloomy economic outlook and a potential OPEC+ production hike
The oil prices rose slightly in the early trading on Monday, but remained under pressure from the uncertainty surrounding trade talks between China and the U.S. This clouded the outlook for the global economy and fuel demand. Meanwhile, the prospect of OPEC+ increasing its supply added to the gloom. Brent crude futures, and U.S. West Texas intermediate crude, both rose for a third day, gaining 9 cents each by 0025 GMT, to $63.11 and $66.96 a barrel. Michael McCarthy, CEO of Moomoo Australia's online trading platform, said that the lack of news was pushing the oil prices higher. Traders are positioned ahead of a potential increase in OPEC+ production from the May 5, 2015 meeting as well as a significant boost in US production. When they meet on 5 May, some members of the Organization of the Petroleum Exporting Countries (OPEC+) and their allies are expected to suggest the group increases oil production for a second month in a row. Brent and WTI fell by more than 1 percent last week due to fears of an oversupply, and the potential impact of tariffs. Markets have been rocked with conflicting signals coming from U.S. president Donald Trump and Beijing about the progress being made in de-escalating a trade dispute that threatens global growth. Scott Bessent, the U.S. Treasury secretary, did not support Trump's claim that talks with China are in progress. Beijing had earlier denied that any negotiations were underway. Participants at the International Monetary Fund Spring Meetings and World Bank Spring Meetings stated that Trump's Administration was still conflicted about its demands of trading partners who were hit by his tariffs. Investors will also be watching the nuclear talks that are taking place between Iran and United States this week in Oman. Abbas Araqchi, the Iranian Foreign Minister, said that he was "extremely conservative" in his assessment of the outcome of the talks. State media reported that a powerful blast at Iran's largest port, Bandar Abbas, has left at least 40 dead and more than 1,200 injured. After a meeting between Trump, the Ukrainian president Volodymyr Zelenskiy and Vatican officials the day before, the top officials of the Trump administration demanded that Russia and Ukraine make progress on a deal. (Reporting and editing by SonaliPaul; Florence Tan)
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James Hardie's backlash prompts Australian stock exchange to review M&A regulations
ASX, the Australian stock exchange operator, announced on Sunday that they had begun a process to implement their rules for shareholder approvals of mergers and purchases. The ASX announced its decision to review the listing process a day before fibre-cement manufacturer James Hardie said it would conduct a shareholder vote prior to making any decisions to change its ASX listings status. Investors in Australia recently called for a review of the listing rules. They argued that it is unfair that companies are able to issue shares without shareholder approval. James Hardie proposed to acquire AZEK for $8.75 billion, and they said that the deal would dilute the interests of existing shareholders. They also claimed it would alter their rights with no vote. The bourse operator stated that the uproar surrounding James Hardie’s waiver request prompted increased investor interest to strengthen shareholder approval requirements for major transaction involving listed companies. This prompted them to launch a process of review. As of 0026 GMT, shares of James Hardie rose 4.7%.
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Saigo, a Japanese player, wins Chevron in the largest major LPGA playoff ever.
Mao Saigo, a Japanese player, won the Chevron Championship after beating four other players in a sudden-death playoff. The 23-year old won his first major after being tied with Ryu Haeran of South Korea after three rounds. However, a few late mistakes led to a score of two over par on Sunday. She sank a birdie on the par five 18th hole to keep herself in it. She joined China's Yin Ruoning and South Korean Kim Hyo Joo as well as Thailand's Ariya Jutanugarn, and Lindy Duncan from the United States, in the playoff. In a televised statement, she said: "It was important that I made a birdie on 18, and it gave me more confidence for the playoff." After both Yin, and Jutanugarn missed their birdie attempts, she won the match with a birdie on the 18th hole in the lone playoff hole, causing gasps in The Woodlands. Saigo said, "This is a dream." It was one of my biggest dreams and goals for this year, so I can't quite believe it. The LPGA's second-largest ever playoff was a six-person match-up, which had previously been recorded in non-major competitions. (Reporting and editing by Himani Sarkar in New York, Amy Tennery is based in New York).
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Alkane, an Australian company, will acquire Mandalay Canada in a $358 million merger deal
The companies announced on Monday that Australia's Alkane Resources would acquire Canada's Mandalay Resources through an all-share transaction valued at A$559.1 millions ($357.8million). This will create a combined gold and antimony manufacturer. The implied market capitalization for the merged entity is A$1.01 Billion. The merger is part of a global wave of consolidation in the gold sector, as miners take advantage of bullion prices nearing record highs for their own portfolios and operations. Mandalay shareholders receive 7,875 Alkane Shares for every Mandalay Share, a 55% ownership in the combined entity. The combined company is expected to produce over 180,000 gold equivalent ounces by 2026. It currently operates three mines, two in Australia and Sweden. Current Alkane Managing Director Nic Earner will lead the Australian-headquartered company, which will combine Alkane's recently expanded Tomingley gold operation with Mandalay's Costerfield gold-antimony mine in Australia and Bjorkdal gold mine in Sweden. Reporting and editing by Sandra Maler, Will Dunham, and Roushni Nair in Bengaluru. $1 = 1.5623 Australian Dollars
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Bessent doesn't support Trump in China tariff talks
U.S. Treasury Sec. Scott Bessent said on Sunday that he didn't support President Donald Trump in his assertion that tariff negotiations with China are underway and he didn't know if Xi Jinping, the Chinese president, had spoken to him. Last week, the Trump administration showed a willingness to deescalate tense trade relations between China and the United States that have sparked fears of recession. Trump has confirmed that talks are taking place on tariffs with China, and he and Xi spoke. Beijing denies that trade talks have taken place. Bessent is a key player for the U.S. in trade negotiations with many countries. He said he interacted with his Chinese counterparts during meetings of the International Monetary Fund in Washington last week, but didn't mention tariffs. He said, "I had an interaction with my Chinese equivalent, but we focused more on traditional issues like financial stability and global economic early warnings," on ABC's This Week. Bessent said, "I do not know if Trump spoke with President Xi." "I'm sure they have a good relationship, and respect each other." Bessent was asked why the Chinese denied talks. "I think that they are playing to a completely different audience." Bessent did not provide a timeline for any possible agreement with China, despite his statement last week that the tariff negotiations with Beijing will be "slog". He said that a trade agreement can take several months to complete, but a deescalation of tensions and an agreement on principle can be reached sooner. This would prevent tariffs from increasing back up to their maximum levels. Trump's unpredictable and confusing tariff rollout has affected many countries, including the biggest U.S. trade partners like Canada, Mexico, and China. This has led to an unprecedented level of market volatility, and a serious erosion of investor confidence in U.S. assets. In an interview with a television station on Sunday, Agriculture secretary Brooke Rollins stated that the United States and China were in daily contact over tariffs. She did not provide any further details. Rollins stated on CNN's State of the Union that "every day we are having conversations with China and those other 99,100 countries who have come to the table." Reporting by Doina Hesson and Ted Hesson, Editing by Don Durfee Mark Porter Sandra Maler
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Lavrov: Russia will continue to attack sites used by Ukraine’s military
In an interview broadcast Sunday, Russia's Foreign Minister said that Russia would continue to target military sites in Ukraine, while Ukrainian President Volodymyr Zelenskiy reported 70 Russian attacks. Sergei Lavrov is the top diplomat in Moscow. He said that a deadly Russian phrase. Missile strike The attack on a Kyiv residential building last week did not target an "absolutely civil" target. Lavrov told CBS' "Face the Nation", in an interview taped Thursday, after the attack: "We will continue targeting the sites used either by the Ukrainian military or by mercenaries and instructors from other countries who are officially being sent by the Europeans to help target Russian civil sites." The strike that killed at least twelve people drew an audience of a rare rebuke The Russian President Vladimir Putin From the U.S. president Donald Trump On Friday, on social media "Vladimir STOP." Zelenskiy who? Trump met with his supporters On Saturday before, there was a big event in Rome Francis' Funerals On Telegram, he wrote that his top commander reported that Russia has already carried out nearly 70 attacks Sunday. He said that the situation was still difficult. The situation on the front line and the actual activity of the Russian Army proves that the current pressure from the rest of the world is not enough to stop this. ", he wrote Sunday. Lavrov said that Russia had never been offered to assist Ukraine in operating its Zaporizhzhia Nuclear Plant. He said that Russia was willing to store Iran’s enriched nuclear materials if both parties agreed. United States I think that's useful.
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Greenland and Denmark affirm their alliance amid Trump's desire for US control
After talks in Copenhagen, Greenland's and Denmark's leaders agreed to intensify their relationship in response to the desire of U.S. president Donald Trump to take control of a strategically located Arctic Island. Greenland’s new prime minister Jens-Frederik Nielson landed in Copenhagen on Saturday, for a 3-day visit. The trip was a show of unity between Denmark and the island rich in minerals, which is a semiautonomous Danish territory. Nielsen, at a press conference held with Danish Prime Minister Mette Fredericksen, said: "We're in a foreign-policy situation that means we need to work together." Nielsen's visit comes after months of tension sparked by Trump's repeated statements that Greenland should be part of the United States. Leaders of Denmark and Greenland said that only Greenlanders could decide the future of their territory. They have had to tread a fine line between rejecting the U.S.'s ambitions to annex Greenland and maintaining good relations with their traditional ally. Nielsen stated, "We want to be treated with respect and are open to a stronger partnership (with the U.S.). We won't be sold as a piece property by anyone." Greenlanders are anxious about the ongoing expansion of the U.S. Consulate in Nuuk, Greenland’s capital. This agreement was made before Trump was elected. Nielsen didn't confirm or deny that he was in touch with the U.S. government since assuming office earlier this month. Nuuk and Copenhagen have a warmer relationship after Greenland’s former prime minister blamed Denmark in December for a "genocide" that occurred in Greenland. In January, he intensified his push for independence. Frederiksen stated that Denmark is ready to invest in Greenland more and support Greenland financial as Greenland takes on more responsibility for domestic affairs, taking it over from Copenhagen. This was part of a "modernisation", as she described their relationship. Nielsen and Frederiksen both said that they are committed to strengthening defense in the area. Denmark's King Frederik is set to travel to Greenland Monday as a show of solidarity. (Reporting and editing by Jacob GronholtPedersen, Louise Rasmussen, and Helen Popper.)
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US, Philippine troops shoot down drones in joint defence drills
U.S. soldiers and Philippine soldiers destroyed drones using Stinger missiles in live-fire drills Sunday. The exercises were part of an annual joint military exercise that took place during a time when tensions between Beijing and the Philippines over the South China Sea are simmering. More than 14,000 Filipino and U.S. troops are participating in this year's Balikatan, or "shoulder-to-shoulder", exercises, which run until May 9, focusing on a "full battle test" between the two defence treaty allies in response to regional security concerns. China has condemned the drills for being provocative. The drills took place in Zambales, a province located on the west coast of the Philippines. It faces the South China Sea - a hotspot between China and Southeast Asian countries. The relationship between Beijing and Manila is at its lowest point in many years, amid frequent clashes over the disputed waterway which have raised fears of a possible military conflict. Chinese state broadcaster CCTV reported last week that the country's Coastguard had conducted maritime controls operations at Sandy Cay - which China calls Tiexian reef - exercising sovereignty jurisdiction. The Philippines conducted a maritime mission in the area on Sunday, observing "illegal presences" of Chinese coastguard vessels and "maritime militia ships". The Philippine military described the drills this year as a practice for national defense, but said that the exercises were not aimed at any particular country. The Marine Air Defense Integrated System (MADIS) was used in the integrated air and missile defense exercise at Zambales. This was the second time the MADIS system had been deployed to the Philippines and the second time it had been tested live. After the exercise, 3rd Marine Littoral Regiment officer John Lehane said to reporters: "This type training is absolutely invaluable for us." The NMESIS anti-ship missile was also unveiled at Balikatan this year. This system will be used during key terrain maritime security operations near Taiwan, in Northern Luzon, and on the Batanes Islands. (Written by Karen Lema, edited by Helen Popper).
Iran's ruling class caught between Trump's repression and an economy in trouble
Iran's clerical leadership may find that engaging the "Great Satan" in order to negotiate a nuclear agreement and ease crippling economic sanctions is the lesser evil.
Four Iranian officials have said that despite its deep mistrust for the United States and in particular President Donald Trump, Tehran is growing increasingly worried about public anger at economic hardships escalating into massive protests.
People said that despite the defiant and unyielding rhetoric of Iran's clerical leadership in public, there was a pragmatic desire within Tehran's power corridors to strike a bargain with Washington.
Tehran's fears were exacerbated when Trump revived his "maximum-pressure" campaign from his first term, which aimed to reduce Iran's oil sales to zero by imposing more sanctions. This would bring Iran's fragile economy to its knees.
Masoud Pezeshkian, the president of the Islamic Republic of Iran, has repeatedly emphasized the severity of its economic situation, saying that it was more difficult than the Iran-Iraq War in the 1980s. He also pointed this month at the latest round U.S. sanction targeting oil tankers transporting Iranian oil.
According to one of the Iranian officials, leaders are concerned that cutting off diplomatic avenues could further fuel discontent in Iran against Ayatollah Ali Khamenei. This is because he is the final decision maker for the Islamic Republic.
Alex Vatanka is the director of the Middle East Institute's Iran Program in Washington. He said that there was no doubt whatsoever that the man, who has been the supreme leader since 1989, and his foreign policies preferences are the most responsible for the current state of affairs.
Iran's poor economy prompted Khamenei, who was then president of Iran, to back the nuclear deal struck in 2015 with major powers. This led to the lifting of Western sanctions as well as an improvement in economic circumstances. Then-President Trump’s renewed attack on Iran after he withdrew from the nuclear agreement in 2018 squeezed life standards again.
The situation is getting worse every day. I cannot afford to pay rent, bills or clothes for my kids," Alireza Yousefi said, 42, an Isfahan teacher. "Now, even more sanctions make it impossible to survive."
The Iranian Foreign Ministry did not reply to a comment request.
"ON EQUAL TERMS"
Trump, while increasing the pressure on Iran through new sanctions and military threats, also opened the doors to negotiations when he sent a letter to Khamenei suggesting nuclear talks.
Khamenei rejected the offer Wednesday, repeatedly saying that Washington had made excessive demands and that Tehran wouldn't be pushed into negotiations.
In an interview published Thursday, Abbas Araqchi, Iran's top diplomatic official said: "If we negotiate while the other party is exerting maximum pressure on us, we will be in a weaker position and achieve nothing."
He said that "the other side must be convinced of the ineffectiveness of the pressure policy - then we can sit down at the table and negotiate on equal terms."
A senior Iranian official stated that there was no other option but to reach a deal, and it was possible. However, the road ahead was bumpy, given Iran's mistrust of Trump following his abandonment of the 2015 agreement.
Iran's economic collapse has been largely prevented by China, its main oil buyer and one of the few countries still trading with Tehran in spite of sanctions.
According to estimates by the U.S. Energy Information Administration, oil exports dropped after Trump abandoned the nuclear deal, but recovered in recent years. They are expected to generate more than $50 billion of revenue between 2022 and 2023, as Iran finds ways to avoid sanctions.
But uncertainty still looms about the future of exports, as Trump's policy of maximum pressure aims to choke off Iran's crude oil sales by imposing multiple rounds of sanctions against tankers and other entities involved in trade.
PUBLIC ANGER SIMMERS
Iran's rulers also face a series of crises: energy and water shortages; a collapsing dollar; military setbacks for regional allies, and growing fear of an Israeli attack on its nuclear facilities. All of these are exacerbated by Trump's hard stance.
Lack of infrastructure investment, excessive consumption driven by subsidies and declining natural gas production, as well as inefficient irrigation are all contributing to the energy and water sector's problems. This leads to blackouts, and water shortages.
According to foreign exchange websites and officials, the Iranian rial's value has dropped by more than 90 percent against the dollar ever since sanctions were reinstated in 2018.
State media reported that Iranians, worried about Trump's harsh approach, have bought dollars, other hard currency, gold, or cryptocurrency, indicating further weakness in the rial.
State media reported that the price of rice had risen 200% in the past year. Media reports indicate that housing and utility costs in Tehran and other major cities have risen sharply in recent months. They climbed roughly 60%, mainly due to the steep decline of the rial and the rising cost of raw materials.
Some Iranian experts claim that the official inflation rate is over 50%, but it hovers at around 40%. The Statistical Center of Iran has reported a dramatic rise in food costs. In January, the prices of a third of the most essential commodities increased by 40%. They were now more than twice as high as they had been in the previous month.
According to the Tasnim News Agency, Ebrahim Sadeghifar, head of Iran's Institute of Labor and Social Welfare (IILSW), 22%-27% of Iranians are now living below the poverty level.
Last week, Iran's Jomhuri-ye Eslami daily reported that the poverty rate was around 50%.
I can't pay the rent on my carpet shop, or my employees' wages. No one can afford to buy carpets. "If this situation continues, I'll have to layoff my staff," Morteza (39), said over the phone, from Tehran's Grand Bazaar. He gave only his first name.
How can they hope to resolve the economic crisis without talking to Trump? Talk to him, and you will reach an agreement. "You cannot afford to be proud on an empty stomach."
NUCLEAR RED LINE
According to Iranian state media, at least 216 protests took place in Iran during February. These included retirees and workers, as well as students, health professionals, merchants, and healthcare professionals. According to reports, the protests were mainly focused on economic hardships such as low wages and unpaid salaries for months.
Officials fear that a decline in living standards, despite the small scale of most protests, could explode.
One of the four officials who was close to the government said, "The country is a powder-keg and any further economic strains could ignite it."
The officials stated that Iran's ruling class is aware of the possibility of a return of unrest, similar to protests from 2022-2023 over the death of Mahsa Amin in custody or nationwide protests of 2019 over the rise in fuel prices.
Senior Iranian officials said that there were several high-level discussions to discuss the potential of new mass demonstrations and possible measures to prevent them.
Iranian officials, however, said that despite concerns about possible unrest, Tehran would only go so far with any discussions with Trump. They stressed that "excessive requests" such as the dismantling of Iran's nuclear program or conventional missile capability were not on the table.
The senior official stated that "yes, there is concern about increased economic pressure and there are concerns regarding the nation's anger growing, but we cannot give up our right to produce nuclear energy just because Trump wants it."
Ali Vaez is the Iran project director for International Crisis Group. He said that Iran's leaders believed that negotiations with Trump would be a sign of weakness and could lead to more pressure rather than less.
He said: "Ayatollah Khmenei appears to believe that surrendering is the only thing more dangerous than sanctions." (Reporting, Writing and Editing by Parisa Hafezi)
(source: Reuters)