Latest News
-
After Trump said he was 'pissed' at Putin, the Kremlin has stated that it is working to bring peace to Ukraine
The Kremlin announced on Monday that Russia and the United States are working together on ideas to find a peace settlement in Ukraine, and building bilateral relations despite Donald Trump's claim that he is "pissed" at Vladimir Putin. Trump told NBC News he had been very angry when the Russian leader questioned the credibility of Ukrainian president Volodymyr Zelenskiy. The U.S. President suggested he might impose secondary tariffs between 25% and 50% on buyers of Russian crude oil. Trump told reporters that he had been disappointed by Putin, but added "I believe we are making progress step-by-step." When asked about Trump's remarks, Kremlin spokesperson Dmitry Peskov responded that Moscow continued to work with Washington. He also said that Putin was open to contacting Trump. Peskov stated that "we are continuing to work on the American side to first and foremost, build our bilateral relationships, which were severely damaged under the previous administration (U.S.)." "We are also working to implement some ideas related the Ukrainian settlement." We are working on this, but there is nothing specific that we can or should share with you. It is a long process. This is probably because it's complex." He said that a call between Trump, and Putin could be arranged at short notice, but none had been scheduled for this week. Trump, who wants to be known as a peacemaker and has said repeatedly that he wants a three-year term, wants the three year term. Conflict in Ukraine The United States and Russia have warned that the situation could escalate into a war of global proportions. OIL AND RARE ARTHS Since assuming office in January, Trump's softer stance toward Russia has made Western allies wary of his efforts to end the war. His comments on Putin Sunday show his frustration over the lack of progress on a ceasefire. If Russia and I cannot reach an agreement to stop the bloodshed in Ukraine and if I believe it is Russia's responsibility, then I will impose secondary tariffs on all oil coming out of Russia. Trump said that he would impose secondary tariffs on all Russian oil. Trump stated that "if you purchase oil from Russia you cannot do business in the United States." "There will be 25% tariffs on all oil. A 25-to-50-point tariff for all oil." The oil prices are little changed from Monday. Traders tried to work it out How Trump's threat to impose secondary tariffs on the world's largest oil exporter could look. China and India purchase about 80% the Russian crude oil exports. Chinese traders were unfazed, and Beijing claimed that its cooperation with Russia was not affected or directed by third parties. India declined comment. Both Kyiv, and Moscow have floated the idea of mineral cooperation amid Trump's efforts to end fighting in Ukraine. However, Trump stated on Sunday that Zelenskiy was not interested in a proposed agreement. Kirill Dmitriev said that the U.S. and Russia have begun talks about joint projects in Russia involving rare earth metals. Some companies have expressed interest, he added. The interest is obvious, even though there aren't any specifics. Peskov said that the interest was mutual because they were talking about projects with mutual benefits. (Reporting and writing by Gleb Stlyarov, Anastasia Teterevleva & Andrew Osborn; Editing and marking by Timothy Heritage & Mark Heinrich).
-
Reports indicate that coalition partners are close to a budget agreement, resulting in a gain of the South African rand
Local news reported that the two largest political parties in the ruling government coalition were close to reaching an agreement which could end the impasse regarding the country's budget. At 1240 GMT the rand was trading at 18.38 per dollar, a 0.3% increase over Friday's close. It had earlier traded up by more than 1%. The rand's value has been volatile for several weeks as the African National Congress and Democratic Alliance have been negotiating over the budget impasse. The uncertainty has been exacerbated by the fear of U.S. president Donald Trump's proposed tariffs. News24, a South African news site, reported Monday that ANC and DA are close to a budget agreement. Business Day also reported that a deal is close, after the DA made final amendments on Sunday to proposals for a contract. A DA spokeswoman said that budget negotiations are continuing and the party is hopeful to reach a deal. A spokesperson for the ANC did not respond immediately to a comment request. Last month, the budget was delayed due to disagreements among coalition partners about raising value added tax (VAT), from 15% to 21%. Finance Minister Enoch Goongwana then presented a revised version of the budget that included a 1-point increase in VAT spread over two-years. The DA has also rejected the revised Budget, saying that it puts the future of government in danger. However, the DA and ANC continue to discuss behind the scenes. On Wednesday, lawmakers will be examining the fiscal framework as well as revenue proposals related the budget. The Top-40 Index on the Johannesburg Stock Exchange was down by 0.6% last. The yield on South Africa's benchmark government bond for 2030 was lower by 5.5 basis points, to 9.1%. Reporting by Sfundo parakozov and Bhargav acharya; Editing and production by Alexander Winning and Philippa Fletcher
-
Dow and X-energy apply for a nuclear construction permit in Texas
The companies announced on Monday that Dow Chemical and X-energy Reactor Company had submitted a permit application to Nuclear Regulatory Commission for a proposed project at Seadrift in Texas. Why is it important? In recent years, the U.S. Nuclear Industry has experienced challenges with expansion. However, the industry is now experiencing a boom in demand due to the power-intensive nature of data centers, and the shift towards low-emission, alternative energy sources. Small modular reactors are becoming more popular among companies. They are compact, cost-effective and faster to construct than full-sized nuclear reactors which can take years to build. The project was supported by the U.S. Department of Energy (DOE) Advanced Reactor Demonstration Program. This program aims to speed up the deployment of advanced nuclear reactors via cost-shared partnership with U.S. Industry. CONTEXT Dow's advanced SMR project is being developed by Long Mott Energy and aims to replace Dow's existing energy and steam assets with clean power and industrial Steam for its UCC1 Seadrift manufacturing operations. Dow's Seadrift plant manufactures over 4 billion pounds per year of materials used in a variety of applications, including food packaging, footwear and preservation. The permit approval could take up to 30 month. (Reporting and editing by Vijay Kishore in Bengaluru, Tanay Dhumal from Bengaluru)
-
Czech cyanide producer Draslovka finds new revenue driver in the sodium-ion batteries market
The CEO of Czech chemicals manufacturer Draslovka, Pavel Bruzek Jr., said that the company expects to earn more than a quarter of its total gross income in five years due to a growing demand for sodium-ion battery. In recent years, the company has grown and derived most of its revenue from U.S. operations. It has partnered with Natron Energy this month to supply Prussian Blue material for their batteries. Prussian Blue is made by Draslovka from sodium cyanide. It's a product that it produces in both the United States and Czech Republic. Bruzek said late on Friday that a Czech production for Natron Energy is expected to begin in 2026. This will be used as a model for a bigger U.S. facility to feed Natron. Last year, Natron announced it would invest $1.4 billion into a sodium-ion batteries facility in North Carolina. Data centres, for instance, use Sodium-based Batteries for short-term energy storage. These batteries only store half as much energy as lithium-based batteries per kilogram. Bruzek stated that the global economic crisis has pushed Draslovka’s plans for raising its earnings before interest tax, depreciation, and amortization (EBITDA), to approximately $400 million by 2020, to 2029 or 2030 on revenues of around $1 billion. He said, "We're on the right track but we won't get there exactly as originally planned." He added that the new business could "definitely" contribute to a third EBITDA, and "it could be even more". Draslovka's adjusted EBITDA was $74.8 million by 2023 and its EBITDA margin was 16%. Bruzek's outlook is for a higher profit margin, driven by the sales of capital-intensive and service solutions. He said Draslovka controlled by Czech family investment firm BPD Partners and Bruzek’s family was looking for potential investors to fund expansion but, for the moment, it was supported by existing shareholders. Oaktree Capital Management invested 150 million dollars in Draslovka by 2023. Draslovka had previously considered an initial public offer, but Bruzek stated that the time wasn't right. (Reporting and editing by Andrew Heavens; Jan Lopatka, Jason Hovet)
-
Kazakh miner Solidcore reports profit increase on high gold prices
Kazakh gold miner Solidcore said Monday that high gold prices and growth in sales have almost doubled their net profit by 2024. However, they warned of the impact sanctions on concentrate delivery to Russia will have on first-quarter revenues. Solidcore (formerly Polymetal International) is the second largest gold miner in Kazakhstan. It expects to produce 487,000 gold equivalent ounces by 2025. In 2024, the company sold off its Russian assets after U.S. sanctions were imposed on its business in Russia in response to Moscow’s military actions in Ukraine. About 70% of the group's output and 50% of its core earnings came from the Russian business. Solidcore reported that, in the results for the fiscal year ending December 31 2024, Solidcore's net profit increased 96% on an annual basis to $533 millions, after excluding its Russian business, which is now classified as a discontinued operations. Solidcore reported a 49% increase in revenue to $1.3 billion. The revenue for this year is already under pressure. Solidcore stated that delays in concentrate deliveries to Amursk POX in Russia due to operational issues arising from the impact of the international sanctions on Russia are expected to have a negative impact on revenue in the first quarter. Gold prices soared to record levels on Monday, surpassing $3,100 an ounce, amid fears of inflation caused by U.S. Tariffs. The safe-haven investment is set to have its best quarter since 1986. The gold price has risen by around 18% this year. This is a continuation of its 27% increase last year which was the best performance for over a decade. In a press release, Vitaly Nesis, CEO of the company said that "in 2024 our stable performance and favorable gold prices will drive robust financial results." Solidcore plans to double its production by 2029 to 1 million ounces equivalent gold, using mergers and acquisitions across Central Asia and the Middle East. The company has therefore suspended dividend payments until further notice. Capital expenditures in 2024 will rise by 44%, to $208 millions, which is below the forecast. Capital expenditures are expected to reach $300 million this year. (Reporting Anastasia Lyrchikova, Writing by Alexander Marrow Editing Andrew Osborn.)
-
Russell: China and India's reaction to Trump's Russia oil-tariff threat is crucial.
The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of these countries? India and China are the two largest buyers of Russian crude oil. Their reaction is as important as Putin’s response to Trump’s latest shift. Trump told NBC News he was "pissed" at Putin, and that he would impose tariffs up to 50% for buyers of Russian crude if he felt Moscow was blocking efforts to bring peace to Ukraine. If Russia and I cannot reach an agreement to stop the bloodshed in Ukraine and if I believe it is Russia's responsibility, then I will impose secondary tariffs on all oil coming out of Russia. Trump said that he would impose secondary tariffs on all Russian oil. It is a reversal from his previous friendly attitude toward Putin. This had attracted widespread criticism because it was seen as a surrender to Russia and a tacit acceptance of its aggression. Russia, China, and India have to assess whether Trump's threats are credible and likely. Putin may back down a little if he believes Trump is going to increase sanctions against Russia's major export. India is in a difficult position, as Modi's stance has been to try to appease Trump. A proposal to abolish the import duty for U.S. Liquefied Natural Gas in order to increase purchases was an example. India is also a major beneficiary from the fact that the rest of world has shunned Russian crude. This has allowed the South Asian nation the opportunity to purchase discounted cargoes, so much so that Russia now ranks as its biggest supplier. According to LSEG Oil Research, India will import 1.52 million barrels of Russian oil per day in March. This represents just over 30% of the total number of arrivals. India is already refusing to buy crude oil from Iran due to U.S. sanctions. Replacing Russian barrels would lead to an increase in India's oil costs, and the scramble to find other suppliers. CHINA RISK China is less likely than the U.S. to give in to pressure, since it is the sole major buyer of Iranian oil. It is also the top importer for Russian oil. Beijing faces the risk that an additional tariff up to 50% of U.S. imported goods from China on top of Trump's 20% would cause real pain to its economy. It is already struggling for momentum. If Trump's threat of secondary duties on buyers of Russian oil is credible, this will also change the dynamics of the OPEC+ exporters group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. For OPEC+ member countries other than Russia any reduction in Russian barrels will likely boost prices and allow them to increase production and exports. It's a fight between self-interest and group solidarity. With the fiscal position of many OPEC+ countries deteriorating, it may be difficult to resist the temptation of earning more money through higher exports. For the moment, players will likely respond cautiously - at least publicly - as they attempt to determine whether Trump's new tariff threat was a thought balloon easily discarded by the next change in sentiment. Initial market reactions were subdued. Brent futures, the global benchmark, rose a modest 0.3% in early Asian trading on Monday to $73.84 per barrel. These are the views of the columnist, who is also an author. (Editing by SonaliPaul)
-
Japan Q2 Aluminium drops to $182/T due to weak demand, sources
Six sources involved in the pricing discussions said that the premium for aluminium shipped to Japanese buyers from April to June is $182 per metric ton. This is a 20% drop compared to the current quarter as domestic demand remains weak. This is a lower figure than the $228 paid per ton in January-March and marks the first quarterly decrease in five quarters. However, it is still below the initial offers made by global producers of $245-$260 per ton. Japan is the largest Asian importer for premiums and light metals For primary metal shipments, it agrees to each quarter pay over the benchmark London Metal Exchange cash price that is set as the benchmark for the area. Sources at Japanese rolling mills said that the aggressive initial offers were made because they expected U.S. Tariffs to push Canadian Aluminium from the U.S. into Europe, increasing the U.S. Premium and redirecting metal headed for Asia to North America. The source noted that the final agreement reflects the weak domestic demand. On March 12, U.S. president Donald Trump imposed 25% tariffs on all imports of steel and aluminum into the United States. He suspended the 25% tariffs that he had imposed in early March on many goods coming from Canada and Mexico. Exemptions for two of the largest U.S. trade partners expire April 2. Another source from a Japanese trading firm said that global suppliers had to make compromises to match local spot premiums of around $170, or less. Japan's automakers and construction sector demand remained weak, despite the fact that aluminium stocks were increasing at three major Japanese port cities Marubeni reports that the number of tons produced in February fell by 3.5% from the previous month. Late February, Japanese buyers and global suppliers including Rio Tinto, South32, began quarterly pricing discussions. Due to the sensitive nature of the issue, the sources refused to identify themselves.
-
Sources say that Italy is planning to invest in Newcleo, a nuclear startup.
Two sources familiar with the matter confirmed on Monday that the Italian government intends to invest in Newcleo, a nuclear startup company. This is part of its efforts to bring back nuclear power in Italy after nearly 40 years. According to one source, the right-wing alliance could invest up to 200 million euros (216.52 millions) in Newcleo through state-controlled entities. One senior official said that Rome looked with special interest at Newcleo’s projects, and was willing to invest in it. The ministers spoke following a joint announcement by Italy's Energy and Industry Ministers that the government will play an active part in the development innovative technologies in this sector, with particular focus on Newcleo’s projects. A 200 million euro investment will give Italy a prominent position in Newcleo. The company has so far raised more than 540 million euros, including from the family venture capital fund of Agnelli. The two ministers stated that "the government intends concretely to support the strengthening the national industrial chain dedicated innovative nuclear energy. Recognizing its fundamental importance for ensuring energy safety," they said. The Italian nuclear company, founded by Stefano Buono in 1985, is working on small modular reactors that are powered by reprocessed waste nuclear. Nuclear experts claim that small modular reactors reduce the initial cost of building a nuclear plant using advanced technologies. This will lower the project's risk. Last month, the Italian government approved a new law that will allow nuclear energy to be used again. It was previously banned in a referendum. The government wants to decarbonise the most polluting industries and produce nuclear energy using advanced modular reactors. The government claims that technological and safety advances have rendered the 1987 nuclear power ban obsolete. Meloni’s government is still struggling to gain support from local authorities and citizens in order to find a location to store nuclear waste. A new referendum could be held on nuclear power.
An executive says that the Angra 3 project in Brazil is still viable even without Eletrobras backing.
Eletronuclear's CEO Raul Lcurgo said on Friday that the state-run Brazilian nuclear company would still be able complete its Angra 3 facility even after Eletrobras sold its minority stake.
Eletrobras, the former state-run company, is selling its 35% stake in Eletronuclear to the state-owned ENBPar in the privatization process that will take place in 2022.
Eletrobras announced on Friday that it will no longer invest in Angra 3 a nuclear plant in Rio de Janeiro State. The project has been in development for decades and is estimated to cost $4 billion.
Lycurgo said that the company could still maintain its Angra 3 project even without Eletrobras support.
Eletronuclear will finance 90% of the cost, while partners fund the other 10%, according to Lycurgo.
Angra 3, a project that dates back to 1980, has been put on hold several times as it awaits the green light of the government.
Angra 3 is a major part of Eletronuclear’s budget, even if no work has been done on its development. It is estimated that the nuclear company spends over 200 million reais a year on the project. $1 = 5.7561 Reais (Reporting and writing by Rodrigo Viga Gaier; editing by Gabriel Araujo, Marguerita Choy, and Fabio Teixeira)
(source: Reuters)