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Sleijpen, ECB's Sleijpen, says that energy prices will likely hit the wider economy faster than 2022.
Dutch Central Bank Governor,?Olaf Sleijpen?said Tuesday that the rising oil and gas prices will likely affect the economy faster than they did during '2022's energy crisis. The Dutch representative in the ECB Governing Council stated that he and his colleagues would have more information on their April meeting about the second-round effect, which occurs if firms raise?their price to offset higher input cost and employees demand higher wages. We can't control the price of oil and gas, but we are able to act if we notice second-round effects. "I think we'll have more information?on that front - in April", he said, referring to ECB rate-setting on April 30. Sleijpen explained that in 2022 when the Ukraine war began, energy prices rose, the economy was in a low-inflation period, so it took longer for people to adjust to the price increase and realize the impact on their purchasing power. He told reporters in Amsterdam that "everyone is more alert now so shocks can easily spread?throughout the economy". Sleijpen stated that inflation expectations and producer 'prices' would be the key indicators for ECB at the April meeting. However, he said the data was still incomplete. He said, "It's going to be limited but we will have to work with it." The complete picture won't have emerged by the end of April. Bart Meijer is reporting; Barbara Lewis is editing.
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Sources: EDF will face EU probe over state aid for nuclear power plants
EDF will face an EU investigation into a state aid package for the construction of six nuclear power plants. This is due to 'concerns that the support would reinforce the market dominance of the French state-owned utility. The plan, which is worth tens and tens billions of Euros, is at the heart of France's plan for renewing its nuclear fleet. It would add 10 gigawatts to France's capacity. A long EU investigation could delay that timeline. People said that the European Commission,?the EU's competition enforcer, will open an investigation in January. The French government asked Brussels late last year to approve state aid, including a subsidised loan covering at least 50% of the construction costs of six nuclear reactors. The new plants will replace the old nuclear plants and secure future energy supply to?cover the rising demand in the next decade, which is driven in part by data centres' energy needs. The people who spoke to the media said that EU regulators wanted more time to examine the complex undertaking. It is one of the largest public projects undertaken in the country for many years. Brussels is worried that six new power stations will further consolidate the dominant market position of EDF, a state-owned energy company. The company currently controls more than 75% France's net energy production. One source, citing concerns from the Commission, said that boosting EDF's share of the market could distort the competition and prevent new players from entering the market. EDF, the French Energy Ministry and the Commission declined to comment. In 2020, the project estimated in 2022 will cost 72.8 billion euro ($84 billion). One of the people said that an in-depth investigation by the EU would allow the Commission to create a 'ironclad' case in the event Austria's government, which is against nuclear power, launches a legal challenge to the Commission's approval of the deal. This, according to some EU officials, seems likely. Vienna has challenged state aid in the past for nuclear projects in Hungary, and a former EU member Britain.
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Gold trims losses after investors consider conflicting signals about Mideast talks
Gold prices have pared their losses after dropping by more than 2% on Tuesday. Investors remain wary of the Middle East conflict, despite conflicting signals about Iran-U.S. negotiations. Around 0820 GMT, spot gold fell 0.2% to $4396.74 an ounce. Prices fell more than 8% to $4,097.99 an ounce on Monday, the lowest level since November 24. They then pared some losses. U.S. Gold Futures for April Delivery fell?1.5%, to $4340.90. Iran denied that it had held any talks with the U.S., after President Donald Trump backed down on his threat to bomb Iran's electricity grid. He cited what he called productive discussions with unnamed Iranian official. The Israeli military reported that Tehran fired multiple waves of'missiles' at Israel on Tuesday. It's all about the?event unfolding (in this?) U.S.-Israeli-Iran conflict. The key stakeholders do not have a uniform message across the board here ....so we can see that markets are in flux at this time," said Kelvin Woong, senior analyst at OANDA. Benchmark Brent is above $100 per barrel. The higher crude oil prices tend to increase inflation because they drive up the cost of?transportation and manufacturing. Gold's appeal to hedge against inflation is usually boosted by rising inflation, but high interest rates reduce the demand for this non-yielding investment. Since the U.S. and Israeli war against Iran began on?February 28, spot gold prices have fallen by 18%. According to historical trends, "liquidity needs" could keep gold under pressure from four to six week. Standard Chartered analysts said that price risks are likely to increase if inflation fears, debt or recession concerns or?oil scares take precedence. Markets are currently torn by the inflation shocks, negative output growth and the risk of rate increases. Spot?silver fell 3.4%, to $66.70 per ounce. Palladium fell 2.7% and spot platinum dropped 2.1%. Reporting by Noel John in Bengaluru, Pablo Sinha, Swati verma, and Mrigank Dahniwala. Editing by Sumana Nandy and Rashmi aich.
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Rubio will testify in the Venezuelan foreign agent case of an ex-congressman
Former U.S. Senator Marco Rubio will?testify Tuesday?in the criminal trial of David Rivera. David Rivera is facing criminal charges relating to his alleged role as a non-registered agent for the government of Nicolas Maduro, who was ousted from Venezuela. Rubio's testimonies will take him briefly out of Washington where he was engaged in high level diplomacy surrounding U.S. president Donald Trump's Iran war, and into a federal courthouse downtown Miami where his political career started. U.S. prosecutors claim that Rivera, a former member of the U.S. House of Representatives who represented southern Florida?from 2011 to 2013 lobbied U.S. lawmakers in 2017 to ease pressure on?Maduro, without disclosing he had been paid $20 million by a Venezuelan subsidiary of a state-owned firm, a violation of Foreign Agents Registration?Act. Rubio was his former roommate, who later became a U.S. senator for Florida. Rubio and Rivera, both Cuban Americans who are Republicans, have criticized the left-wing governments in Cuba and Venezuela for most of their careers. RIVERA SAYS THAT HE TRYED TO HELP VENEZUELAN Opposition The prosecution claims that Rivera met twice with Rubio in 2017 to promote a negotiated resolution to the escalating tensions between the United States and Maduro without disclosing his indirect payment by Venezuela. In his opening statement, Roger Cruz, the prosecutor for the case said: "You will hear about how he wouldn't have sat with his old buddy if he had known that David Rivera secretly worked for Venezuela." Rivera has entered a not guilty plea to the charges of money laundering and acting as a foreign agent who isn't registered. Edward Shohat said in his opening statement, that Rivera had tried to help the Venezuelan Opposition get Maduro out of office. Shohat stated that Rivera's interactions were distinct from his contract at Citgo Petroleum. Citgo Petroleum is a U.S.-based subsidiary of Venezuela's oil company. He claimed that Rivera's?work for Citgo was purely business and not political, so he didn't have to register as a foreign agent. Shohat stated that "David Rivera did not have any reason to inform Rubio of this contract." Shohat said that both Rivera's meetings with Rubio were about working "with the Venezuelan Opposition." Trump increased financial sanctions against Venezuela in his first term despite the alleged lobbying efforts. U.S. Special Forces captured Maduro during a raid in Caracas on January 3, and brought him to New York, where he will be charged with drug trafficking. He has pleaded innocent. Reporting by Luc Cohen, Miami Editing Rod Nickel
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South Africa's Nuclear Energy Firm to Bid for New Multi-purpose Research Reactor
NECSA, a South African nuclear energy company, will launch soon the next phase a 'new multi-purpose research reactor aimed at?maintaining a 'top global exporter of'medical isotopes. Its CEO said on Tuesday. Small nuclear reactors are dedicated to training and science, not energy production, and create the isotopes that can be used to diagnose and treat diseases such as cancer or heart disease. CEO Loyiso Tiabashe stated in an interview that NECSA aims for a new plant of 20-30 megawatts to be operational by 2032/33. He said that the original deadline for the request for proposal was March 31. If this date is not met, "I'll be focusing on the first quarter of the fiscal year, from April to June," the official stated. He said that discussions with the National Treasury and other key government departments continue. CEO: COMPANY WANTS EPC OR TURNKEY CONTRACT. Tyabashe stated that NECSA preferred a 'turnkey' or an?engineer, procure and build (EPC) contract in order to minimize the project risks. Both contracts require the contractor to be responsible for the entire project until it is delivered. He said that potential vendor countries could include Russia, China and South Korea. He said that the new reactor will operate in conjunction with the 20 MW Safari 1 research reactor, which has been operating at Pelindaba for decades. This will extend the life of Safari 1. Safari 1 has been in operation since 1965. It is one of the top producers of Molybdenum-99 (or Mo-99), which is used to diagnose cancer, heart disease, and other illnesses. "We want our operations to run in parallel, so we can solidify our position in the market for isotopes and avoid creating a gap, because customers will leave once they're gone." NECSA will also?start the tender process to build a small modular reactor pilot, and an expression of interests is expected later this month. He refused to reveal 'the cost of the Multi-Product Reactor but said that together with the SMR Initiative, the two programs made the majority of an 80 billion Rand ($4.72 billion), infrastructure push by NECSA for rebuilding South Africa's Nuclear Capacity.
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Sources say that BPCL has appointed Manoj Heda as the head of its Singapore business unit.
Bharat Oil Corp, the state-owned Indian oil company, announced on Tuesday that its head of international trade, Manoj heda, will lead the trading unit in Singapore. BPCL has incorporated a fully-owned subsidiary Bharat Oil Global Energy Services Pte. Ltd. on February 26th, 2026 in Singapore. It said that the new entity would set up a "trading table for trading in crude oils, natural gases,?petroleum, and other petrochemicals" as well as associated activities. Sources said that the unit is expected to begin operations in April. Sources added that Manish Parikh would be the chief financial officer. Sources refused to identify themselves as the appointments had not been made public. Heda joined BPCL as a senior finance manager in 1999. According to his LinkedIn profile, he has been a executive director of?international risk management and trade since May 2023. BPCL Chairman, Sanjay 'Khanna said in January that the new entity 'will help identifier opportunities to buy crude oil for BPCL as well as expand the company’s?presence? in the trading of liquefied -natural gas and refined fuels. BPCL has a crude capacity of 706,000 barrels a day across three?refineries. It is?looking at building a new refinery within the southern Indian state Andhra Pradesh. (Reporting and editing by Edwina G. Gibbs; Nidhi V. Verma)
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Kenyan fuel retailers run out of stock due to Middle East conflict
Kenyan independent fuel retailers have reported that they are running out of fuel due to the war in Iran. They also said that 20% of their outlets were affected after the regulator frozen pump prices despite global oil costs rising. Martin Chomba of the Petroleum Outlets Association of Kenya said that dealers are likely to begin hoarding petroleum in anticipation of a consumer fuel price increase next month. African countries are most vulnerable to supply disruptions as well as higher prices, after the conflict all but stopped shipments of one-fifth of world oil and liquefied gas through the Strait of Hormuz. Kenya obtains all its fuel supplies from the Middle ?East through government-to-government deals with Gulf crude producers and refiners. Chomba's association, which represents independent retailers, transporters, and other service providers, said: "We are experiencing a shortage of supply." Chomba serves 68% the market in South Africa. If the Middle East tensions continue, it is estimated that 20 percent (of 3,100 retailers) will be affected ...(in two weeks. The Energy and Petroleum Regulatory Authority, a state-run regulator of the sector, left the pump prices for petroleum product unchanged for the following 30 days despite the surge in international crude oil price. Chomba, in reference to the possibility that hoarding could occur, said: "Real shock will be on its way." ?He added that POAK had been pressing authorities in Nairobi to ?end the government-to-government ?deals and allow fuel marketers to purchase products from private suppliers as a contingency measure. EPRA Director-General Daniel 'Kiptoo Bargoria said that Kenya has "sufficient stocks", and that the regulator would release a statement on Tuesday. Nelson Koech of the ruling party said that "speculation, hoarding, panic buying and hoarding...?especially by oil marketers?in?anticipation?of a price increase" has seen demand rise over the last two weeks. This, in turn, has affected access to supplies. (Reporting and writing by Edwin Okoth, Humphrey Malalo, Elias Biryabarema. Editing by Ammu Kanampilly and William Maclean.)
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Oil prices rise as the glimmering relief from the Iran war fades
The global stock market fell on Tuesday while oil prices rose, as the relief rally that was sparked by President Donald Trump's decision to delay the bombing Iran's electricity grid fizzled, leaving investors in a state of uncertainty about the outcome of the Middle?East conflict. U.S. Treasury Yields rose and the dollar gained ground in a retracement of a rally that had swept the markets overnight. Trump extended his Saturday deadline for Iran to open the Strait of Hormuz to 48 hours citing "productive talks" Tehran. As the world struggles with a global energy crisis, Iran denies that it is in talks with the U.S. Israeli officials stated on Tuesday that Trump wants to reach a deal with Iran but it is unlikely any discussions will be successful. After Trump announced the delay, oil prices rose back to $100 per barrel. Tony Sycamore, IG's market analyst, said that the underlying situation was still fragile or flammable. It doesn't seem like all parties are on the'same page'... Trump can talk as much as he wants, but the Strait of Hormuz is closed, and will remain closed until the Iranians "get on the'same page', and that's the problem." STOXX 600 fell 0.4% in Europe after rising 0.6% on Monday. S&P futures declined by 0.4% while Nasdaq's futures dropped?0.36%. The shares in Asia closed in green despite being below their day's peak. The Israeli military reported that Iran launched waves of missiles towards Israel. Semafor, citing an official from the United States, reported that "the U.S. would continue to strike Iran with a pause only for attacks on Tehran’s energy sites." Oil prices rose again on Tuesday, despite the ongoing war and the fact that shipments of liquefied gas and oil through the Strait of Hormuz are still restricted. Brent crude futures for June were up 2%, at $98 per barrel. This reversed some of the 10% decline from the previous session. U.S. crude was up 3%, to $90.7 a barrel. Thomas Mathews is the head of Asia-Pacific markets at Capital Economics. He said that even if the war ends soon, energy prices could remain higher and bond and equity prices lower for a longer period than they would have otherwise. YIELDS RISEN, DOLLAR PARES LOSES U.S. Treasury Yields rose on Monday after a steep fall overnight. Little clarity about an end to the conflict led traders to price in a hawkish outlook for global interest rates. The yield on two-year bonds rose up to 8.5 basis points overnight to a peak of?3.916%, before retracing to 3.882%. This is a 5 bps increase for the day. Meanwhile, the yield on benchmark 10-year bonds was up 3 bps to 4.368%. Investors have abandoned the hope of further monetary easing and are now pricing in rate increases across developed nations. Futures indicate a slight chance of an increase, but the U.S. Federal Reserve will likely keep rates at a?hold' this year. The Bank of England and European Central Bank, on the other hand, are expected to increase rates. Kit Juckes is the head of FX Strategy at Societe Generale. He said: "Unless the Strait of Hormuz (is reopened) very quickly, we will still be more than likely to see higher interest rates, and an increase in the costs of oil importers?in coming weeks." The U.S. Dollar, on the other hand, recovered from Monday's lows. This pushed the euro down by 0.27%, to $1.1581, and sterling fell 0.5%, to $1.339. Spot gold remained stable at around $4,400 per ounce. Prior to Trump's announcement, gold had been trading at a four-month low below $4,100 on the expectation of longer-term increases in U.S. interest rates. (Rae Wee contributed additional reporting from Singapore; Christopher Cushing, Arun Koyyur and Arun Kuyyur edited the article.)
Australian petrol stations run out of fuel despite well-supplied market
Local media reported that despite assurances from Australian ministers, the market was well-supplied.
The Sydney Morning Herald reported on Tuesday that New 'South Wales, Australia’s most populous state, had 165 petrol stations without diesel and 298 with no gasoline at all. This is as consumers stockpile fuel in anticipation of the U.S./Israeli war against Iran.
Chris Bowen, the Energy Minister, confirmed in Parliament that there were shortages at petrol stations across multiple states.
Bowen announced on Tuesday that fuel standards would be relaxed again, allowing more diesel to enter the market. This comes after Bowen had already lowered sulphur limits.
Bowen stated that the six-month adjustment would lower the "flashpoint of diesel" to 60.5 Celsius, from 61.5 Celsius. (to 140.9 Fahrenheit from 142.7 Fahrenheit). This?would increase the supply from Australian refineries as well as international sources.
In a press release, he stated that "Australian?refineries now have more flexibility in making diesel" and will be able to source from a wider range of markets.
Bowen appointed a task force to oversee fuel supplies in rural areas. The group met for the very first time on Tuesday.
The government has also released fuels from its reserves and stored diesel for 30 days.
Fatih Birol, the chief of the International Energy Agency, spoke to the National Press Club on Monday in Canberra. He called "the storage" a solid number and listed fuel-saving measures like working at home, lowering speeds and limiting business trips.
Madeleine King, Minister of Resources, said that it is a problem if crude oil becomes difficult to obtain. "But Australia is well-supplied at the moment, and will continue to be." (Reporting Helen Clark; editing Thomas Derpinghaus).
(source: Reuters)