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Starmer, UK's Starmer, heads to the Gulf for talks on reopening Strait of Hormuz
His office announced that British Prime Minister Keir starmer would 'travel to the Gulf tomorrow to 'hold talks with regional leaders to...?ensure that the Strait of Hormuz is permanently opened after a U.S. Iran ceasefire. Starmer, in a press release, said: "I welcome the overnight ceasefire agreement which will bring relief to the area?and world." "Together, with our partners, we must do everything possible to support and sustain the 'ceasefire. We need to turn it into an agreement that will last and reopen the Strait of Hormuz." Starmer, who has been heavily criticized by U.S. president Donald Trump for not'supporting the U.S.-Israeli strikes on Iran', has hosted multilateral meetings on how allies can support the reopening the strait, which is crucial to the oil and gas industry. In a British statement,?Starmer said that he would discuss diplomatic efforts "to support and uphold the cessation of fire in order to bring a lasting resolution to the conflict and to protect the UK and global economy from further threats". Before the ceasefire announcement, the visit had already been planned. Yvette cooper, British Foreign Secretary, spoke with her U.S. counterpart Marco Rubio on Tuesday. They discussed diplomatic'measures' to ensure the reopening the Strait. This included a meeting that was led by the UK and brought together more than 40 countries. Reporting by Muvija m and Kate Holton, Editing by Elizabeth Piper
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EDF invests 240 millions euros in boosting electrification
The French utility EDF announced on Wednesday that it will be setting aside 240 millions euros ($280.4) to help customers invest in heat pumps and electric heavy-duty vehicles. This is part of its efforts to accelerate France's move away from oil and gasoline and towards more electricity. In February, the French government announced ambitious electrification targets aimed at meeting climate goals and decreasing dependency on fossil fuels. The 'country produces an excess of electricity that has resulted in low market prices and declining profits for the state-owned EDF. EDF announced that it will spend '80 million Euros to help develop new industries that consume electricity, such as data centres. The rest of the money will go to low-income households who want to switch to electric heating. Data centre developers who want to complete new projects faster can already take advantage of the company's industrial sites that have grid connections installed. France produces 70% of its electricity with its nuclear fleet. This has protected the country from many price increases during the current Iran War.
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FT reports that Eramet's largest shareholder is considering exiting the company as a $500 million capital increase looms.
The Financial Times reported that Eramet's biggest shareholder, the Duval family, had hired bankers to consider selling its stake in the troubled French mining group. Reports added that the family had appointed Lazard as their advisor to help them explore the options available for its 37% stake and advise them on the capital raising of the company. Eramet didn't immediately respond to a comment request, and the Duval family couldn't be reached. The French mining group announced in February it was planning to raise a capital of?500 millions euros ($583.80) and sell assets in order to boost cash flow. This came after the company reported a sharp drop in annual earnings. Christel Bories, chair of Eramet, said that the capital increase was supported by Eramet’s major shareholders, including the Duval family, and the French state. The plan was announced following the company's full-year adjusted EBITDA of 372 million euros, down 54% since 2024. This was due to lower manganese and nickel prices, as well as a weaker US dollar. Abel Martins Alexandre, the finance chief of the nickel,'manganese, and lithium producer also faces a crisis in management after he was suspended from his position just days before he was fired.
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Two weeks of breathing in the morning bid Europe
Ankur Banerjee gives us a look at what the future holds for European and global markets After U.S. President Donald Trump and Iran agreed on a two week ceasefire, Europe will be greeted with a sparkling'relief rally' across all assets. This could pave the way for the reopening of?the Strait of Hormuz and a wider resolution. The agreement, reached just hours before Trump set a deadline for Iran to open the Strait of Hormuz, was a dramatic change from his earlier warnings that "a civilization would die tonight" if he did not get what he wanted. The agreement is conditional on the 'opening up' of a strategic waterway which carries around 20% of world oil and gas. Iran has stated that it will provide safe passage for two weeks through the strait. TACO - Tuesday brought some relief to the markets, which have been shaken since late February due to the U.S. & Israel's war against Iran. Fears of a crippling energy price shock ebbed as oil fell below $100 a barrel in Asian hours. As risk appetite increased, stocks soared in Asia. U.S. futures and European futures also showed a positive start to the session. Treasuries rose sharply as traders renewed their bets on possible Federal Reserve rate cuts by the end of 2026, and inflation fears eased as oil prices dropped. Markets will be highly sensitive to headlines, and any developments in the Middle East talks. Investors hope for some semblance of?normalcy? around the Strait of?Hormuz, which could ease the chokehold of supplies of oil and gas over the next couple of weeks. Analysts do not expect energy prices to return to levels before the war because of extensive damage to energy infrastructure in the area. This could mean that inflation concerns may persist and the rally on the short-term bond market may only be temporary. The following are key developments that may influence the markets on Wednesday. * Euro zone retail sales data for February The March Construction PMI for France, Germany, and Eurozone
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Sources say that China's teapots are looking for Iranian oil as prices have fallen.
Three trade sources reported that independent Chinese refiners, with new import quotas issued by Beijing, began'seeking immediate cargoes of Iranian oil after the oil price slumped on Wednesday. Brent crude futures fell below $100 per barrel on Wednesday, the lowest since March 11 after a?U.S. President Donald Trump announced that he agreed to a ceasefire of two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. Since the U.S. - Iran conflict erupted in late February, the Chinese refiners - known as teapots - have largely stayed out of the fray. This has caused global oil 'prices to soar, and Washington has temporarily lifted sanctions on Russian and Iranian crudes at sea, erasing any discounts on?these cargoes. A trader with a connection to Iranian oil trade told us that there were inquiries this morning, as Brent dropped into the $90 range. A second trader stated that while some inquiries have been made, few deals have yet been completed as prices are still significantly higher than the pre-war level. Traders said that offers for Iranian Light are at parity - or a slight premium - to ICE Brent, compared to a $10 discount per barrel before the conflict. The price of Russian oil is now about $8 higher per barrel than it was previously due to the strong demand by Indian refiners. Independent refiners planned to reduce their production in April due to the rise in crude prices and still-weak demand for domestic fuel. China's state planner last week warned them to not reduce processing rates below average for the past two-year period, in order to protect domestic fuel supply as state-owned refineries trim output. Trade sources stated that maintaining higher run rates with current margins will result in "significant losses" for teapots. According to a report published by the local consultancy SCI, on March 31st, Shandong's average refining loss per metric ton was 143 yuan (20.94 dollars) from March until March?27. China issued new crude oil import quotas on Friday to independent refiners to encourage more refinery runs. The quotas are worth about 55 million metric tons (401,5 million barrels), according to sources in the trade and analysts. Sources in the refining industry said that details on how to use these quotas and each refiner's volumes remained unclear. Reporting by Siyi Liu in Singapore, Chen Aizhu in China, Florence Tan, and Trixie Yap, with editing by Kim Coghill.
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Israel supports Trump's two week pause on Iran attacks, but says Lebanon is excluded
The office of Prime Minister Benjamin 'Netanyahu said that Israel supported President Donald Trump's decision to suspend strikes against Iran during the two-week period, but that 'the ceasefire' did not include Lebanon. The office of the premier said that Israel supported the U.S. decision provided Tehran opened the Strait and stopped attacking the United States and Israel as well as other countries in the area. The remarks were made a few days after Washington announced that it would suspend its attacks on Iran for two weeks as part of efforts to deescalate conflict and open the door to negotiations. Israel said it also supported U.S. effort to ensure Iran does not pose a nuclear or missile threat to the U.S. and Israel, as well as Iran's Arab neighbors. It added that Washington had assured Israel?that they were committed to achieving shared goals during upcoming negotiations. Iran announced on Wednesday that negotiations with the U.S. will begin Friday, April 10, in Islamabad. Two White House officials confirmed that Israel agreed to a two-week truce and to suspend its campaign against Iran. Pakistan's prime minister Shehbaz sharif, who assisted in mediating the deal,?said that the agreement 'included a cessation 'of Israel's Lebanon campaign. At least 1,500 people have been killed and 1.2 millions displaced by the Israeli offensive. Hezbollah launched rockets against Israel to show solidarity with Tehran two days after Israel and the U.S. attacked Iran. The attack led to a new Israeli air and ground offensive.
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Ford's request for a reduction in aluminum tariffs is rejected by the US, reports WSJ
The Wall Street Journal reported that the U.S. government has rejected so far requests for relief from 'aluminum tariffs' from Ford Motor and other U.S. automobile manufacturers after fires at a Novelis facility?created supply bottlenecks. Ford asked for help from the Trump administration last week. The report cites people who were privy to the conversations. Ford wanted officials to relieve them of their duties until Novelis' Oswego aluminum rolling plant, in New York, is back up and running. The report stated that these discussions were part of ongoing discussions between automakers, and the?administration, about the impact President Donald Trump's new tariffs. It also said that the government has not budge so far. Could not verify the report immediately. Ford and the White House didn't immediately respond to comments. After two fires, Novelis' Oswego factory, which supplies materials for Ford's lucrative F-150 pickup line, was shut down last year. Hindalco, the parent company of Novelis, announced in February that the plant would be restarted by the end the second quarter. Novelis compensates for its lost production with aluminium produced in South Korea and Europe. However, the imported metal is subject to a new 50% tariff under the new regime. Other automakers that use the plant include Stellantis and General Motors, but Ford is a big consumer since its trucks are largely made of aluminum. Ford reported a?about 50 percent drop in quarterly 'profits in February, to $1 billion. This was due to the increase in costs caused by supply constraints caused from the fire at Novelis Oswego. (Reporting by Chandni Shah in Bengaluru; Editing by Subhranshu Sahu)
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TikTok will build a second data centre worth a billion euros in Finland
TikTok will invest?1bn euros ($1.16bn) in less than one year to 'build' a second data center in Finland as it shifts data storage from Europe to the continent. This was announced by company officials on Wednesday. TikTok, the Chinese parent company of ByteDance, avoided a U.S. data protection ban in January. European nations are also increasing pressure on social media firms to protect children from addictive algorithms. TikTok announced that it would invest 1 billion euros in a data centre with an initial capacity 50 megawatts and a potential total capacity of 128MW located in Lahti in southern Finland. The company said that the investment was part of its "12 billion euro European data sovereignty initiative" which would provide industry-leading data protection for over 200 millions?European users. Concerns over Data Protection Finland is a magnet for companies such as Microsoft and Google who are looking to reduce energy costs and achieve climate goals. This is due to the cold climate of the country, its low-cost, low-carbon electricity and the stable, business-friendly regulatory climate within the European Union. After learning of TikTok’s plans to build its first data center in Finland in April, last year, Finnish politicians expressed alarm. The Finnish defence ministry approved the investment for 2024 but politicians were not informed. Wille Rydman, Finland's former minister of economic affairs at the time, called last year for the project be "reconsidered", citing security concerns and a lack of transparency about the plans of the company. Rydman, referring the local partner of TikTok, told Finland's public radio Yle that he hoped this property developer company would rethink its decision. TikTok's European users data is stored in three data centers in Norway, Ireland and the U.S., according to the company. Its first Finnish data center in Kouvola will be operational by the year's end, while the second is expected in 2027. The Mayor of Lahti celebrated the new investment decision. "In terms of Lahti, this investment is significant." In a press release, Lahti mayor Niko Kyynarainen expressed his satisfaction that a main-tenant agreement had been signed and the project was progressing according to plan.
Australia's PM Albanese criticises Trump’s rhetoric but welcomes ceasefire
Anthony Albanese, the Australian Prime Minister, welcomed the ceasefire between the United States, Israel, and Iran on Wednesday, but criticised the rhetoric of Donald Trump. Trump agreed to the two-week ceasefire just two hours before he set a deadline for Tehran to open up the Strait o'Hormuz, or face devastating attacks against its civilian infrastructure.
His announcement via?social media was a sudden change from earlier that day when he had issued a warning saying "a whole civilisation will die tonight" in the event his demands were not met. Albanese told Sky News that the ceasefire is welcome but Trump's rhetoric is worrying.
He said: "I think it is inappropriate to use such language as the President of the United States uses, and it may cause some concern."
Albanese has expressed unease over the conflict recently, despite initially supporting U.S. strikes on Iran. Last week, the prime minister called for more clarity from Trump about the war's objectives and called on all parties to de-escalate.
This week, Trump criticised Australia's lack of support.
He said that Australia, along with Japan and South Korea, "didn't help us."
(source: Reuters)