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Russia reports four deaths and 35 injuries in the Ukraine attack on a Luhansk dorm for students
Russian officials confirmed that at least 4?people were killed and 35 children injured in an overnight Ukrainian drone attack on a'student dormitory' in the Russian controlled Luhansk region?in eastern Ukraine. The Ukrainian government, which is trying to recapture Luhansk - one of the four eastern regions Moscow unilaterally claimed in 2022 - in what Kyiv called an illegal land grab, was unable to independently verify what had happened. Both sides deny deliberately targeting civilians. Yana Lantratova is the Russian human rights commissioner. She said that 86 teenagers - aged 14-18 - were asleep in the hostel of the Starobilsk College at Luhansk Pedagogical University when 'Ukrainian drones' attacked the hostel during the night. Maria Lvova Belova, presidential commission for children's right, and Leonid Pasechnik the top Russian official in Luhansk said that two people were?pulled out of the rubble. Several?children's conditions in hospitals were described as serious. KREMLIN CALLS ATTACK MONSTROUS Dmitry Peskov, the Kremlin's spokesperson, called for punishment of those who are responsible. "This is an abominable crime. "This is an attack on a school where there are children and youth present," he said to reporters. Moscow announced that the U.N. Security Council will hold an emergency session later Friday in New York to discuss the incident. The Russian Foreign Ministry stated that the Ukrainian strike had destroyed the top three floors of the hostel. The Russian Foreign Ministry said that there were no nearby military installations and that Ukraine must have known what they were attacking. "We call on the international organizations, national governments and global community to give a?honest evaluation... and strongly condemn the bloody terrorist attacks." The Russian authorities released photos and videos showing rescue workers dragging a man from the rubble. They also showed severely damaged buildings, including one that appeared to be partially collapsed. Volodymyr Zelenskiy, the president of Ukraine, promised revenge after laying red flowers on the rubble from a Kyiv apartment block where a Russian missile attack had killed 24 people including three children. Reporting by Andrew Osborn, Writing by Kevin Liffey
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Source: Qatari team to negotiate in Tehran with Iran to end the war.
Sources with knowledge of this matter said that a Qatari team was in Tehran Friday to "try to secure a deal" to end the "war" with Iran and to resolve outstanding issues. Doha had previously acted as a mediator for the Gaza War and other international conflicts, but it has now backed away from a role of mediation in the Iran War after being attacked by Iranian drones and missiles in the most recent conflict. The source added that "a Qatari team of negotiators is in Tehran this Friday" and that they had traveled in coordination with the United States. They were there to "help reach a final agreement that would end the "war" and address outstanding issues between Iran and the United States." The Qatari Ministry of Foreign Affairs didn't immediately respond to an inquiry for comment. Qatar's reengagement is a reflection of its long-standing role as an ally of the United States in the region, and a trusted back-channel for Washington and Tehran. There is a shaky truce in the war which began on 28 February with U.S. and Israeli strikes against Iran. However, there has not been a major breakthrough. The U.S. blocked Iranian ports while the Strait of Hormuz was effectively closed by Tehran. On Thursday, a senior Iranian source said that although no agreement had been reached, the gaps between the two countries have narrowed. Iran's control over the Strait and its uranium enrichment are among the remaining sticking issues. Marco Rubio, Secretary of State, noted progress on Thursday. "There are some good signs," said Rubio. "I'm not going to be too optimistic... Let's wait and see what happens in the next few days. Rubio, when asked about the Qatari delegation in Iran on Friday on the sidelines a NATO gathering in Sweden, told reporters that Pakistan had been the main interlocutor during the Iran negotiations and that they did an "admirable" job. He said: "Obviously, other countries have interests, especially Gulf countries, which are in the middle of it all - they're going through their own situation. We?talk with all of them. "I would say that Pakistan has been the main country with which we have worked on this issue, and it remains so." Doha's renewed engagement comes despite Iran's bombardment of Qatar with hundreds missiles and drones that targeted civilian infrastructure as well as its crucial liquefied natural gas (LNG), production facility in Ras Laffan. This attack destroyed roughly 17 percent Qatar's LNG production capacity. On March 2, the country had already stopped LNG production following?Iranian attacks. The Strait of Hormuz was the main route for about 20% of all global LNG trade. This came primarily from Qatar. Qatar is the United States' largest military base in the Middle East. It hosts Al Udeid Air Base. Reporting by Dubai Newsroom, Additional reporting by Doina chiacu, Editing and editing by Toby Chopra.
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The European Commission has proposed a reprieve from Russia sanctions for dealings with Chinese chip firm
A spokesperson for the European Commission said that it had proposed a nine month derogation on dealings with a Chinese semiconductor company listed in its 20th set of sanctions against Russia. The spokesperson stated that the company, Yangzhou Yangjie Electronic will remain on?European Union sanctions list, but the temporary reprieve?will allow automakers?to find alternative chip suppliers and?avoid?a "severe interruption"?. The EU will need to agree 'unanimously' on the proposed measure for it to come into effect. European automakers have become more dependent on Yangzhou Yangjie Electronic in order to replace products that were previously listed as being made by Chinese competitors and included in previous Russia sanctions packages. "This company was added to our list of sanctions because they significantly helped?Russian military capabilities." The products were used in glide bombs and drones by Russian troops operating in Ukraine," said the?spokesperson. "Our sanctions are designed to change behavior and we try to find a balance so that they don't have a significant impact on the EU." (Reporting and editing by Tomasz Janovski and Emelia Sithole Matarise).
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Copper prices rise as LME stock falls
Copper prices rose Friday, as falling inventories overshadowed expectations of seasonal muted demand from China's top metals consumer and uncertainty about progress in U.S. Iran peace talks. In open-outcry official trading, the price of a metric ton of three-month 'copper' on the London Metal Exchange rose 0.6% to $13,599 per tonne. Copper stocks available in LME registered warehouses LME data daily showed that the price of crude oil fell to its lowest level in 10 weeks after 53 325 tons had been earmarked for shipment. COMEX traded at a higher price than the LME benchmark, as the market waited to see if Washington would impose import tariffs before the end of June. Ben Davis, RBC Capital Markets' head of European Metals and Mining Research, said that the tightness on the copper market was exacerbated because tons were brought into the U.S. If Washington's tariffs are removed, the copper market could see a return of massive stocks to the supply chain. Yangshan copper premium is a demand-side premium. This week, the price of copper in China remained at $73 per ton. It was its highest level since mid-April. The demand for copper in China will likely fall as China enters its off-season. Shanghai Exchange monitors copper stocks in warehouses This week, the price of oil rose for only the second time since mid-March. It gained 1.6%. Analysts at Chinese broker Galaxy Futures said that "downstream consumption has weakened and cargo pickup?has slowed." LME aluminium increased?0.1% in official activity to $3,641.5. Reduced supply in the Gulf due to the Iran War is keeping the premium on the LME Aluminium Cash Contract?over the benchmark High indicates tightness. Last, the premium was $67. After hitting a high of $2,010, LME lead fell by 0.4% to $1.997. This week, the discount of the LME Cash Contract compared to the benchmark contract changed from a discount to a premium. . Zinc increased by 0.7%, to $3,547. Tin gained?1.3%, to $53,955, while nickel remained at $18,730. Indonesia, a major producer of nickel pig iron, said that it would exclude the metal from its plan to centralise commodity exports. (Reporting and editing by Jonathan Ananda, Janane Venkatraman, and Dylan Duan. Additional reporting by Polina Devitt.
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Hindalco, India's largest steel company, misses its profit forecasts on Novelis fire-related costs
Hindalco Industries, India, posted a surprise drop in profit for the'second consecutive quarter' on Friday. This was despite higher base metal prices. According to data compiled by LSEG, the Aditya Birla Group's firm reported a 50% drop in consolidated net profits for the?three-month period ended March 31. Analysts had expected a profit of 43.12 billion rupees. Hindalco is one of India’s largest?aluminium- and copper-producing companies. It benefited from higher base metal prices, and increased demand during the seasonally strong third quarter, when construction activity peaks and automotive companies are pushing to meet their production and sales targets by financial year end. Aluminium and copper benchmark three-month prices rose by 21.8% and 36.7 percent respectively, year-on-year in the quarter. Mining companies typically enjoy higher profits when commodity prices rise. Fires at Novelis' New York facility in September and November of last year caused production to be interrupted. The company incurred a?charge of 41.71 billion rupees for the quarter relating to the 'plant fires' in Oswego (New York). Hindalco’s total revenue from operations increased by 20.4% to 781.33 billion Rupees. Analysts had, on average, expected revenue of 723,96 billion rupees. $1 = 95.6900 Indian rupees (Reporting and editing by Ronojoy Mazumdar, Tasim Zaid and Anuran Parmar in Bengaluru)
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Nigeria's NNPC accuses Dangote Refinery of monopolizing fuel in court filing
According to court documents, Nigeria's state 'oil' firm NNPC accused Dangote 'Petroleum 'Refinery' of trying to limit competition and expose Nigeria's fuel markets to monopoly by challenging import licenses issued to competitors. In a defense filed before the Federal High Court of Lagos, NNPC stated that granting Dangote’s request?to void import permits or restrict them would expose Africa’s largest oil producer?to supply disruptions, price instabilities?and risk to national energy security. The Nigerian Midstream and Downstream Petroleum Regulatory Authority has filed a request to?join in the case. This will increase the legal battle regarding import policy and the market position of the Dangote refinery. The dispute comes months before Dangote's ?planned September IPO of its refinery business, adding uncertainty over market rules, import competition ?and the revenue outlook investors ?may assign to the 650,000-barrel-per-day plant. Dangote Petroleum Refinery, a subsidiary of Dangote Petroleum, filed a lawsuit against Nigeria's Attorney General in April, challenging fuel import licenses granted or renewed by Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to marketers and NNPC. Dangote claims that the licenses violate Nigeria's Petroleum Industry Act and undermine local refinery. NNPC rejected 'that argument. It said that the law allows companies with local refinery licences or proven record in international crude oil and petroleum product trading to import licences. It said that regulators have discretion in managing imports as part of Nigeria's policy for backward integration and that there is no mandatory ban on imports. The court documents also show that NNPC said Dangote did not provide "credible, independently verifiable or verifiable proof" that the refinery would be able to meet Nigeria's entire fuel demand or guarantee a?uninterrupted national supply. Dangote has declined to comment on the ongoing case. NNPC has denied that it sabotaged Dangote’s refinery, or intentionally?withheld oil, saying allocations of crude depend on 'operational, logistical, commercial and security factors. A hearing has been scheduled for the court in the next few weeks. Fuel marketers also oppose Dangote’s suit, warning that it could harm competition and supply security. (Reporting and editing by Susan Fenton; Isaac Anyaogu)
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Finance Minister says Senegal's fuel subsidy costs may exceed budget by 2 billion dollars
Senegal could see its fuel subsidy bill exceed the budget for 2026 by as much as $115 per barrel if oil prices rise during the Iran War, said Finance Minister Cheikh Diba on Friday. Premier Ousmane sonko stated that this level would represent a fifth or less of the budget. Diba said that the prime minister turned down his request to increase fuel prices in order to share the financial burden with him when the Iran Crisis erupted and oil prices soared. Senegal’s $40 billion economy is in turmoil since the end of 2024 when the newly-elected government revealed debts that were not reported by the prior administration. These debts are estimated to be as high as $13 billion. The IMF responded by freezing?its funding and access to the international bond markets disappeared, leaving Senegal dependent on regional markets, and tax revenue, to meet its financial needs. Oil price?rises The West African nation budgeted 250 billion CFA in fuel subsidies for this year, before the war began in February. The current budget working assumption is $85 per barrel. Diba, in response to a parliament question, said that fuel subsidies at this level would cost 774 Billion CFA in 2015. He said that if the crisis continues and the price of a barrel reaches $115, then subsidy costs may rise to 1,39 trillion CFA. Brent crude futures rose $3.3, or 3.2% to $105.88 per barrel on Friday morning. "As soon the crisis broke out, I contacted the Prime Minister to suggest raising prices and sharing burdens with the people. Diba stated that the response so far has been "negative". "We have updated our framework and are trying to suggest, based upon different scenarios,'situations that allow us, other things equal, to at least remain on track with fiscal consolidation." Senegal also produces oil and natural gas. According to Diba, the country will earn 135 billion CFA more in 2026, if oil costs are $85 per barrel, or 185 billion CFA if prices reach $115 per barrel. Sonko stated: "We will avoid passing on price increases to the people." He said: "When it's no longer possible, we will go back to the people and tell them it's no longer feasible." It was not clear if he meant fuel prices. Reporting by Portia Crowe, Diadie Bá and Ayen Deng Bior; Editing and proofreading by Tomasz Janowski and Alison Williams
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Stocks climb despite Iran uncertainty, dollar near recent highs, oil up
The European stock market was set to post its biggest weekly gain since early April. Meanwhile, U.S. stocks were on track to make their eighth consecutive weekly advance, despite the lingering uncertainty surrounding U.S. and Iran peace talks. Iran's Foreign Minister met Pakistan's Interior Minister on Friday to discuss plans to end the 'U.S. - Israeli war', Iranian media reported. Tehran and Washington are still at odds about Tehran's uranium stocks and control over the Strait of Hormuz. Investors largely ignored the economic impact of the Middle East conflict, and the energy crisis. The S&P 500 is on track to gain its eighth consecutive weekly. This strength was only partially reflected in the major European and Asian indexes. They gained some ground but lacked behind the U.S. rally. Mark Haefele is the chief investment officer of?UBS Global Wealth Management. He said that "our view is that equity prices will move higher in the medium-term,?based on a mixture of strong earnings and oil prices that remain contained to avoid a wider growth shock. UBS predicts Brent crude to be at $105 by the end of September, and $95 by the year's end. They believe "that the bar is high for a Federal Reserve increase." The main MSCI world stock index increased by 0.21%. Europe's STOXX?600 index was up by 0.43%, and is on track to achieve a weekly increase of 2.8%. Nasdaq Futures rose 0.11%, while S&P futures rose 0.13%. S&P 500 index rose 0.17% to 7,445.72 on Thursday, after reaching 7,517.12 the previous week. MSCI's broadest Asia-Pacific index outside Japan rose by 0.74%. Japan's Nikkei rose 2.8% led by shares related to artificial intelligence. Matt Britzman is a senior equity analyst with Hargreaves Lansdown. He said, "Oil prices are also moving higher as investors weigh the risks that talks will drag on or fall apart." The truth is, nobody knows the outcome of these negotiations. But for the moment, the markets are acting as they do whenever a geopolitical off ramp appears. They are tentatively moving, as if good news was just around the corner. OIL PRICES Slightly Higher, But Still Below Recent Highs Brent crude futures increased 2.5% to $105.28 per barrel, but are expected to drop 3.8% for the entire week. They reached $126.41 at the end of April. Energy disruptions that continue to persist could lead to a global price increase, as traders are compelled to raise rates. According to CME FedWatch, the markets are pricing in more than 50% of a rate increase by the U.S. Federal Reserve before the war began, as opposed to expectations of two rate reductions. This has boosted Treasury yields, and the dollar has also benefitted from "safe-haven" demand. The euro is at $1.1614 and close to its six-week low, which it reached on Thursday. It will drop 1% this month. The dollar was up 0.18% against a basket of currencies at 99.37. The Japanese yen was last trading at 159.11 to the dollar. This is dangerously close to the 160 mark that traders fear will bring Japanese authorities back into the market. Energy prices must be reversed quickly, otherwise the combination of fiscal expenditure and capex boom will lead to a lot of price inflation, particularly in the U.S., said George Saravelos, global director of forex research for Deutsche Bank. Saravelos stated that the incoming Federal Reserve chair Kevin Warsh will have to choose between increasing volatility in front-end interest rates and helping the dollar or hurting the dollar at the back-end. He can't do both. Fed rate increases push up short-dated rates, but no action by the central banks could increase long-dated borrowing costs because markets are pricing in more inflation on the long-term. Since March, the European Central Bank has projected three rate increases by year's end. The dollar held its ground against the yen despite an intervention by Tokyo worth $65 billion to support the currency a few weeks ago. The last 0.1% increase was at 159.125yen.
Rubio mentions progress in Iran talks, but "we are not there yet".
Marco Rubio, the Secretary of State, said that although there has been some progress in talks with Iran, and the United States is constantly communicating?with pakistani'mediators', there is still a lot more work to be done.
There has been progress. I would not exaggerate. "I wouldn't minimize it," Rubio said to reporters following a NATO Ministers Meeting in Sweden.
He added, "There is still more work to do." "We are not yet there." "I hope we get there."
Rubio stated that President Donald Trump prefers to make a "good deal". He said that the core concern is that Iran cannot possess a nuclear weapon.
Rubio stated, "We are dealing with a group of very difficult people. If it does not change, the president has made it clear that he will have other options."
"He has said that he prefers to negotiate and get a good deal. However, he is concerned that this may not be possible. But we'll keep trying."
Rubio stated that the United States was "in constant communication" with Pakistanis, who facilitate the talks with Iran.
Rubio stated that the U.S. did not ask for NATO's help on Friday in the Strait of Hormuz, but a plan B is needed if Iran refuses to open the supply route. Reporting by Michael Martina, Doina Chiacu and CaitlinWebber; editing by Chizu Nomiyama & CaitlinWebber
(source: Reuters)