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EU Commission chief discusses U.S. Tariff response with automakers, steel and pharmaceutical leaders
Ursula von der Leyen, President of the European Commission, held a conference call on Monday with representatives from the metals sector. She then spoke to the automotive industry to discuss ways to respond to U.S. Tariffs. The calls were to gather data to inform future countermeasures, beyond Brussels' response to Washington's tariffs on steel. This will be voted upon later this week. On Tuesday, a call will be held with the European Pharmaceuticals Industry. On Monday, European and Asian stocks and oil prices plunged on fears that U.S. president Donald Trump's tariffs could increase prices, weaken the demand and even trigger global recession. Von der Leyen said in his invitation that the EU will propose this year "a trade measure to replace the steel safeguards by 1 July 2026", as a way to protect itself against "negative trade effects caused due global overcapacity". Sources who attended the metals meeting said that the group requested measures to deal directly with the "indirect effects" of the tariffs and to take urgent action in order to keep scrap aluminium and steel in the EU. Last month, the Commission announced that it would be considering export duties on EU scrap sales. The EU also tightened existing laws. Safeguards On April 1, the steel imports will be reduced by 15%. "Constructive meeting ... Source: "The sense of urgency and clarity of purpose are much higher than a few month ago," said the source. According to ACEA in Brussels, the industry association, the call with the automotive industry was scheduled at 3:30 p.m. A spokesperson said that the group has requested a solution to be negotiated. The EU has been urged to reduce its tariffs for U.S. auto imports by carmakers. BMW urged in January for a reduction to 2.5%, from 10%. Callers included CEOs and chairmen from BMW, Volkswagen Stellantis Scania Daimler Truck Bosch and BMW as well as lobby groups. Three industry sources claim that the Commission invited initially the CEOs of EU-based pharma companies to a meeting. Four sources said that the Commission invited Swiss firms like Novartis or Roche. This was not confirmed immediately. A Roche spokesperson confirmed that the company is a member of EFPIA, but declined to elaborate. Both the European Biotech Group Europabio and the European Big Pharma Trade Lobby EFPIA confirmed that their respective directors general would be attending. The meeting was set for Tuesday at 10:30 am (0830 GMT). The duties announced by Trump last week did not apply to pharmaceuticals, but Trump says that they will be subject to separate tariffs. A source at the meeting on Tuesday said that the industry would push for the Commission to explain how it intends to allow pharma and biotech companies to manufacture more in Europe. The company said this could include streamlining the regulatory processes which have recently discouraged certain companies from conducting clinical trials. Trials In Europe. Reporting by Julia Payne, Maggie Fick and Kevin Liffey; editing by Kevin Liffey
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Why one Eastern European nation won't give up its Russian oil addiction: Vladimirov
By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic still delays this strategic change, despite having viable alternatives. According to a Center for the Study of Democracy analysis, Czechia will import 2.7 million tonnes of Russian oil in 2024. This is estimated at 1.5 billion euros. This is a 30 percent decrease in volume from 2023. However, this was not the result of a proactive policy aimed at phasing out Russian crude oil. Instead, it was primarily the result three major disruptions on the Druzhba Pipeline. By the end of 2024, the completion of the Trans-Alpine pipeline expansion should have allowed Czechia to replace Russian crude. The state-owned MERO CR pipeline operator and Orlen Unipetrol, the dominant refiner, have not yet fully utilized this new resource. More than 100 millions of euros are still flowing to the Kremlin every month. This is not a technical problem. MERO CR had confirmed, even before the final certification of TAL-plus was granted, that the spare capacity in pipelines would be sufficient to meet Czechia’s entire annual crude oil demand. The country's strategic reserve of 3.6 millions tonnes could also cover almost half its annual consumption. The volume of Russian oil imported in 2024's final quarter increased by 30% compared to the previous year, and reached 970,000 tonnes. This was the highest quarterly level since the European Union oil embargo came into effect in 2022. In 2025, Czechia purchased an additional 220,000 tons of Russian crude. Orlen Unipetrol claims that Rosneft's long-term contract obligations, which expire in mid-2025 prevent a sudden withdrawal from Russian supplies. It is not certain that this is the case. Take-or-pay provisions - which are often used as a justification – are uncommon in the global oil trade where flexibility of supply is the norm. Orlen appears to be reluctant primarily due to financial concerns. In 2023 and 2024, Russian crude was on average 20% cheaper than Azeri oil. Retail fuel prices were stable, averaging 1,500 euros for gasoline and 1,360 euro per tonne of diesel. Orlen Unipetrol, which relied heavily on Russian crude oil during its peak years, was able to take advantage of the cost difference and report EBITDA in excess of 600 million euros per year. The discount on Russian crude could increase in the future, as tariffs imposed recently by the U.S. government may dampen demand for oil globally, forcing Russia lower its prices. REPERCUSSIONS This passive attitude has had important geopolitical consequences. Since the beginning of the war, Czechia has contributed almost 3 billion euros to the Russian government in the form of tax revenue. Czechia spent 8.4 billion euro on Russian gas and oil since February 2022. This is more than six-times the amount of money it gave to Ukraine in aid. Czechia also continues to import refined petroleum products from Slovakia, Hungary and other EU-exempt countries, whose refineries process Russian crude oil. This exemption is extended until June 2025. Slovakia exported 710,000 tons of fuel worth 520 millions euros to Czechia in 2024 despite alternatives being available. Germany, for example, only charges a 6-7% higher price than Slovak suppliers on gasoline and diesel. Czechia also follows a similar pattern in its natural gas imports. Czechia's Russian gas purchases increased by almost 400% in 2024 in anticipation of Ukraine terminating its Russian transit in January 2025. Imports of Russian gas in the last quarter of 2024 were 62% more than average. The Czech government can unilaterally ban Russian crude imports. It can also stop purchases of fuels refined using Russian oil in Slovakia or Hungary. And it can make full use both of the TAL pipeline as well as its own reserves. Bulgaria has shown that a complete phase-out of Russian oil is possible. Sofia ended its exemption early in 2024 by invoking the force majeure clause, and cut off Russian crude over night. The result was neither an increase in fuel prices nor a threat to the security of oil supplies, despite Bulgaria relying on Russian crude for 90% of its crude imports. Czechia may find it increasingly difficult to justify its refusal to align with European energy security imperatives.
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Volunteers fighting Trump's purge of data are on the 'right side' of history
Volunteers create new tools to improve public access Limited resources stifle efforts Tools map climate change, health risks Adam Smith After President Donald Trump's administration deleted data on "gender ideologism extremism" (and environmental policies), scores of activists have been working to protect and then make public the data they had archived as safe-keeping. Gilmour is a member of Public Environmental Data Partners (PEDP), a coalition comprised of environmental, justice, and policy organizations committed to "public accessibility to federal environmental data". The volunteers are also working with archivists like the Internet Archive and data consultants Fulton Ring to create new tools for public access using the data that was purged. Since taking office in January, Trump has reorganized several federal agencies. He has fired tens and thousands of employees. Trump is adamant that data on health, climate change and LGBTQ+ issues are incompatible with his views. The Centers for Disease Control and Prevention have compiled statistics such as the Social Vulnerability Index and Environmental Justice Index - which are used to measure the health risks that different Americans face. Former government employees and staff that were placed on leave by Trump are among those who work to restore the deleted information. A Environmental Protection Agency (EPA), employee on leave, helped create a map showing improvements to air pollution monitoring systems as well as upgrades of aging sewers systems that were made through environmental justice grants. The employee who spoke freely and requested anonymity said: "It is miraculous what we've been able do. We've taken these tools...and protected them from this official vandalism." The people who are leading the efforts to restore the access to missing data claim that they are understaffed and underfunded. They continue to work despite the risk of retaliation by the Trump administration, which has targeted attorneys it deemed hostile. Gilmour stated that there was a fear of retribution by the administration. However, he felt strongly that they were on the right side. The White House didn't respond to an earlier request for a comment. DATA FOR ALL Reports about government censorship motivated Rajan Desai, Jeremy Herzog and the founders of Fulton Ring to become volunteers. "This is similar to (George Orwell’s dystopian novel '1984,' Desai, in a video from New York, said that it made the dystopian novel "1984" very real. The two created a new version the Future Risk Index of the U.S. government, which shows the costs of climate change for U.S. localities. In January, the administration retracted the original version managed by Federal Emergency Management Agency. FEMA failed to respond before publication to a comment request. The new version fixes some bugs and processes data faster on smartphones. It is a goal to provide the American public with valuable information currently held by private individuals. Insurance and financial institutions use a lot of these disaster data. Desai stated that the only person who does not seem to be able to see this data is a consumer who may use it to purchase a home. He hopes to make citizens more informed by transforming these obscure datasets into open-source tools. Preserving Data Restoring the data online is just the first step. Gilmour added that the data must be protected against further takedowns. The coalition backs up its tools on a variety of platforms including the Canadian repository Borealis, Harvard University's Dataverse and Figshare. A network that is diverse can provide protection from a government who may want to limit information within their borders. The repository contains data from academics, research institutes and other sources. It includes everything from small Excel sheets to biomedical or astronomical data thousands of terabytes in size, like a file large enough to fill four iPhone 16 Pro smartphones. A second challenge is to keep the records current, as data that has been stagnant for a long time loses its relevance. Gilmour stated that "(gathering new data) can be a laborious task when you do not have the resources or power to ask the states for data." The volunteer network of the company is raising money to pay its workers. However, they are aware that some information may be lost. NASA Satellites are used to provide geospatial information in "tools". Gilmour stated that if NASA stopped providing this information, they would not be launching their own satellites. The EPA employee warned that work in progress and internal tools not intended for public use could be irretrievable if Trump's administration violates federal laws regarding record retention. A spokesperson for the EPA said that they were working on implementing Trump's executive order. The spokesperson stated via email that "President Trump has advanced conservation and environmental stewardship during his first term and will continue his mission to protect the environment and human health in his second tenure." Gilmour stated that despite the challenges, the volunteers will continue to work on their mission of saving the data of the people.
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South African rand reaches 18-month low and stocks recover after plunge
South Africa's currency, the rand, fell to its lowest level in 18 months Monday. Local stocks also plunged and then recovered as financial markets were shaken by fears of a global recession due to President Donald Trump’s tariffs. The rand was trading at 19.31 per dollar, down 1% since Friday's closing, and its lowest level since October 2023. Trump did not show any signs of rescinding his tariff plans Sunday and on Monday, investors flocked to safe-haven currencies such as the Swiss franc and yen. The emerging market index is heading for the biggest one-day drop since 2008's global financial crisis. The rand's risk-averse nature was also affected by local politics. It lost over 3% of its value against the dollar in the past week. Investors are concerned that the Democratic Alliance, which is pro-business and has a coalition with the larger African National Congress, could be forced to leave the government or quit over the national budget. "Any removal of DA (from the coalition) would have a significant negative impact on South Africa's future." The partnership between the ANC & DA has created a feeling of stability and progress, said Casey Sprake at Anchor Capital. On the Johannesburg Stock Exchange, the Top-40 index slumped 5% in early trade to strike a nine-and-a-half-month low, before paring losses to trade down 0.3%. Anheuser-Busch, the beermaker, was down by 4.2%. Cartier's owner Richemont, down by 3.2%. Anglo American, down 1.6%. And Naspers, the technology investor, down 3.5%. Roy Topol is the portfolio manager of Cratos Asset Management. He said, "The market worries that tariffs could cause an economic contraction or disrupt global supply chains." Analysts said that Naspers' decline was partially linked to weakness in China where its European subsidiary Prosus owns a 24,1% stake in Tencent. The yield on South Africa's benchmark government bond for 2030 fell by 2 basis points, to 9.39%. Reporting by Sfundo parakozov, Nqobile dludla, and Siyanda Mthwethwa. Joe Bavier, Mark Potter and Joe Bavier edited the report.
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Kremlin says falling oil prices are the result of an extremely tense economic situation worldwide
The Kremlin's spokesman stated that oil prices are an important indicator of Russia's financial state. Economic authorities are watching closely the "very tense" situation surrounding lower prices. Oil fell by 7% Friday, as China increased tariffs on U.S. products. This escalating trade war has caused investors to increase the probability of a recession. Last week, Brent and WTI crude oil lost 10,9% and 10,6% respectively. The federal budget of Russia receives a third its revenue from oil and gas sales. The first-quarter revenue fell almost 10% to 2.64 trillion Russian roubles (30.59 billion dollars) due to lower oil prices globally and a stronger rouble. Dmitry Peskov said in a daily press conference that the Kremlin's spokesman was "very closely" monitoring the current situation. The Kremlin described it as being extremely turbulent, tense, and emotionally loaded. He attributed the turmoil to the decision of U.S. president Donald Trump to impose tariffs across the globe. He said: "The global economy is in a very tense situation, with many negative expectations among experts and market participants." Adding to the downward trend, the OPEC+ nation group, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, Plan ahead and make a decision For output increases. The central bank of Russia On Wednesday, it was reported that U.S. Tariff hikes could slow the global economy and that oil prices may be lower than expected for several years due to reduced demand. Peskov stated that "our economic authorities are closely monitoring this situation and are doing everything possible to minimize the effects of this international storm on our economy."
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At least 52 people killed by gunmen in Nigeria's Plateau State
The national emergency agency reported that gunmen killed 52 people in Nigeria's Plateau state and forced nearly 2,000 more to flee their homes over a period of several days. This area has a long history of violence between cattle herders and farmers. It was not known what caused the violence in six villages of Plateau's Bokkos District last week. However, it is the worst outburst of violence since December 20,23 when over 100 people died in the same area. The National Emergency Management Agency, NEMA, said that the scale of violence became more apparent at the weekend when 52 confirmed deaths and 22 hospitalized people were reported. NEMA stated in a late Sunday statement that "gunmen committed brutal assaults" resulting in multiple deaths and extensive property destruction. Over 1,820 people have been relocated. The agency reported that three camps for displacement had been set up. The presidency announced that President Bola Tiinubu had directed the security agencies to track down the attackers who would be subjected to "severe punishment". Plateau is part of the Middle Belt of Nigeria, a group of ethnically and religiously diverse hinterland states where there have been hundreds of deaths in recent years due to inter-communal violence. The violence is often portrayed as an ethno-religious war between Muslim herders, and Christian farmers. Climate change and agricultural expansion, which has reduced grazing land, are also important factors. (Reporting and editing by MacDonald Dzirutwe)
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Citi reduces its 0-3 months Brent forecast to $60/barrel due to tariff shock
Citi Research lowered their 0-3 months Brent price forecast on Monday to $60 per barrel. They also lowered their 0-3 months copper and aluminum price forecasts by $8,000 per metric tonne and $2,200 for each metric tonne, respectively, due to the recent tariff announcements. Donald Trump, the president of the United States, imposed a 10% tariff on all imports into the U.S., and increased duties on dozens more countries, including many of the United States biggest trading partners. China responded by imposing additional tariffs of 34% on all U.S. products from April 10, 2018. Base metals in London continued to decline amid growing recession fears, while oil prices dropped nearly 4% Monday due to an escalating war of words. In a note, the bank stated that the physical impact of tariffs would be doubly negative as pre-buying goods and commodities and stockpiling them will completely reverse following the tightening of commodity markets in recent months. Analysts at Citi stated that any rallies this coming week on the back of minor headlines about trade deals or delays in the imposition April 9 tariffs could provide opportunities to sell rallys. They also added that "U.S. gold and gas should outperform in the near term."
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Sources say that the EU is considering international CO2 credits to meet its new climate goal.
Sources familiar with the issue said that the European Commission was considering counting international credits as part of its climate targets. This could weaken efforts to reduce CO2 from the domestic industry, which is what the Commission demands. Wopke Hekstra, EU Climate Commissioner, is currently discussing the idea with member states and legislators of the EU, many of whom are opposed to the EU 2040 climate goal to reduce emissions by 90%. Climate change is competing with other political issues, including defense, for the attention of the Commission, which missed the deadline to announce the goal. Some governments and legislators also claim that EU green rules hurt domestic industries, which are already reeling from U.S. Tariffs and cheap imports. Five sources with knowledge of the discussion said that the Commission is evaluating options, including setting an emissions reduction target for 2040 domestic industries lower than 90% and letting the countries buy international credits to cover the remainder. This would allow EU countries to buy credits for projects abroad that reduce CO2 emission - such as forest restoration in Brazil, and then count these reductions toward the EU goal. Politico has previously reported on the options that the Commission is exploring. A spokesperson for the Commission declined to comment on whether or not it was considering adding international credits of carbon to the EU targets. This would be a U-turn for the EU whose other climate goals are only met through domestic efforts. Hoekstra stated last week that the Commission still considers a 90% reduction in emissions as the "starting point" for discussions on the 2040 target, which he plans to present before the summer. Hoekstra said to reporters, "We're sensitive to requests that we show a little pragmatism." He refused to say whether he had explored flexibility for the target. The EU and European Parliament must approve the 2040 climate target. CREDIBILITY CONCERNS Proponents of the U.N. global market for carbon credits see it as a means to fund CO2-cutting initiatives in developing countries. Despite this, there have been multiple CO2 credit scandals where projects that generated credits were not able to deliver the benefits claimed for climate change. Linda Kalcher of Strategic Perspectives think tank, the executive director, has warned against this risk. Kalcher stated that "the list of scandals related to international credit is long, including fraud, lack environmental integrity and a drastic collapse in the price of (EU) CO2." In 2013, the EU banned cheap international credits from its market for carbon. This was after a flood contributed to a fall in EU's carbon prices. In order to alleviate such concerns, countries are launching a U.N. supported carbon market. This will include stricter safeguards to ensure that credits deliver the benefits claimed for climate change. Some suggested that the EU could use the initiative to strengthen its hand in international climate talks with developing countries, whose projects that generate CO2 credits could receive EU assistance. Andrei Marcu is the executive director of ERCST, a think-tank. (Reporting and editing by Kate Abnett, Philip Blenkinsop)
Shell downstream boss Vigeveno steps down
Shell's head of downstream and renewables Huibert Vigeveno will step down after Thirty years with the energy major and be changed by expert Machteld de Haan, the company said on Thursday.
De Haan, who signed up with Shell in 1998 and has been executive vice president of Shell's chemicals and products organization considering that 2023, will take on the function on April 1.
Shell likewise stated that head of trading Andrew Smith, who formerly reported straight to Vigeveno, will be designated director and join the executive committee together with de Haan, in a sign of the growing significance of oil, gas and power trading under CEO Wael Sawan.
Shell is the world's largest energy trader. Sawan aims to make trading a crucial engine of the business's energy shift method as he draws back from lower-return renewables possessions.
Trading is, nevertheless, an unpredictable service that can provide big revenues and losses, depending upon a business's positions and market conditions.
Vigeveno had actually headed the refining and marketing department given that 2020. In 2023 Shell added its renewable operations to the division. He was seen as a prospect to succeed CEO Ben van Beurden, who left in 2020.
Shell has greatly downsized its refining operations from a. peak of around 50 plants at the start of the millennium to nine. today due to damaging profit margins, high carbon emissions and. growing competitors from brand-new plants. It aims to further decrease. its interests in refining to 5 sites.
Last year it sold its refining and chemicals center in. Singapore, among the world's largest. It is also trying to sell. a stake in a German refinery and plans to close down another. plant in Wesseling, Germany.
(source: Reuters)