Latest News
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Prime Minister Albanese: Australia will amend export-finance legislation to improve fuel security
Prime Minister Anthony Albanese announced on Saturday that Australia would amend its export finance laws to "bolster fuel security" as the Iran War continues to affect 'the nation's supply chain. Since the U.S., Israel and others began their war on Iran in August, Australia has seen localised fuel shortages. This is part of a wider conflict that has disrupted the global fuel supply. Albanese announced?in televised comments that Australia will?establish new powers in order to bring fuel here for Australians. "New fuel security power will allow the government to underwrite private sector fuel purchases." Albanese stated that the powers would allow the country's Export-Finance Agency to purchase fuel shipments and increase local supply. He ?said his centre-left Labor government would introduce amendments on Monday to export-finance and ?insurance-corporation laws in parliament. Chris Bowen, Australia's Energy Minister, said in a televised statement on Saturday that Australia had 39 days worth of petrol and 30 days worth of diesel or jet fuel. The government stated this week that the supply was strong, despite six fuel shipments being canceled from Asia. Also, several hundred Australian fuel stations were out of gasoline or diesel. (Reporting from Sydney by Sam McKeith; Editing by William Mallard).
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GRAINS-Chicago's soy profits slip after US biofuel targets are revised
Chicago soybean futures dipped on Friday after the White House announced revised U.S. Biofuel targets earlier in the afternoon. Many traders had already bought soybean futures anticipating bullish news. Wheat and corn were both volatile on Friday amid the uncertainty surrounding the Iran War, while corn was also impacted by technical selling before the weekend. The Chicago Board of Trade's most active soybean contract settled at $11.59-1/4 per bushel, down 14-1/2 cents. Randy Place, an analyst at Hightower Report, said: "We are a little weaker in beans and it's likely profit-taking ahead of the weekend, as well as headline risk, depending on what happens with Iran and how negotiations go." Investors have responded cautiously to the latest comments made by U.S. president Donald Trump on the talks to end a month-old conflict. Trump said that the talks to end war are going "very well" and he will delay his threatened attacks against Iran's nuclear energy plants by a further 10 days. Oil prices rose on Friday, as traders weighed Trump's remarks against Iran's criticisms of U.S. proposals, and the ongoing disruption in energy markets. The price of grains and oilseeds has tracked crude oil fluctuations during the conflict. This is due to the use corn and soyoil for biofuels, and the knock-on effect on crop production caused by rising energy and fertiliser costs. CBOT corn settled at $4.62 a bushel as grain participants adjusted their positions ahead of Tuesday's U.S. Department of Agriculture acreage estimates. The war in the Middle East may increase the cost of fertilizer, which could lead to more acres being planted with soybeans. Fertilizer is needed to provide a significant amount of nitrogen for corn. The CBOT wheat price remained unchanged at $6.05 a bushel. Prices have been supported by the dry conditions in part of the U.S. Wheat Belt. Traders closely monitor the drought in the southern U.S. Plains. Hot weather this week has increased the risk of crop stress, before rain is expected next week. Kansas Wheat Futures have seen sharper gains this week compared to Chicago wheat prices due to the parched conditions.
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Oil prices soar as stocks fall on a gloomy economic outlook due to Middle East war
On Friday, the global stock markets declined and oil prices increased due to the lack of progress made in ending the Middle East conflict which has been raging for four weeks and is now affecting consumer and business confidence. In recent days, the global equity market has been in a downward spiral as U.S. president?Donald? Trump's comments about negotiations have become less significant than the Gulf situation, where Iran continues to block the Strait of Hormuz and attacks continue. Wall Street's three main indexes are trading lower, with shares in consumer discretionary, technology, and financial companies leading the way. The disruption of world oil supplies due to the conflict will have a negative impact on global growth and inflation, according to economists and business leaders. The Dow Jones Industrial Average dropped 1.6%. The S&P 500 fell 1.6%. And the Nasdaq Composite lost 2.1%. The broad market S&P is down 9% since its January record close. Matt Britzman is a senior equity analyst with Hargreaves Lansdown. He said that words alone don't cut it at the moment, as President Trump's decision to extend the pause in the energy strike against Iran has failed to raise the mood. "Tangible proof of progress is needed." Trump has extended the deadline for Iran's reopening of the Strait of Hormuz. However, Iran has not given any?direct indications that it is willing to negotiate. The Islamic Revolutionary Guard Corps of Iran reiterated that it will continue to disrupt shipping in the Strait, through which approximately one-fifth the world's supply of oil and natural gas is transported. Brent crude futures increased by 4.2% to $112.57 per barrel. U.S. West Texas Intermediate Futures closed up 5.4% to $99.64. Dan Boston, global director of the small business team at Polar Capital Florida, said: "The longer the Strait of Hormuz remains closed the greater the disruption and the uncertainty surrounding oil prices." You can see that everything from transportation to food costs are affecting inflation expectations. "As those expectations increase, consumer sentiment begins to decline as well." The University of Michigan’s index of U.S. Consumer Sentiment fell more than anticipated in March and reached a three-month high. The pan-European STOXX 600 Index fell by 0.95%. Germany's DAX fell by 1.4%, while London's FTSE 100 index dropped by 0.05%. MSCI's index for Asian shares outside Japan dropped 0.9% overnight. MSCI's global stock index fell by 1.34%. NASDAQ ENTERES CORRECTION TIERRA The Nasdaq Composite, a tech-focused index, entered correction territory after dropping 2.4% Thursday. It is now down almost 11% since its record closing in late October. James St. Aubin is chief investment officer of Ocean Park Asset Management. He said that the unbridled enthusiasm that propelled Nasdaq's stock to record highs during the fourth quarter has faded as the macro-background deteriorates and the uncertainty surrounding the impact AI will have on the tech ecosystem in general clouds the horizon. BOND YIELDS ARE RISING The yields on government bonds rose as central banks were seen as being more likely to increase interest rates in order to prevent an inflationary shock caused by higher energy prices. As prices drop, yields also rise. The yield on the 10-year U.S. Treasury, which is used to set borrowing costs in?the rest of the world, increased by more than one basis point, reaching 4.432%. Money markets see roughly 60% of the U.S. Federal Reserve raising?rates in 2019. This is a dramatic change from February, when traders bet on two rate cuts for 2026. The yield on Germany's 10-year bonds rose by 0.7 basis points, to 3.105%. The U.S. Dollar was slightly higher compared to major peers such as?the Euro, Japanese yen, and Swiss Franc. The dollar has risen to its highest level since July 2024. The yen was last up 0.35% at 160.365. The dollar rose 0.50% to 0.79800 versus the Swiss Franc. The euro fell 0.15% to $1.151250. The U.S. Dollar Index, which tracks currency against six other currencies, increased 0.27% to $100.16, marking the fourth consecutive session of gains. Spot gold rose 3%, to $4,513.73 an ounce.
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Canada eyes Mercosur pact by autumn
The minister of international commerce for Canada said on Friday that he hoped to sign a?free-trade agreement with South America's Mercosur bloc in the autumn. "We are?accelerating the timelines for negotiations a bit. We'll try to have our negotiations every six or seven weeks, and we hope we can finish by fall. Maninder Sidhu said on the sidelines a World Trade Organization Ministerial Conference in Cameroon that this is the goal we've set for our partners. The Minister said that he had 'bilateral meetings' with Argentina, Paraguay and Brazil. He will also meet with Brazil, Uruguay and the WTO meeting in Yaounde on Friday, where a?potential Mercosur Canada trade agreement is part of the talks. We're ambitious. He said, "I think we can do it." An Argentine official had said that the agreement would be signed around September or October, roughly a year after negotiations formally resumed. A diplomat based in Brazil also said that negotiations were going at record speed. He confirmed 'the countries would probably reach an agreement this year. Canada has increased its efforts to diversify the trade amid uncertainty over tariffs imposed by U.S. President Donald Trump. The diplomat in Brazil said that South America and Brazil are trade partners Canada can't do without. Reporting by Olivia Le 'Poidevin, Yaounde. Additional reporting by Lucinda Ell in Montevideo. Lisandra Paraguassu and Promit Mukherje from Ottawa.
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AFP reports that the missing sailboats of the Cuba aid convoy have arrived safely.
AFP reported Friday that two'sailboats' which went missing during a convoy transporting humanitarian aide from Mexico to Cuba landed safely in Cuba. The U.S. Coast Guard was cited by AFP. The convoy spokesperson said that he was unable to reach the U.S. Coast Guard for verification. Coast Guard can verify the information. James Schneider, spokesperson for the company, said: "It is not confirmed." The two boats were part of a larger grassroots volunteer effort to deliver food, medicine, baby formula, and other supplies?to an energy-strapped Cuba. Requests for comment from the U.S. Coast Guard or?Mexico’s Navy were not immediately responded to. The Cuban state news program at 1 pm local time repeated President Miguel Diaz-Canel’s concern about the missing boats. At a press conference held earlier that day, the?Mexican president Claudia Sheinbaum stated that the search was still?ongoing and nine people were on one of the vessels.
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Portugal offers diesel subsidies to reduce the cost of energy during Iran's war
Portugal announced a temporary subsidy of 10 cents per litre for diesel in key sectors like?agriculture and transportation? on Friday to 'ease fuel costs due to the Iran War. The subsidies, which could amount to up to 450 millions euros (519 million dollars) over three month, will only be paid if the diesel prices are more than 10 cents higher than the average price for the first week of March when the war with Iran intensified. The subsidies will run between April 1 and June 30, and they still need parliamentary approval. They will support sectors such as agriculture, forestry and fishing,?public transportation and taxis and be capped to a maximum diesel consumption per vehicle. Luis Montenegro, Prime Minister of Spain, said that the financial support was only temporary and that the state budget must be managed responsibly and with caution. Portugal's National Statistical Institute (INE), which released its figures on Thursday, reported a budget surplus that was higher than expected, at 0.7% of the gross domestic product. This is up from 0.6% of GDP in 2024. It predicted a surplus in 2026 of 0.1%. Montenegro's?government said it is examining additional measures to support fuel and essential goods prices if the conflict in Iran escalates and puts further pressure on them. He added that there are no plans to reduce the VAT on food or fuels.
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GRAINS-Chicago Soy is slipping on profits ahead of revised US Biofuel targets
Chicago soybean futures fell on Friday due to profit-taking ahead of a White House announcement expected later that day?of revised U.S. Biofuel targets which is 'expected'to be?bullish?for soybeans. These are often used as biofuel feedstock. Wheat and corn prices were volatile due to the uncertainty surrounding the Iran War. Corn was also pressured pre-weekend by technical selling. As of 10:50 am, the most active soybean contract traded on the Chicago Board of Trade had lost 9 cents. It was now $11.64-3/4 per bushel. CT (1750 GMT). Randy Place, an analyst at Hightower Report, said: "We are a little weaker in beans. It's probably profit taking before the weekend, and headline risk?depending on how negotiations go and what happens with Iran." Investors have responded cautiously to the latest remarks made by U.S. president Donald Trump on ending the conflict that has lasted for a month. Trump said that on Thursday, talks to end the war are going "very smoothly" and he will delay the threatened attacks 'on Iran energy plants for an additional ten days. Oil prices rose on Friday, as traders weighed Trump's remarks against Iran's criticisms of U.S. proposals as well the ongoing disruption in energy markets. The price of grains and oilseeds has largely tracked the fluctuations in crude oil prices during the conflict. This is due to the use corn and soyoil as biofuels, and the knock-on effect on crop production that rising energy and fertiliser prices can have. CBOT corn fell by 2-3/4 cents, to $4.64 per bushel. Grain participants are adjusting positions ahead of Tuesday's U.S. Department of Agriculture acreage estimates. The war in the Middle East may increase the cost of fertilizer, which could lead to more acres being planted with soybeans. Fertilizer is needed to provide a significant amount of nitrogen for corn. The CBOT wheat price dropped by a half-cent to $6.04-12 a bushel. Prices have been supported by dry conditions in part of the U.S. wheat belt. The traders are closely watching the drought in the southern U.S. Plains. Hot weather this week could cause more crop stress, before rains arrive next week. Kansas Wheat Futures have seen sharper gains this week compared to Chicago wheat prices due to the parched conditions.
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India eases the rules to allow some state-owned firms to purchase critical equipment from China
After easing restrictions, India allowed some state firms, including Bharat Electricals and the Steel Authority of India, to purchase critical equipment from China on Friday, according to both a government source and a document. Last month, it was reported that India would ease restrictions on purchasing Chinese equipment after a deadly border clash in 2020. This would allow state-run coal and power companies to import limited quantities of Chinese equipment as shortages and delays grew. India has also since eased its investment restrictions on China. The government order stated that Bharat Heavy Electricals, India's biggest state-run power equipment manufacturer, can now purchase 21 types of critical equipment from China under the new?rules. Steel Authority of India has also been granted a similar authority to source critical components and coal-gasification equipment from other state-run companies, according to a government source. New Delhi tightened rules on Chinese investments and procurement in response to the deadly clashes between Indian and Chinese soldiers along the Himalayan border. However, a global realignment sparked by U.S. trade tariffs has led India to consider an adapted reset with China to maintain supply chains and attract investment. In August last year, Indian Prime Minister Narendra Modi travelled to China for the first time in seven years. He met with Chinese President Xi Jinping and discussed improving ties. After this, New Delhi relaxed visa requirements for Chinese business professionals. According to the government order, which was issued this month and seen by, Chinese bidders who are participating in state contracts do not have to register with a government panel for political and security clearances. New Delhi eased its restrictions on Chinese investment in certain sectors earlier this month to help ease the capital squeeze. This marked a significant reset of our economic ties. (Reporting and writing by Sarita Changanti and Nikunj Ahri; editing by Jan Harvey, Susan Fenton and Shivangi Acharya)
Pakistani convicts of plotting to murder Trump in response to death of Iran commander
The Department of Justice reported that a Pakistani man had been convicted of plotting to kill President Donald Trump, and other prominent U.S. officials two years ago on the orders of Iran.
Asif Merchant has been accused of 'trying to recruit people in the U.S. for a plan that targets Trump and others as retaliation against Washington's killing in 2020 of Iranian military chief Qassem Solimani, during Trump's first term.
Federal prosecutors have said that the plot included targets such as then-President Joe Biden, and Nikki Haley who was running against Trump in 2016 for the Republican Presidential nomination.
The DOJ released a statement that said Merchant had been convicted by Iranian authorities of "murdering for hire" and of attempting to commit an act of terror transcending national borders.
Brooklyn, a borough in New York City, was the site of a trial that began last week. Days before, Trump had ordered an attack on Iran, which Israel carried out, and has now escalated into the biggest war in the region in years.
Merchant testified that he joined the plot with Iran’s elite Islamic Revolutionary Guards Corps, but he only did it to protect his family.
Merchant claimed that he had never been ordered to kill anyone in particular, but his Iranian handler mentioned three individuals during conversations in Tehran.
The law enforcement agency foiled the plot 'before an attack took place. Merchant's contact in April 2024 who was supposed to assist with the plot, reported Merchant's activities and became an informant. Merchant was arrested in 2024 and pleaded guilty.
The Revolutionary guards?play a central role in Iran with their combination of economic and military power, and an intelligence system. Tehran has denied allegations that it 'targeted Trump or other U.S. official.
According to Iran's U.N. Ambassador, U.S. and Israeli strikes since Saturday have killed and injured at least 1,332 Iranians. Many Iranian leaders, including the Supreme Leader Ayatollah Ayatollah Khamenei have been killed.
The U.S. Military has said that six of their service members have been killed in an attack on a Kuwaiti facility, while Israeli statistics show that at least ten civilians were killed throughout Israel. (Reporting and editing by William Mallard in Washington)
(source: Reuters)