28 April 2025 at 10:44 BST
Beijing appears to be bedding in for a protracted battle with the US over tariffs. The Chinese government laid out policies Monday to aid its exporters affected by the trade war, including loan support for troubled firms and measures to further boost domestic consumption.
Chinese companies are also finding ways to sidestep US tariffs, for example by engaging Indian exporters to fill orders on their behalf and help them retain their American customers. Several Indian firms have been approached by Chinese companies at the ongoing Canton Fair to supply goods to their US customers.
At the same time, China’s foreign ministry said it isn’t in trade talks with Washington, indicating Beijing is in no rush to work with the US to come to a resolution.
And in case anyone still needed evidence of just how much President Donald Trump’s decision to raise to levies on China to 145% is impacting global trade, cargo shipments have plummeted, perhaps by as much as 60%, according to one estimate. Restarting transpacific trade will bring additional risks. The freight industry has reduced capacity to match weaker demand, meaning a surge of orders will likely overwhelm the network, causing delays and boosting costs.
President of the United States of America, Donald Trump, is letting a Russian Gazprom subsidiary continue operating in Serbia without sanctions.
The immediate past President of the US, Joe Biden, put the company under sanctions in January as he was leaving office.
Biden gave Gazprom 45 days to exit ownership of NIS.
However, the company has been operating for at least the next two months, according to Serbian president Aleksandar Vucic.
NIS, majority-owned by Russia’s Gazprom, runs the only oil refinery in Serbia.
Since after Biden left office, the company, according to the Guardian UK, has received several waivers of sanctions related to the Russian war in Ukraine.
Meanwhile, Ukraine’s military on Saturday denied Russian claims that Ukrainian troops had been forced out of their last footholds in Russia’s Kursk region.
The Ukrainian military’s general staff said its forces were continuing their operations in some districts of Kursk region, and its incursion into another part of Russia, Belgorod region, was still under way.
ERBIL, Kurdistan Region - Oil producers in the Kurdistan Region on Sunday called for increased efforts to resume the long-halted Kurdish oil exports through the Iraq-Turkey pipeline (ITP).
In a statement, the Association of the Petroleum Industry of Kurdistan (APIKUR) said that their latest meeting with the Iraqi government and the Kurdistan Regional Government last week “did not result in any agreements.”
“The GoI [Government of Iraq] continues to publicly express the importance of oil exports through the ITP but engagements thus far have been limited and unproductive. APIKUR calls for redoubling of efforts to find mutually beneficial solutions,” the statement said.
Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline have been suspended since March 2023 after a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had violated a 1973 pipeline agreement by allowing Erbil to begin exporting oil independently in 2014.
Despite ongoing talks between Erbil, Baghdad, Ankara, and oil producers - with added pressure from the United States - the exports remain stalled, with their suspension costing Iraq billions of dollars in revenue.
“APIKUR member companies have repeatedly proposed solutions that satisfy, both, Iraq’s Budget Law and comply with international oil company contracts which have been validated in Iraq’s courts,” said APIKUR spokesperson Myles Caggins. “We regret the lack of progress, nevertheless we will continue to push for a resumption [of] oil exports.”
The oil association also lamented that “no substantial discussions” have taken place with Baghdad and Erbil on their proposals for payment mechanisms, stressing that multiple recommendations have gone unaccepted.“
APIKUR member companies remain ready to immediately resume exports through ITP once binding agreements are in place that ensure payment certainty for such exports in like with each IOC’s existing contractual terms,” the statement added.
In early April, APIKUR said that their investments have been “fundamentally harmed” by the closure of the pipeline and that they are in a “hurry” to resume the oil exports, for which they have been “at forefront to push negotiations with Baghdad.”
In early February, the Iraqi parliament approved amendments to the federal budget law, authorizing a $16-per-barrel fee for production and transport costs in the Kurdistan Region - a move seen as a crucial step toward restarting exports.
The amendments also require both the federal government and the KRG to establish an international technical consultancy within 60 days to assess production and transportation costs for oil fields in the Kurdistan Region. If an agreement cannot be reached, the federal council of ministers will appoint the consultancy.
Offshore oil production in Guyana averaged 627,000 barrels per day (b/d) in March 2025, a modest dip from February’s 648,000 b/d. Despite the daily average easing, total production for March climbed to 19.4 million barrels, outperforming the 18.1 million barrels produced in February.
ExxonMobil operates the Stabroek Block, where all production occurs, in partnership with Hess and CNOOC.
The three producing projects — Liza 1, Liza 2, and Payara — each made substantial contributions. Output for March stood at approximately 4.47 million barrels from Liza 1, 7.58 million barrels from Liza 2, and 7.38 million barrels from Payara. Daily production figures for the projects were about 144,000 b/d at Liza 1, nearly 245,000 b/d at Liza 2, and almost 238,000 b/d at Payara.
The first quarter wrapped with strong overall performance. Average daily production for Q1 2025 was 631,000 b/d, underpinned by steady contributions of close to 146,000 b/d from Liza 1, almost 244,000 b/d from Liza 2, and nearly 242,000 b/d from Payara. These figures reflect a high utilization of current installed capacity.
The combined demonstrated production capacity of the three projects is at 660,000 b/d, a level first observed in late 2024. While ExxonMobil has indicated that both Liza 2 and Payara can individually reach 265,000 b/d, such levels have yet to be sustained in practice. The company has sought government approval to raise production, and regulators have yet to acquiesce, citing the need for a thorough review.
Meanwhile, crude export patterns from the first quarter paint a picture of consistent European demand, with the continent taking 29 of the 54 cargoes. Panama and the Netherlands emerged as top country destinations, each receiving 14 cargos, typically in 1-million-barrel shipments.
Looking ahead, momentum could build further. The ONE GUYANA FPSO, the floating production unit for the Yellowtail project, arrived in Guyana in April, with installation activities now underway. If the vessel is brought online ahead of schedule, the resulting early production start could outperform current projections, translating to stronger earnings for the country in 2025, especially if coupled with approved increases in output from existing operations.
By Felicity Bradstock - Apr 27, 2025, 10:00 AM CDT
The U.K. has ambitious nuclear power plans and is developing several small- and large-scale projects. While opposition, high costs, and other factors have slowed development in the past, EDF has been facing another problem at its Hinkley Point C construction – a rat infestation.
In early April, the Unite and GMB trade unions for workers at Hinkley Point C in Somerset, in the south of England, informed the developer, French energy giant EDF, that the facility was overrun with rats. The unions said that immediate action was needed as the rodents were “everywhere” and the rapidly expanding rat population prompted health and safety concerns for the workforce.
One source reported, “They’re all over. You see them just sat there, looking at you. It is worse near the canteens, where I guess it started. But they are everywhere now.” Another source said, “The more men working on the site, the more rubbish on the site – and the canteens are not clean either. It has just become worse over time.”
The development of Hinkley Point C is expected to support the creation of 15,000 jobs. Once complete, the plant is expected to power around 6 million U.K. homes and contribute 7 percent of the country’s electricity needs. It is planned to launch in the early 2030s, following several years of delays and spiralling costs. However, many believe this is an unrealistic aim. In recent months, workers have complained about poor working conditions and low pay, potentially because of EDF’s financial pressures. Hundreds of project staff also went on strike in November over the inadequate security access to the site.
A Hinkley Point C spokesperson said, “As is common across all large construction sites, there will be occasions when the presence of vermin is noted. A specialist company has carried out a survey and measures are in place to address the issue. We are committed to working alongside our trades union partners to provide the best environment for all of our workers.”
Even though the U.S. government has previously assured the public that the TV show The Simpsons was wrong about potential rat infestations, this is not the first time the problem has been seen in recent years. The U.S. Department of Energy published an article in 2018 aiming to debunk several nuclear myths. It stated:
“Nuclear power plants are well-maintained.
The Springfield plant is notorious on the show for its safety violations. They range from rat infestations and cracked cooling towers (held together with chewing gum) to leaky pipes that spill out radioactive waste.
This simply does not happen. The nuclear industry is one of the safest to work in and to live near.”
However, rat problems have been seen in the past, such as during the Fukushima 2013 power cut. In March 2013, the Tokyo Electric Power Co (Tepco) suspected that rats may have caused a short circuit in a switchboard, triggering the power cut. Tepco announced that it had found burn marks on a makeshift power switchboard and a 15 cm dead rodent nearby. The outage shut down cooling systems for four spent fuel ponds at reactors 1, 3 and 4, however cooling to the reactors was not affected. Following the incident, engineers spent around 30 hours repairing the damage. This came just two years after a giant earthquake-triggered tsunami caused meltdowns at the plant, which was in the decommissioning stage during the rodent incident.
Despite the rodent infestation in the construction phase of Hinkley Point C and during the decommissioning period of Fukushima, rats are, indeed, not a common sight in nuclear power plants thanks to the enforcement of strict safety regulations. For decades the public perception of nuclear power has been negative, due to three separate nuclear disasters – Chernobyl, Three Mile Island, and Fukushima. However, nuclear experts have repeatedly tried to reassure the public that nuclear power is one of the safest forms of energy.
The International Atomic Energy Agency says nuclear power plants are among “the safest and most secure facilities in the world”, as they are subject to strict international safety standards. The World Nuclear Organisation reminds us, “In the 60-year history of civil nuclear power generation, with over 18,500 cumulative reactor-years across 36 countries, there have been only three significant accidents at nuclear power plants.” While these incidents stuck in the minds of people worldwide, this ratio is extremely low when compared to other forms of energy.
Rigorous international standards and regulations, as well as significant improvements to nuclear technology, have helped make nuclear power one of the safest forms of clean energy production. As the public perception of nuclear energy begins to shift to more positive, and countries worldwide look for ways to support a transition away from fossil fuels to green alternatives, we can expect to see a massive nuclear renaissance in the coming years.
"Once drought comes, you can expect a long period of consequences."
A new study published in Science has revealed a global and potentially permanent decline in soil moisture, signaling a dangerous shift in the world's water cycle.
What's happening?
As reported by Carbon Brief, the Earth's soil moisture has been depleting for decades. Two sharp drops in particular, in the early 2000s and in the mid-2010s, have highlighted the severity of the issue.
The study found that Earth lost 1,614 gigatonnes of soil water during the early 2000s dip alone, which is nearly double the amount of water lost from Greenland's ice sheet during the same period.
This massive depletion isn't temporary. Researchers say the changes are likely to be "permanent" if global temperatures continue to rise.
"We better be prepared earlier than later, because once drought comes, you can expect a long period of consequences," said professor Dongryeol Ryu, lead author of the study.
"Everything needs water — ecosystems need water, agriculture needs water. People need water. If you don't have enough water — you're in trouble," NASA scientist Dr. Benjamin Cook told Carbon Brief.
Why is declining soil moisture important?
The soil moisture isn't just a climate data point; it's a creeping crisis that can affect people's wallets and food.
As Earth's atmosphere heats up, it pulls moisture from the ground. When rain does fall, dry soil is less able to absorb and retain water. That's bad news for farmers and everyone who relies on their crops.
Without enough moisture in the soil, crops struggle to grow, yields shrink, and food becomes scarcer and more expensive.
Drought conditions already cost billions each year, and this permanent drying trend could drive even more frequent agricultural disruptions, particularly in vulnerable areas like Central Asia, Africa, and the Americas.
What's being done about soil moisture?
Researchers are looking for ways to better predict and prepare for these drying trends. The study also shows how incorporating new data sources, such as Earth's "wobble" from shifting mass, can help scientists better track and understand where and why water is disappearing.
As a non-researcher, supporting regenerative agriculture and soil conservation practices can help improve moisture retention and resilience. Also, reducing food waste, eating more plant-based meals, and supporting policies that cut harmful carbon pollution can also chip away at the root causes of Earth's overheating.
We can all do our part in stopping the cause of Earth's overheating to better manage the consequences.
https://www.thecooldown.com/outdoors/declining-soil-moisture-drought-trend/
Over the weekend, crypto markets rallied ahead of the futures open, continuing a trend of growing investor interest in alternative assets. Bitcoin led the charge, rising 3.70% on the day before giving back some of its gains as U.S. stock markets closed. The world's largest cryptocurrency is currently trading around $86,900 after briefly reaching a high of $88,400.
This surge in Bitcoin coincides with continued weakness in the U.S. Dollar Index, which has been under pressure due to ongoing trade tensions between the U.S. and China. The DXY recently hit a fresh low of 97.92, further signaling that global investors are growing cautious on the dollar's strength in the current macroeconomic environment.
Key Levels To Watch
As Bitcoin continues to show relative strength compared to traditional markets like the Nasdaq and S&P 500, many analysts are turning their attention to crypto as a potential beneficiary of broader market uncertainty. With a weakening DXY and mixed signals from equity markets, Bitcoin is emerging as a more resilient option for investors looking to hedge against currency depreciation and macro volatility.
Given the market's current volatility, it's important to keep a close eye on key technical levels that could shape the next move. The rejection from the $88,000 region on Monday's rally—an area highlighted in a previous article—may signal short-term exhaustion. However, this does not yet confirm a return to the broader bearish higher-timeframe trend.
Instead, Bitcoin's lower timeframes still tell a bullish story. On the four-hour chart, the structure remains intact, with a crucial swing low marked at $83,900. As long as price holds above this level, the bullish market structure remains valid. A clean break and close below that area, however, could open the door for a deeper correction in the short term.
It's also worth noting that Bitcoin's recent strength isn’t happening in isolation. Other major currencies such as the Euro and British Pound have also seen significant upside as the dollar weakens, reinforcing the narrative that capital is rotating out of the greenback and into alternative assets, including crypto.
https://finance.yahoo.com/news/bitcoin-extends-lead-over-traditional-144125584.html
JD Vance's meeting with Pope Francis before his death sparks conspiracy theories, fumed netizens ask ‘What did you do?’
By Shweta Kukreti Apr 21, 2025 04:14 PM IST
JD Vance paid tribute to Pope Francis, who died at the age of 88 on Monday. His demise comes a day after he met the US VP on Easter Sunday at Vatican.
Taking to X, Vance said that he just learned of the passing of Pope Francis, adding that his “heart goes out to the millions of Christians all over the world who loved him.”
“I was happy to see him yesterday, though he was obviously very ill. But I’ll always remember him for the below homily he gave in the very early days of COVID. It was really quite beautiful. May God rest his soul,” the US VP added.
Vatican announced the death of Pope Francis, the first Latin American leader of the Roman Catholic Church, through a video statement on Monday. His reign was characterized by conflict and division as he worked to reform the embattled institution. He had survived a severe case of double pneumonia.
Kenmare Resources plc (OTCMKTS:KMRPF) was the target of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 1,000 shares, a drop of 63.0% from the March 31st total of 2,700 shares. Based on an average daily volume of 100 shares, the days-to-cover ratio is presently 10.0 days.
Kenmare Resources Stock Performance
OTCMKTS KMRPF opened at $5.50 on Friday. Kenmare Resources has a 12 month low of $3.79 and a 12 month high of $5.94. The company’s 50-day moving average price is $5.09 and its 200-day moving average price is $4.50.
Kenmare Resources Company Profile
Kenmare Resources plc, together with its subsidiaries, engages in the production and sale of mineral sand products in China, the rest of Asia, Europe, the United States, and internationally. It operates the Moma Titanium Minerals Mine located on the northeast coast of Mozambique. The company's products include ilmenite, rutile, and zircon; monazite; and concentrates, including secondary zircon and mineral sand concentrates.
Great Southern Copper PLC (LON:GSCU) shares rose 13% during mid-day trading on Friday . The company traded as high as GBX 3.75 ($0.05) and last traded at GBX 3.75 ($0.05). Approximately 2,042,873 shares were traded during trading, a decline of 50% from the average daily volume of 4,050,737 shares. The stock had previously closed at GBX 3.32 ($0.04).
Great Southern Copper Price Performance
The stock has a 50-day moving average price of GBX 3.49 and a 200-day moving average price of GBX 2.18. The firm has a market capitalization of £18.31 million, a PE ratio of -0.01 and a beta of -0.41.
Insider Buying and Selling at Great Southern Copper
In other news, insider Charles Richard William Bond acquired 379,822 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were purchased at an average price of GBX 5 ($0.07) per share, for a total transaction of £18,991.10 ($25,287.75). 74.30% of the stock is currently owned by corporate insiders.
Great Southern Copper Company Profile
Great Southern Copper is a mineral exploration company focused on copper-gold deposits in Chile. The Company has the option to acquire rights to 100% of two projects that are prospective for large porphyry copper-gold deposits in the underexplored coastal belt of Chile, a globally significant mining jurisdiction and the world’s largest copper producer.
https://www.defenseworld.net/2025/04/27/great-southern-copper-longscu-shares-up-13-whats-next.html
BENGALURU: According to government officials, India expects the joint venture between state-owned Steel Authority of India Ltd. (SAIL) and ArcelorMittal to start producing automotive-grade steel in two years.
SAIL and ArcelorMittal, the world's largest steel producer, joined hands in May last year to expand in one of the world's fastest growing steel markets.
"In another two years it should be in the manufacturing stage, provided we freeze everything within one and a half months and in December we take off," Steel Secretary, Arun Sharma told Reuters.
She said the government was focused on raising the demand for steel in India—whose per-capita consumption of about 60 kg is much lower than the global average. She said that the government was planning to replace concrete with steel in the infrastructure sector.
The World Steel Association is expecting a growth of 5.4 pct in the demand for steel in India this year, even as countries such as China witness a slow decline.
Not only ArcelorMittal, other major players are also interested in India’s growing market. South Korea’s POSCO is showing keen interest, despite regulatory hurdles and other such difficulties.
Sharma, who moved to the steel ministry just two months back is already on the move and has met POSCO officials, who seem eager to expand in India despite the scrapping of the company's proposed 12 Bn US dollars steel plant in Odisha.
Top Indian steel makers such as Tata Steel Ltd and Jindal Steel & Power Ltd have requested the government to take hard measures to protect their margins from cheap imports from countries such as China and South Korea.
MUMBAI: India’s coking coal imports will accelerate due to the limited availability of the key steelmaking ingredient amid a ramp-up of steel capacity, the steel secretary said on Friday.
Imports of coking coal will increase to 160 million tons by 2030 from about 58 million tons as of now, Steel Secretary Sandeep Poundrik said.
Coking coal imports dipped 0.7% year-on-year in fiscal year 2025 due to reduced shipments from Australia and the United States even as steel output rose, according to commodities consultancy BigMint. Earlier this week, Poundrik said India is set to achieve its target of expanding steel production capacity to 300 million tons by 2030. The country’s steel production stood at 151.1 million tons in fiscal year 2025, with total steelmaking capacity at 200 million tons.
The problem with steel capacity addition in the country lies in logistics, the secretary said on Friday. The preferred mode of transporting steel, which is in high demand across the country, is railways as it is cheaper than road transport.
Major steel plants being concentrated in the two states of Odisha and Karnataka pose a problem due to the congestion in railways, Poundrik said. Indian steel majors, Tata Steel, JSW Steel and Jindal Steel have plants in Odisha.
https://www.brecorder.com/news/40359690/indias-coking-coal-imports-to-accelerate
Today, there was no guidance from the futures market, but influenced by rumors of crude steel production restrictions during Friday's night session, spot cargo prices across various regions all rose, with increases ranging from 20 to 40 yuan/mt. Trading performance throughout the day was moderate. From a fundamental perspective, on the supply side, EAF steel mills, affected by profitability, mostly maintained their previous production levels, with construction material production remaining relatively stable. Blast furnace steel mills have recently undergone additional maintenance, leading to a reduction in supply pressure after the holiday. On the demand side, influenced by rumors of crude steel production cuts, market sentiment was significantly boosted. Coupled with the ongoing restocking demand ahead of the May Day holiday, steel inventory continued to decline. Some provinces experienced shortages of rebar specifications, and the support at the bottom of steel prices remained relatively firm. Overall, the market currently maintains a weak balance between supply and demand, with relatively small fundamental imbalances. Short-term prices are likely to fluctuate with market sentiment. It is expected that steel prices will continue to hold up well tomorrow, but at the same time, caution should be exercised regarding potential sentiment changes due to the insufficient sustainability of the rumors' popularity.
SINGAPORE: Iron ore futures declined on Friday amid continuing uncertainty over Sino-US trade tensions, but were set for weekly gains on strengthening near-term demand in top consumer China.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.48% lower at 719 yuan ($98.53) a metric ton, as of 0244 GMT. The contract rose 1.63% this week.
The benchmark May iron ore on the Singapore Exchange was 0.3% lower at $99.15 a ton, but was up 1.59% so far this week.
There will be strong short-term demand for iron ore consumption as steel end-users seek to replenish their supplies before the May Day holiday, said broker Hexun Futures.
Hot metal output has increased by 42,300 tons month-on-month to 2.4435 million tons in April so far, marking an increase of 156,300 tons year-on-year, said broker Everbright Futures.
Hot metal output is typically used to gauge iron ore demand. Port inventories of iron ore were at 147.81 million tons, increasing roughly 1.56% on-month, Everbright said. Broadly, while Washington’s stance on China has softened, investors are still in the dark on where things currently stand with China. President Donald Trump asserted on Thursday that trade talks between the US and China are underway, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war. Conflicting statements from Washington and Beijing underscore the uncertainty defining the trade war, adding volatility to global markets.
Other steelmaking ingredients on the DCE gained ground, with coking coal and coke up 1.88% and 0.54%, respectively. Steel benchmarks on the Shanghai Futures Exchange traded sideways. Rebar gained nearly 0.3% and hot-rolled coil rose 0.37%, while wire rod eased 0.36% and stainless steel was down 0.43%.
https://www.brecorder.com/news/40359694/iron-ore-falls-on-resilient-china-demand
