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Swiss sanctions against Russia and Belarus are in line with EU actions
The Swiss government announced on Friday that it had expanded its sanctions against Russia and Belarus, adopting portions of the latest package of measures from the European Union in response to Moscow's conflict in Ukraine. The Federal Department of Economic Affairs (FDEA)?said that the new listings will take effect at 11 p.m. on May 22. Further 115 individuals and companies will be subject to asset freezing and a 'ban' on making funds available. Sanctioned individuals are also barred from entering Switzerland or transiting through it. The department stated that the newly listed targets included people and 'entities connected to Russia's energy and military-industrial complex, as well as 'individuals involved in the deportation and indoctrination Ukrainian children. It said that '60 more companies, some of which are based in a third country, will be subject to tighter export controls, with the aim of blocking the supply of 'critical goods for Russia’s military industry.
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Carney emphasizes importance of Alberta following separation vote announcement
The Prime Minister, Mark 'Carney, stressed the importance of?Alberta to Canada on Friday. This comes a day after this oil-rich province held a non-binding vote on whether or not its residents wanted to stay in Canada. Carney's largely symbolic move could be a major challenge for him, as he is trying to promote national unity in the face of U.S. Tariffs and Donald Trump's talk about annexation. Carney told reporters that "Canada is one of the best countries in the world, but we can do better. We're working together with Alberta to make it better." "We are renovating the nation as we go." Carney said that Alberta's central position is crucial. He did not mention the referendum announcement. The'separation' advocates are upset with Justin Trudeau's environmental policies, which they say has undermined the oil and gas industries of the province. Carney?took over in March 2025 and?then rolled back a number of Trudeau?s green measures. (Reporting and editing by David Ljunggren, Deepa Babington and Promit Mukherjee)
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Sources say that Trafigura will withdraw LME copper stocks ahead of the US tariff ruling
Two industry sources have confirmed that Trafigura, the commodity trader, plans to remove large amounts of copper from London Metal Exchange's warehouses in New Orleans. They cited a U.S. Tariff decision expected late in June. Trafigura, a Swiss company, declined to comment. The traders have moved large volumes of copper into the United States to prepare for possible import taxes that could increase shipping costs. The threat of import levies has increased the value for existing copper stocks, as holding copper in the United States allows customers to lock in supplies at pre-tariff rates. After a review, the United States will likely decide by late-June whether to impose tariffs on copper metal imports. U.S. US IMPOSED A 50% TARIFF ON COPPER LAST SEASON. This was part of a larger levy imposed on semi-finished products made from copper. Copper stored in LME-registered warehousing in the United States is usually kept in free trade zones or bonded areas, which means it hasn't entered the U.S. formally and isn't subject to import duties unless brought into the domestic market. LME data shows that more than 30,000 tons of copper was cancelled or marked for delivery in New Orleans, Louisiana on Thursday. LME data doesn't identify the companies responsible for inventory movement, but two sources who refused to be named said that the company was Trafigura. The total cancellations for Thursday exceeded 50,000 tons. The majority of the remaining 22,000 tons were stored in LME warehouses located in Kaohsiung. The total amount of cancelled LME copper stock is 391,900 tonnes, or nearly 30%. Total stock of 'copper' in approved warehouses by Comex The 574,864 metric tonnes is an increase of more than 550% from the February 2018 order by President Donald Trump to conduct a Section 232 Investigation, a process that is designed to 'determine if a product enters the U.S. In sufficient quantities, the product could threaten national security. Since February last year, traders are withdrawing copper from LME storages Shanghai Futures Exchange Industry sources say that the best way to export to the United States is to use a container. (Reporting and editing by Barbara Lewis; Additional reporting by Eric Onstad, Pratima Deai, and Polina.
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Ireland hopes to pass a law lifting Dublin Airport's cap by the summer
Transport Minister said that the Irish government will enact legislation by mid-July lifting a limit on passenger numbers at Dublin Airport. This has been criticized by European and U.S. carriers. The government is rushing to lift the cap of 32 million passengers per year, which has been suspended in anticipation of a ruling from the European Court. Last year, the airport exceeded its limit by four million passengers. Darragh O'Brien, Ireland's Transport, Energy and Climate Minister, said in a?interview that he hoped to have the legislation passed by the Dail (lower chamber of parliament) and Seanad, the upper house, before the summer recess (mid-July). "If not then, early September will be the deadline," he said. O'Brien only previously committed to passing the legislation by?this end. Planners in 2007 capped the number of passengers who could use Ireland's main international airport at 32 million, in part to avoid local traffic congestion. Local residents are in favor of limiting the number of passengers at the airport. The airport carries 80% or more the air traffic in the country. Environmental groups warn that its removal will weaken the oversight of an industry with high emissions. Irish airline chiefs have opposed the measure, claiming it will harm the economy of the country. U.S. Airlines have also opposed this cap. Their representative body, as well as Irish carriers, warned that if it is not removed quickly the U.S. Government could take retaliation and restrict transatlantic flight from Dublin. Michael O'Leary, Ryanair's boss, said in response to O'Brien's schedule that the timetable would eliminate the threat that hung over the industry of being forced by regulators to reduce their capacity to meet the cap next summer. He repeated his calls for O'Brien move faster. He said that if the Americans don't pass the bill by the end June, there was a good chance they would take action. O'Brien stated that the U.S. Government was satisfied with his timeline. European airlines have warned that they may face jet fuel shortages in the coming weeks due to supply disruptions caused by the U.S./Israeli war against Iran. O'Brien stated that Ireland does not face any immediate supply shortages and the analysis of the government predicts no shortages in fuel for the remainder of the year. (Reporting and editing by Kate Abnett, Padraic Halpin and Louise Heavens).
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Mercedes will roll out automated urban driving in Germany by the end of the year
Mercedes-Benz announced on Friday that it will roll out its 'urban point-to-point automated driving system' in Germany by the end of the year. The company hopes to be one of the first automakers to offer the technology. In a LinkedIn posting, Chief?Technology Officer Joerg Burzer stated that the system will be available in certain German cities by the end of 2026. It will then expand nationwide in early 2027. Burzer writes that this brings the technology to Germany after China and the United States. The Stuttgart-based automaker also wants to "remain in the forefront of the international competition in assisted and automated driving". Burzer and German Transport Minister Patrick Schnieder met on Friday to discuss the planned deployment. Mercedes works closely with the Ministry and the KBA Road Traffic Agency "to bring these and other innovations quickly to the market", he said. A company spokesperson said that the system would be first available in Stuttgart and Munich. It can navigate complex traffic situations such as traffic lights, lane changes and heavy city traffic under the supervision of the driver. (Reporting and editing by Matthias Williams, Ludwig Burger, and Rachel More)
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Andy Home: Warning lights flash when aluminium reels are impacted by Gulf shock
The Iran War is likely to be the largest supply shock in the history on the aluminium market. According to the International Aluminium Institute, the Gulf's?production? of the metal, used in sectors such as packaging, solar panels and transport, plummeted in April to its lowest level in more than a decade. The regional run-rates fell by 2 million metric tonnes annually between March and April. In missile attacks, two Gulf aluminium smelters were damaged. The?Al Taweelah facility of Emirates Global Aluminium will require a full year to be repaired. One other producer,?Qatalum, has also reduced its?capacity. The ongoing closure of the Strait of Hormuz causes major logistical issues for those who are still operating. The Gulf is the largest non-Chinese producer and a major supplier of goods to Japan, South Korea and the United States. The London Metal Exchange's (LME) price isn't indicative of the scale of the impact on supply. At $3,650 a ton, it is only up 14% since hostilities began and is still far below the 2022 highs following Russia’s invasion of Ukraine. The market dashboard is flashing red. LME TIGHTENS as Stocks Flow Away First, the LME spreads have been sharply tightened. The benchmark spread between cash and three-months at the LME Cash is trading at a $80 premium and the market has not been this tight since 2007. The squeeze was short-lived and only affected short position holders. This time, the tightness appears to be structural and persistent. The reason is that traders have raided the LME stock, which was already low. They are trying to fill in the supply chain gaps created by the loss of Gulf Production. LME registered stock has fallen by one third, to 339 475 tons, since the beginning of the year. In the last two weeks, almost 68,000 tonnes have been cancelled to prepare for physical loading-out. Gwangyang, a South Korean port, is the main storage location for Russian aluminum that was left over from LME's warrant. The sanctions against the Ukraine war have made it impossible for European or American buyers to purchase this aluminium. These recent daily withdrawals are not transfers to off-warrant stock. The LME's "shadow" stock has also been dwindling and is the lowest it's been since the exchange began reporting off-warrant storage in?2020. PHYSICAL PREMIUMS SURGE Second, the increase in physical premiums across the globe is a warning sign. Since the beginning of hostilities, the CME spot premium has increased by more than twice as much to $316 a ton over LME prices. Japanese buyers accepted a $350 premium for their second quarter deliveries. This is the highest price increase in 11 years. Since the beginning of March, the European duty-paid premium grew by 58%. The duty-unpaid premium grew by 75%. Due to import tariffs of 50%, the U.S. Midwest premium is up by only 8%. However, American buyers are already paying record prices to secure metal. The Gulf supply shock is most evident in these manifestations. What is less visible is the situation in segments of the market that are not exchange-traded, such as billets. This product is used by the construction and transport industries. Fastmarkets, a price reporting agency, reports that the premium in Rotterdam for aluminium 'extrusion billets has doubled, to $1,100, over the LME basis price. STRUCTURAL DEFICIT The relative calmness of the LME's outright price masks a tightening along the processing chain. While LME traders price in the ebbs and flows of headlines surrounding the Iran War, physical buyers pay up to secure "enough metal" in a market heading towards a structural shortage. Mozal, a smelter located in Mozambique, was closed due to high energy prices. According to the latest IAI figures, the combined impact of the?hit' has resulted in a drop of 2.4 million tons in Western production during the past two months. The situation could get worse if the Gulf smelters that are still producing cannot source enough raw material via routes which circumvent Strait of Hormuz. China's giant aluminum production base has increased production, but it is now close to reaching the government's maximum capacity. There are few opportunities for significant growth. The country's?exports are likely to increase in response to the Gulf supply disruption, but these shipments are more likely in the form semi-processed metals such as strips, foils and bars than raw metal. The cushion can be a short-term one, but as the Strait of Hormuz is closed, it becomes thinner. This is a shock to a market that had been living with structural oversupply, and high inventories, for the past 20 years. Aluminum prices are not yet reflecting the changes that have occurred in the supply chain. However, physical buyers already know the extent of the changes. Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Ireland hopes to pass a law lifting Dublin Airport's cap by the summer
Transport Minister of Ireland,?Friday, said that the Irish government will enact legislation?by mid July to lift a passenger cap at Dublin Airport. This has been criticized by U.S. Airlines. The government is rushing to lift the 32 million passenger cap per year, which has been suspended in anticipation of a ruling from the European Court. Last year, the airport exceeded its limit by four million passengers. Darragh O'Brien, Ireland's Transport, Energy and Climate Minister, said in an interview that he hoped to have the legislation passed by the Dail, the lower house of parliament, and the Seanad, the upper house, before the summer recess (mid-July). He added, "If not this, then it will be in early September." Planners capped the number of passengers at Ireland's major airport at 32 million in 2007 in order to reduce local traffic congestion. Some local residents are in favor of limiting the number of passengers at the airport. The airport carries 80%?of the air traffic in the country. Environmental?groups warned that its removal would weaken the oversight of an industry with high emissions. The measure was taken by Irish airline chiefs who warned that it would harm the country's economic growth and plans to make Dublin a hub of international aviation to rival London Heathrow. O'Brien stated that Dublin Airport was of strategic importance to our country and the cap should be removed. U.S. Airlines have also opposed this cap. Local carriers warned that the U.S. Government could retaliate by restricting transatlantic flights from Dublin, if it is not removed quickly. In January, the industry group Airlines for America filed a complaint with the U.S. Department of Transportation accusing Ireland of violating the EU-U.S. agreement that grants airlines the right of operation?in both jurisdictions and asked it to restrict Irish carriers' access into the U.S. O'Brien stated that the U.S. Government was satisfied with his timeline. European airlines warned that they could face jet fuel shortages due to supply disruptions caused by the. O'Brien stated that Ireland does not face any imminent shortages of fuel, and government analysis predicts no shortages in the remainder of this year. (Reporting and editing by Hugh Lawson; Padraic Halpin and Kate Abnett)
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UAE equity gains as oil rallies due to US-Iran uncertainty
The stock markets of the United Arab Emirates ended a tad higher on Friday, with Dubai outperforming the rest. This was due to rising oil prices. Investors were doubting the prospects of a breakthrough in U.S. - Iran peace talks. The nations are divided over Tehran's uranium stocks and the control of the Strait of Hormuz. Brent crude rose 2.85% to $105.5 per barrel at 1130 GMT. Dubai's main stock market rose 0.6% led by the real estate and industrial sectors. Parkin Company, a parking service provider, and a blue-chip developer named?Emaar Properties both grew by 1.7%. Emaar Properties announced that Hesham Heikal, the head of finance for the Emaar Development group, had left the company. Pawan 'Chindalia is now the finance chief. Parkin stated that a new 5% tax on parking services will not impact their financial situation. Hani Abuagla is a senior market analyst with XTB MENA. He said that the stock markets in the UAE remained stable and were trading at levels similar to those seen in recent days. Investors are likely to remain cautious as they monitor the developments in the talks between the U.S. Abu Dhabi's benchmark indices?gained 0.2 percent;?real estate giant Aldar Properties rose 3.5 percent and Adnoc Gas, the state-owned energy company, advanced 1.2%. Aldar Properties, the real estate giant, announced that it had sold out its Al Ghadeer Garden development upon launch. This generated more than 1 billion dirhams ($272.32million). According to LSEG data, the 'Dubai and Abu Dhabi' indexes have lost 0.3% and 0.2% respectively for the week.
State media reports that Syria has signed a deal with CMA CGM for the operation of two dry ports.
Syria's General Authority for Borders and Customs (GABC) has signed an agreement with French shipping and logistics group CMA CGM to operate two dry ports in the free zones around Damascus.
The agreement covers the management and operations of the dry ports in support of logistics and trade. The deal coincided with the launch a trial freight rail linking Syria's main maritime access port,?Latakia, to Adra, after a 14-year stop due to the Syrian Civil War.
CMA?CGM did not immediately respond to a request for comment.
This agreement is a follow-up to a separate contract signed by CMA CGM in May 2025, under which the company secured a 30-year deal for modernising and operating Latakia Port. Rodolphe Saade is a Franco-Lebanese with Syrian roots. He has family ties in Syria.
The European 'Union' restored full application to its 1977 'cooperation agreement' with Syria on May 11, ending a partial ban imposed in 2011, due to human rights infringements under Bashar al Assad.
This move, which follows Assad’s?fall? in December 2024 as well as the lifting of the majority of EU economic'sanctions? in 2025 is intended to support Syria's 'economic recovery' and signal renewed EU involvement with the country. (Reporting and editing by Louise Heavens, Sybille De La Hamaide and Zakarya Melani)
(source: Reuters)