Latest News
-
Azerbaijan has announced that it will evacuate its diplomats to Iran in order to ensure their safety
Azerbaijan has evacuated its diplomats to Iran, according to Foreign Minister Jeyhun Bayramov on Friday. This comes a day after Baku claimed that four Iranian drones crossed the border into Azerbaijan and injured four people at Nakhchivan. Bayramov, speaking at a press conference in Baku said that Azerbaijan is evacuating its employees from its embassy in Tehran and consulate in Tabriz. Tabriz is the largest city in Iran's northwestern region, where ethnic Azerbaijanis reside. On the orders of President Ilham Aliyev instructions were given to evacuate our embassy in Tehran, as well as the consulate in Tabriz, from Iran. These instructions are currently being implemented. He said: "We cannot risk the lives of our citizens." Azerbaijan's President Aliyev threatened retaliation after reacting angrily to what he said was an "incursion of Iranian drones" into its "Nakhchivan Exclave" on Thursday. Iran claimed that it did not launch the drones. Azerbaijan and Iran have had tense relationships for a long time. Azerbaijan’s close ties with Israel has enraged?Tehran. Azerbaijan is an Islamic country with a majority Shi'ite faith, but the government there is secular. (Reporting and writing by Nailia bagirova, editing by Andrew Osborn).
-
The Kremlin claims that the war in Iran is driving up demand for Russian energy
The Kremlin announced?on Friday?that?the war against Iran has fueled demand for Russian energy. This comes a day after U.S. Treasury granted India a waiver of 30 days to purchase Russian oil that is currently "stuck" at sea. As the conflict entered its seventh?day on Friday, the Strait of Hormuz - a vital shipping?passage - was all but closed, and countries around the globe were cut off from global oil and LNG supplies. Dmitry Peskov, Kremlin spokesperson, told reporters that Russia is a reliable source of oil and natural gas via pipelines as well as in liquefied forms. The war in Iran is causing a dramatic increase in the demand for Russian energy. Peskov, a reporter at the time, said that Russia is a reliable source of both gas and oil. This includes pipeline gas as well as liquefied natural gas. "It is also capable of guaranteeing continuity for all?deliverys' for which contracts were concluded." Peskov refused to reveal possible volumes of Russian crude oil supplied to India after Washington's waiver. This was a result of months of U.S. pressuring New Delhi to not buy Russian oil.
-
Slovakia aims to increase Russian gas imports ahead of the EU ban
Two sources familiar with this matter claim that Slovakia's national gas company SPP has been in talks with Gazprom about increasing?Russian gas imports for the current year and next year, compared to 2025 levels. This is ahead of an EU ban on Russian gas. EU gas prices rose by 50% in the past week, after Qatar stopped exporting liquefied gas following U.S.-Israeli strikes against Iran and Tehran retaliation. SPP started the talks before the conflict broke out. SPP reported in November that it has received only a third of its gas in?2025 from Russia to date after the transit through Ukraine ended December 2024. SPP's annual imports of approximately 3 billion cubic meters of gas were dominated by Russian supplies. If the discussions are successful, sources claim that the company could increase its Russian purchases up to 100% of what it needs by 2027. The Slovakian government switched last year to import Russian?gas through Turkey but capacity constraints limited the flows. SPP, which supplies about two thirds of Slovak demand for gas, has a long term supply contract with Gazprom that runs until 2034. SPP and Gazprom declined comment. The EU prohibits countries from increasing the contract volume for Russian gas in order to punish Moscow for its invasion into Ukraine. However, they do allow certain necessary changes to existing agreements. According to a?source, the talks include unspecified changes in the contract which includes "large volumes". Source: Any change would need an EU exemption, which the Slovak Economy Ministry will assess. The ministry has not responded to a comment request. EU states must stop Russian LNG imports by 2026. However, pipelines can be used until November 1, 2027 if the country struggles to fill its'storage' with non-Russian natural gas. Sources said that SPP is exploring options for importing LNG via Poland, Germany and Italy. Sources said that SPP had received approximately 20 "offers" for non-Russian natural gas after 2027. The EU has also allowed Slovakia to buy Russian oil despite the fact that it is difficult to find alternative sources of supply. Recently, however, the Druzhba Pipeline was damaged, and this resulted in a disruption to imports. Reporting by Jan Lopatka, Marek Strzelecki. Kate Abnett, Vladimir Soldatkin and Kate Abnett contributed additional reporting. Mark Potter (Editing)
-
Minister: Indonesia will restrict social media for children under 16 years old.
Indonesia has announced that it will limit social media access for children younger than 16 years old. The ministry of communications and digital said this on Friday. Several governments have implemented a ban on?social media? for children due to growing concerns about the impact of social media on minors' mental and physical health. Australia banned social media in December for those under 16 years old. Spain announced last month it would also ban social media access for minors under 16. Malaysia, Indonesia's neighbor, announced in November that social media would be banned for those under 16 years old starting 2026. Meutya hafid, Indonesia’s Communications and Digital minister, stated in a video statement that the government would "delay access to social media accounts" for children under 16. This was done through a ministerial rule issued on Friday. Meutya stated that accounts of children under 16 years old on "high-risk?platforms" (TikTok and Facebook, Instagram and Roblox) will be deactivated gradually starting March 28. She did not elaborate on the steps that they must take to comply with the new requirements. We understand that this may be uncomfortable at first. "Parents may feel confused when dealing with complaints from children." "Our children face risks from porn to cyberbullying to online fraud and most importantly addiction," she added, adding that Indonesia would be the first country outside of Western Europe to implement such restrictions. TikTok and Meta, the company that owns Facebook, Instagram and TikTok did not respond to our request for a comment. Details of the new regulations are yet to be released. The Ministry did not immediately respond to an inquiry for comments. According to an 8700-person survey by the Indonesian?internet service provider's association, internet penetration in Indonesia reached 79.5% by 2024. In the survey, it was revealed that?48% (of children under 12) had access to the Internet, with some of those in this age group using Facebook and TikTok. Internet penetration was 87% for "Gen Z" users between the ages of 12 and 27. (Reporting and editing by David Stanway; Stanley Widianto)
-
CK Hutchison intensifies legal efforts as Panama seizes ports
Hong Kong conglomerate 'CK Hutchison' said Friday that it had 'escalated the legal battle in Panama following the?government seizing its port operations. It has petitioned for a re-examination of the decree behind this takeover. Panama occupied illegally facilities, seized property, and ignored consultations. The company took further legal action at the national and international level. CK Hutchison’s Panama Ports Company, which manages a?two terminals close to the strategically important Panama Canal, has filed an administrative request?seeking reconsideration for the Panamanian executive action, which led to the confiscation of?its property and occupation of its facilities, CK Hutchison stated. Panamanian authorities raided the local?ports units of CK Hutchison a few days ago, escalating the rift between the two ports. In January, the Panamanian government annulled contracts that granted the company control over the two canal port after a court ruled the contracts were unconstitutional. Last week, the government announced that Maersk and MSC would temporarily operate the Balboa and Cristobal Ports at the heart of the dispute. CK Hutchison agreed to sell dozens of ports around the world, including those in Panama, for $23 billion to a consortium headed by 'BlackRock and Mediterranean Shipping Company. Beijing has criticised the deal, but President Donald Trump welcomed it. He had previously?declared that he wanted to'reclaim' the Panama Canal to reduce Chinese influence over its key assets. (Reporting from Roushni nair in Bengaluru, and Kane Wu at Hong Kong. Editing by Mrigank dhaniwala & Raju Gopalakrishnan.)
-
Take Five: the fog of war
Next week, the U.S.-Israeli conflict over Iran will continue to dominate global financial markets. The war is not only driving up oil, gas, and shipping prices but also other important indicators, such as the U.S. Inflation releases on Wednesday and Friday, which were compiled before hostilities began, are at risk of being "overshadowed". In Latin America, Colombia will hold congressional elections and its presidential primaries ahead of the final presidential vote on May 31. Here is all the information you need about this week's?markets from?Amanda Cooper in London and Alun in New York. Gregor Stuart Hunter, in Singapore, will provide you with?Lewis Krauskopf and Rodrigo Campos. The fog of war The Middle East conflict is a reminder of just how quickly energy prices can rise. Since Israel and the U.S. attacked Iran on February 28, crude oil has gained almost 20% while European natural gases are up nearly 60%. Investors have been rushing to cover losses in other areas as they try to recover from the recent collapse of some of the biggest trades. The dollar has gained against nearly every major currency despite losing 10% of its value by 2025. Gold has temporarily lost its role as a safe-haven and has been used to cover losses elsewhere. Investors expect that the conflict will last for only a couple of weeks, before a resolution is reached. But the potential for a surprise is huge. 2/ PRICES PRIOR TO WAR The U.S. will release two sets of inflation data in the coming week, just as the Middle East turmoil casts new doubts on the Federal Reserve’s plans to cut interest rates and the overall resilience of the economy. These figures will not capture the recent spikes in oil and gas prices, but they should still be interesting to read. A poll shows that the Consumer Price Index for February is expected to rise 0.2% from January. This follows a moderated rent inflation rate and, wait for it, cheaper gasoline, which helped to produce a modest reading in January. The second marker is the January personal consumption expenditures price index. Together, the reports will provide a snapshot of current inflation trends, ahead of the Fed meeting in late March. Not a good place to be. Next week, France will host a meeting of G7 finance ministers to discuss the Middle East Crisis. As concerns grow that rising oil and gas costs could make major central banks more hawkish, the markets will be closely watching. Investors now believe that a rate increase by the end of the year is more likely than ever before. This is a dramatic change from the last week when a further cut was still possible. Christine Lagarde is no longer in a "good place". Germany's two-year rate sensitive yield is set to have its largest weekly increase in a whole year. This is due to the rapid repricing of the market. For UK gilts it's the biggest since late 2024. Traders are now betting that the Bank of England will not be able cut rates this month. On Friday, there will be a slew of European sovereign ratings reviews. This includes Germany, Italy, and Spain. Turkey's central banks rate decision will be a cliffhanger on Thursday, given the problems next door. CHINA KEEPS BUSY Next week, China will provide new clues about the state of its economy. Monday will bring the February inflation data, and Tuesday the trade figures for the first two months. The timing of lending data is also fluid. These numbers will help put decisions made at the "Two Meetings", the annual session of the National People's Congress, the national legislature and the top political advisory body, the Chinese People's Political Consultative Conference in context. The event that began on Thursday, and will run until the 12th of March, has already generated its biggest headline?with an announcement of a growth target between 4.5-5%. Next week's figures will reveal the difficulties in achieving it. 5/ PRE-ELECTION POSTURING This weekend, Colombia will hold congressional elections. The vote is seen as a preliminary to the presidential race that takes place at the end May. It coincides with the inter-party primaries for presidential candidates that will clarify who has momentum. The polls suggest that the presidential race has shifted, with Ivan Cepeda, a left-wing candidate from the ruling Pacto Historico, gaining more ground. Meanwhile, Abelardo de la Espriella, a right-wing outsider, could gain in a run-off second round as rivals drop away. Investors are interested in how the results will affect the next president's capacity to govern. Markets would remain stable if May's results were divided. A stronger opposition could lift Colombia's bonds and support the peso, while gains by the left may send them in the opposite direction if fiscal concerns return.
-
Maersk suspends 2 shipping services in Middle East due to crisis
Maersk, a container shipping group that is one of the largest in the world, announced on Friday the temporary suspension of 'two services' linking the Middle East to Asia and Europe, as the Iran crisis continues to disrupt supply chains worldwide. In a press release, the Danish group announced that it would "halt" its FM1 service, which connects the Far East with the Middle East as well as its ME11 service connecting 'the Middle East with Europe. Maersk informed customers that the decision was taken to ensure'safety for our personnel and vessels, while minimising operational disruptions across our network. The tensions in the Middle East are rising sharply after the United States and Israel launched the most ambitious attack on Iran in decades, on Saturday. According to Xeneta, 147 'container ships' are sheltering in the Gulf. This has caused port congestion, and increased freight rates that are affecting global supply chains from Asia -to Europe. Essi Lehto reports, Stine Jacobsen edits and Terje Solsvik writes.
-
South African miners bid for Manganese Export Terminal concession
African Rainbow Minerals (ARM) announced on Friday that a consortium of South African miners is bidding to 'build and operate' a new port in the Eastern Cape Province for exporting manganese. ARM's Assmang, a unit of ARM, is a member of the Manganese Producers Consortium. The MPC plans to bid 'for the request for quote with Transnet, as a joint venture partner, for the 'design, build and construction of the new Manganese Ore Export Port at Ngqura - the Ngqura Manganese Terminal,? ARM stated in a result statement. Transnet said that it would invite bids around April for the Ngqura Manganese Export Terminal. The freight rail and port operator is opening up parts of its network for private firms in order to restore capacity which has been slashed over the past few years, thus reducing mineral exports. South Africa is the largest producer of manganese in the world, and the mineral?is used primarily in steelmaking. The majority of exports are sent to China, which is the world's largest steelmaker. According to the Minerals Council, the African country is expected to have exported about 26.2 millions tons of manganese by 2025. This would be a record, following the previous peak of 22.3million tons in 2024. ARM's Manganese Ore Operations reported a 76% drop in headline earnings. This was due to a?22% decline in the average dollar value of high-grade ore. The profit of the diversified miner rose by 10% to 1.67 billion rand (100.81 millions dollars) in the six-month period ending December 31, due to higher platinum group metals prices, which offset lower income from iron ore, manganese and its loss making coal division.
Chevron reshuffles leading ranks, moving head office to Texas
U.S. oil company Chevron Corp. stated on Friday it was replacing several longstanding supervisors. in a reshuffle of senior jobs which it was moving its. head office to Houston from San Ramon, California.
The modifications come as the business works to cut expenses and restore. leadership after a series of setbacks, including operational. challenges in Australia and Kazakhstan and an unanticipated. arbitration conflict that has postponed its plan to get Hess. Corp.
. The management changes signal a generational change. Nigel. Hearne, executive vice president of Oil, Products & & Gas, will . retire after 35 years with the company and be changed from Oct. 1 by Mark Nelson, Chevron's vice chairman.
Rhonda Morris, vice president and chief personnels. officer, will retire after 31 years with the company and will be. been successful by Michelle Green, vice president, Person Resources,. Oil, Products & & Gas, reliable January 1, 2025.
Colin Parfitt, vice president, Midstream, will retire after. 29 years with the company and be changed on Oct. 1 by Andy. Walz, presently president, America's Products.
Previously this year, CFO Pierre Breber likewise retired.
CALIFORNIA
Chevron said it would move the company's head office. from San Ramon, where it was born 145 years earlier as Pacific Coast. Oil Co, to Houston. The business has actually been bitterly contesting. state guidelines on its oil producing and fine-tuning operations. in the state.
California's oil output a century earlier totaled up to it being. the country's fourth-largest crude producer, however oil majors have. been taking out amid increasing taxes, climate guidelines and. diminishing oil fields.
Chevron anticipates all corporate functions to move to. Houston over the next five years. Positions that support its. California operations, which includes oil fields and 2. refineries, will remain in San Ramon, it added.
Chevron CEO Wirth and Vice Chairman Mark Nelson will move to. Houston before the end of 2024, the company said.
Chevron has roughly 7,000 staff members in the Houston location and. about 2,000 workers in San Ramon.
(source: Reuters)