SSAB Chief Expects European Steel Demand to Remain Lackluster
The slump in European steel consumption, driven by the weak construction and automotive industries, isn't about to end anytime soon, according to the new chief of Sweden's biggest steelmaker.
Steel demand is often viewed as a key barometer of the world economy, and producers in Europe and the US are also being squeezed by a wave of cheap Chinese imports. Usage in Europe last year was even lower than during the pandemic year of 2020 and one of the lowest 'in a long period of time,' according to SSAB AB Chief Executive Officer Johnny Sjostrom.
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San Francisco Chronicle
an hour ago
- San Francisco Chronicle
Russia skirts Western sanctions to ramp up its military footprint in Africa
DAKAR, Senegal (AP) — Even as it pounds Ukraine, Russia is expanding its military footprint in Africa, delivering sophisticated weaponry to sub-Saharan conflict zones where a Kremlin-controlled armed force is on the rise. Skirting sanctions imposed by Western nations, Moscow is using cargo ships to send tanks, armored vehicles, artillery and other high-value equipment to West Africa, The Associated Press has found. Relying on satellite imagery and radio signals, AP tracked a convoy of Russian-flagged cargo ships as they made a nearly one-month journey from the Baltic Sea. The ships carried howitzers, radio jamming equipment and other military hardware, according to military officials in Europe who closely monitored them. The deliveries could strengthen Russia's fledgling Africa Corps as Moscow competes with the United States, Europe and China for greater influence across the continent. The two-year-old Africa Corps, which has links to a covert branch of Russia's army, is ascendant at a time when U.S. and European troops have been withdrawing from the region, forced out by sub-Saharan nations turning to Russia for security. Mali, Burkina Faso and Niger have been battling fighters linked with al-Qaida and the Islamic State group for more than a decade. At first, mercenary groups with an arms-length relationship to the Kremlin entered the fray in Africa. But increasingly, Russia is deploying its military might, and intelligence services, more directly. 'We intend to expand our cooperation with African countries in all spheres, with an emphasis on economic cooperation and investments,' Kremlin spokesman Dmitry Peskov said. 'This cooperation includes sensitive areas linked to defense and security.' From the ports, Russian weapons are trucked to Mali Russia's 8,800-ton Baltic Leader and 5,800-ton Patria are among hundreds of ships that Western nations have sanctioned to choke off resources for Russia's war in Ukraine. The ships docked and unloaded in Conakry, Guinea, in late May, AP satellite images showed. Other ships made deliveries to the same port in January. They delivered tanks, armored vehicles and other hardware that was then trucked overland to neighboring Mali, according to European military officials and a Malian blogger's video of the long convoy. The military officials spoke to AP about Russian operations on condition of anonymity. The AP verified the blogger's video, geolocating it to the RN5 highway leading into Bamako, the Malian capital. After the latest delivery in Conakry, trucks carrying Russian-made armored vehicles, howitzers and other equipment were again spotted on the overland route to Mali. Malian broadcaster ORTM confirmed that the West African nation's army took delivery of new military equipment. AP analysis of its video and images filmed by the Malian blogger in the same spot as the January delivery identified a broad array of Russian-made hardware, including 152 mm artillery guns and other smaller canons. AP also identified a wheeled, BTR-80 armored troop carrier with radio-jamming equipment, as well as Spartak armored vehicles and other armored carriers, some mounted with guns. The shipment also included at least two semi-inflatable small boats, one with a Russian flag painted on its hull, as well as tanker trucks, some marked 'inflammable' in Russian on their sides. The military officials who spoke to AP said they believe Russia has earmarked the most potent equipment — notably the artillery and jamming equipment — for its Africa Corps, not Malian armed forces. Africa Corps appears to have been given air power, too, with satellites spotting at least one Su-24 fighter-bomber at a Bamako air base in recent months. Moscow's notorious secret unit For years, French forces supported counterinsurgency operations in Mali and neighboring Burkina Faso and Niger. But France pulled out its troops after coups in Mali in 2020 and 2021, in Burkina Faso in 2022 and Niger in 2023. Russian mercenaries stepped into the vacuum. Wagner Group, the most notable, deployed to Sudan in 2017 and expanded to other African countries, often in exchange for mining concessions. It earned a reputation for brutality, accused by Western countries and U.N. experts of human rights abuses, including in Central African Republic, Libya and Mali. Of 33 African countries in which Russian military contractors were active, the majority were Wagner-controlled, according to U.S. government-sponsored research by RAND. But after Wagner forces mutinied in Russia in 2023 and their leader, Yevgeny Prigozhin, was killed two months later in a suspicious plane crash, Moscow tightened its grip. Russian military operations in Africa were restructured, with the Kremlin taking greater control through Africa Corps. It is overseen by the commander of Unit 29155, one of the most notorious branches of Russia's shadowy GRU military intelligence service, according to the European Union. Unit 29155 has been accused of covertly attacking Western interests for years, including through sabotage and assassination attempts. The EU in December targeted Unit 29155 Maj. Gen. Andrey Averyanov with sanctions, alleging that he is in charge of Africa Corps operations. 'In many African countries, Russian forces provide security to military juntas that have overthrown legitimate democratic governments, gravely worsening the stability, security and democracy of the countries,' the EU sanctions ruling said. These operations are financed by exploiting the continent's natural resources, the ruling added. The Russian Ministry of Defense didn't immediately respond to questions about Averyanov's role in Africa Corps. Africa Corps recruitment Researchers and military officials say the flow of weapons from Russia appears to be speeding Africa Corps' ascendancy over Wagner, helping it win over mercenaries that have remained loyal to the group. Africa Corps is also is recruiting in Russia, offering payments of up to 2.1 million rubles ($26,500), and even plots of land, for signing a contract with the Ministry of Defense, plus more on deployment. Within days of the latest equipment delivery, Wagner announced its withdrawal from Mali, declaring 'mission accomplished" in a Telegram post. Africa Corps said in a separate post that it would remain. The changeover from Wagner to Africa Corps in Mali could be a forerunner for other similar transitions elsewhere on the continent, said Julia Stanyard, a researcher of Russian mercenary activity in Africa. 'Bringing in this sort of brand-new sophisticated weaponry, and new armored vehicles and that sort of thing, is quite a bit of a shift,' said Stanyard, of the Switzerland-based Global Initiative Against Transnational Organized Crime. Armed groups in Mali have inflicted heavy losses on Malian troops and Russian mercenaries. The al-Qaida linked group JNIM killed dozens of soldiers in an attack this month on a military base. Insurgents also killed dozens of Wagner mercenaries in northern Mali last July. Some of the latest hardware could have been shipped over specifically in response to such attacks, military officials said. They said the jamming equipment, for example, could help defend against booby traps detonated using phone signals. Russian escort's red flags The latest convoy attracted attention because a Russian Navy warship, the Boykiy, escorted the ships after they set off in April from Russia's Kaliningrad region on the Baltic. Last October, in what's considered a hostile act, the Boykiy's radar systems locked onto a French Navy maritime surveillance plane on patrol against suspected Russian efforts to sabotage underwater cables, according to military officials. The convoy included a third sanctioned Russian cargo ship, the Siyanie Severa. It continued onward as Baltic Leader and Patria unloaded in Conakry, docking in Bata, Equatorial Guinea. Satellite imagery from May 29 shows trucks lined up on the dock as the ship unloaded. The AP could not verify whether the cargo included weapons or the ultimate destination for the shipment, though Wagner has maintained a strong presence in the nearby Central African Republic.
Business Upturn
an hour ago
- Business Upturn
Sona BLW shares fall nearly 2% after Bernstein downgrades stock
By Aditya Bhagchandani Published on June 10, 2025, 09:24 IST Shares of Sona BLW Precision Forgings Ltd fell as much as 1.9% on Tuesday, trading at ₹514.35 as of 9:21 AM IST, down ₹7.00 from the previous close of ₹521.35. The decline follows a downgrade from brokerage firm Bernstein, which revised its rating on the stock to 'Market Perform' from 'Outperform'. The downgrade comes amid growing near-term risks that Bernstein highlighted, including tensions between U.S. President Donald Trump and tech billionaire Elon Musk, as well as ongoing trade issues between the U.S. and India. The brokerage also expressed concerns about the increasing competitiveness of Chinese OEMs in the global electric vehicle (EV) supply chain. Bernstein noted that Sona BLW has significant exposure to the U.S. market and a large portion of its order book is concentrated in EV components, making it vulnerable to geopolitical disruptions and sectoral headwinds. The stock's recent pressure comes despite its strong year-range performance between ₹380 and ₹768.65, with a market cap of ₹318.23 billion and a P/E ratio of 51.67. Sona BLW remains a key player in the EV component space, but analysts now suggest a cautious outlook amid global macro uncertainties. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Yahoo
2 hours ago
- Yahoo
Price wars grip China as deflation deepens, $30 for a luxury Coach bag?
By Liangping Gao and Casey Hall BEIJING/SHANGHAI (Reuters) -Chinese energy sector worker Mandy Li likes to treat herself to a luxury brand handbag once in a while. But since her state-owned employer cut her wage by 10% and the properties her family owns lost half their value, she only buys second-hand ones. "I'm cutting down on large expenditures," said 28-year-old Li, while browsing for items in Beijing's Super Zhuanzhuan second-hand luxury items store that opened in May. "The economy is definitely in a downturn," she said, adding: "My family's wealth has shrunk by a lot" due to the property crisis China has been grappling with since 2021. As deflationary pressures mount in the world's second-largest economy, consumer behaviour is changing in ways that could lead to further downward pressure on prices, raising concerns that deflation could become entrenched, posing more headaches for China's policymakers. Data showed on Monday that consumer prices fell 0.1% in May from a year earlier, with price wars raging in a number of sectors, from autos to e-commerce to coffee amid concerns about oversupply and sluggish household demand. "We still think persistent overcapacity will keep China in deflation both this year and next," Capital Economics said in a research note. New businesses are seeking success by targeting penny-pinchers, from restaurants selling 3 yuan ($0.40) breakfast menus to supermarkets offering flash sales four times a day. But this trend is worrying economists who see price wars as ultimately unsustainable as losing firms may have to close and people may lose their jobs, fuelling further deflation. Consumer price sensitivities' have accelerated growth in the Chinese second-hand luxury market since the pandemic, with annual growth rates surpassing 20% in 2023, according to an industry report by Zhiyan Consulting from last year. But that growth has also led to a spike in the volumes of such items available for sale - which is noticeable in the level of discounts on offer. Some new stores, including Super Zhuanzhuan, are offering items at discounts of up to 90% of their original price, compared with industry standards of 30-40% in recent years. Discounts of 70% or more are also now common on large second-hand platforms, such as Xianyu, Feiyu, Ponhu and Plum. "In the current economic environment we are seeing more existing luxury consumers shifting to the second-hand market," said Lisa Zhang, an expert with Daxue Consulting, a market research and strategy firm focusing on China. But sellers "have more discounts and it's due to more competition." At Super Zhuanzhuan, a green, carryall Christie handbag model by Coach, which its first owner bought for 3,260 yuan ($454) can be re-purchased for 219 yuan ($30). A 2,200 yuan Givenchy G Cube necklace can be found for 187 yuan. "Year-to-year, it's like 20% growth in the number of sellers, but the buyers' numbers are pretty much stable," said the founder of another second-hand luxury business in China, asking for anonymity to speak candidly about the state of the industry. "The middle class - their salary has really decreased. The economy is the number one reason we're seeing these trends." He said big cities such as Shanghai and Beijing have enough buyers to accommodate new market entrants, but elsewhere in China there isn't any room for more. "I would expect the majority of the stores which have recently opened up will actually close," he said. University professor Riley Chang was browsing through Super Zhuanzhuan not because she wanted to buy anything new - she hasn't spent money on big brands since the pandemic - but because she wanted to see what the market was if she sold any of her own possessions. She wasn't happy with what she saw. "I've been to several major second-hand luxury stores in Beijing and Shanghai and they all try to push your price as low as possible," said Chang. ($1 = 7.1833 Chinese yuan renminbi)
