Soroban Capital Partners LP, a $10 billion stock-picking hedge fund in New York, is one of the biggest winners, making at least several hundred million dollars on the trade since February, a person familiar with the matter said. Other winners include New York macro fund Castle Hook Partners and value investor Pilgrim Global. The bet was that a yearslong drop in spending on new commodity supply and efforts to limit carbon emissions would push up materials prices and shares of producers, according to people familiar with the firms.
Russia-Ukraine War Threatens Wheat Supply, Jolts Prices
Russia’s invasion of Ukraine threatens a big portion of the world’s wheat supply and has sent prices on a dizzying ride to new highs as well as the sharpest weekly drop in years.
Wheat stockpiles were already running low and prices were the highest in years thanks to two years of poor growing weather when Russia’s attack jammed up Black Sea trading and endangered nearly a third of the world’s exports. The invasion prompted fears of food shortages in countries fed with imported grain and pushed prices to new highs.
Chip Makers Stockpiled Key Materials Ahead of Russian Invasion of Ukraine
Almost two years of chip shortages have had an unexpected upside for the semiconductor industry: It is better prepared to manage the turmoil caused by Russia’s invasion of Ukraine.
Production of vital raw materials for chip making is concentrated in Russia and Ukraine. The countries are a major source of both neon gas, needed to feed lasers that print minute circuitry onto silicon, and the metal palladium used in later manufacturing stages.
Russia Asked China for Military Assistance, U.S. Officials Say
WASHINGTON-Russia has asked China for military equipment and other assistance for its war effort, according to U.S. officials, who didn’t specify what Russia had requested.
News of Russian President Vladimir Putin’s request for help from Beijing, first reported by the Washington Post, comes as Russia’s war effort in Ukraine has been bogged down and as U.S. national security adviser Jake Sullivan heads to Rome on Monday to meet with a top Chinese official on the conflict inside Ukraine.
U.S. Won’t Negotiate Ukraine-Related Sanctions With Russia to Save Iran Nuclear Deal
The U.S. won’t negotiate exemptions to Ukraine-related sanctions on Russia to save the 2015 Iran nuclear deal and could try to strike a separate accord excluding Moscow, a senior U.S. official said, a diplomatic effort complicated by an Iranian missile attack on Iraq that sent American troops rushing for shelter.
With one of President Biden’s top foreign-policy goals imperiled, the U.S. official said Washington would start exploring alternatives to the deal over the next week if Russia didn’t back away from its demands for written guarantees exempting Russia from Ukraine-related sanctions that could curtail its future trade with Iran. Such guarantees could undercut the West’s punishing array of sanctions leveled at Russia over the Ukraine invasion.
Crypto Aims to Boost Influence With Washington Hires
WASHINGTON-The cryptocurrency industry has staked out a spot at Washington’s revolving door, hiring scores of former government officials and regulators as it seeks to shape policies to govern the largely unregulated market.
Those working for or advising cryptocurrency firms or investment funds include three former chairs of the Securities and Exchange Commission, three former chairs of the Commodity Futures Trading Commission, three former U.S. senators, and at least one former White House chief of staff, former Treasury secretary and former chair of the Federal Deposit Insurance Corporation.
China Pursues Afghanistan’s Mineral Wealth After U.S. Exit
MES AYNAK, Afghanistan-Following the American exit from Afghanistan, China’s move to claim the country’s vast mineral wealth is centered on a mountain south of Kabul.
The mountain and the barren surrounding valley, in Logar province, a two-hour drive from the capital, contain one of the world’s biggest untapped reserves of copper.
How Europe Hopes to Wean Itself From Russian Natural Gas
International efforts to sanction Russia for its invasion of Ukraine have magnified a long-running dilemma for the European Union: Its attempts to wean itself from coal have left it more reliant on Moscow for natural gas. This dependence has made it reluctant to support the kind of tough sanctions on energy exports that some say are essential for thwarting Russia’s aggressions.
As part of its efforts to cut greenhouse-gas emissions, the EU has reduced its reliance on coal, the burning of which produces more carbon dioxide than oil or natural gas.
U.S. Talks to Ease Oil Sanctions on Venezuela Get Blowback
The Biden administration’s interest in regaining access to Venezuelan oil is facing stiff opposition at home over concerns it would prop up an autocratic regime that is a close ally of Russia.
The pushback comes from both Republicans and many prominent Democrats, as well as Venezuela’s U.S.-backed opposition, that recently warned officials in Washington it is a mistake to consider turning Caracas back into an energy ally without restoring democracy there first.
Russian Prosecutors Warn Western Companies of Arrests, Asset Seizures
Russian prosecutors have issued warnings to Western companies in Russia, threatening to arrest corporate leaders there who criticize the government or to seize assets of companies that withdraw from the country, according to people familiar with the matter.
Prosecutors delivered the warnings in the past week to companies including Coca-Cola Co., McDonald’s Corp., Procter & Gamble Co., International Business Machines Corp. and KFC owner Yum Brands Inc., the people said. The calls, letters and visits included threats to sue the companies and seize assets including trademarks, the people said.
Russian Missiles Strike Ukrainian Military Training Base Near Polish Border
A Russian airstrike on a Ukrainian military training center close to the Polish border threw into sharp relief the hazards of the Western push to deliver arms support to Kyiv while avoiding direct conflict with a nuclear adversary.
The airstrike killed 35 people at the facility in Yavoriv about 10 miles from the Polish border early Sunday, far to the west of where the conflict has been concentrated, one day after Moscow warned the West that it would consider arms deliveries to Ukraine as legitimate targets.
Write to paul.larkins@dowjones.com
Expected Major Events for Monday
00:01/UK: Feb UK Regional PMI
06:00/FIN: Feb CPI
07:00/ROM: Feb CPI
07:00/ROM: Jan International trade
07:00/ROM: Jan Industrial production
07:00/SWE: Feb CPI
07:00/GER: Feb WPI
07:45/FRA: Jan Foreign trade
07:45/FRA: Jan Balance of payments
08:00/SPN: Jan Retail Sales
08:00/SVK: Jan Employment and average monthly wage in selected branches
08:00/SVK: Jan Turnover in selected branches of economy, incl Industry & Construction
08:00/CZE: Jan Retail trade
09:00/BUL: Jan Trade with third countries – preliminary data
09:00/BUL: Dec Trade with EU Member States – preliminary data
09:30/UK: Annual CPI Basket of Goods and Services annual review
09:30/UK: 4Q Business Finance Review
10:00/CYP: Jan Foreign Trade (provisional)
10:00/LUX: 4Q GDP
All times in GMT. Powered by Kantar Media and Dow Jones.
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(END) Dow Jones Newswires
March 14, 2022 01:17 ET (05:17 GMT)
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