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The copper price began 2025 on a rebound, spending time above US$5 per pound during Q1 after trading within the US$4 to US$4.50 per pound range for most of 2024’s second half.

Starting strong, the red metal climbed from US$3.99 on January 2 to reach US$4.40 by mid-month.

It then eased slightly, ending January at US$4.25. February once again brought momentum as copper climbed steadily to US$4.76 on February 13. However, the price retreated and ended the month at US$4.53.

Copper price, January 2 to April 9, 2025.

Chart via Trading Economics.

The copper price saw significant gains throughout March, breaking through the US$5 mark on March 19. It set a new all-time high of US$5.22 on March 26 before falling to US$5.04 on March 31.

Since then, copper has been under pressure, and the price of the metal plunged to US$4.26 on April 7.

Copper market facing tariff uncertainty

The first quarter of the year was dynamic for copper, but few factors have influenced the market for the base metal more than the threat of tariffs from the US. This possibility has created a wider price gap between London Metal Exchange (LME) copper and Chicago Mercantile Exchange (CME) copper.

According to an ING article published in mid-February, the CME price was more than 10 percent higher than the LME price at the time, prompting traders to begin shifting copper inventories from overseas warehouses into the US.

This movement elevated stockpiles at CME warehouses to over 100,000 metric tons, the highest level since they peaked at 250,000 metric tons during Donald Trump’s first presidency.

Overall, the US relies on copper imports, which account for 45 percent of its domestic consumption. Chile constitutes 35 percent of incoming supply, while Canada contributes 26 percent.

The majority of copper inflows are in the form of refined copper products, which make up 60 percent of US imports.

On February 25, Trump signed an executive order invoking Section 232 of the Trade Expansion Act to initiate an investigation into the impact of copper imports on all forms on national security.

In the order, Trump noted that while the US has ample copper reserves, its smelting and refining capacity has declined. China has become the world’s leading supplier of refined copper, commanding a 50 percent market share.

During a mid-March CRU Group webinar focused on copper, Erik Heimlich, head of base metals at the firm, discussed why Trump may have announced the start of the investigation.

“Their reliance on imports has been growing systematically, and with the closure not so long ago of the Hayden smelter and the Amarillo refinery, that has increased even more,” he said.

Heimlich further explained that Trump may want to use copper tariffs to encourage a resurgence of copper processing in the US based on national security concerns. This point was reiterated by Bryan Billie, policy and geopolitical principal at Benchmark Mineral Intelligence, during a virtual panel held at the beginning of April.

“The big question here is whether US dependencies on copper imports are supposedly compromising national security. That’s the legal rationale behind the investigation,” Billie said.

He also discussed the timeline, noting that Section 232 investigations typically take 270 days to complete, although they can be shorter. While it remains uncertain whether the investigation will lead to tariffs, it could also result in export controls, which might pose additional challenges in global copper markets.

Michael Finch, Benchmark’s head of strategic initiatives, suggested that the review is likely to take weeks rather than months, and could actually bring some relief to the market.

“I think, given that the market now expects the announcement on Section 232 to arrive a bit sooner than previously anticipated, I don’t believe as much copper will be trapped in the US as we progress through the coming quarters … I think it’s part of that trend that we’re witnessing a softening in the copper price,” he said.

Supply chain disruptions and copper fundamentals

Other factors that have affected the copper price include a major power outage in Chile at the end of February.

Chile declared a state of emergency to address the outage, which left more than 8 million homes and a significant portion of the country’s mining operations without power.

The outage resulted from a transmission line failure in the northern part of the country, causing BHP (NYSE:BHP,ASX:BHP,LSE:BHP) to shut down operations at Escondida, the world’s largest copper mine.

Although power was restored in a few days, COMEX copper futures for March rose by 0.9 percent.

An additional supply disruption occurred in March, when Glencore (LSE:GLEN,OTC Pink:GLCNF) declared force majeure and halted copper shipments from its Altonorte operation in Chile. The refinery produces 350,000 metric tons of copper anode annually, and a prolonged shutdown could impact an already tight copper market.

On a fundamental level, the International Copper Study Group provided preliminary data for January’s supply and demand conditions on March 21. In its release, the group outlines an apparent deficit of 19,000 metric tons of refined copper in the first month of the year, down from the 24,000 metric ton deficit reported in January 2024.

Supply and demand for refined copper maintained a balance at the start of the year, with each growing by 1 percent. Supply-side growth was largely constrained by a 14 percent drop in Chilean output.

Mine production experienced a 2 percent increase in January, with 7 percent year-on-year growth from Peru. The ramp up of production at Anglo American’s (LSE: AAL,OTCQX:AAUFK) Quellaveco mine was a key factor.

Additionally, supply increased by 6 percent in the Democratic Republic of Congo due to the expansion of Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine. A 3 percent increase in Asian production was offset by a 2 percent decline in North America. Chile also saw a fall of 2.7 percent compared to the same period last year.

Copper price outlook for 2025

Copper is tied closely to the global economy, making this a key factor to watch.

“CRU economists continue to expect global GDP to grow by 2.6 percent in 2025, and refined copper demand to grow by around 2.9 percent in both this and next year, which is actually an increase compared to our previous forecast. So despite the dramatic macro and geopolitical events that we have witnessed over the last few months, the base-case demand narrative for copper remains robust,” Heimlich said in mid-March.

However, he also noted that this base-case scenario is surrounded by uncertainty.

That uncertainty has come to the forefront at the start of Q2. Copper prices fell nearly 20 percent at the beginning of April as the Trump administration announced a new round of base-level and reciprocal tariffs.

Investors experienced a significant selloff as the prospect of a recession became more pronounced.

A recession would substantially impact base metals, including copper, as consumers turn away from big-ticket items like new homes and cars, which require large quantities of these materials

For investors, uncertainty will likely remain for some time. A Section 232 outcome could help stabilize copper, or it could escalate other aspects of a trade war between the US and the rest of the world.

It also remains unclear how long Trump’s tariffs will be in place.

This situation could provide opportunities for investors with an appetite for risk who are looking to make bets. Others may prefer to remain on the sidelines and wait for more clarity on the global trade front.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

This week has brought ups and downs for the gold price as US President Donald Trump’s tariff decisions continue to create widespread uncertainty across sectors globally.

The yellow metal started the week at about US$3,020 per ounce, but quickly tumbled below the US$3,000 level as markets around the world took a beating.

Although gold is known as a safe haven, it’s common for it to fall in tandem with other assets during widespread downturns. The idea is that gold won’t drop as hard and will recover more quickly.

Speaking just after gold’s fall, Gary Wagner of TheGoldForecast.com explained that its decline shouldn’t be concerning for investors. Here’s how he explained it:

‘One thing that is clear is that when equities came under fire … liquidation happened across the board in multiple asset groups and classes. Gold was kind of a witness to that, and the massive liquidation that occurred was either to liquidate profitable positions to cover margin calls, or just to get more into cash than they had been in terms of the position of the portfolio. So to me it’s not that unexpected, and the amount of the decline is actually fairly calm considering how much it’s gone up.’

Wagner’s advice not to worry about gold’s pullback was prescient — the precious metal was back on the move by Wednesday (April 9), and on Thursday (April 10) it notched yet another fresh all-time high.

It continued moving upward on Friday (April 11), breaking US$3,200 and setting another price record.

Gold’s midweek rebound came after Trump’s turnaround on tariffs — in a surprise move on Wednesday, he announced a 90 day pause on ‘reciprocal’ tariffs for most countries.

China is an exception — Trump said he would be boosting China’s rate to 125 percent after the Asian nation announced further retaliatory tariffs against the US. It’s since been clarified that tariffs on China stand at 145 percent; on Friday, China said it would raise its tariffs on the US to 125 percent.

Canada and Mexico are also exceptions. Most goods from these countries are already subject to 25 percent tariffs, and these will remain in place. Blanket 25 percent tariffs on cars and car parts, as well as steel and aluminum, have also not been affected at this point.

The reversal from Trump came not long after he encouraged his followers on Truth Social to ‘be cool’ and told them it was ‘a great time to buy.’ It also reportedly came after White House officials put increasing pressure on Trump to change course. Worries about a selloff in US government bonds raised alarm bells, with Treasury Secretary Scott Bessent taking these concerns to Trump.

‘The bond market is very tricky, I was watching it. The bond market right now is beautiful. But yeah, I saw last night where people were getting a little queasy’ — Trump

Major US indexes rebounded strongly once Trump announced his decision, and although they had given up some gains by the end of the week, they still finished the period in the green.

In terms of where that leaves gold, many experts with agree its prospects still look bright even as it trades at all-time highs. Here’s what Will Rhind of GraniteShares said:

‘If you look at something called the M2 ratio, which is the money supply divided by the price of gold, that is a particularly scary chart. Obviously if history is any guide, then when the ratio is high, that typically means that gold is overvalued, and when the ratio is low, that typically means that gold is undervalued.

‘If you look at it right now, we’re somewhat I would say below the median. In other words, we’re closer to gold being undervalued rather than overvalued at a time when we just talked about gold hitting a new all-time high.’

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Silver-mining companies and juniors have seen support from a strong silver price in 2025. Since the start of the year, the price of silver has increased by over 11 percent as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.

How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView’s stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.

1. Discovery Silver (TSX:DSV)

Year-to-date gain: 185.92 percent
Market cap: C$848.98 million
Share price: C$2.03

Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.

Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.

A 2024 feasibility study for the project outlines proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.

The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.

Discovery’s shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).

The Porcupine Complex is made up of four mines including two that are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.

Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.

Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.

According to Discovery in its full-year 2024 financial results, the Porcupine acquisition will help support the financing, development and operation of Cordero. Discovery’s share price reached a year-to-date high of C$2.12 on March 31.

2. Almaden Minerals (TSX:AMM)

Year-to-date gain: 136.36 percent
Market cap: C$16.47 million
Share price: C$0.13

Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.

A July 2018 resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.

In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.

Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.

In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.

In its most recent update on March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.

Shares in Almaden reached a year-to-date high of C$0.135 on February 24.

3. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 98.43 percent
Market cap: C$373.48 million
Share price: C$2.52

Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.

The latest update from Avino occurred on March 11, when it announced its 2024 financial results. The company reported record revenue of $24.4 million, up 95 percent compared to 2023. Avino also reduced its costs per silver ounce sold.

Additionally, Avino reported a 19 percent increase in production in 2024, producing 1.11 million ounces of silver compared to 928,643 ounces in 2023. The company’s sales also increased, up by 23 percent to 2.56 million ounces of silver compared to 2.09 million ounces the previous year.

Avino’s share price marked a year-to-date high of C$2.80 on March 27.

4. Highlander Silver (CSE:HSLV)

Year-to-date gain: 90 percent
Market cap: C$160.17 million
Share price: C$1.90

Highlander Silver is an exploration and development company advancing projects in South America.

Its primary focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront cash consideration and up to an additional US$37.5 million if Highlander meets certain production milestones.

The 23,098 hectare property, located in the Ancash department of Peru, hosts a historic measured and indicated mineral resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.

In July 2024, the company said it was commencing field activities at the project; it has not provided results from the program. In its December 2024 management discussion and analysis, the company stated it was undertaking a review of prior exploration plans and targets, adding that it believes there is exceptional growth potential.

Highlander’s most recent news came on March 11, when it announced it had closed an upsized bought deal private placement for gross proceeds of C$32 million. The company said it will use the funding to further exploration activities at San Luis and for general working capital.

Shares in Highlander reached a year-to-date high of C$1.96 on March 31.

5. Santacruz Silver Mining (TSXV:SCZ)

Year-to-date gain: 85.45 percent
Market cap: C$192.16 million
Share price: C$0.51

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In a production report released on January 30, the company disclosed consolidated silver production of 6.72 million ounces, marking a 4 percent decrease from the 7 million ounces produced in 2023. This decline was primarily attributed to a reduction in average grades across all its mining properties.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project. This 8,325-hectare land package is located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the ‘Company’ or ‘Spearmint’) wishes to announce that it has significantly increased the acreage of the ‘Sisson North Tungsten Project’ in New Brunswick directly bordering the Sisson Tungsten Mine. This new project now consists of approximately 4,890 contagious acres increased from 2,582 prospective for tungsten.

James Nelson, President of Spearmint stated, ‘There continues to be strong demand for commodities caught in the middle of global tariff battles—particularly tungsten. Considering these developments, we believe there will be increasing emphasis on securing domestic sources of strategic materials. With commodity prices remaining elevated and gold at all-time highs, we anticipate a much more buoyant junior mining market. With multiple active projects, Spearmint is well positioned to take advantage of these market conditions.’

​In April 2025, China’s export controls on tungsten continued to impact global supply chains and market dynamics. These measures, initiated in February, require exporters to obtain licenses for shipping tungsten and other critical minerals abroad, citing national security and non-proliferation concerns.​

The restrictions have led to increased prices and supply uncertainties, particularly affecting industries reliant on tungsten, such as defense and clean energy sectors. Analysts anticipate that Chinese-supplied tungsten may be scarce in the global markets.

In response to these challenges, companies and countries are exploring alternative sources and strategies to mitigate the impact of China’s export controls on tungsten.

Tungsten has always been a valuable material due to its unique properties, such as its extremely high melting point, strength, and durability. It is used in a wide variety of applications, including manufacturing hard metals, electronics, lightbulb filaments, and in military and aerospace technologies. However, China’s actions regarding tungsten have made it even more valuable for several reasons.

In short, the combination of China’s tightening control over tungsten production and the growing demand for this critical material has made tungsten even more valuable on the global market.

Qualified person for mining disclosure:

The technical contents of this release were reviewed and approved by Frank Bain, PGeo, a director of the company and qualified person as defined by National Instrument 43-101.

About Spearmint Resources Inc.

Spearmint’s projects include four projects in Clayton Valley, Nevada: the 1,136-acre McGee lithium clay deposit, which has a resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent (LCE) for a total of 2,092,000 tonnes of LCE, directly bordering Pure Energy Minerals & Century Lithium Corp.; the 280-acre Elon lithium brine project, which has access to some of the deepest parts of the only lithium brine basin in production in North America; the 124-acre Green Clay lithium project; and the 248-acre Clayton Ridge gold project, the 4,722-acre George Lake South Antimony Project in New Brunswick and the 4,890 acre Sisson North Tungsten Project.

This project was acquired via staking.

For a cautionary note and disclaimer on the crypto diversification, please refer to the news release dated November 12, 2024.

Contact Information
Tel: 1604646-6903
www.spearmintresources.ca

info@spearmintresources.ca

‘James Nelson’
President
Spearmint Resources Inc.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248370

News Provided by Newsfile via QuoteMedia

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Voters in Ecuador are casting their ballots in a presidential runoff election between conservative incumbent Daniel Noboa and leftist lawyer Luisa González – a race overshadowed by drug-fueled violence that has consumed the once-peaceful South American country.

“Tranquility … is the most important thing for the country because there is a lot of insecurity,” one voter said.

“Security is in pieces,” another voter said, adding that she hopes whoever wins will keep their promise to tackle violence.

Polls opened at 8 a.m. ET and are scheduled to close at 6 p.m. The first results are expected to be announced a few hours after that.

This is the latest electoral contest between the two candidates. In the 2023 snap election, Noboa defeated González with just over 50 percent of the vote.

Noboa, who won a special election in 2023 to complete his predecessor’s term, is seeking a full four-year term to continue his controversial war on gangs and drug traffickers, which has so far had limited results.

The 37-year-old leader has declared numerous states of emergency, deployed military units to tackle gang activity, and began construction on a new maximum-security prison after an infamous criminal leader escaped from custody last year.

But according to figures from the government, the start to the year has seen an unprecedented level of violence with more than 1,000 homicides. Data from organized crime research center InSight Crime suggests Ecuador has the highest homicide rate in Latin America.

González, a protégé of Ecuador’s left-wing former President Rafael Correa, is offering an alternative model for security based on what her party describes as “prevention, violence reduction and coexistence.”

Running on a campaign to “Revive Ecuador,” González is also proposing a return to high social spending to help the country’s poorest citizens. She says her party represents hope and transformation, arguing that “Noboa represents fear.”

Both candidates cast their ballots on Sunday morning, with Noboa guaranteeing a victory.

“We’ll win today. Today is a very important day for Ecuador,” he said in brief remarks to the press.

González, meanwhile, promised to defend democracy as she cast her vote.

“With all the faith, the homeland … with all the conviction of serving a country. And through that change, today we will change the history of Ecuador,” she said.

This post appeared first on cnn.com

Mario Vargas Llosa, the Peruvian-Spanish Nobel Prize-winning author whose work focused on the evils of totalitarianism and who once ran for president, has died at age 89, according to his family.

“It is with deep sorrow that we announce that our father, Mario Vargas LLosa, passed away peacefully in Lima today, surrounded by his family,” said a family statement shared by his son Álvaro Vargas Llosa on X on Sunday.

Vargas Llosa will be best remembered for novels including “Conversation in the Cathedral” (1969), “The War of the End of the World” (1981), and “Aunt Julia and the Scriptwriter” (1977), which was adapted for the 1990 feature film “Tune in Tomorrow,” starring Barbara Hershey and Keanu Reeves.

In 2010, Vargas Llosa was awarded the Nobel Prize in Literature for what the Swedish academy called “his cartography of structures of power and his trenchant images of the individual’s resistance, revolt, and defeat.”

In their statement Sunday, the novelist’s three children said Vargas Llosa’s “departure will sadden his relatives, his friends and his readers around the world.”

“But we hope that they will find comfort, as we do, in the fact that he enjoyed a long, adventurous and fruitful life, and leaves behind him a body of work that will outlive him,” they said.

Vargas Llosa will be farewelled by his family and close friends at a private event, the statement added.

Born in Arequipa, southern Peru, Vargas Llosa spent his early years in Cochabamba, Bolivia, where his grandfather was the Peruvian consul, before attending a military school and the National University of San Marcos in the Peruvian capital Lima.

By 1952 he had published his first work, a play called “La guide del Inca,” and he soon became a regular contributor to the Peruvian literary press.

Vargas Llosa worked as a journalist and broadcaster, and attended the University of Madrid before moving to Paris.

In 1963 he published his first novel, “La ciudad y los perros” – known in English as “The Time of the Hero” – to wide acclaim. It was eventually translated into more than a dozen languages. It was followed by novels including “The Green House” (1966) and “Captain Pantoja and the Special Service” (1973).

After stints in London, where he lectured at King’s College; the United States, where he spent a year as writer in residence at Washington State University; and Barcelona, he moved back to Lima in 1974. A translated collection of his essays was published in English in 1978.

In 1990, Vargas Llosa ran for president of Peru, on a platform of what he called classical liberalism – a belief in individual initiative, free from interference by the state.

After losing the election to outsider candidate Alberto Fujimori in a second-round landslide, he moved to Spain, becoming a Spanish citizen in 1993. He won the Cervantes Prize, a prestigious Spanish literary award, a year later.

Later novels included “The Feast of the Goat” in 2000 and “The Bad Girl” in 2006.

When Vargas Llosa was awarded the Nobel Prize in 2010, he told the organizers in an interview that he had been inspired by French writer Gustave Flaubert, “because he managed, not being a born genius, to build his genius through effort, commitment, perseverance, discipline.”

Vargas Llosa also revealed how he believed that literature and politics were linked.

“I am convinced that, for example, democratic culture, culture based on freedom, on respect of human rights, was something that was possible because we had people that were sensibilized by art, by literature, by culture in general, about the sufferance, the injustices, the inequalities, the abuses who were so extended in real life,” he said.

“So, I think literature is pleasure but it’s also a very important instrument to move forward in life.”

This story has been updated with additional information.

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New satellite images show what could be North Korea’s biggest warship ever – possibly more than double the size of anything in leader Kim Jong Un’s naval fleet.

Images taken by independent satellite providers Maxar Technologies and Planet Labs on April 6 show the ship under construction in the water at the Nampo shipyard on North Korea’s west coast, about 60 kilometers (37 miles) southwest of the capital Pyongyang.

Analysts say the pictures show ongoing construction of weapons and other internal systems of the ship, which is likely a guided-missile frigate (FFG) designed to carry missiles in vertical launch tubes for use against targets on land and sea.

“The FFG is approximately 140 meters (459 feet) long, making it the largest warship manufactured in North Korea,” an analysis by Joseph Bermudez Jr. and Jennifer Jun at the Center for Strategic and International Studies said.

For comparison, the US Navy’s Arleigh Burke-class destroyers are about 505 feet long and its under-construction Constellation-class frigates will be 496 feet long.

The existence of the warship is not a surprise.

The Kim regime has been engaged in a rapid modernization of its armed forces, developing a range of new weapons and testing intercontinental ballistic missiles that can reach almost anywhere in the United States.

It’s done that despite United Nations sanctions that have puts strict limits on its access to the materials and technology to develop those weapons.

But the closer ties with Russia since the beginning of the Ukraine war could be helping North Korea overcome that sanctions, analysts say.

Kim Duk-ki, a retired South Korean admiral, said he thinks Moscow may be providing the technology for the frigate’s missile systems.

Pictures of the vessel appeared in a report by state-run Korean Central Television released late last year on the ruling Workers’ Party’s end-of-year plenary session. The images showed leader Kim inspecting the ship’s construction.

The images shown in the KCTV video show the warship could have the kind of weaponry possessed by modern navies, including vertical launch cells that could be used to fire a variety of missiles.

Analysts also noted the ship seems to be set up to have phased-array radar, which can track threats and targets more quickly and accurately than previously displayed North Korean capabilities.

Despite those indications of advanced warfighting abilities, analysts urged caution in making assumptions.

The challenge of building warships

Almost any shipbuilder can get the hull and propulsion systems right, said Carl Schuster, a former US Navy captain and Hawaii-based analyst.

“However, modern warships represent an integration challenge of communications, electronics, weapons, and both electronic and acoustic sensor technologies” that is not so easily achieved, he said.

“Operating such a big military warship takes significant amount of budget. They not only have to build a warship, but make a team that would operate it, and it costs to operate it including the equipment and fuel. Also, one huge warship cannot go out on its own. So the question is, can North Korea afford the cost?” he said.

Kim, the retired South Korean admiral, was cautious on not underestimating what the final product may look like, especially its lethality.

“If North Korea equips the new frigate with the hypersonic ballistic missile it claimed to have successfully tested in January, that will cause a game changing impact in the regional security,” the former naval officer said.

“This ship’s construction is being delayed by the lack of the superstructure, sensor and weapons systems intended for installation,” he said.

North Korea’s aged fleet

North Korea’s navy has about 400 patrol combatants and 70 submarines, according to the most recent estimate from the US Defense Intelligence Agency (DIA) in a 2021 report.

Though that’s a large number of vessels, most of them are old and small.

Joseph Dempsey, an analyst at the International Institute for Strategic Studies, wrote in a January blog post that Pyongyang has only two principal surface combatants. Those Najin-class frigates – 1,600-ton warships dating to the early 1970s – are obsolete, he wrote.

The DIA report said the North Korean navy would largely be reduced to coastal defense in any conflict with South Korea or the United States, both of which have vastly superior naval forces.

But North Korean leader Kim has been pushing to modernize his naval fleet. It is also developing submarine-launched missiles and the subs to carry them.

In September, Kim inspected the site for a new naval port.

“Now that we are soon to possess large surface warships and submarines which cannot be anchored at the existing facilities for mooring warships, the construction of a naval base for running the latest large warships has become a pressing task,” he said at the time.

Yu Yong-won, a South Korean lawmaker, said the ship under construction at the Nampo yard is only one example of Kim trying to modernize his navy.

A nuclear-powered submarine is under construction at a shipyard in the North Korean port of Sinpo and another frigate or destroyer is in the works in Chongjin, Yu said.

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Xi Jinping has appealed to Vietnam to join China in upholding multilateral trade, as he begins a high-stakes diplomatic tour of the region’s major export-reliant economies in a bid to position his country as a stable partner in contrast to the United States.

Xi arrived in communist-ruled Vietnam on Monday and is set to visit Malaysia and Cambodia from Tuesday to Friday – countries that have seen growing trade and investment ties with China in recent years.

The trip comes just days after US President Donald Trump paused his “reciprocal” tariffs on most countries for 90 days – narrowing the focus on his trade war squarely on China.

As Washington and Beijing exchange record-high levies, Southeast Asian nations – still catching their breath from the now-suspended US tariffs – are growing increasingly anxious about being caught in the crossfire between the world’s two largest economies.

Seeking to capitalize on the turmoil unleashed by Trump’s tariff whiplash, Xi is expected to cast China as a reliable partner and defender of global trade. Vietnam and Cambodia were among the highest hit by Trump’s tariffs, set at 46% and 49% respectively before the pause.

But while countries are rolling out the red carpet for Xi, they also need to tread carefully – and avoid the appearance they are siding with China, and potentially risk provoking Trump during their own negotiations over pending tariffs.

Some are wary of being flooded with cheap Chinese goods that are now shut out of the US markets due to the sky-high tariffs. China already runs a trade surplus with Vietnam, exporting 1.6 times the value it imports from its southern neighbor.

As a bloc, the Association of Southeast Asian Nations has overtaken the US and the European Union as China’s largest export market since 2023, according to Chinese customs data.

In a signed article published Monday in Vietnam state media, Xi reiterated that there are no winners in a trade war or tariff war, and protectionism will lead nowhere.

“Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment,” Xi wrote, according to China’s official state news agency Xinhua.

Vietnam, a rising manufacturing powerhouse, has seen a surge in Chinese investments in recent years as manufactures move supply chains out of China to take advantage of lower labor costs and hedge against US levies. China’s trade with Vietnam nearly doubled between 2017 and 2024, making the communist state China’s biggest trade partner in Southeast Asia.

While in Hanoi, Xi is expected to further strengthen those ties. The two countries are set to sign about 40 agreements across multiple sectors – including cooperation on railways, agricultural trade and the digital and green economy, Vietnam’s Deputy Prime Minister Bui Thanh Son said on Saturday, according to Reuters.

Vietnam has approved plans to build a $8.3 billion railway linking its northern port city of Haiphong to China, which will be partially funded by Chinese loans. The country is also looking to purchase China’s homegrown mainline passenger aircraft made by Chinese state-owned planemaker COMAC.

Wen-ti Sung, a non-resident fellow at the Atlantic Council, said Xi’s high-profile visit is two pronged: economically, it’s about finding a way to diversify China’s economic footprint around the world; on the foreign policy front, it’s also aimed at pulling countries closer to China while they are unsettled by Trump’s on-and-off-again tariffs.

“What Xi is trying to do now is to go there in person. Instead of fear and pressure, Xi is going to show them love, maybe some ‘souvenirs’ along the way,” he said, referring to possible new trade deals and upgrades to their strategic partnerships.

“All these are ways for China to show that I’m on your side. It’s safe to hang out with China, especially if you’re concerned about the US.”

But relations between China and its neighbors have been strained in recent years, with tensions flaring over claims of disputed sovereignty in the South China Sea. In February, Chinese warships held live-fire drills in waters near Vietnam in the Gulf of Tonkin, known as the Beibu Gulf in China, after Hanoi published a map defining its territorial claims there.

In his signed article in Vietnam’s Nhan Dan Newspaper, Xi urged the two countries to “properly manage differences and safeguard peace and stability in our region.”

“The successful delimitation of our boundaries on land and in the Beibu Gulf demonstrates that with vision, we are fully capable of properly settling maritime issues through consultation and negotiation,” Xi was quoted as writing.

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Sudan’s Rapid Support Forces (RSF) seized control of a major camp for displaced people in North Darfur, the paramilitary group said on Sunday, after a four-day assault the government and aid groups have said left hundreds dead or wounded.

The fighting has centered around the Zamzam camp, which, along with the nearby Abu Shouk camp, hosts some 700,000 people displaced by Sudan’s war. The assault has destroyed shelters, markets, and healthcare facilities, aid groups said.

The RSF said the camp was being used as a base by what it called “mercenary factions.” But humanitarian groups denounced the assault as a targeted attack on vulnerable civilians, including women, children and elderly people, who are already facing famine.

The Sudan Liberation Army (SLA), a Darfur militia allied to the national army, has been fighting the RSF around the city of al-Fashir, around 15 km (9.3 miles) from Zamzam, with the help of other local armed groups.

Tens of thousands of camp residents have fled to al-Fashir on foot, overwhelming shelters, and are now sleeping outdoors without food, water, or medicine, SLA spokesperson El-Sadiq Ali El-Nour said on Sunday.

The city – the capital of Sudan’s North Darfur province – came under heavy shelling and RSF ground attacks on Sunday, the SLA said, calling for military support from Sudan’s armed forces and allied factions.

The Sudanese army has a base with several thousand troops in al-Fashir.

“The leadership of the armed forces must act swiftly to save the lives of approximately 1.5 million people in al-Fashir urgently,” the SLA said in a statement. “Darfur must not fight alone.”

The RSF has denied targeting civilians and, on Saturday, accused its rivals of orchestrating a media campaign using actors and staged scenes within the camp to falsely incriminate it.

On Sunday, it said it had organized voluntary evacuations for families fleeing al-Fashir and surrounding camps and welcomed humanitarian agencies to respond to the deteriorating conditions.

The war in Sudan erupted in April 2023, sparked by a power struggle between the army and the RSF, shattering hopes for a transition to civilian rule.

The conflict has since displaced millions and devastated regions like Darfur, where the RSF is now fighting to maintain its stronghold amid army advances in Khartoum.

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Stock market rally, sector rotation, and earnings movers dominate this week’s analysis with Mary Ellen McGonagle. In this video, Mary Ellen reviews where the market stands after last week’s bounce and explains how White House activity drove major price action.

Mary Ellen also highlights two top-performing sectors that outpaced the broader indexes and discusses stocks to watch in those areas. She also covers earnings season winners and losers, and provides insights into what to expect in the week ahead as big tech earnings hit the spotlight.

Stay ahead with expert technical analysis, sector trends, and actionable stock market insights.

The video dropped on April 11, 2025. You can watch it on our dedicated page for Mary Ellen’s videos.

New videos from Mary Ellen premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.