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Kyiv is under Russian missile attack. One dead and two injured, the mayor claims
Vitali Klitschko, the mayor of Kiev, said that Russian forces launched ballistic missiles at the Ukrainian capital early Thursday morning. One person was killed and two medical personnel were injured as debris fell on various districts. "One dead and 2 injured in the capital." Klitschko posted on Telegram that both the wounded are medics who are currently being treated at a hospital. Klitschko stated that debris had fallen in three districts and a part of a house was destroyed. Klitschko wrote: "In the Dniprovskyi District, debris fell onto the yard of a privately owned property." People may be trapped beneath rubble. He advised residents to remain in shelters. Witnesses reported that several explosions resounded around 1 a.m. Unofficial 'Telegram' channels showed a fire that was said to be lighting up the horizon. According to Klitschko, Russian forces 'continued their attacks against the city throughout Wednesday, killing two and injuring 45 people.
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Venezuela's Rodriguez promises to hold elections in order to transition into a 'full democratic'
Delcy Rodriguez, Venezuela's interim president, told the UN General Assembly on Wednesday the country will hold elections as part of the transition to "full democracy" but she did not give a date. "I want this to be very clear in this General Assembly: There will be elections for Venezuela," said Rodriguez. He came to power in January after American forces had captured Nicolas Maduro, then the President of Venezuela. Rodriguez stated that the government would ensure 'the participation of all political parties' in her remarks. She also added that the national institutions were being prepared for?the electoral process. Rodriguez said that Venezuela has begun a democratic transformation process for its rebirth. This is an orderly process with institutional checks and balances. The goal is to build a more prosperous country, one where everyone can live in freedom. Critics claim that Washington has marginalized the Venezuelan opposition by dumping its demands for free and fair elections in favour of oil and investment agreements with the interim government. Some US legislators have also called elections amid criticisms that the Trump Administration has failed to obtain meaningful democratic concessions? from Rodriguez's Government. "We've opened a dialogue with the opposition to create a process that is fair for everyone," said Rodriguez. Rodriguez met briefly with US President Donald Trump Tuesday on the sidelines of the?the UN?General Assembly and praised him on his decision to restart dialogue with Venezuela. Trump and Rodriguez discussed, among other things, restructuring the South American nation’s sovereign debt of billions. Rodriguez said that the economic recovery will "take time" but warned that it would take time. Rodriguez called for the support of the international community as it moves away from "a phase of uncertainty and conflict towards a full democracy."
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Women volunteers in Borneo are fighting the worst wildfires since 11
Indonesia's Borneo Island is orange-colored and thick with smoke due to the worst wildfires that have occurred in over a decade. They have blackened large areas of forest, causing respiratory problems for many residents. The birds are also silent due to the choking smoke and fires, as observed by farmer Juniarni. The birds are a common sight in Sungai Awan Kiri, a village in West Kalimantan, where she lives. Their chirping is a constant reminder that they're there. She says that now there is silence. This is another sign of how the fires have affected the environment. They haven't done any wrong. Why are they victims?" "Why are they the victims?" asked Juniarni, 48-year-old mother of three who goes by one name as do many Indonesians. There were fires all around us. In the dry season, fires are a constant risk. They have raged longer than normal this year, particularly on the islands Borneo, Sumatra and Sumatra. Juniarni is one of the 140 women that make up The Power of Mama, a?all-woman firefighting team. She observed the loss of birdsong while she and the other women patrolled 10 villages, which included?farmers as well as stay-at home mums. Unpaid volunteers, dressed in protective red suits, patrol motorcycles to identify hotspots and extinguish fires. They also warn neighbours not to use fire to clear land to plant palm oil, which is a staple crop of many farmers. This practice increases the risk of blazes. Securing the Forests In 2022, the non-government 'environmental group Yayasan Inisiasi Alam Rehabilitasi Indonesia, which translates as Indonesia Nature Rehabilitation Initiative Foundation brought together the women from four villages of the Ketapang area and trained them on how to fight fires. Mita Anggraini of YIARI, the supervisor for the group, said, "These women felt that the forests were theirs and protected them with their whole heart." YIARI also provides mobile phones to the women, as well as lunch allowances. YIARI doesn't allow the women to deal with large fires. Mita stated that one of the reasons women volunteer to help is because they want to reduce the respiratory problems of many people who are affected by the thick smoke which blankets the island during fire season. Elly Marlina (46), a firefighting volunteer, told how her children suffered from respiratory infection in the past. She said that it took them over a whole year to recover. Irma is a 38-year old mother of two who farms in Borneo. She said that putting out visible fires was only half the battle. The fires are also burning underground in Borneo's peat, which is highly combustible. She said, "Our land is most vulnerable to fires." "This year has been particularly bad because of our dry water supply." Indonesia's forestry ministry said that the fires may last longer than usual, this time up until early November due to the late arrival of rainy season. Indonesia has deployed more than 50 aircraft to water bomb and seed clouds in order to combat the spread of wildfires. Fires in Indonesia?burned 202,000 hectares of land (almost 500,000 acre) from January to July of this year. This is an area that is almost as large as metropolitan Tokyo. West Kalimantan was the most affected province with over 38,000 hectares of land burned. Elly reports that the fires this year are more severe than usual and have affected forests and peatlands still recovering from seasonal fires. This has led to concern for their future. Our hope is fading because, as you can clearly see, there are now no forests.
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Mexico Beach towns prepare for storms when Polo hits the coast
Residents of Mexico's Pacific coast beach towns prepared for heavy rains and dangerous surf as Hurricane Polo, an intense Category 4 storm, moved northwestward offshore. The hurricane threatened flooding and mudslides on the southwest coast. US National Hurricane Center: Polo will continue to move slowly along the coast, between fishing town Zihuatanejo (and port hub Manzanillo), with maximum sustained wind speeds of 145mph (230kph). This is at 3 pm local time. It was predicted that the center of the storm would track along the edge southwestern Mexico until Thursday morning, before turning out to sea. The outer rainbands of the hurricane were already hitting the coast where tropical storm watches and warnings were still in effect. In the resort town of Acapulco the beach was battered by rough surf, the bay was swept with rain and the palm trees were bent. Merchants strengthened stall roofs while boats remained in the bay. Andrea Tenorio, a local resident, said, "As soon as they warned us yesterday, I began to get my documents in order, and started packing my belongings half-way, just in case." She stated that a nearby elementary was being used as a temporary shelter. Tenorio, when asked if she was afraid, said that Hurricane Otis haunted the residents. She said, "With Otis we were left traumatized." "We've never been able overcome it." Hurricane 'Otis' slammed Acapulco as a Category 5-storm in October 2023, killing dozens of people and destroying the coastal town. The NHC stated that Polo will bring 4 to 6 inches of rain (10 to 15cm) to the coastal state of Guerrero, with some areas receiving up to 8 inch (20cm). This could trigger dangerous flooding and mudslides in mountainous regions. Parts of Michoacan and Jalisco were expected to receive significant but lower rainfall. The NHC stated that "Fluctuations of intensity are expected, but Polo will remain a powerful major hurricane for the next few day,"
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Both parties of senators ask Trump to release emergency heater oil due to price surge
Two US Senators from Maine, a state that is heavily reliant upon 'home heating oil', have asked President Donald Trump to tap into the emergency fuel stockpile of the country as diesel prices are soaring and pushing up household costs. In a letter sent to Trump on Tuesday, Senators Susan Collins (a Republican) and Angus King (an independent who is a member of the Democratic caucus) asked him to release the home heating oil held in the Northeast Home Heating Oil Reserve. This would protect Mainers against the high prices which are imposing a financial burden. Collins, who has a tight race to win her seat in the midterm elections in November, said in a press release that the cost of energy was a "huge problem in my state" and tapping the reserve would "help put downward pressure on the prices." The senators said that Maine households pay about $675 more than last year to fill a heating oil tank. They cited a Maine Department?Energy Resources study. Diesel, which is similar in price to heating oil has risen to an all-time high of $6.50 per gallon due to the conflict in Iran and Ukraine that has impacted fuel production and petroleum shipments. The White House didn't immediately answer a question about the letter. Collins joined Senator?Jack Reed of Rhode Island in asking that the administration release money from its home heating program to assist low-income families. Bill Clinton created the reserve in 2000, which stores 1 million barrels in four locations from Maine to New Jersey. The reserve holds approximately 10 days worth of heating oil in the region. It has not been used since 2012 when it was used to fuel emergency responders after Hurricane Sandy. Trump's budget for last year proposed closing the reserve. It is costly to maintain. The rising diesel price has prompted calls for a ban?on the export of the fuel. However, the White House denied on Wednesday a report that the administration was preparing to ban diesel exports for 90 days.
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US stocks drop as 10-year Treasury yield reaches highest level since 2007
On 'Wednesday', US shares dropped and 10-year Treasury yields rose to their highest levels since 2007. This was after data revealed that US business activity had risen?to more than five-year highs in September. Fueled by an increase in new orders. S&P Global said that its US Composite PMI Output Index (which tracks manufacturing and service sectors) increased to 58.4 in this month. This is the highest level recorded since July 2021. Will Compernolle is a macro-strategist at FHN. The yields are at multi-year highs due to traders pricing in the possibility of more Federal Reserve interest rate increases, while inflation remains stubbornly above the central banks' 2% target. The yield on the 2-year Treasury bond, which is sensitive to interest rates, rose by 11.4 basis points, from 4.947% to 4.891%. This was the highest level since May 2024. The benchmark 10-year rate jumped 13.89 basis point to 5.106%. This is the highest yield since 2007 and its biggest increase in a single day since April 2025. Fed funds futures traders now price in a 66% probability of an October rate increase, up from a 53% chance earlier in the day. Fed Governor Michael Barr, who added to the hawkish tone, said the central bank had taken an important step to "recalibrate", short-term borrowing rates to bring down inflation. He also indicated that future rate increases will be necessary. Analysts said that a break through technical levels? amplified the rate rise. Compernolle stated that "it appears for now that the technical boundaries which had held yields in check for the past few weeks have just been?broken. Once this momentum begins, it could make traders very reluctant to get in front of the market." In the midst of the recent bond market crash, the US Treasury Department saw very low demand for its auction of $70 billion in 5-year notes. The notes sold at their highest yield since 2007. Stocks fell as yields rose. Rates can affect equities by increasing the cost of corporate investment as well as by luring investors back to the bond market. The Dow Jones Industrial Average dropped 0.68%, and the S&P 500 fell 0.75%. The Nasdaq Composite fell 1.13% after reaching a record-high on Tuesday. The pan-European STOXX 600 Index fell by 0.44% and an MSCI global index fell by 0.73%. This ended four days of consecutive gains. Focus on GEOPOLITICS The mood was further dampened on Wednesday by the comments of Iranian leaders, who highlighted that US and Iran are still far apart in their efforts to reach a peace agreement. After Iranian President Masoud Pezeshkian said that Tehran would not bow to US pressure, a senior Iranian official stated that diplomacy must continue despite the fact the two sides are still divided over how to end the conflict. In his speech at the same forum, President Donald Trump threatened on Tuesday to "annihilate Iran", but also stated that his envoys held productive discussions with mediators who were seeking to end conflict. Cole Smead is the CEO and portfolio manager of Smead Capital Management. He said, "We have been through a number of starts and stoppages like this." We're in an incredibly momentum-driven market. "I don't believe most people are comfortable with stepping into the way of headlines." US crude climbed 2.3% to $92.60 per barrel. Brent rose 4.28% to $103.50 a barrel. Investors also look forward to a meeting between Trump and Chinese president Xi Jinping, which is expected to take place in 'Washington. There, tensions regarding trade, technology, and Tehran will be played out amid pomp and ceremony. DOLLAR GAINS The prospect of higher rates boosted the dollar's value against the Canadian, British and Euro dollars to new highs. The euro fell 0.55% at $1.1384, and reached $1.1367 - the lowest level since July 28. Dollar was 0.61 percent stronger against yen, at 158.33. Speculators were wary that a push beyond 160.00 would invite more Japanese intervention. Spot gold dropped 1.64%, to $4283.40 per ounce.
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White House denies reports that the US was considering a ban on diesel exports
A White House official denied on Wednesday a report that claimed the US was preparing to ban diesel exports for 90 days in order to curb record fuel prices. The price of diesel has risen to a record high of $6.50 per gallon due to the conflict in Iran and Ukraine, which is affecting oil and fuel deliveries. This poses a risk for President Donald Trump as he prepares for the midterm elections. US Energy Secretary Chris Wright stated earlier that such an ban would not be effective and could increase gasoline and jet fuel costs. The US is currently discussing voluntary measures. Wright responded to the Politico article that said the US is planning a 90-day export ban. He said, "Nobody?is?considering?a ban on fuel shipments." Wright did not provide any further details.
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Official: Colombia could adopt Argentina's tax incentives to encourage investment
Armando Cuello, the Deputy Minister of Energy in Colombia, said that the country could adopt a model for tax incentives similar to one used in Argentina to 'attract large scale investments in energy and mining. Cuello, speaking at an economic forum in Bogota said Colombia was studying if it could replicate "aspects" of Argentina's Incentive Regime for Large Investments (RIGI), which offers tax, foreign exchange and customs benefits to major projects. The program was launched in 2024 by the Argentine president Javier Milei. Cuello stated that there was a 'political will' to create an investment-friendly environment, which he knew would take time. Abelardo De La Espriella, the Colombian president, announced that his government will resume signing hydrocarbon exploration contracts, and allow fracking. This is a reversal of a ban placed by former President Gustavo Petro. Cuello stated that the lack of?new project development during the previous administration had pushed Colombia's?energy sector into crisis. He said that the country's?deficit in power had increased to 8.6%, from?7.2% just a week before. He said that the government is taking every?possible step to prevent widespread?power outages during?the El Nino phenomenon affecting Latin America.
China, decarbonisation present Australia's iron ore miners with costly options: Russell
Australia's large iron ore mining sector is facing stark options as its biggest consumer China has likely hit a peak in its steel production and global pressures install to decarbonise one the world's most contaminating markets.
The scale of these difficulties are enormous, but they are far from insurmountable, and there are a selection of choices that Australia's iron ore miners can pursue.
The trick is selecting a path that increases earnings, or at least reduces expenses, while ensuring that the market continues to flourish.
Australia is the world's biggest exporter of iron ore, the crucial basic material utilized to make steel, and it shipped about 930 million metric tons last year, which at current rates would be worth about $93 billion.
Australia is likewise the world's largest exporter of metallurgical coal, used to make steel, ranks 2nd in thermal coal and in melted natural gas, while likewise being the greatest exporter of lithium and the biggest net exporter of gold.
The exports of all these commodities together hardly go beyond the worth of iron ore deliveries, highlighting the outsized role of the ore, which is primarily produced in the state of Western Australia.
Just over 80% of iron ore exports head to China, which purchases about 70% of the total worldwide seaborne volumes and produces about half of the world's total steel.
Putting these numbers together gives an image of a dominant manufacturer and a dominant buyer in the iron ore market.
The rise of China since the late nineties allowed Australia's iron ore miners to massively increase output, reap economies of scale and end up being hugely profitable.
The nature of both China's demand and the procedure of making steel are likely to change in the next few years, threatening the present model where Australia produces huge amounts of iron ore that is developed into steel in blast furnaces and standard oxygen heating systems, procedures that need the use of coking coal.
China's steel output has actually flatlined for the past 5 years around the 1 billion lot per year level, and many analysts presenting at today's Global Iron Ore and Steel Outlook Conference in Perth forecasted that production will slowly decrease in the next couple of years.
Due to the fact that China's facilities and housing, this is partially building will ease, but likewise because China will increasingly usage scrap steel in electrical arc heaters to produce new steel items.
While Australia's iron ore miners might be able to balance out the loss of a few of China's demand by selling to more recent steel manufacturers in Southeast Asia, it's most likely that the general market for iron ore will quickly decrease.
It's also likely to alter in structure, with higher grades of iron ore chosen as these can be more easily utilized as a feedstock together with scrap in electrical arc furnaces.
Greater grades of iron ore can also more quickly be upgraded into direct decrease iron (DRI), which in turn can be turned into steel without utilizing coal as a fuel.
Making steel utilizing DRI produced with green hydrogen and renewable resource is among the methods the market is thinking of decreasing carbon emissions.
Even using gas to make DRI can minimize emissions by up to 75%.
The issue is that DRI is challenging to export offered it can be volatile, so it tends to be made at the exact same area as the steel heaters.
VALUE CHAINS
So, if Australia's iron ore miners are thinking about moving up the steel value chain, they would have to find ways of producing DRI and turning it into steel in Australia, using sustainable energy.
Another path is upgrading the iron ore into hot briquetted iron (HBI), which is an updated type of DRI, where the DRI is converted into a compact form utilizing heat.
HBI can be shipped, and can be used in either an electrical arc heating system or a fundamental oxygen unit.
Should Australia's iron ore miners transfer to upgrade their item, they will need considerable financial investment, and there is no certainty that the updated products will deliver sufficiently higher margins.
For instance, if an iron ore miner concurred with its customers in China, Japan and South Korea to provide HBI instead of iron ore fines, this would need substantial investment in a clean energy system.
The iron ore miners have been successful in running complex operations at low expenses, however establishing a wind/solar power plants, a green hydrogen electrolyser and potentially battery storage also would be a completely various difficulty.
There is likewise the possibility of exporting iron ore to a. third nation for processing into HBI, with Gulf nations such. as Saudi Arabia a prospective location.
These countries have large quantities of gas which. could be used to turn iron ore into HBI in a procedure that would. still be more environmentally friendly than utilizing coking coal.
The HBI could then be shipped from the Middle East to. consumers in Asia.
However, there are a number of other elements that would come. into play, such as steel nationalism.
Lots of countries see steel as a key product and wish to. maintain their own markets. It's not likely Japan would want to. purchase green steel from Australia, however it may be prepared to purchase. HBI and keep the last procedure of making steel inside its. borders.
The problem for Australia's iron ore sector is that it has actually a. plethora of choices in adapting to decarbonisation and peak. steel in China.
But all involve dangers and expenses, and this is difficulty for an. industry that has invested the last years de-risking itself and. concentrating on improving shareholder returns.
The viewpoints expressed here are those of the author, a columnist. .
(source: Reuters)