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Congo suspends the former President Kabila's Political Party
The government of the Democratic Republic of Congo has suspended the political party of former President Joseph Kabila and ordered the seizure of his assets over allegations that he supported rebels in eastern Congo backed by Rwanda. The 53-year old, who ruled the country from 2001 to 2019 and only stepped aside after violent protests against him, said that he wanted to return to Congo in order to find a resolution to the conflict. In a statement issued late Saturday, the interior ministry stated that his party had been suspended for assisting the M23 rebels. The justice ministry also said assets of his and other leaders would be confiscated after acts deemed high treason. In both statements, prosecutors were instructed to begin proceedings against him. However, no specific accusations were made. Kabila did not respond immediately. In a letter to the editor, Ferdinand Kambere (secretary of his Party for Reconstruction and Democracy) called the suspension of its members a flagrant breach of Congo's Constitution and Laws. Since the beginning of this year, the M23 has taken control of two major cities located in the mineral rich east. The conflict in this region dates back to the Rwandan genocide of 1994 and the struggle over minerals. Kabila took power in the aftermath of his father's death and refused to leave when his term ended in 2016. Since then, he has lived in several African countries. (Writing Jessica Donati Editing Sofia Christensen, Andrew Cawthorne and Andrew Cawthorne).
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Shenghe, a Chinese rare earths processor, sees a minimal impact of the US feedstock ban
Shenghe Resources, a Chinese company, said that the suspension of shipments from its U.S. partners of rare earth raw concentrator will not have a significant impact on production because of the company's diverse supply chain. MP Materials, the owner of the U.S.'s only rare earths mine said that it has stopped shipping these vital minerals to China due to the 125% tariffs Beijing imposed on U.S. imports as a retaliation against U.S. tariffs imposed on Chinese goods by President Donald Trump. Rare earths is a grouping of 17 metals which are used in the production of magnets for electric cars, mobile phones and other electronic devices. China, the dominant producer in the world, halted this month exports of rare earths that were added to an export control list as a form of retaliation. MP Materials, which is a major player in the rare earths industry, imports large quantities of concentrate from other countries to feed its processing plants. Shenghe stated in a press release that "we have created a diversified channel of supply for rare earth raw materials. We use monazite as an alternative to Sichuan, and we also supply other countries." "The supply agreement with MP remains valid." Shenghe did not provide details. In January 2024, the company and MP Materials renewed a offtake agreement through Shenghe’s subsidiary in Singapore. The agreement will remain in place for two years but can be extended by another year. Customs data show that China's imports from the U.S. of rare earth raw material have declined for the past two years. They fell by 13.7% last year and 16.9% in 2023.
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VEB, a Russian copper mining company, will invest $13.4 billion in the country's Far East
The Russian government announced on Saturday that the state-owned development bank VEB would invest over 1.1 trillion Russian roubles (about $13.40 billion) in order to develop a mine of copper in Chukotka, in the extreme east of the nation. A government press release stated that the development of Baimskaya, which was discovered in 1972, will create 6,000 jobs, and generate tax revenues in excess of three trillion roubles. Chukotka, the easternmost federal subject in Russia, is a mountainous area. Around half of the region is above the Arctic Circle. Once operational, the deposit will increase Russia's gold production by 4% and copper production by 25%. "We continue to build not just a mining and processing plant, but a powerful and technologically-advanced industrial complex that will strengthen Russia's position in the global market and become a new point of growth in the Arctic," said Georgy Fotin, general director of the Baimskaya Management Company LLC. Vladimir Putin named the Arctic region as one of Russia’s most important economic interests. He has also increased commerce through the Northern Sea Route, as Moscow has shifted trade away from Europe and towards Asia due to Western sanctions. The government announced on Saturday that the development of the Baimskaya deposit would increase the annual cargo traffic along NSR by two million metric tonnes. $1 = 82.1000 Russian Roubles (Reporting and editing by Kirby Donovan; Lucy Papachristou)
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At least 17 people killed in Nigeria by suspected herders
Police said that at least 17 people died when suspected cattle-herders attacked Benue State in central Nigeria on Thursday. This was amid an increase of violent clashes between farmers, herders and others. Food supplies in north-central Nigeria have been disrupted by years of conflict. This is a major agricultural area. Two days earlier, 11 people had been killed in Otukpo in Benue. A week before that, gunmen killed over 50 people when they attacked villages in Plateau State. According to SBM Intelligence, since 2019, more than 500 people have died in the region as a result of the clashes. 2.2 million others were forced to flee their homes. Police said that a separate group of suspected cattle herders killed five farmers early Friday morning in the Ukum Local Government Area of Benue, near Gbagir. Police spokesperson Sewuese Aene stated that the attackers fired as police moved in to confront them. Police said that while officers were engaged in the attack at Ukum another 12 people died in an attack 70 km away in Logo local council. (Reporting and writing by Camillus Eboh, Ben Ezeamalu and Andrew Heavens; editing by Andrew Heavens).
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Toronto FC wins rare road game at Real Salt Lake
Toronto FC hasn't beaten Real Salt Lake in Utah for nearly 18 years. Real Salt Lake is 10-0-2 against Toronto FC at home since their first ever meeting. They will look to add to that record when they meet in Sandy, Utah on Saturday. Toronto defeated Real Salt Lake 2-1 on July 4, 2007, in a match held on the University of Utah's campus in Salt Lake City. RSL has dominated home matches since then with an unbeaten streak, which includes a win in the 2010 CONCACAF Champions League. Toronto's first-year coach Robin Fraser stated, "It is a difficult place to play." They have played well there in the past. Toronto's results there haven’t been great over the years because it’s a difficult place. Toronto FC hasn't had a good season so far (0-4-4, four points). Toronto was 0-4-1 in its first five games before it played three consecutive draws. The club was held scoreless at Minnesota United last week. Deandre Kerr, a Toronto player, will miss his third consecutive game due to an injury to his ankle. Federico Bernardeschi and Deandre Kerr are tied with two goals each for the team's lead. Fraser believes Kerr will be out for at least another month. Real Salt Lake (3-5-0, 9 points), has lost three of its last four matches. The result last week was a painful one. Nashville's Sam Surridge scored in the first minute after the second half's stoppage time the decisive goal that sent visiting Salt Lake down 2-1. Diego Luna, who scored three of the team's best goals, sees a team in progress that is yet to find its full stride. "We're playing well," Luna said. The team is improving, we are growing, and the chemistry is developing, but there are still little things to fix to bring it all together. RSL coach Pablo Mastroeni said: "We made some good progress in the past couple of weeks and played good stuff in our last game." We want to dial in some moments where we were a little naive. Salt Lake's Javain Brown has retired from the league after having surgery on Wednesday to repair an ACL tear and meniscus damage to his left knee. Brown injured his knee during a training session. Field Level Media
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Indonesian woman uses mangroves to fight rising tides
Pasijah is a 55-year old housewife from Indonesia's Central Java Province. She wakes every morning with the sound of waves. It's not as idyllic as it sounds. It is the last remaining house in this area of Rejosari Senik. This small village, located on Java's north coast, was once dry land and is now under water. Pasijah and her family are not planning to leave. She said in February that she had "every intention" to remain at the house and her feelings towards it remained. Pasijah, who has lived in her house for 35 years, is soaked by water when she steps out. The floor inside has been raised above the water level by using a power pole and bamboo arranged in haphazardly. Demak is 19 km away. The closest land is 2 km (1.24 miles). Only by boat can you get to the island. Indonesia is an archipelago made up of thousands of islands with a coastline of 81,000 km. This makes it vulnerable to erosion and rising sea levels. Kadarsah, an official with Indonesia's Meteorology, Climatology, and Geophysical Agency, said that sea levels along the coasts of the country rose by 4.25 millimetres per year on average between 1992 and 2024. However, the rate increased in recent years. He said that rising sea levels were a sign of climate change, and added that small islands had vanished. Kadarsah pointed out that increased pumping has also exacerbated the land subsidence along Java’s northern coast. Jakarta, Indonesia's largest city, is especially affected by the problem. It is home to 10 million people. Indonesian authorities are turning to mega-projects for a solution. One of these is a 700-kilometre sea wall along the northern coastline between Banten province and East Java. Pasijah, her family and friends have also turned to the natural world. Over the last two decades, she has planted around 15,000 mangroves trees per year. She paddles in a boat that is made of a blue barrel every day to plant saplings and tend to bushes. Pasijah explained that the flood waters came in waves and not at once. "I realized that I had to plant mangroves after the water began rising. They would spread and protect my house from the wind and waves. Her family and she survive by selling fish that her sons have caught in the market closest to them. They said they would stay until the tide was held back. Pasijah explained, "I don't care about my feelings about being isolated here anymore since I've decided to stay. We'll just take one obstacle at a time." (Reporting and writing by Ajeng dinar Ulfiana; Budi Purwanto and Johan Purnomo. Additional reporting and writing by Stanley Widianto. Editing and editing by Gibran peshimam and Kate Mayberry.
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Sources say that KKR is among the asset managers competing for Abu Dhabi district cooling business.
Three sources confirmed that KKR, I Squared Capital and other global asset managers are bidding to buy a district cooling company owned by Abu Dhabi’s Multiply Group. The business is part of a $1.5 billion empire run by one of UAE's most powerful sheikhs. As an environmentally-friendly and more cost-effective alternative to air conditioning, district cooling plants deliver chilled water through insulated pipes in order to cool buildings such as offices, factories, and residences. Three people familiar with the situation, who declined to be identified because the details were not public, said that Investcorp is one of the possible suitors. According to the sources, CVC, which is backed by Engie, and National Central Cooling Co (also known as Tabreed) are in a race for a deal worth up to $1 billion. The Abu Dhabi energy and utility firm TAQA also has its eye on the deal. It is nearing its second round, with potential buyers expected next month to submit binding bids. Multiply Capital, I Squared Capital and Tabreed did not respond to requests for comment. Last month, it was reported that Tabreed worked with Citi to develop a possible bid. PCH's interest shows how local investment opportunities are being sought by buyout groups in the Gulf, as governments implement ambitious programs to diversify economies away from oil. Previously, equity firms raised money in the Gulf to invest elsewhere. Last week, KKR was the latest asset manager who announced plans to create a team to pursue Gulf deals in the region. Multiply is owned by IHC. Its chairman, Sheikh Tahnoon Bin Zayed Al Nahyan is the UAE's National Security Advisor and brother of its president. He controls an expansive business empire, including two sovereign funds. S&P Global Market Intelligence reported in January that private equity funds raised $680 billion worldwide in 2024. This is a decrease of 30% from the $966 billion raised by 2023.
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Trump will expedite the permitting process for 10 mining projects in the US
The White House announced on Friday that it would expedite the permitting process for 10 mining projects in the United States, as part of President Donald Trump’s efforts to increase critical minerals production. These projects, which will supply copper, antimony, and other minerals, have been given FAST-41 status. This is a federal initiative that was launched in 2015 for streamlined approvals of critical infrastructure. The White House announced that it would add more projects. The first 10 are listed publicly on a U.S. Federal website, where the progress of their permits can be tracked. This is part of a Trump administration push for greater transparency. The White House issued a statement saying that "this transparency leads to greater responsibility, ensuring an efficient process." This move will boost a number of projects, including a proposed Idaho gold and antimony mine by Perpetua Resources; a proposed Arizona mine from Rio Tinto; a proposed Montana silver and copper mine by Hecla Mining; an expansion of Albemarle’s Nevada lithium project, a direct lithium extraction project in Arkansas from Standard Lithium and a metallurgical coking coal project in Alabama from Warrior Met Coal. Steel is made from metallurgical coal. Former President Joe Biden has accelerated the Hermosa zinc and manganese project of South32 in Arizona, making it the first mine that received the FAST 41 treatment. Trump ordered earlier this week a probe of potential new tariffs for all U.S. imports of critical minerals, a major escalate in his dispute against global trading partners and an effort to pressure the industry leader China. (Reporting and editing by Lisa Shumaker; Ernest Scheyder)
United States to finalize modified EV mileage ranking rule in win for car manufacturers, sources state
The U.S. Energy Department (DOE) on Tuesday will reveal final rules that will substantially soften its proposal that would have slashed electrical cars' (EV) mileage ratings to fulfill government fuel economy requirements in 2027, sources stated.
The choice initially reported is a win for the Detroit 3 car manufacturers and the United Automobile Workers union that raised alarm that the proposition could have resulted in U.S. automakers dealing with $10.5 billion in fines through 2032 for not meeting fuel economy requirements.
In April 2023, DOE proposed guidelines revising its Petroleum-Equivalent Fuel Economy rating that would have decreased the compliance worth of electric vehicles by 72% in 2027. The final rule will gradually decrease the petroleum equivalent EV fuel economy rating through 2030 and by 65% in overall, offering car manufacturers more time to adjust, the sources stated.
Car manufacturers cited administration price quotes that under the 2023 proposals, General Motors would face $6.5 billion in fines, followed by Chrysler parent Stellantis with $3. billion, and Ford with $1 billion through that year. The. National Highway Traffic Security Administration is set to. proposal last modified CAFE rules this spring.
Sources stated the Biden administration had thought about. concerns from car manufacturers and the UAW in crafting the last rule.
2 ecological groups had prompted the modification to the. EV mileage rankings, arguing excessively high imputed fuel. economy values for EVs means that a reasonably little number of. EVs will mathematically guarantee compliance without significant. improvements in the real-world typical fuel economy of. car manufacturers' general fleets.
The Miles Per Gallon equivalent (MPGe) ratings have not. been updated in more than two decades and are determined utilizing. worths for national electrical energy, petroleum generation and. circulation performance and driving patterns.
Independently, the Environmental Protection Agency (EPA) is. set on Wednesday to reveal revised automobile greenhouse gas. emissions requirements that will alleviate proposed annual. requirements through 2030 as part its sweeping strategy to. strongly cut tailpipe emissions and increase electrical automobile. sales, sources stated.
Under the preliminary EPA proposal covering 2027-2032,. automakers were expected to go for EVs to constitute 60% of. their brand-new vehicle production by 2030 and 67% by 2032 to satisfy. stricter emissions requirements.
Car manufacturers are expected to be able by producing. significantly fewer EVs in 2030 under the final rules. The. Alliance for Automotive Innovation representing almost all major. car manufacturers except Tesla had urged EPA to settle guidelines. resulting in closer to a 50% EV sales target by 2030.
The last rule softens the rate of enhancements and then. greatly ramps up stringency requirements through 2032, the. sources added.
The last greenhouse gas lorry guidelines are likewise anticipated. to be a boost for plug-in hybrid cars. An automaker could. have more than a third of cars it produces in 2032 be. plug-in hybrids under one possible compliance course, among the. sources stated.
The EPA is also anticipated to downsize its proposal to. lower particulate matter from gas-powered cars, which the. market has actually argued would successfully require particulate. filters on all gas-powered vehicles.
Automakers challenged the EPA strategy to largely remove. using enrichment - a technique to improve performance and. avoid engine damage from hot exhaust gases - which they state. would bar them from using some engines. The EPA is anticipated to. greatly reduce or drop its plan to restrict enrichment, sources. said.
(source: Reuters)