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New Zealand weather events prompt government housing protections to be re-thought
New Zealand's government may end bailouts to homeowners who have been affected by landslides and floods as it creates a climate change framework. In recent years, as severe weather events caused by climate change have increased in frequency and intensity, the government has spent billions on buying properties. Christopher Luxon, New Zealand's Prime Minister, told Radio New Zealand that the government "won’t be able" to continue bailing people out in this manner. "We have to figure out how to handle these situations going forward, and who is responsible and if there's a shared liability." He made his comments as authorities in the South Island began cleaning up areas affected by floods that occurred this month. The flooding, according to local officials, affected approximately 800 homes. On Wednesday, the government announced a compensation package of NZ$600,000. ($356,700.) for farmers, growers, and forest owners who were affected by floods. Climate Sigma research estimates that by 2060, at least 14,500 homes, worth about NZ$12,5 billion, could be affected by at least one damaging flooding, or around 300 to 400 homes per year. Climate Minister Simon Watts stated in an email the government is working on getting bipartisan support for a national adaption framework to give New Zealand confidence. He said that the work was complex and difficult. It is vital that any changes are long-lasting. It is likely that any policy changes will be implemented slowly. Recent independent reports commissioned by Ministry of Environment suggested that a transition would be made over a period of 20 years, to allow for pricing adjustments as the expectations of government bailouts become lessened. When it rains hard, flooding occurs on Graham McIntyre's property. Water rushes through the house. He said that the three rivers that run through his land, which he purchased 25 years ago in Auckland, are like a "wave" coming through. He wants the authorities to purchase his house in Taupaki, and relocate the town centre nearby. Both towns were inundated in 2023. "Can't do anything" Policymakers, property experts and researchers in New Zealand and Australia warn that climate change is an issue homebuyers haven't priced into their budgets. The Ministry of Environment recommended that owners be given more information on the impact of natural hazards, so they can decide whether or not to stay in a particular area and pay the associated costs. In New Zealand, property records increasingly include information about flood and landslide risks or histories of both. Homeowners in areas at risk are concerned that their homes will lose value. McIntyre replied, "You can do nothing." You can't give up. You can't change it." Kelvin Davidson said that it was hard to estimate the impact of climate risk on property prices because of limited data about events such as flooding and different acceptance of risks by buyers. He said that "the rubber hasn't hit the road" in terms of price.
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China's surplus crude is a major factor in the June surge of refiners' options, says Russell
In June, China increased the rate at which it builds crude oil stocks as its strongest imports for almost two years overshadowed a rise of refinery processing. China's crude surplus reached 1.42 million barrels a day (bpd), up from 1.40 in May, and was the fourth consecutive month that the level of 1 million bpd was exceeded. China's crude surplus for the first half 2025 was 1.06 million barrels per day, after strong oil imports in the second quarter overcame the soft start of the year. China's refiners have options in the coming months. They can trim imports, if they feel that oil prices are too high as a result last month of the Israel-Iran war. China does not reveal the volume of crude oil flowing in or out of its strategic and commercial stockspiles. However, an estimate can still be made by subtracting the amount processed from the total crude available through imports and domestic production. According to calculations based upon official data released Tuesday, refiners processed 15,15 million bpd during June. This is an 8.8% increase from May, and the highest since September 2023. In June, crude oil imports from the world's biggest importer reached 12,14 million barrels per day, the highest rate since August 2023 and an increase of 7.1% compared to May. In June, domestic oil production increased to 4.43 million barrels per day (bpd) from 4.35 in May. After subtracting the 15.15 million barrels per day of refinery output, there is a surplus 1.42 million barrels per day. Not all this excess crude has likely been stored, as some is processed in plants that are not included in the official data. Even if you ignore the gaps in official data, there is no doubt that since March China has imported crude oil at a rate far greater than what it requires to meet its own domestic fuel needs. Price Moves China is known to import more crude oil than necessary when the price of crude oil is low. However, it pulls back when prices increase. Imports surged in the second quarter, despite falling crude oil prices at the time the cargoes were arranged. Brent crude oil futures fell from $75.47 per barrel on April 2, to a low of $58.50, a four-year high on May 5. This was the period when cargoes arriving in the second quarter could have been secured. In contrast, China's low crude imports during the first quarter occurred after prices rose in the window where those cargoes were purchased. Brent rose from $70.85 per barrel in December to $82.63 on January 15. This meant that China's refiners faced rising import costs on cargoes arriving during the first quarter. Brent prices have fluctuated in recent weeks due to the conflict that erupted between Israel and Iran, later joined by United States. Brent crude oil reached a six month high of $81.40 per barrel on June 23, but has since moderated, ending at $68.71 a barrel on Tuesday. Concerns are growing over the economic impact on the world of higher import tariffs announced by U.S. president Donald Trump. China's refiners may reduce imports in August and September due to this volatility, but it depends on whether or not the spike in June is a temporary blip in an otherwise declining price trend. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Prices of oil rise on the back of summer demand despite economic woes
The oil prices rose on Tuesday, driven by the expectation of a strong summer in the two world's largest consumers: the United States and China. However, gains were limited by the caution expressed by analysts about the economy as a whole. Prices have been fluctuating in a narrow range, as the signs of steady demand due to an increase in summer travel in the Northern Hemisphere have been competing with fears that U.S. Tariffs on trading partners would slow economic growth and fuel usage. Brent crude futures were up 13 cents or 0.2% to $68.84 per barrel at 0411 GMT. U.S. West Texas Intermediate Crude Futures rose 25 cents or 0.4% to $66.77. The market has downplayed any potential supply disruptions following the threat by U.S. president Donald Trump to impose tariffs on Russian oil purchases. The major oil producers point to better economic growth for the second half of this year, while China's data shows consistent growth. In a recent note, LSEG analysts stated that "strong seasonal demand" is driving up oil prices as the summer season brings a peak in industrial and travel activity. The increased gasoline consumption in the U.S., particularly during the Fourth of Jul holiday period, indicates robust fuel demand. This helps offset the bearish pressures of rising inventories and concerns about tariffs. China's data revealed that growth in the second quarter was slower than expected, but it was less than anticipated, partly due to frontloading in order to avoid U.S. Tariffs. This eased concerns about the world's biggest crude importer. Data also revealed that China's crude throughput in the month of June increased by 8.5% compared to a year ago, which indicates a stronger fuel demand. Some analysts, however, saw the price recovery as temporary. Priyanka Sahdeva, senior market analyst at Phillip Nova, explained that the stabilization of crude oil markets following two volatile sessions was largely due to a minor technical correction and not a significant change in fundamentals. Investors should be aware of inflation and interest rates in the United States, as Trump's push to increase tariffs may lead to inflation and dampen the fuel demand over the medium-term. Sachdeva pointed out that OPEC’s narrative remained optimistic. He cited the cartel’s monthly report, released on Tuesday. Forecast that the global economic outlook would improve in the second half of the year, which will boost the oil demand forecast. Brazil, China, and India exceed expectations, while the U.S., EU, and recovery from last year is added. Sachdeva said that the technicals might offer a short-term respite, but fundamentally there is a lack of momentum in the market. The crude complex is likely to continue its downward trend until there is clarity on global growth, policies, and demand, particularly in Asia. (Reporting and editing by Christian Schmollinger; Colleen howe)
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Gold gains a little as attention turns to US tariff talks
The gold price rose on Wednesday, as investors digested the data that showed an increase in U.S. Consumer Prices last month. They also awaited further clarity regarding President Donald Trump's Trade Policy. As of 0401 GMT, spot gold was up by 0.4% to $3,334.12 an ounce. U.S. Gold Futures rose 0.1% to $3,340.90. Brian Lan, Singapore's managing director of GoldSilver Central said that gold is currently consolidating, with a slight downside bias. This is due to the stronger dollar. "However many countries are still in negotiations with the U.S. over the tariffs." Many are seeking safe havens because there are many uncertainties on the market. Trump threatened on Saturday to impose a 30 percent tariff on imports coming from Mexico and the European Union, starting August 1. Trump, however, said that he would be open to further negotiation on Monday. The U.S. consumer price index increased by the highest amount in five months in June, mainly due to higher prices for certain goods. This suggests that tariffs are starting to impact inflation and could keep the Federal Reserve at bay until September. Trump stated that the Fed should lower interest rates immediately after receiving the data. Dallas Fed Bank President Lorie Lorie Logan stated that the U.S. Central Bank will likely need to keep rates at their current levels for a little while longer in order to maintain low inflation despite the upward pressure of the Trump Administration's tariffs. In a low interest rate environment, gold, which is often considered to be a safe investment during economic uncertainty, does well. The market will now be looking at the U.S. Producer Price Index due on Wednesday at 1230 GMT for further cues. The dollar and the benchmark 10-year Treasury yields in the United States held near multiple-week highs, which helped to limit gold's gains. Silver spot gained 0.3%, to $37.82 an ounce. Palladium rose 0.4% and platinum 0.2%. (Reporting and editing by Sherry Phillips, Subhranshu Sahu, and Brijesh Pate in Bengaluru).
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Mooreast Finds Geotechnical Partner for Floating Energy Solutions
Singapore-based mooring and anchoring specialist Mooreast Holdings has partnered with Norway-based GeoProvider to strengthen capabilities in offshore data analysis and enhance its value proposition to the floating offshore renewable energy market.Through their framework agreement, Mooreast will tap into GeoProvider’s extensive geotechnical and geophysical database to accelerate data analysis and support larger, more complicated projects.Both parties will also collaborate on offshore wind projects as the floating renewable market transitions towards the commercialization phase.SGX Catalist-listed Mooreast, a total mooring solutions specialist, has been offering geotechnical and geophysical studies, such as soil data analysis to determine project feasibility and engineering design for mooring configurations. The group is also Asia’s only ultra-high power anchor manufacturer.Headquartered in Stavanger, Norway, GeoProvider provides geophysical data and geotechnical services for global clients involved in offshore wind, energy exploration and carbon capture and storage. Its team of world-class specialists and cutting-edge technology offers consultancy, advisory, and engineering for subsurface projects.“The agreement with GeoProvider reflects our strategy to build strong partnerships that add value to our clients and increase our capability to take on larger and more complex projects. GeoProvider’s strong track record complements our core competencies as a mooring specialist, allowing us to better meet the demands of the global offshore market,” said Eirik Ellingsen, CEO of Mooreast.In line with these efforts, Mooreast also signed a Memorandum of Understanding (MoU) with Korea Ocean Engineering & Consultants (KOCECO) to promote joint business and technology collaboration in offshore mooring and seabed anchoring solutions.KOCECO, recognized by South Korea’s Ministry of Trade, Industry and Energy, brings extensive experience in submarine cable laying and underwater engineering services.The MoU lays the groundwork for future cooperation in the rapidly developing floating offshore wind market in North Asia, where Mooreast seeks to play a pivotal role in addressing local supply chain gaps in mooring systems.“The two agreements will significantly strengthen Mooreast’s global position and our commitment to our transformation to serve the renewable energy sector. Through these partnerships, we are now better equipped to deliver a comprehensive solution for the offshore sector,” added Ellingsen.
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Accelerator Chooses Six Companies for New York Wind Advances
NYU Tandon School of Engineering, in partnership with Equinor, National Offshore Wind R&D Consortium (NOWRDC) and New York City Economic Development Corporation (NYCEDC), announced its selection of the 2025 annual cohort of companies that will receive support to further develop their ideas and advance offshore wind’s potential in New York.Six companies were selected from a pool of 53 applicants based on the novelty and potential of their solutions. Among the focus areas was identifying innovations that can contribute to efficiencies in turbine maintenance and improved marine life monitoring.Launched in January 2023, the Offshore Wind Innovation Hub is led by Equinor in collaboration with Urban Future Lab at NYU Tandon, and NOWRDC The hub is also supported by the NYCEDC.The 2025 Offshore Wind Innovation Hub Accelerator Cohort:1. Anemo Robotics (Copenhagen, Denmark) — Camera technology to provide an autonomous underwater monitoring solution for marine biodiversity assessment.2. Kalypso Offshore Energy (Delaware, USA) — Offshore solution provider with a specialized modular subsea cable repair and maintenance kit for flexible and quick mobilization.3. MESPAC (Turin, Italy) — Intelligence platform delivering accurate, continuous, and spatially-refined metocean data powered by satellites and AI.4. Orpheus Ocean (Massachusetts, USA) — Lightweight and modular Autonomous Underwater Vehicle for the collection of seafloor data.5. Reblade (Aarhus, Denmark) — Drone-based robotics tools for automatically repairing edge erosion of wind turbine blades.6. Werover (London, UK) — Continuous, real-time monitoring of wind turbine blades using acoustic sensors and AI-powered analytics.The winners will take on a six-month mentoring and business development program residency, designed to prepare them for strategic partnerships with major offshore wind developers, suppliers and the wider offshore wind value chain.The program aims to enable innovators to overcome barriers to adoption and continue to successfully commercialize their solutions in New York and beyond.The 2024 cohort companies made great strides in business and product development, fundraising, hiring and piloting. Notable highlights include Triton Anchor’s $5.7M equity and grant fundraise, Claviate’s signed contract with Siemens Onshore to manage over 200 wind turbines, and Pliant Energy Systems' work on two pilot deployments in local New York City waters in collaboration with NYC Economic Development Corporation.The Offshore Wind Innovation Hub is based in Sunset Park, Brooklyn, with a mission to enable smaller companies to provide their technology to the offshore wind industry. Cohort companies will be individually paired with knowledgeable Equinor mentors and gain industry-specific guidance on technology development from NOWRDC. Cohort companies will also benefit from NYCEDC’s extensive involvement in piloting and innovation activities throughout the city, including the Pilots at BAT program.“This cohort comes in at a critical time in the US offshore wind industry — a time when projects are being built at scale and innovation has real opportunities to make an impact. The technologies being developed in this cohort are working to lower cost, improve US supply chain opportunities, and improve safety across offshore wind development and operational stages. We at the National Offshore Wind Research & Development Consortium are eager to support and accelerate this cohort’s industry deployment over the next year," said Lyndie Hice-Dunton, Executive Director at National Offshore Wind Research and Development Consortium.To meet the companies and learn more about their innovations, join the Offshore Wind Innovation Hub on September 4, 2025 in New York City, when it will host its yearly Wind-Win Startup Showdown event. Registration is open.
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Iron ore prices rise on improved China-Australia relations
Iron ore futures rose on Wednesday, boosted by stronger ties between Australia, the world's top producer, and China, its largest consumer. However, gains were limited by worries about persistent weakness in China’s property market. As of 0303 GMT, the most-traded contract for September iron ore on China's Dalian Commodity Exchange was trading 1.11% higher. It was 773.5 Yuan ($107.71), per metric ton. The benchmark iron ore for August on the Singapore Exchange rose 0.84% to $99.75 per ton. After a meeting with Chinese President Xi Jinping in Beijing, Australian Premier Anthony Albanese agreed to a new Policy Dialogue on Steel Decarbonisation. This would provide Australia with insight into Chinese planning. Albanese said that a decade old free trade agreement between Australia and China, its largest trading partner, will be reviewed. Albanese traveled with Rio Tinto, BHP and Fortescue executives to China on Monday, where they met Chinese steel industry representatives. Rio Tinto, the world's largest iron ore producer, reported an increase of 13% in quarterly shipments. It also announced its highest second-quarter production level since 2018. Galaxy Futures, a broker, said that the demand for steel remains high in manufacturing, and prices have been driven by expectations about supply-side policies. Even so, the market is still weighed down by weak fundamentals. In June, the crude steel production in China fell by 9.2% compared to the previous year, making it its lowest level since 2020. Analysts from ANZ wrote in a recent note that this has neutralized the positive sentiment that had been building in recent weeks due to signs of robust demand. Coking coal and coke, which are used to make steel, also fell on the DCE. They were down by 0.6% and 0.9%, respectively. The Shanghai Futures Exchange has seen a decline in most steel benchmarks. Rebar fell 0.26%, while hot-rolled coil dropped 0.25%. Wire rod also decreased 0.09%, and stainless steel rose 0.12%. ($1 = 7.1813 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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Dollar soars as Fed rate cuts bets are lowered, causing Asia shares to struggle
The Asian stock market was under pressure Wednesday, while the dollar rose to its strongest level against the yen in early April. This is after U.S. Inflation suggested that tariffs were pushing up prices, dampening expectation for Federal Reserve policy ease. The yield on U.S. Treasury bonds reached its highest level in over a month. This lifted the dollar, especially against the yen. However, tech shares remained resilient following a 4% rally in artificial-intelligence darling Nvidia overnight. Brent crude has remained at $69 per barrel. The data released on Tuesday shows that U.S. consumer price rose by 0.3% in the month of June. This was in line with expectations, but it was also the biggest gain since January. Economists attribute the increase in prices of goods like coffee and home furnishings, to the Trump administration’s increasing import tariffs. The Fed has kept interest rates at the same level as it waited to see if the tariffs would have an inflationary effect, which Jerome Powell said he anticipated in the summer. Taylor Nugent is a senior economist with National Australia Bank. In a podcast, he said: "We know that Fed Chair Powell and a few colleagues are waiting for the tariff effects to be seen. This data has bolstered that view." Nugent stated that the markets have seen "a pretty significant reduction in Fed expectations" regarding rate cuts. The traders are currently pricing in a 43 basis point rate cut for the remainder of this year. There is a 56.5% chance of achieving a quarter-point reduction in September. Investors will be closely monitoring the producer price data, due on Wednesday. They are looking for any signs that inflationary pressures may also be building in factories. As of 0127 GMT, Australia's benchmark equity index and South Korea's KOSPI both lost about 0.6%. Blue chips in Mainland China fell 0.1%. The Nikkei, Japan's technology and exporter-heavy index, was flat following a series of small gains and losses. Nvidia's success and the weakening yen were both supportive. Taiwan's benchmark index rose 0.5%, while Hong Kong's Hang Seng gained 0.8%. Both added to the 1.6% rally on Tuesday. U.S. S&P futures declined by 0.2% after a 0.4% drop in the cash index overnight. Earnings season is another important factor for investors, aside from the Fed and President Donald Trump's tariffs. JPMorgan Chase's and Citigroup's results were better than expected, but the market reaction was mixed. Wells Fargo lowered its net interest income forecast for 2025, despite exceeding expectations in the second quarter. Goldman Sachs Morgan Stanley, and Bank of America are among the banks that will be reporting earnings on Wednesday. The 10-year Treasury yields in the United States rose to a record high of 4.495% Wednesday, the highest level since June 11. The dollar remained close to its multi-week high versus major peers. The dollar index was barely changed at 98.545, after reaching a high of 98.699 for the first since June 23. The U.S. dollar was unchanged at 148.785 Japanese yen and had earlier risen to 149.04 yen for the first since April 3 in the wake of Trump's "Liberation Day tariff announcement". The euro has risen 0.1% to $1.1612 in an attempt to recover from the three-week low reached on Tuesday of $1.1593. Bitcoin, the cryptocurrency, added about 1% this week to $117 696. It stabilised after its 6% drop earlier in the week from its all-time high of $123,153.22 on Monday. Gold increased by 0.3% to $3,332. Brent crude futures dropped 5 cents, to $69.16 per barrel. U.S. West Texas Intermediate futures also fell 9 cents, to $66.69 per barrel. Both contracts closed more than $1 lower the previous session.
Norway eyes greater control of infrastructure on Arctic Svalbard islands
Norway plans to increase its control of infrastructure on the Arctic Svalbard islands, the federal government said on Friday as security issues and environment modification impact the archipelago.
The Nordic nation has actually long feared that tensions between Russia and the West might overflow to the vast outpost since of its strategic position and of growing interest in the Arctic's valuable oil, gas and shipping paths.
Found around 700 km (435 miles) north of the European mainland, Svalbard is governed under a 1920 treaty offering Norway sovereignty but enabling residents of signatory states to settle there without a Norwegian visa.
Around 60% of Svalbard's 3,000 inhabitants are Norwegians, while the rest comes from a variety of countries, the majority of significantly Russia, which runs a coal mine in the town of Barentsburg, where some 400 individuals live.
We wish to enhance national control and develop the Norwegian presence on the island group, Minister of Justice and Public Security Emilie Enger Mehl stated in a declaration providing its updated Svalbard method.
Svalbard is an important part of Norway, and the federal government wishes to guarantee Norwegian ownership of crucial infrastructure and home there along with boost energy supply security, she added.
The latter consisted of the Norwegian state taking more responsibility for energy supply to Longyearbyen, Svalbard's. biggest town, it stated.
Considering that the previous method update in 2016, Svalbard has. undergone huge changes, the federal government said. The population. has grown and diversified and tourist has increased.
In addition, the security policy situation, both internationally. and in our immediate areas, is characterised by higher. severity and higher unpredictability than when the previous. Svalbard report was presented, it stated.
Restricting the effect of climate change is also a key chauffeur,. with the government also revealing its desire to restrict. population growth as well as cruise liner tourism.
Temperatures in the polar region are warming 4 times. faster than the remainder of the world, posturing a danger to Svalbard's. habitat for polar bears, reindeer and other Arctic species. glaciers, which cover more than 60% of the island chain's. territory.
(source: Reuters)