Latest News
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New $1.2B Subsea Cables Factory Plan Set to Transform Port of Tyne
LS Eco Advanced Cables (LSEAC) has launched a five-week public consultation on its proposals to develop a high voltage cable production facility at the Port of Tyne for subsea electricity transmission, designed to transport clean energy generated by offshore wind onto UK shores.While plans are at an early stage and still being finalized, total investment is expected to be approximately $1.2 billion (£923 million), which would put the North East at the heart of the UK’s clean energy transition.This proposal would see a state-of-the-art facility to manufacture deep sea cables built on land within the Port of Tyne (South side, Tyne Dock). The industrial complex would include a series of buildings - including a manufacturing space, testing facilities and offices - situated around a 202-meter-tall tower where the cables would be stretched and sheathed before use.The facility would lead to 500 direct jobs and a thousand more across the wider supply chain, including in high-skilled roles in engineering, the developer said.The consultation runs from May 14 to June 18, and provides an opportunity for local communities, businesses and organizations to give their feedback on the proposed development before the final planning application is made to South Tyneside Council later this year.Along with the North East Combined Authority and the Port of Tyne, LSEAC will work with the region’s schools, colleges and universities to provide training and re-training in the skills needed at the facility, ensuring generations of North East people benefit from the huge employment opportunities.“At a time when the UK is moving ever-more-quickly to decarbonising its energy supply, now more than ever there is a huge need for the infrastructure underpinning that transition.“We’re delighted as a joint venture to be proposing this facility for a sub-sea cable development – but we must make it sure it works for the local community. That’s why we deeply value the input of everyone in the area to this consultation and encourage people to share their views and shape the future of this project,” said Sangdon Lee, Director at LSEAC. “The proposed cable manufacturing facility is a huge generational employment opportunity for people in the North East and complements the region’s already impressive advanced manufacturing sector. It demonstrates the ability of the region to attract significant international investors to support the clean energy transition, with the Port of Tyne at its heart,” added Matt Beeton, CEO of the Port of Tyne.
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Iron ore futures near 5-week high but China credit data cap gains
Iron ore futures rose to a new five-week high Thursday, supported by a better demand outlook thanks to the Sino-U.S. Trade truce. However, weaker Chinese credit data limited gains. As of 0302 GMT, the most-traded contract for September iron ore on China's Dalian Commodity Exchange was up 0.48% to 731.5 Yuan ($101.40), per metric tonne. The contract reached its highest level since April 7, at 738.5 Yuan, earlier in the day. On the Singapore Exchange however, the benchmark June iron ore was down by 0.77% to $101.05 per ton. Analysts at CICC, an investment bank, said that hot metal production - a measure of iron ore consumption - could remain high as exports of manufactured products are likely to continue their strong momentum during the 90-day period. As part of their efforts to end the trade war, which has disrupted global markets and affected the economy, China and the United States agreed to reduce tariffs by 90 days. According to two anonymous analysts and a trader, steelmakers will not reduce production voluntarily if they can still earn handsome profits unless there is a mandatory cut in production. Beijing announced plans in March to restructure the massive steel industry by cutting output. The iron ore contract gained, but the gains were somewhat limited due to the increased caution following the release of the disappointing credit data. China's new loans to banks fell more than expected in the month of April, as the ongoing trade war between the United States and China further dampened the appetite for lending during what is usually a slow month. Coking coal and coke, which are used to make steel, also advanced on the DCE. They both increased by 1.25% and 0.96 percent, respectively. The Shanghai Futures Exchange has seen a rise in most steel benchmarks. Hot-rolled coil and rebar gained 0.15%, while wire rod dropped 0.81%.
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Union wins with two goals from Tai Baribo in the second half
Tai Baribo scored twice, including the winner in the sixth second-half minute of stoppage time. The Philadelphia Union won 3-2 on Wednesday, keeping the Los Angeles Galaxy without a win this season. Nathan Harriel scored another goal for the Union (8-3-3, 26 points), which extended their unbeaten streak to six games in a row (3-0-3) over all competitions. Andrew Rick, the goaltender, did not make any saves. Mauricio Fagundez and Diego Cuevas each scored first-half goal for the Galaxy (0-10-3; 3 points). The Galaxy extended the longest streak of winless seasons to begin a season in MLS's history. John McCarthy recorded six saves in the defending MLS Cup Champions' goal. Cuevas took the Galaxy to a rare win in the 31st minutes, scoring just inside the right goal post after Marco Reus carried the ball from midfield following a Union mistake. Los Angeles led for the second time in this season after taking an early lead against Orlando City, a 2-1 defeat on March 29, but ultimately losing. Los Angeles scored again six minutes later when Fagundez, who also received a feed by Reus, netted. The Galaxy's halftime advantage of 2-0 was quickly erased in the second period. Harriel's set play goal off a corner kicked brought the Union within 2-1 of the Galaxy three minutes after halftime. Philadelphia equalized two minutes later when Baribo scored a header after a centering ball from Danley Jean-Jacques. Baribo also won the game with a header, after Galaxy failed to clear the ball from their own penalty zone. Baribo was assisted by Mikael Houre. Baribo now has 10 goals for the season, after entering the match tied with the league leader. Union had a resounding victory, dominating scoring opportunities, with 24 shots including nine in the goal. Galaxy's two goals were scored on just four shots. Los Angeles has conceded 31 goals, the most in the MLS. Field Level Media
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As markets wait for US data, stocks drift and the dollar fluctuates.
The dollar fell on Thursday as traders looked to U.S. economic data for more catalysts. The benchmark 10-year Treasury yield reached a new high, partly due to concerns over the budget plan of President Donald Trump that will add trillions to U.S. debt. The week began with a slew of positive news for investors, from a truce in the U.S.-China Trade War to a slew of investment deals that made headlines from the Middle East on Trump's Gulf Tour. These moves breathed new energy into the battered stocks around world. The optimism of Thursday has largely faded, with MSCI's broadest Asia-Pacific share index outside Japan little changed and Wall Street Futures slightly lower despite marginal gains in the overnight cash session. Tony Sycamore is a market analyst for IG. He said, "We had a big party and everyone was hungover. Now we are just recovering and waiting for the next party." The U.S.-China trade agreement gave the markets some cause to celebrate, but the lack of clarity regarding Trump's policies on trade has left the markets with an underlying sense of uncertainty about the global economic outlook. Investors also awaited further details on trade agreements with other countries. "I feel there's a bit of a hesitation to move the market up from here," Sycamore said. "I do not think that foreign investors will rush back to their overweight positions in U.S. stocks because that confidence has been shaken by the events of the last couple of months. Both from tariffs and legislators." Nasdaq Futures declined 0.02%, while S&P500 futures dropped 0.13%. EUROSTOXX futures eased 0.09%, while FTSE Futures ticked upwards 0.08%. The Nikkei fell by 0.9% in Japan. China's CSI300 blue chip index fell 0.23%, while Hong Kong's Hang Seng Index remained unchanged. Investors are waiting for Walmart's earnings and sales data for Thursday to get a sense of consumer sentiment. Walmart is a bellwether retailer for the U.S. A poor result could fuel fears of a global recession, which would drag down markets. Later in the day, Federal Reserve Chair Jerome Powell will also speak. The focus of his speech will be any clues about the outlook for U.S. interest rates. DOLLAR FRAGILE The dollar struggled to maintain its gains from the beginning of the week. It fell 0.44% versus the yen, and 0.3% versus the Swiss franc, to 146.13 yen, and 0.8397 franc, respectively. The Korean won was particularly volatile for the second consecutive day after the news broke that South Korea's Deputy Finance Minister Choi Jiyoung had met with Robert Kaproth (assistant secretary for international finance at the U.S. Treasury) to discuss the dollar/won exchange rate on May 5. Bloomberg's report that Washington was not negotiating a weaker currency as part of the tariff talks calmed currency markets. However, investors remain wary that Washington may be pursuing a similar strategy. The recent moves in won were similar to the unprecedented rise in the Taiwan dollar at the beginning of this month. Last week, the dollar dropped by nearly 0.5% versus the won to 1,400.70. Goldman Sachs analysts said in a report that while details were scarce and discussions of this nature may have been part of an ongoing dialogue, the situation brought to light how undervalued currencies could appreciate in a weaker-dollar environment. The Aussie surged after the data revealed that Australian employment in April was higher than expected. The currency was up 0.3% to $0.6448 at the end of the session, continuing gains made earlier in this session. Oil prices fell on the back of expectations for a possible U.S. Iran nuclear deal. Meanwhile, an unexpected increase in U.S. crude inventories increased investor concern about oversupply. Brent crude futures fell 1.8% to $64.93 a barrel. U.S. crude oil fell 1.9% to $60.95 per barrel. Spot gold was unchanged at $3,179 per ounce.
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Metals fall as metals are cautious over the US-China truce on tariffs
The price of most base metals fell in London on Thursday as the U.S. - China tariff truce sparked uncertainty about various trade deals. The benchmark copper price on the London Metal Exchange fell by 0.6% at 0146 GMT to $9,533 per metric ton. The Commerce Ministry said that China has halted non-tariff actions taken against 17 U.S. entities on its list of unreliable entities and 28 U.S. companies on its Export Control List. Both countries agreed to lower the tit for tat tariffs, and to implement a 90 day pause in action. Washington also said that it would reduce the "de minimis tariff" on low-value shipments coming from China to 30 percent. A trader stated that "the trade tariff conflict has moved in a positive way, easing concerns about a possible global recession." The 90-day ceasefire is a temporary measure. However, the trade negotiations will continue for a long time. We cannot predict with certainty that everything will be back to normal. Other London metals saw aluminium fall 0.4% to 2,518 per ton. Zinc fell 0.3% to 2,755, Lead dropped 0.7% to 1,983 and Nickel slipped 0.6% to 15,775. Tin was unchanged at $32,825. The Shanghai Futures Exchange saw most metals rise on the back of a growth in demand indicators. China's total social finance, which is a key indicator for future industrial metals, rose 8.7% in April to a record high. This was due to increased government bond issuance. The Shanghai Futures Exchange's (SHFE) most traded copper contract fell by 0.3%, to 78.290 yuan per ton ($10,851.76). SHFE aluminium increased 0.6% to 20,280 Chinese yuan per ton. Zinc gained 0.8% to 22710 yuan. Lead added 0.4% at 16,995 Yuan. Nickel price rose 0.7% to 125,210 Yuan. Tin advanced 0.4% to 265,680 Yuan. $1 = 7.2145 Chinese Yuan Renminbi (Reporting and editing by Sumana Niandy).
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Oil drops more than 1% amid expectations of a US-Iran nuke deal
Early Thursday, oil prices fell by nearly $1 on the back of expectations for a possible U.S. Iran nuclear deal. Meanwhile, an unexpected increase in U.S. crude inventories in the past week heightened investor concern about oversupply. Brent crude futures dropped 88 cents or 1.3% to $65.21 per barrel at 0055 GMT. U.S. West Texas Intermediate crude futures (WTI), which are based in the United States, fell 92 cents or 1.5% to $62.23. Both benchmarks fell by about 0.8% Wednesday. In an interview with NBC News published on Wednesday, an Iranian official said that Iran would be willing to make a deal in exchange for lifting economic sanctions. "Fresh sales were triggered by the expectation that a U.S. Iran nuclear deal will ease recent tightened U.S. Sanctions on Iran and potentially loosen the global crude demand-supply balance," said Yuki Tachishima, economist at Nomura Securities. Saudi Arabia supports and hopes that the U.S. nuclear talks with Iran will produce positive results. This was the statement made by the Kingdom's Foreign Minister Prince Faisal Bin Farhan Al Saud on Wednesday. The U.S. Treasury Department announced that Washington had issued sanctions targeting Iran's efforts to manufacture ballistic missile components domestically. This follows Tuesday's announcement of sanctions against 20 companies within a network it claimed has been sending Iranian oil to China for years. The sanctions were imposed following a fourth round in Oman of U.S. and Iranian talks aimed at resolving disputes regarding Iran's nuclear program. OPEC+ (Organisation of the Petroleum Exporting Countries) and its allies have been increasing their supply. However, OPEC cut back on its projections for the growth of oil production from the United States this year and other producers outside the broader OPEC+ group. Data from the Energy Information Administration revealed that crude stocks rose by 3.5 millions barrels, to 441.8million barrels for the week ending May 9. This was in contrast with the polled expectations of analysts who expected a draw of 1.1 million barrels. Market sources reported on Tuesday that API data showed an increase of 4.3 millions barrels in crude stock last week.
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Peak Rare Earths, owned by Australia's Peak Rare Earths, will be purchased by China's Shenghe Resources for approximately $97 million
Peak Rare Earths announced on Thursday that Shenghe Resources, a Chinese rare earths producer, will purchase the Australian company for A$150.5m ($96.62m), plus the A$7.5m entitlement offer. If the entitlement offer is fully raised, Ganzhou Chenguang's Rare Earths New Materials, a unit of the Chinese miner, will purchase Peak for A$0.359 in cash per share. The offer represents a 19% premium over Peak's previous closing price. This sent the shares 150% higher to A$0.3 at early trading. Shenghe Singapore owns 19.8% of Peak Ngualla Project, an Australian-listed rare earths company. She has the right to purchase all the rare earths concentrated from Peak Ngualla Project. Peak Chairman Russell Scrimshaw stated in a press release that "we are also aware of the importance for Tanzania of developing Ngualla Project" and believes Shenghe will be well-positioned to work with the Government of Tanzania on a successful development of this world-class Project. The deal will be subject to shareholder approval and regulatory approval in China, Tanzania and Australia.
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Britain invests $838 Million on Public Building Energy Upgrades
The government announced on Thursday that it would invest 630 millions pounds ($838million) in the installation of solar panels, heat pumps, and other clean energy technologies on public buildings such as schools, community centers, and care homes. The government announced the move as many sectors struggle with high energy costs and to reach climate targets. In a press statement, the Department for Energy Security and Net Zero stated that the investments would lead to energy cost savings of approximately 650 million pounds per year in the average over the next twelve years. In a government press release, Louise Shooter said, "High energy costs have been a major headache for schools and hospitals in recent years. It's wonderful to see that they are being assisted to install energy-saving measures and green technology to reduce energy costs." Northumbria Foundation Trust will receive over 14 million pounds for the replacement of fossil fuel heating on two sites. The National Portrait Gallery, in London, has received 5 million pounds towards the installation of heat pumps.
Brazil's creative COP30 host, Brazil, has a love for motels and converted ferries.
After three years of the United Nations Climate Summit, also known as COP30 (the conference of world leaders addressing global warming) being held in countries that did not allow for full freedom for demonstrations, environmental activists around the world eagerly awaited Brazil to host the summit.
The so-called "People's COP", however, may not be as welcoming to visitors as they had hoped. Brazil's stated inclusion goal is threatened by the high cost of accommodation. The government is now racing to increase the 18,000 beds currently available in the Amazonian city of Belem. It has turned to motels for couples, ferry boats that usually ply rivers, and classrooms at schools to accommodate visitors. Luiz inacio Lula da silva said that he wanted to bring COP30 in the Amazon to draw attention to a forest which offers solutions to climate changes by locking up planet-warming CO2, but also suffers from its most severe consequences in the form wildfires, and drought. Many climate change activists have welcomed this focus. However, others have expressed concerns that the hosting of such a large event could strain the fragile region. This would compromise the success and outcome of the conference. Belem is a port town of 1.3 millions people on the edge the Amazon rainforest. It's dotted with construction sites. Brazilian government pours $1 billion in new infrastructure.
There is still much to do in order to accommodate the 60,000 plus visitors. Two global advocacy organizations who refused to be identified said that the scouts hired by them found that accommodation prices for November's conference were many times higher than those they paid in Baku, Azerbaijan last year. The cheapest rooms cost $400 and average $1,500 per night. Lula, who was in Belem recently, shrugged off the recent hotel shortage and suggested that those who could not find a room should "sleep looking at the sky" - this would be wonderful.
The question at the core of the issue is one that has become even more pressing as the annual U.N. Climate Summit has evolved from a gathering for world leaders and diplomats into a conference involving activists, business and government officials.
Tasneem E. Essop is the executive director of Climate Action Network. "The ability of a COP to solve the accommodation issues can make or brake a COP." Civil society groups claim that their ability to influence negotiators is crucial. They cite the role played by public advocacy, such as in the 2022 creation of the Loss and Damage Fund to funnel resources from wealthy countries to poorer nations in order to combat the destruction caused to them by climate change.
Essop stated, "Everyone has been waiting for Brazil's COP." "For civil society it's that moment where we will be back at the COP, with room for our actions."
FEW HOTELS, PLENTY OF CREATIVITY
Brazil has already moved the dates of the summit for the heads of state, in an effort to relieve pressure on Belem’s limited hotel supply. Two hotels are under construction and two cruise ships will dock in the nearby harbor for attendees.
The entrepreneurs are working hard to find other ways of accommodating the visitors.
Businessmen are re-designing ferries to include high-end suites. Developers want to repurpose shipping containers to build on unused land. The government has designated schools and churches to be used as hostels.
Advertisements for national delegations are promoting love motels, which rent rooms on an hourly basis. Yorann Cost, owner of Motel Secreto said that removing erotic seats would help to tone down his establishment's "more sensual atmosphere".
He said that he could not remove the ceiling mirrors or the poles.
He said that he found it difficult to set the right price because there was so much speculation about what people would pay. Valter Correia said that his office plans to launch a booking website in the next few weeks to organize this market. He also said that his office was looking at ways to discourage price-gouging.
Correia stated that the government anticipates that around 45,000 attendees will attend the COP, and that it has allocated enough accommodation to meet this demand. The People's Summit is a side event organized by activist groups and says that it expects 15,000 more people. The organizers say they plan to assist with accommodation by, for instance, building campsites.
Officials from the city and state encourage residents to rent their homes and travel. This has sparked a sort of gold rush in Belem. Renting apartments and houses during COP for hundreds of thousands of dollar is now common.
In interviews with landlords, tenants, and a building manager, dozens of cases were revealed of people being refused a renewal of their lease to allow landlords to prepare apartments for visitors from the COP who would pay ten or more times what they normally do. Rafaela Rodrigues is a businesswoman claiming she was denied renewal of her lease. She later discovered that the apartment she had rented for several times more than she paid before.
She said, "It was chaos." I had 10 days to find a new apartment, rent it, and move. (Reporting from Manuela Andreoni, Belem; Lisandra Paraguassu, Brasilia. Editing by Brad Haynes & Rosalba o'Brien.
(source: Reuters)