Latest News
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Ifo: mood in Germany's chemicals industry improves over power subsidy plan
According to a Tuesday survey, the expectations of companies in Germany's chemicals industry have improved dramatically in June. They are pinning their hopes on an upcoming reduction in electricity taxes for industry. In June, the Ifo indicator of economic expectations for the sector reached 9.5 points. This was its highest level in three-and-a-half years. It had been -5.4 points in May. The German government is planning to reduce electricity taxes for certain sectors. Representatives from the retail, energy, and industrial sectors have criticised the plans, warning that they could distort competitiveness and have limited effect. The average electricity price in Germany is 38 cents per kilowatt hour, which ranks fifth in the world. Ifo added that the backlog of orders is extremely low. Ifo noted that some companies benefit from lower raw materials costs and the beginnings of a recovery in international demand. However, the protectionist tariff policies of the United States, high location costs, and geopolitical uncertainties are also affecting the sector's growth. Anna Wolf, Ifo's industry analyst, said: "In this context, the German government's state investments are giving urgently needed impetus."
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Sources say that India sent geologists to Zambia in order to explore copper and Cobalt deposits.
Two Indian government sources confirmed that India sent a geologist team to Zambia to investigate copper and cobalt deposit. New Delhi is stepping up its efforts to secure vital mineral supplies for its energy transition. Zambian officials have agreed to give India 9,000 square kilometers (3,475 sq mi) for exploration of cobalt, a component used in electric vehicle batteries and mobile phones, as well as to scout copper, which is widely utilized in electronics, power generation and construction. One source said that the project would last three years, and the majority of the analyses will be carried out in India. Sources who refused to identify themselves because the information was not public said that the team would be expected to visit the site multiple times over the duration of the project. Sources said that after assessing the mining potential in Zambia, the Indian government would seek a mining license from the Zambian Government and invite private sector companies to take part in the project. The Indian Ministry of Mines has not responded to a comment request. New Delhi has been in talks with several African countries to acquire critical mineral blocks on a government-to-government basis, while also exploring opportunities in Australia and Latin America. In March, it was reported that India and the Democratic Republic of Congo are also in talks to sign a first agreement to secure cobalt supplies and copper. The ministry posted on X that an Indian delegation visited a mining conference and toured mines in Congo in the last month. Last week, it was reported that India had held internal discussions about its vulnerability to the tightening of the global copper market. It also plans to explore options to secure supplies from countries with abundant resources during ongoing trade talks. India's imports of copper have increased dramatically since Vedanta closed its Sterlite Copper Smelter in 2018. In the fiscal year that ended March 2025, India imported 1.2 millions metric tons (or 4% more) of copper than the year before. Government data shows that India is almost completely dependent on cobalt and that shipments of cobalt dioxide rose by 20% to 693 metric tonnes in 2024/25. (Reporting and editing by Mayank Bhahardwaj, Jamie Freed and Neha Arora)
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Nextwind raises $1.6 Billion for German Wind Energy Expansion
Nextwind, an European renewable energy provider said that on Tuesday it had secured debt financing of 1.4 billion euro ($1.6 billion) for the expansion a German wind energy project. This deal allows the Berlin-based company to raise an additional 1.3 billion euro in the next five year if it meets its capacity targets. The financing is the largest ever by an independent German wind energy company. According to a source familiar with the transaction, Deutsche Bank, ING Bank, and LBBW participated in the financing as well as acting as underwriters. Nextwind has stated that it plans to increase the total capacity of its onshore wind power generation to 3 gigawatts by 2028. The funding comes at a moment when European wind energy firms have been affected by U.S. president Donald Trump's decision to stop new federal offshore leasing in this year. In January, European stocks of wind power fell after Trump stated that he would make sure "no new windmills" are built under his presidency two weeks prior to the start of his term. AfD, the far-right party in Germany, also threatens to undermine a wind energy industry that is otherwise very strong. Nextwind's CEO Lars Meyer stated in a press release that the new funding would allow Nextwind to upgrade its wind farms faster. It plans to "repower", or improve, more than half its 37 wind farm. The current capacity of the company is 450 megawatts. Nextwind announced that it plans to purchase additional wind turbines in addition to repowering. The company said that once the repowering process is completed, it hopes to market individual wind farms to investors as green investments. The last major round of investment was announced in 2023 when American companies, including Sandbrook Capital, committed up to $750 millions.
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Nextwind raises $1.6 Billion for German Wind Energy Expansion
Nextwind, an European renewable energy provider said that on Tuesday it had secured debt financing of 1.4 billion euro ($1.6 billion) for the expansion a German wind energy project. This deal allows the Berlin-based company to raise an additional 1.3 billion euro in the next five year if it meets its capacity targets. The financing is the largest ever by an independent German wind energy company. According to a source familiar with the deal, Deutsche Bank, ING Bank, and LBBW participated in the financing as well as acting as underwriters. Nextwind has stated that it plans to increase the total capacity of its onshore wind power generation to 3 gigawatts by 2028. The funding comes at a moment when European wind energy firms have been affected by U.S. president Donald Trump's decision to stop new federal offshore leasing in this year. In January, European stocks of wind power fell after Trump stated that he would make sure "no new windmills" are built under his presidency two weeks prior to the start of his term. AfD, the far-right party in Germany, also threatens to undermine a wind energy industry that is otherwise very strong. Nextwind's CEO Lars Meyer stated in a press release that the new funding would allow Nextwind to upgrade its wind farms faster. It plans to "repower", or improve, more than half its 37 wind farm. The company said that once the repowering process is completed, it hopes to market individual wind farms to investors as green investments. The last major round of investment was announced in 2023 when American companies, including Sandbrook Capital, committed up to 750 million dollars.
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Investors ponder Trump tax bill as they watch Asian shares rise and the dollar fluctuate
The dollar remained near its multi-year lows as Asian shares rose and markets awaited the vote on President Donald Trump's tax and spending bill. The global share markets rose to an intraday high on Monday on the back of trade optimism. However, a marathon Senate debate over a bill that would add approximately $3.3 trillion in debt to the United States weighed down sentiment. The Nikkei index of Japan's shares fell as much as 1,3%, as the yen rose against the dollar. This was bad for exporters. Gold and oil both advanced for the second session in a row. The vote on Trump's tax-cutting and spending bill was expected to take place during Tuesday's Asian trading session, but the debate continued over a series of amendments from Republicans and minority Democrats. Trump wants to see the bill pass before the Independence Day holiday on July 4. Investors are also looking forward to Thursday's key U.S. employment data as global trade negotiators rush to reach agreements before Trump's deadlines. Ray Attrill is the head of FX Strategy at National Australia Bank. In a podcast, he said that the payroll data released later in the week would "have a significant impact, I believe, on the sentiment regarding the timing of Fed rate reductions." The MSCI broadest Asia-Pacific index outside Japan rose 0.4%, with South Korea's Kospi gauge leading the way at 1.1%. The latest readings of the Bank of Japan’s tankan business sentiment index and a Chinese gauge of manufacturing activity indicate that the largest economies in the area are likely to weather the tariff storm at least for the moment. Japan's manufacturing sector also grew for the first time since over a month, but a significant drop in demand underscored the difficult trade outlook for Asia’s export-dependent economies. The Shanghai Composite Index rose 0.2%, while China's blue chip CSI300 Index rose 0.1%. The dollar fell 0.2% to 143.79 Japanese yen. The dollar was barely changed in relation to the euro and had earlier reached $1.1808 - the lowest since September 2021. U.S. crude fell 0.5% to $64.80 a barrel, weighed down by expectations that OPEC+ would increase its output in August. Gold spot rose 0.6%, to $3322.62 an ounce. The Euro Stoxx 50 futures for the entire region rose by 0.1%, while German DAX Futures rose by 0.2%.
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Iron ore prices fall as China's factory data and property woes weigh
Iron ore futures fell on Tuesday, as disappointing factory data in China and the persistent problems of its property sector dampened sentiment. The bearish outlook was boosted by warnings from Australian authorities about lower prices and the expectation of a softer season demand. The September contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 1.32% lower, at 708.5 Yuan ($98.92). As of 0349 GMT, the benchmark August iron ore traded on Singapore Exchange fell 0.9% to $93.45 per ton. China's manufacturing sector shrank in June for the third consecutive month, but at a slightly slower pace. The business climate remains subdued. ANZ also said that the continued weakness of China's real estate sector, and a report by the Australian government warning about lower prices because of a weak outlook, further weighed down on sentiment. China Metallurgical News reported last week that Jiang Wei was the secretary general of China Iron and Steel Association and advised authorities to limit billet exports. The announcement came after shipments of semi-finished products, including steel, surged in the first half of this year. Customs data shows that China's steel exports have more than tripled during the first five months in 2025. The steel association has warned that full-year shipments may exceed 10 million tonnes. Coking coal and coke, which are used to make steel, also fell in price, by 3.92% and 2,7% respectively. The latest version of President Donald Trump's proposed tax bill has classified steelmaking coal as a critical minerals, which allows it to claim a credit of 2.5% on the cost of the fuel. The benchmarks for steel on the Shanghai Futures Exchange have lost ground. The Shanghai Futures Exchange saw a decline in steel benchmarks. ($1 = 7.1623 Chinese yuan). (Reporting and editing by Lucas Liew, Sumana Nandy, and Rashmi aich)
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Kandersteg's Alpine Disaster Preparedness is a focus after a Swiss village loses its life in landslide
After a massive rockslide and glacier collapse buried an adjacent village in Kandersteg last month, officials are closely monitoring the mountain peak towering above the resort's picturesque homes and hotels. In late May, the destruction of Blatten in the Loetschental Valley, which had around 300 residents, brought into sharp focus the concern over the melting of permafrost in Alpine mountain ranges as temperatures continue to rise. Blatten evacuated its village before a piece of glacier broke, which would have triggered a cascade of dangerous ice, rock and earth towards the village. This is similar to what Kandersteg had been preparing for. Rene Maeder, the mayor of Kandersteg, said: "Of Course Blatten upset us." It really makes you feel uncomfortable. "You're speechless as you look at those images of violence in nature." Maeder was still confident that Kandersteg’s dams, daily monitoring, and researchers who checked the mountain using GPS, radar, and drones, would be able to prevent a disaster. Since 2018, there has been an increased risk of rockslides at Kandersteg. This is because paragliders noticed that Spitzer Stein - a distinctive rocky summit crowning a lush Alpine scene - was losing height. This discovery has made the village a test ground for monitoring what some experts believe will be the impact of climate changes on the Alps. Thawing permafrost in the Alps has weakened long-frozen rock structures. Mountainous areas are also at risk of earthquakes and geological instability. PERMAFROST THAWING Robert Kenner, at the Institute for Snow and Avalanche Research, Davos, stated that Kandersteg is a prime example for an area with structural instability. This could be further aggravated by a number of factors, such as permafrost. He said that "what was quiet for 3,000 years has now been reactivated." Maeder reported that sensors monitoring GPS positions on the Spitzer Stein revealed the mountain was shifting up to 70 centimetres a day (2.3 feet). Residents should be notified at least 48 hours before a major rock movement. Initial estimates by the Swiss Insurance Association showed that Blatten had been evacuated ten days prior to the deluge. This caused insurance losses in the amount of 320 million Swiss Francs (about $400 million). About 48 Swiss Alpine peaks are at least 4,000 metres (13,123 ft) high, while several hundred others are at least 3000 meters. Eight hikers were killed in 2017 by a landslide that occurred in the village of Bondo. This happened despite previous evacuations. Since then, monitoring has been intensified. "TIP OF ICEBERG" Kandersteg has spent more than 11 million Swiss Francs ($13.81million) on disaster preparation, including dams that slow down flooding, according to Mayor Maeder. Residents who receive regular updates via email and WhatsApp on the mountain's movement have confidence in the technology. Patrick Jost is the head of Kandersteg’s tourism office. His home is among those most vulnerable to a possible Spitzer Stein collapse. The red zone is the most dangerous area of the village, and no new constructions are allowed. Locals claim that despite the shock caused by Blatten, most aspects of life are unchanged. This includes vital tourism. Maeder, who said: "Blatten, Kandersteg - that's only the tip of the Iceberg," noted, Kandersteg would perform its first full evacuation drill in the coming year. Rudi Schorer, a 77-year old resident, knows that he will need to act quickly in an emergency and has set aside his identification details, extra clothes, and some belongings. Schorer replied, "These are already in a suitcase back home." "That's exactly what we were told to do and what we did."
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The price of oil has fallen on the back of OPEC+'s increased supply and tariff worries
The oil prices fell on Tuesday due to expectations that OPEC+ will increase their output in August, and fears of a slowdown in the economy caused by higher U.S. Tariffs. Brent crude dropped 30 cents or 0.5% to $66.44 per barrel at 0430 GMT. U.S. West Texas intermediate crude also fell 33 cents or 0.5% to $64.78 per barrel. Daniel Hynes, senior commodity strategist at ANZ, said in a recent note that "the market is concerned the OPEC+ will continue its accelerated pace of output increases". Four OPEC+ source told us last week that they plan to increase output by 411,000 barrels a day in August. This follows similar increases in May, July, and June. If approved, OPEC+ would increase its total oil supply for the year by 1.78 million bpd. This is equivalent to over 1.5% of global demand. OPEC+ (OPEC, its allies, including Russia) will meet on the 6th of July. ING commodities analysts said that "these larger supply increases will leave the global market well-supplied for the rest of the year." "The market appears to be reassured by the expectation of a stable oil balance and a large amount OPEC spare capacity," ING said. Oil prices were also held back by uncertainty about U.S. Tariffs and their impact. U.S. Treasury secretary Scott Bessent warned countries that they could face a sharply increased tariff despite good faith negotiations, as the deadline of July 9 approaches. This is when tariffs are set to return from a temporary level of 10% to the suspended rates announced by President Donald Trump on April 2, which ranges between 11% and 50%. Morgan Stanley believes Brent futures will retrace back to $60 around early next year. The market is well-supplied and the geopolitical risks have abated following the de-escalation between Israel and Iran. It anticipates a surplus of 1.3m bpd by 2026. Brent prices rose after a 12-day conflict that began on June 13, when Israel targeted Iran's nuclear installations. After the U.S. attacked Iran's nuclear sites, Brent prices soared over $80 per barrel. They then fell to $67 a bar after Trump announced a ceasefire between Israel and Iran. (Reporting from Anjana Anil and Jeslyn in Bengaluru; editing by Himani Sarkar.)
Australia's red-meat industry abandons 2030 carbon neutrality goal
A group representing the Australian livestock industry said Tuesday that it had given up its goal of making the sector, which is a major emitter and planet-warming methane by 2030, carbon neutral. However, reducing emissions will remain a top priority.
Meat & Livestock Australia released its long-term strategy on Tuesday, but the carbon neutral pledge was not included. Michael Crowley said that the target was unachievable.
He said, "We need to invest more time and money in order to achieve our goal."
Last week, Australia's Red Meat Advisory Council removed the 2030 climate neutrality goal from its strategic plan.
These decisions are similar to those taken by some companies and governments who have reduced their climate commitments over the past few years.
The original 2030 goal of the livestock industry was to reduce emissions, and offset any remaining ones by sequestering carbon in soil or plant material.
The industry has been working on innovative solutions to reduce methane emissions, including breeding animals that emit less, adding seaweed as a feed supplement that can inhibit the production of methane in the gut and improving soil carbon-capture techniques.
According to Australia's science agency CSIRO this is due to less clearing of land and a smaller herd, not a reduction in the amount of methane per animal.
Crowley stated that the research conducted over the past few years will mature into implementation, and the industry can still achieve 80-90% its carbon neutrality target by 2030.
He said, "We must drive adoption."
He said that the 2030 goal had spurred more than A$100,000,000 ($66,000,000) in sustainability investment and MLA (a livestock research and marketing organization), would continue to drive improvements in efficiency and reduce net emissions for each kilogram of meat produced.
According to the MLA, Australia is one of world's largest exporters of meat. It has 30 million cattle as well as more than 70 millions sheep.
These animals produce methane during digestion. It breaks down with time, but it is 80 times stronger than carbon dioxide in trapping heat for a period of 20 years.
(source: Reuters)