Latest News
-
German renewable energy share is reduced by slow wind speeds
Data released on Tuesday showed that renewable energy made up 54.5% (down 2.7 points) of Germany's electricity consumption in the first half of the year. This was due to the slowing wind speed, which curbed the generation. Germany is increasing its green energy capacity in order to move towards a low carbon economy. It also wants to achieve a political target of renewables accounting for 80% by 2030. After it stopped importing Russian gas as a response to the Ukraine War, it also needs to use renewable energy to fill in the gaps. The data released by BDEW on Tuesday highlights the importance of having backup power in case weather conditions are not favorable. As a result, Germany is still relying on coal and gas as a supplement to renewables. According to data from BDEW and ZSW, between January and June of 2024, renewables accounted for 57.2%. A joint statement said that the decline in wind energy generation in the first half was due primarily to the historically weak winds in the first quarter 2025. In the first six-month period, preliminary data shows that offshore wind volumes fell by 17.0% and onshore wind volumes by 18.3%. Hydropower volume fell by 29% as a result of a decline in precipitation, and too little melting snow to fill rivers following a warm winter. Nevertheless, the photovoltaic production increased by 23.0%. The national electricity consumption fell by 0.7%, to 258.6 Terawatt Hours, during the period reviewed. Domestic production also decreased, but only by 0.2%, to 251.2 TWh. Imports accounted for the remainder. Vera Eckert reported, Barbara Lewis edited.
-
Fox Business reports that Apple will invest $500 Million in MP Materials, a rare earth miner.
Fox Business reported Tuesday that Apple will announce a $500-million commitment to MP Materials. MP Materials is the operator of America's only rare earths mine. Multiple sources familiar with this deal confirmed the report. Apple and MP Materials have not responded to comments immediately. Shares of Las Vegas based MP Materials rose 12.3% in premarket trading to $54.50. Last week, MP and the U.S. Government agreed to a multi-billion dollar deal to increase production of rare earth magnets. This will help loosen China’s grip on materials used in the manufacture of weapons, electric cars and many electronic devices. Fox Business reported that Apple will purchase rare earth magnets made in the United States from MP Materials' Texas plant. MP has already mined and processed rare Earths, and it is expecting to begin commercial magnet production in its Texas facility by the end of this calendar year. Fox Business reported that the two companies would also build a second factory in Fort Worth to produce magnets, and a recycling facility in Mountain Pass in California. The deal reached with the U.S. Department of Defense last week includes a floor price for rare earths. This is intended to encourage investment in domestic mining and processing facilities, which have been lagged partly because of low prices set by China. The DoD set the price for two of the most popular rare Earths at almost twice the market level. Reporting by Zaheer Kachwala and Eric Onstad, both in Bengaluru; editing by Pooja Deai and Kirby Donovan
-
Report: World faces up to $39 trillion of economic losses due to disappearing wetlands
According to a report released by the Convention on Wetlands on Tuesday, the destruction of wetlands around the world, which are vital for fisheries, farming and flood control could result in a loss of $39 trillion by 2050. According to an intergovernmental report, 22% of freshwater systems, such as rivers, lakes and peat lands, and coastal marine ecosystems, including mangroves, coral reefs and coastal systems, have disappeared since the 1970s. This is the fastest rate of loss for any ecosystem. The declines are a result of pressures such as land-use changes, pollution, agricultural expansions, invasive species and climate change impacts, including rising sea levels and drought. Hugh Robertson is the main author of the report. He said, "The extent of the loss and degradation exceeds what we can afford not to acknowledge." The report recommended annual investments between $275 billion and $550 billion in order to reverse threats to remaining wetlands. It also stated that current spending is a "substantial underestimate" without providing figures. According to a report, 411 million hectares, or half a billion soccer pitches, of wetlands have been lost. A quarter of those remaining wetlands is now in a degrading state. The economic benefits of wetlands include flood control, water purification, and carbon storage. This is important as the water levels increase and hurricanes and tropical storms intensify because of climate change. The fishery, agriculture and cultural industries also benefit from these products. The report is launched a week ahead of the Victoria Falls, Zimbabwe meeting of the Parties to the Convention on Wetlands. This global agreement was signed by 172 countries in 1971, with the goal of protecting the ecosystem. The group includes China, Russia, and the United States. It is not clear if each nation will send delegates. The report stated that the deterioration of wetlands is most acute in Africa, Latin America and the Caribbean but worsens in Europe and North America. In Zambia, Cambodia, and China, rehabilitation projects are underway.
-
Natural disasters cost China $7.6 billion dollars in H1 2025
An official of the Emergency Response Ministry said that natural disasters in China during the first half 2025 caused direct economic losses of 54.11 yuan (7.55 billion dollars) and affected over 23 million people. The most devastating events were a powerful earthquake in Tibet and deadly landslides that occurred in the provinces of the southwest. Flooding in the south was also widespread. Shen Zhanli said at a press briefing that 307 people were killed or missing and 620,000 had to be evacuated due to natural disasters. A total of 29,600 homes were destroyed, an increase of 28.7% from the previous year, and 2.19 million hectares (hectares) of crops suffered damage. According to a calculation of the economic losses, they were 41.9% lower than in the same period of last year. Flooding, drought, and extreme temperatures caused China 93.16 trillion yuan (the highest half-year figure for 2019). The ministry reported that floods were the main cause of damage this year, with 51 billion yuan worth of losses. China's flood control scheme has been expanded to include direct payments from the government as well as payment for livestock losses. Extreme weather is a growing threat to the world's second largest economy, and meteorologists have linked it to climate change. In recent weeks, torrential rains have flooded large areas of the country and exposed infrastructure problems such as a lack of air conditioning and outdated flood defences. Last week, dozens of rivers in southwest China were above safe levels. More than 10,000 people had to be evacuated from the remains of the former typhoon Danas. The sweltering summer heat and the resulting surge in demand for air conditioners has stretched China's electricity grid to its maximum capacity, pushing it to a new record. The Ministry of Environment warned that typhoon and flood prevention would be difficult from the second half July to the first half August as rains become more intense and concentrated in the north, and typhoon activities intensify.
-
EU targeting Boeing and Bourbon for possible tariffs on US products
If trade talks with Washington do not succeed, the European Commission may impose tariffs on 72 billion euros worth of U.S. products - including Boeing aircraft, bourbon whisky and cars. The U.S. president Donald Trump has threatened to impose a tariff of 30% on imports coming from the EU as early as August 1. European officials have said that this level is inacceptable and would stop normal trade between the two largest markets. The list sent to EU members states, and seen by on February 2, predates Trump's weekend move to increase pressure on the 27 nation bloc, and instead responds to U.S. tariffs on cars and auto parts, and a 10% base tariff. This package includes chemicals, medical equipment, electrical and precision devices as well as agricultural and food products. These include a variety of fruits and vegetables as well as wine, beer, and spirits. After a meeting with EU ministers on Monday in Brussels, officials stated that they are still looking for a deal to prevent Trump's tariffs. Maros SEFCIOVIC, the EU's trade chief, said that those present at the meeting had expressed a determination to protect EU companies using European countermeasures in case negotiations with Washington do not produce a result. He said that the message was "the" strongest he'd seen since we began the conversation with the U.S. We'll then negotiate, but prepare at the same. The French Foreign Minister Jean-Noel Barrot stated on Tuesday that Trump’s new threat "had the appearance of blackmail", and added the priority was finding a trade deal but not at the expense of becoming "a vassal to the United States". Trump warned Brussels to avoid retaliation. He said that the U.S. will match any new European taxes by adding them simply to the 30% rate. The European Commission (which oversees EU Trade Policy) has not specified a rate of tariff for the products listed on its list. The EU will have to vote on the package in order for it to be implemented. There is no set date for the vote. The Commission will usually listen to the concerns of EU governments, and proceed with countermeasures only if 15 countries are against them. The European drinks industry is heavily dependent on the U.S. Lobbying governments Fear of Washington's retaliation has led to the EU excluding bourbon and any other wine or spirits from its list. France, Spain, and Italy are concerned about the impact this could have on their economies. The first EU tariff package approved in April removed alcohol from the list. This package of tariffs on goods worth 21 billion euros from the United States was suspended immediately to give room for negotiation. The suspension of the package has been extended until August 6. After Trump's Monday announcement that he is open to discussions with the EU and other trading partner, European shares rose slightly on Tuesday. In May, the Commission presented its second package for public consultation. It included 95 billion euro worth of U.S. products for countermeasures. The package has been reduced, but the majority of its main elements remain. $1 = 0.8558 Euros (Reporting and editing by Joe Bavier; Additional reporting in Paris by Richard Lough)
-
Source: India is in discussions with Chile and Peru to source vital minerals
A source in the trade ministry said that India has been holding discussions with Chile and Peru about sourcing critical minerals as part of ongoing free trade negotiations. According to a document released by the government earlier this month, India, which relies on imports to meet its demand, had already planned to include an entire chapter on copper during the trade negotiations with the two South American nations to ensure a certain quantity of copper concentrat. The document stated that India imports more than 90% its copper concentrate requirements, and this dependency will increase to 97% in 2047. The source from the Trade Ministry said that India also works with trading partners to reduce its dependence on China in terms of critical minerals. As a response to U.S. duties, China, which produces 90% of rare earth magnets in the world, restricted their exports. India, the third largest car market in the world and fifth-largest reserve of rare earths is developing a new program to encourage local magnet production. This was reported last month.
-
Rising LME stocks, mixed China data keep copper steady
The copper price was little changed Tuesday, as the mixed data from China's top metals consumer balanced out the pressure of rising inventories in warehouses that are approved by London Metal Exchange. On the LME, the price of copper benchmark fell by 0.1% at 0945 GMT to $9.613 per metric ton. Technically, the contract is sandwiched in between its 50-day average and its 100-day average at $9,659 a metric ton and $9,567 a metric ton, respectively. Copper used in construction and power is down by 2.6% in July. Exports to the United States have become less attractive after Washington announced last week that it would impose a tariff of 50% on copper imports from August 1. Morgan Stanley wrote in a report that "LME copper prices should decline modestly, as the U.S. demand for 'extra front-loading' eases. This will allow inventories to replenish. However, downside seems limited." The announcement from Washington left only three weeks before the deadline for tariffs, and the amount of metal that was marked as ready to be delivered out of the LME's warehouses dropped to just 11% of total stocks. The so-called cancelled stock is at its lowest level in five months, compared to 56,325 tonnes a month earlier. Data from China revealed that its economy has slowed down less than expected, a sign of resilience against U.S. Tariffs. The June industrial production rose 6.8% on an annual basis, which was higher than expectations. China has promised to abandon the rapid urbanization that once fueled its economy, and instead build cities with a sustainable, resilient, and liveable environment. The dollar was hovering just below its three-week-high on Tuesday ahead of U.S. Inflation data, which could provide traders with a hint on the short-term outlook of interest rates. LME aluminium increased 0.2% to 2,597 per ton. Zinc fell 1.0% to 2,702.50. Lead eased 0.5% at $1,992. Tin and nickel both dropped 0.4%, to $33,355 a ton and $14,995 a ton respectively. (Reporting and editing by Tomasz Janovowski; Polina Devitt)
-
Stocks rise ahead of important US earnings and data as trade talks loom
On Tuesday, shares rose worldwide and the dollar retained most of its gains from July as investors entered a crucial week that will include U.S. earnings data, inflation figures and trade negotiations in a fairly optimistic mood. Donald Trump, the U.S. president, threatened to impose 30 percent tariffs on Europe and Mexico starting August 1, which is higher than the 20 percent he originally proposed for the EU in April. Trump, however, said that he would be open to more negotiations, despite investor predictions of lower final tariff levels. Japan is also trying to schedule high level talks with the U.S. on Friday. Andrzej szczepaniak is a senior Europe economist with Nomura. "However, it is likely that this will be seen as a tool for bargaining ahead of the 1 August. This is in line with what investors thought about most of Trump's letters to trading partners from last week." This view will only be challenged in a material way as we approach 1 August. The MSCI world share index rose by 0.16% Tuesday, just a hair away from the all-time highs set last week. The STOXX 600 index in Europe rose by 0.2%, lagging behind the broad APAC ex Japan benchmark of 1%. Nasdaq Futures gained 0.6% after Nvidia announced it would resume its sales of H20 chips into China. Earnings and Inflation Now, the focus shifts to the U.S. earning season that begins on Tuesday with major bank reports of their second-quarter results. According to LSEG, S&P profits are expected rise 5.8% over the past year. The forecast has deteriorated sharply from the early April prediction of 10.2% growth before Trump's trade war. Investors are also looking at the U.S. Inflation data due Tuesday to see if there is any impact from tariffs. Recent data has shown that tariffs have had little effect on the broader price pressures. However, this week's data will show an increase in gasoline costs and higher prices for certain tariff-sensitive products. The stock market also saw a boost on Tuesday, as oil prices fell after Trump gave Russia a deadline of 50 days to end its war in Ukraine or face energy sanctions. This eased immediate supply concerns. Brent futures fell last by 0.2%. JAPANESE ELSTION Investors are not only focused on U.S. politics. The upcoming Japanese election for the upper house of parliament is causing a stir in the Japanese government bonds market, which is spreading to other markets. According to polls, the ruling coalition could lose its majority of the upper chamber to opponents who support more spending. The 10-year benchmark yield rose to 1,595%, its highest level since October 2008, as a result of concerns about the impact of the crisis on Japan's finances. In recent days, higher Japanese yields also pushed long-dated European yields and even U.S. rates higher. However, Germany's 30-year rate, which had hit a two-year-high on Monday, fell 5 basis points to 3.20% on Tuesday. The benchmark 10-year Treasury yield in the U.S. fell by 1 basis point to 4.42%. In Asia, the data also showed that China's economy slowed down less than expected during the second quarter as a result of its resilience to U.S. Tariffs. On the currency markets, there was a slight weakening of the dollar against European currencies. The euro and the pound were both up by around 0.2%, at $1.1684 each, and $1.13449, respectively. The euro and pound both rose around 0.2% from their previous lows of over two weeks. Spot silver rose 0.3% to 38.25 dollars per ounce. Gold gained 0.5% to $3361 an ounce.
The G20 in Durban will be shadowed by BRICS tensions and the absence of BRICS
The G20 Finance Chiefs' meeting in Durban this week is likely to be overshadowed by Donald Trump's tariffs, Scott Bessent's no-show, and the rising tensions between Washington, South Africa, and BRICS.
Bessent was among the key officials who skipped Cape Town's February gathering of finance and central bank ministers in the grouping. This raised questions about their ability to address pressing global challenges.
Josh Lipsky is the chair of International Economics at the Atlantic Council. He said, "It's problematic that the world's biggest economy is not represented, at least on a high political level."
Lipsky said that Bessent’s absence presaged U.S. plans to slim down the G20 and go "back-to-basics" when the U.S. assumes the rotating presidency of the grouping next year.
Trump has implemented a 10% baseline tariff on all U.S. Imports. Punitive rates are targeted at specific countries and products, including steel and aluminium at 50%, automobiles at 25% and levies up to 200% for pharmaceuticals. On August 1, additional tariffs will be imposed on 25 countries. The threat of imposing additional tariffs on BRICS nations is complicated by the fact that eight G20 countries, including South Africa as host country, are part of the expanded BRICS grouping. This overlap suggests the rise of rival forums, as Western-led organizations face credibility issues.
Fundi Tshazibana, Deputy governor of the South African Reserve Bank, said that "policy uncertainty" is the current biggest issue.
The G20 was born out of past firefighting crises and took off when countries all over the world realized that they needed to coordinate their policies in order to recover from the global financial crash at the end of the 2000s.
Brad Setser, of the Council on Foreign Relations, said that the G20 was built on the assumption that all major economies in the world shared a similar interest in a relatively stable and open global economy. "But Trump isn't interested in stability, and wants to close the global economy."
'DIFFICULT SPACE'
The Durban meeting of finance chiefs that will take place on Thursday and Friday is also taking place against the backdrop of increasing economic pressures, especially for African economies. Goldman Sachs estimates that Sub-Saharan Africa’s external debt is now $800 billion or 45% GDP. Traditional funding sources have also dried up.
After years of rapid expansion, Chinese lending has slowed down to a trickle. This leaves an $80 billion funding gap.
Trevor Manuel, former Finance Minister of South Africa and leader of the Africa Expert Panel at the G20, said: "Their views are that if they negotiate before they take the loan, then they will accept it."
"But after the loan has been made, they expect to receive a return. This is embedded in their laws." "This is a very important issue," he said. China's Belt and Road Initiative brought significant resources to Africa, but there are also offsets.
I think part of the drive going forward will be greater transparency. This means that certain barter arrangements, etc. need to treated quite differently.
As Washington cuts foreign aid, and European capitals redirect money to defence, U.S. grants and European grants that account for 25% of external funding in the region will be cut.
Lumkile Montdi, a political commentator from the University of Witwatersrand, said that "Africa is in an extremely difficult situation."
The continent's investment will decline due to high levels of debt and low GDP growth. This makes it less relevant for the current geoeconomics.
Pretoria assumed the G20 Presidency in December, under the slogan "Solidarity. Equality. Sustainability". It had hoped that it would use this platform to put pressure on rich countries to finance climate change and to address the mistrust between the North and South of the world. In reality, Pretoria is now dealing with the fallout of aid cuts and tariffs wars which directly undermine these goals.
South Africa, as the continent's largest economy, is under pressure to promote African interests and navigate great power rivalries. National Treasury stated that it is "premature" to comment on the specific goals of the meeting.
Duncan Pieterse, Director General of Treasury, said in a Monday statement that the South African G20 Presidency hoped to release the first Communique at the conclusion of the meetings. The G20 financial stability watchdog released a new climate risk plan on Monday, but put policy work on hold amid a U.S. retreat which has slowed down efforts to develop a united financial strategy on climate-related threats.
The U.S. withdrew from several groups that were exploring the impact of climate policy changes and flooding, wildfires, and other factors on financial stability.
(source: Reuters)