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EU proposes a ban on exports of waste, including aluminum scrap, to non OECD countries
Sejourne’s 'cabinet' released a statement on Friday stating that the EU's Industry Chief Stephane 'Sejourne decided to propose a 'broad ban' on the export of wastes, including aluminum scrap, 'to non-OECD nations'. Sejourne was expected to announce long-awaited measures for trade on September 23. These would only limit exports of aluminum scrap. In the internal discussion, it was revealed that the tool could only cover?around half of the scrap import. The Executive Vice President has withdrawn the proposal in order to look at a different proposal that is independent of trade instruments. We are currently working on a?act delegated under the Waste Shipment Regulation. This delegated act 'will ban the export of waste including aluminium scrap, to non-OECD nations with some exceptions. The Organisation for Economic Co-operation and Development, based in Paris, is a group that includes mostly wealthy nations. However, it excludes China, India and many other Asian countries, which are the major destinations for EU scrap metal and waste. Since the spring, Europe's aluminum industry has been waiting on?the Commission to implement trade restrictions such as export duties. The announcement was delayed from June to September. Scrap metal is an important?source of raw materials for EU smelters that are struggling to survive. It also plays a key role in decarbonisation efforts. Recycling aluminium consumes?95% fewer energy resources than mining bauxite to produce metal. The statement said that the proposal will first be opened to public consultation, before being adopted by the end of the year.
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Holiday schedule for US economic and other data
Labor Day, which falls on Monday, September 7, will impact the release of major economic, energy, and commodities reports in Washington for the week ending Sept. 6. The schedule is below. The times are in EDT/GMT. Treasury announcements are subject to change. Monday, September 7 Labor Day. Labor Day. Tuesday, September 8, National Federation of Independent Business releases Small Business Optimism Index, August 0600/1000 Conference Board releases Employment Trends for August 1000/1400 Treasury Dept. Treasury Dept. The U.S. Department of Agriculture releases weekly U.S. Export Inspections for Grains, Oilseeds at 1100/1500. Note: this week's inspections are delayed due to the holiday. Treasury Dept. Weekly sales of 6-week, 3-, and 6-month bills are held at 1130/1530. NOTE: Sales of 3- and 6-month bills delayed due to the holiday on Monday Treasury Dept. Treasury Dept. Federal Reserve Issues Consumer Credit for July, 1500/1900 USDA releases weekly Crop Progress for 1600/2000. NOTE: This is a delayed release from Monday, due to the holiday. Wednesday, September 9 Mortgage Bankers' Association releases weekly "Mortgage Applications Survey", 0700-1100 ADP releases weekly NER (National Employment Report), Pulse, 815/1215. Note: this report is delayed from Tuesday because of a holiday Redbook publishes weekly retail sales index, 0855/1255. Due to the holiday, Tuesday's sales will be delayed. Treasury Dept. Treasury Dept. Treasury Dept. Treasury Dept. The American Petroleum Institute releases the weekly National Petroleum Report, 1630/2030. Due to the holiday, Tuesday's report has been delayed. Thursday, September 10, Labor Dept. Labor Dept. Commerce Dept. Commerce Dept. releases Wholesale Inventories of July 1000/1400 The National Association of Realtors?issues U.S. Existing home sales for August, 1000/1400 Energy Information Administration (EIA), Weekly U.S. Underground Natural Gas Stocks, 1030/1430. Schedule is not affected by holidays Treasury Dept. Treasury Dept. Treasury Department holds weekly?sale of 4- and 8-week bills, 1130/1530 Weekly?sale 1130/1530 of 4- and 8 week bills EIA releases weekly petroleum stock and output data at 1200/1600. Note: time change on Wednesday. Freddie ?Mac issues weekly U.S. mortgage rates, 1200/1600 Treasury Dept. Treasury Dept. Weekly balance sheet of the Federal Reserve, 1630/2030 Friday, September 11, The Labor Department releases the Consumer Price Index for August; Real Earnings for August, 0830/1230. Labor Dept. USDA releases weekly?Export Sales at 0830/1230. Note: this report is delayed from Thursday due to the holiday. University of Michigan releases preliminary September survey of consumers, 1000/1400 Federal Reserve Bank of Cleveland releases Median CPI, August approx. 1100/1500 USDA releases monthly Crop Production and World Agricultural Supply and Demand estimates, 1200/1600 Federal Reserve releases quarterly Financial Accounts (Z.1) of the United States (1200/1600) Treasury Dept. Treasury Dept. releases Monthly Budget for August 1400/1800
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Drought affects Pilsner Brewers' prized Czech Hops
After a brutal summer, the growers of aromatic 'Czech Saaz' hops that are used in Pilsner Lagers around the world are looking for new varieties and irrigation methods to boost their faltering harvests. Jiri Smetana of the Hops Growers Union of the Czech Republic said that this year's rainfall was 60% lower than normal and temperatures of up to 40 degrees Celsius (104 Fahrenheit) were record highs, which damaged crops. Smetana, at a hopyard in Steknik, near Zatec (whose German name is Saaz), said that this season had been extremely hot and dry. He said that "we expect a decline in the yield of 25% to 30% compared with the long-term mean" for Saaz. The crop is less potent and less bitter Smetana stated that the average total harvest is 6,500 tons. This year, however, farmers will be "happy" if they get a 5. Brewers had to 'use more' of the reduced output because it was less bitter and potent. Smetana stated that the breweries would be able cope with the situation due to pre-stocking. However, a poor harvest in 2013 could cause serious problems. Around 80% of Czech hops is exported. China is the largest market, followed by Japan. The Saaz Shine, which is able to withstand dry climates, is a popular experimental variety. It is only being grown in a limited area, but growers hope it will take off. This year was a real test for the?varieties. Smetana stated that we will be able to see how the drought resistance works, but for now, the plantation looks good. The problem is that Saaz has become a tradition for many customers. Japanese and 'Chinese customers, who are the main export customers for Czech Hops, view new varieties with some suspicion." According to the latest estimates, growers are building small reservoirs near plantations and placing their hopes in plans for a "major" new dam that will not be completed for 15 years. Saaz will also be fine-tuned for temperature and drought resistance and genetic modification.
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Stocks mostly decline after a solid U.S. job report
Treasury yields, the dollar and S&P?500 all rose on Friday as U.S.?job creation?accelerated and unemployment rate remained steady. Investors are looking forward to the consumer inflation report next week as a key factor in this determination. The nonfarm payrolls increased by 162,000 positions last month, following a 21,000-job increase that was upwardly revised in July. Economists surveyed by predicted an increase of '56,000 following a previous reported decline of 23,000 jobs in July. Last week, the yield on 10-year benchmark U.S. notes increased by 1.21 basis points to 4.774%. Just after the report, it was 4.792%. The yields on two-year bonds reached their highest level since January 2025. Bret Kenwell is a U.S. Investment Analyst at eToro, New York. The Fed will make its interest rate decision in mid-September, so the CPI report next week will be closely monitored. The short-term interest rate futures indicate a probability of 65% for an increase at the Fed meeting on September 15-16, up from 55% prior to the report. OIL PRICES DROP, DOLLAR UP Prices of oil have dropped from their recent highs. The renewed attacks in the U.S. - Iran war this week caused a spike in oil prices. This has added to concerns about rising costs. U.S. crude fell 1.6% to $89.87 per barrel and Brent dropped 1.3% to $94.26. The Dow Jones Industrial Average dropped 98.46 points or 0.19% to?53.587.55, the S&P 500 declined 6.06 points or 0.08% to 7,741.65 while the Nasdaq Composite rose by 17.02 points or 0.06% to 26,601.08. MSCI's global index of stocks rose by 1.02 points or 0.09% to 1,155.76. The pan-European STOXX 600 Index rose by 0.04%. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) was up by 0.2% for the day. The Japanese yen temporarily weakened by 0.41% to 156.45 dollars. Last time, the dollar was near flat against yen. Spot gold dropped 1.2% to $4.418.09 per ounce.
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US sanctions on Turkey's entities targeting Iran
The?U.S. The 'U.S. Treasury Department released new Iran-related sanction?on Friday. It targeted three?Turkey based entities. Golden Global Portfoy Yonetimi Anonim Sirketi is the entity targeted. Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Yatirim Bankasi Anonim Sirketi are also included. The Treasury Department issued a license to allow the winding down of transactions. The Trump administration has been trying to put economic pressure on?Tehran for six months, since Washington's war against?Iran. This has led to a rise in energy prices worldwide. Treasury Secretary Scott Bessent has stated that Washington wants to bring Iran back to the table for negotiations. Last month, Bessent announced an "economic assault" on Iran's financial connections around the globe. Washington cut off the branches of Egyptian?lender Banque Misr in the United Arab Emirates? from U.S. Dollar transactions last week over their dealings to Iran. Bessent, in an interview with Sunday's? In an interview with?
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RPT-Major underground and tunnel rescue operations
Rescuers pulled two survivors out of a tunnel connected to a 'hydropower station' on Nepal’s Trishuli River, on Friday. This was nine days after a glacier collapse caused a torrential mud, rock and ice that killed over 1,300 and left more than 5,600 people missing. Here is a list with some of the major rescue operations. Rescuers drilled through rock, concrete, and earth to free 41 workers who were trapped in a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char-Dham highway, which connected four Hindu pilgrimage sites in northern India. After sudden monsoon rainfall blocked the exit, a group of 12 boys with their soccer coach went to explore the Tham Luang Cave Complex in Thailand. They became trapped deep within a flooded cave network. Divers located the group alive after a multi-day search. All thirteen were rescued safely. Rescue of 33 miners who were trapped underground for two months by an explosion at the San Jose mine in Chile’s Atacama desert. In October 2007, all 54 trapped miners at a gold mine in Western Australia by a fire were rescued. The fire broke out in a caterpillar underground truck at the Kanowna Belle Gold Mine. Sixteen miners were trapped in the Beaconsfield mine, located on Tasmania's southern Australian island. Fourteen miners escaped immediately, one died, and two were rescued after spending a couple of weeks?about one kilometre underground. In July 2002, nine trapped miners were rescued after 77 hours of underground work at the Quecreek Mine.
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Italy's deputy Prime Minister says energy and banks should assist with public finances
The deputy prime minister of Italy suggested that banks and energy companies be prepared to accelerate tax payments in order to boost the public finances, without an official tax increase. Antonio Tajani, a?also?Italy’s Foreign Minister, said that the additional support could help fund next year’s budget, as well as any other measures to shield consumers from high energy costs. Tajani told reporters at the annual TEHA business forum that any policy should be modeled after the agreement Italy reached with banks and insurance companies last year to advance taxes to the state. He said, "It's only fair to tax the profits of oil companies and that they lend a helping hand to Italians who are in a difficult situation." How can?they help? By putting taxes on them to make the markets shiver? ... "The winning strategy is that which the government has pursued with the banks and insurance companies," he continued. Tajani's Forza Italia has always opposed the League, a coalition partner, in its proposals to tax "windfall profits" of energy or financial firms. He also cited as a model an agreement Italy reached with large energy companies in recent weeks to advance tax payments in order to help the government fund a reduction in fuel excise duty. "Banks, insurers, and large oil firms all have a role to play in times of?need. He said that raiding banks was for bandits. "Agreed solutions are the best way to go." When we begin to work on the budget for next year, if there is an emergency we will talk to banks," Tajani said when asked if the measure from last year could be extended.
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Major underground and tunnel rescue operations
Rescuers pulled out two survivors on Friday from a tunnel connected to a hydropower plant on Nepal's Trishuli River, nine days after the glacier collapse that caused a torrent of ice and mud. Here is a list with some of the most important rescue operations. Rescuers in 2023, who used drills to remove debris such as rock, earth and concrete, rescued 41 workers trapped inside a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char Dham highway, which connected four Hindu pilgrimage locations in northern India. 2018 - A group of 12 boys, their soccer coach and the Tham Luang cave complex in Thailand were trapped after sudden monsoon rains blocked out the exit. Divers located the group alive after a multi-day search. They rescued all thirteen. In 2010, 33 miners who were trapped underground for two months by a collapse in the San Jose mine?in Chile's Atacama desert, were rescued. In October 2007, all 54 trapped miners at a goldmine in Western Australia were rescued after a fire. Fire broke out in a 'caterpillar truck that was working underground at the Kanowna Belle Gold Mine. Sixteen miners were trapped in the collapsed 'Beaconsfield Gold Mine' on Tasmania, a southern Australian island. Fourteen miners escaped immediately, one died, and two were rescued after spending a total of?two weeks?about one kilometre underground. In July 2002, nine miners were rescued after spending more than 77-hours underground in the Quecreek Mine of Pennsylvania.
Wildfires are raging in Turkey and Cyprus as a result of the heatwave
Firefighters in Turkey and Cyprus fought multiple wildfires across the country on Thursday, amid a scorching Mediterranean heatwave which has scorched large areas of land and claimed 10 lives among firefighters in central Turkey.
Six separate wildfires have raged across Turkey. Turkish Agriculture and Forestry minister Ibrahim Yumakli has warned of the dangers of strong winds and scorching temperatures.
Yumakli reported late on Wednesday that 10 firefighters died while fighting a fire in central Eskisehir Province, and added that 14 other firefighters were injured. The fire was fanned by strong wind and spread to Afyonkarahisar in central Turkey. Some towns and villages had been evacuated.
Fires continued to rage in the province of Bilecik (northwest Turkey) for a fourth consecutive day. The firefighters were unable to control them, and several villages had been evacuated. Some residents returned to the areas that were declared safe.
"They couldn't intervene. The road is rocky, there are dense forests and no decent roads. "Helicopters do not work at night and, because they aren't working, they could not intervene," Cemil Karadag said, a resident from the village of Selcik.
It engulfed the village from three or four sides. They couldn't intervene. The wind caused it to spread quickly, but thank God our village centre wasn't too badly damaged.
A wildfire broke out in the Black Sea Province of Sakarya as firefighters were battling another fire nearby. The fire forced the closure of a major highway, and some villages were evacuated.
Ten villages were evacuated after a fire quickly grew in the province of Karabuk where the UNESCO World Heritage City Safranbolu was located. A sixth fire raged in Western province Manisa.
'SHEER HELL'
Firefighters in the eastern Mediterranean island Cyprus fought for the second day to contain a massive wildfire that engulfed the mountain villages north-east of Limassol.
The fire that started on Wednesday trapped two people in their vehicle. As people fled their homes from the towering wall, scores of homes were destroyed.
Authorities said that they will investigate the possibility of arson, even though the cause is not known.
Father Michalis is a Greek Orthodox Priest who was forced to evacuate the village of Lofou.
Strong winds stoked flare-ups in the midday hours, after they had subsided early on Thursday.
Konstantinos Letymbiotis, a spokesperson for the government, said: "Our main focus is on controlling the fire using all of our ground and air force to the maximum." "We face an unprecedented situation."
He said that Israel would also send help, in addition to the air assets of Spain, Egypt, and Jordan. He said that aircraft from British bases in Cyprus also assisted the effort.
Ersin Tatar, the president of the Turkish Republic of Northern Cyprus (a breakaway Turkish Republic) which is only recognised by Turkey, and has been separated from the south of the island, said that his government would also be willing to assist.
Heatwaves and fires are not uncommon in the region. However, in recent years their impact and damage have become more severe. Tuvan Gümrukcu, Ayhan Uyanik, Michele Kambas, Ankara and Tuvan Uyanik, Bilecik; Tuvan's writing; Ece Toksabay, David Holmes, editing.
(source: Reuters)