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Brazil's Mombak delivers to Google and other buyers early in order to boost carbon removal credits
Mombak, a Brazilian startup that specializes in reforestation, announced on Tuesday that it delivered its first Amazon carbon credits two years ahead of schedule. This milestone could help to build confidence in the market which has been plagued with concerns about project quality and late deliveries. The company said that the credits were delivered in 2028 to McKinsey, Google and McLaren Racing. Credits were also given to Bain & Company Climeworks Commons and Union Square Ventures. Mombak restores degraded pastures and farmland in Brazil's Amazon rainforest through the planting of native tree species. This generates credits from the carbon dioxide captured by forests that can be sold to businesses seeking to offset emissions. It said that the startup had planted more than 15 million trees in 12 farms across the Amazon. This first?issuance amounted to more 21,000 metric tonnes of CO2 removed from the atmosphere. "The carbon market unfortunately has?had many challenges with suppliers delivering late and delivering less than what was promised," said Dan?Harburg, Chief Commercial Officer at?Mombak. He added that Mombak also sold credits on the spot-market. The credits are also the first delivered under the Symbiosis Coalition. A group of buyers, including Google and Microsoft, of nature-based credits for carbon removal has committed to purchasing more than 20 millions tons of offsets before 2030. Julia Strong, the executive director of the Coalition, said that this transaction showed carbon financing could be used to scale up climate solutions if buyers and developers adhered to more stringent standards. Strong stated that "this is proof positive that buyers can commit to these projects and they will deliver on their promises." Mombak said it expects to issue an additional 55,000 credit in 2026. In recent years, Brazil's new carbon market attracted investors and lenders as companies sought high-quality projects to remove carbon emissions in order to meet climate goals. For example, tech?giants are seeking ways to reduce the impact of their huge investments in data centers that consume a lot of power for AI. However, some critics say that offsets are a way for polluters to avoid cutting their emissions. (Reporting and editing by Jamie Freed; Gabriel Araujo)
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Indian shares drop ahead of RBI's decision; Nifty loses some of its closing auction bounce
Indian shares dropped on Tuesday, ahead of?the Central Bank's Wedensday Policy Decision. The blue-chip Nifty?50 reversed the sharp rise from the previous session as investors adapted to a new closing auction mechanism?for stock with futures and option?contracts. Investors re-aligned their positions ahead of the weekly expiration of derivative contracts for Nifty. The volatility index reached its highest level in one week, at 12.1875. The Nifty dropped 0.64%, to 24,614.90. Meanwhile, the BSE Sensex fell 0.27%, to 78.428.95. The indexes gained 0.7% and 1.6% respectively on Monday. This was an unusual divergence after the launch of the new system. The new closing-auction sessions for F&O shares?has triggered an early adjustment-related volatile, and the impact is more pronounced on the Nifty rather than the Sensex due to their different exposure to the impacted stock," said Aishvarya dadheech, the founder and chief investment office at Fident Asset Management. While it increased caution on the weekly expiry date, these are teething problems as investors adjust?to a new system designed to curb price distortions. Dadheech said that the impact of the new system should diminish over a period of a few weeks. Brent crude rose 2.9% to $86.2 a barrel after falling 7% the previous session on the uncertainty surrounding talks to end the U.S./Iran war. India is concerned about higher oil prices, which could lead to a rise in inflation, a slower economic growth, and a drop in company profits. Reserve Bank of India will likely keep its policy rate at 5.25% as it evaluates the inflationary impact of higher crude oil prices, a'monsoon surplus and the recent measures taken to support the rupee. 15 of 16 major sectors fell. The financial sector and IT fell by 0.5% and 0.8 %, respectively. Small-caps increased by 0.2% while mid-caps fell?0.3%. The state-owned insurer LIC fell 8.7% following the sale by the government of up to a 6.5% stake, at a '10.9% discount on Monday's closing price. Reliance Industries and HDFC Bank dropped by 2.1% each, respectively. Dabur's shares fell by 3.8% following India's food regulator banning it from selling products with unverified or false claims, such as "100% pure," "100% organic," and "100% natural." Bharathrajeswaran, Bengaluru. Subhranshu Sahu and Mrigank Dahniwala edited the story. Nivedita Bhattacharjee, Ronojoy Mazumdar, and Ronojoy Mazumdar reported.
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DuPont increases annual profit forecasts following quarterly beating on price hikes and cost reductions
DuPont, a maker of industrial materials, raised its annual profit estimates?on?Tuesday after exceeding second-quarter expectations. This was due to price increases and the impact?of its capital deployment?measures. The company has also benefited from capital 'deployment measures such as the spin-off and debt reduction of its electronics division, share repurchases and surcharges to offset rising feedstock and energy prices, and at a time where the global chemical industry is also struggling with weak demand for key end markets. The Strait of Hormuz has been a source of tension since late February, causing disruptions in oil and petrochemical supplies around the world. The company raised its core profit forecast for 2026 to between $1.75 billion and $1.77?billion, up from the $1.73 billion and $1.76 billion previously predicted. The company now expects?adjusted earnings per share between $7.17 and $7.32. This is up from its previous forecast of $7.02 - $7.16. CFO Antonella Franen stated that continued strength in healthcare, industrial water? and aerospace end-markets will drive mid-single digit organic growth in the second part of the year. The net sales of its Healthcare and Water Technologies segment increased by nearly 5% to $856 million from a year ago, while the net sales of its Diversified Industrials segment rose by 3.3% to $963 millions. DuPont has lowered its previous forecast range from $7.16 to $7.22 Billion to $7.16 to $7.19 Billion, citing lower currency benefits as a factor. The Wilmington, Delaware based?company reported adjusted profit of 1.88 per?share in the three-month period ended June 30. This was higher than analysts' estimates of $1.76, according to LSEG data.
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Copper reaches two-month high of $14,000 as inventories drop
The price of copper soared to $14,000 on Tuesday. This was a two-month high, driven by the dwindling inventory outside the U.S. Benchmark 'three-month copper' on the London Metal Exchange rose above $14,000 after the release of LME stock data at 8am GMT. It jumped as high as 1.3%, to $14,053 per metric ton. This is its highest level since June 2. As of 09:00 GMT, the metal was trading at $14.024.50 up by 1.1%. The data showed orders to remove another 7,225 tonnes of copper from LME storages The remaining inventory is 94,200 tonnes, barely enough to cover a single day's global consumption. The spread between the three-month cash and the three-month money market has shifted backwards. The steepest increase since January is $105 per ton. This indicates a tightening of the market. The majority of the copper withdrawals or cancelled warrants were from New Orleans in the United States, where metal can be traded on the COMEX for a premium. COMEX Copper inventories are more than twice as large at the Shanghai Futures Exchange and LME Total 650 736 metric tonnes. The latest attack on shipping in the Strait of Hormuz highlighted the risks to energy and aluminium flows. The price of lightweight metal increased by 1.2%, reaching $3,259.50 per ton. This is the highest it has been since June 23. Analysts at Sucden Financial said in a report that "Aluminium prices have reclaimed $3,200/t, but we do not expect them to stay there comfortably without another Middle East shock, or a clear supply-risk trigger." Nickel recovered?by 1.4%, to $17.285, after losing ground Monday. Traders are awaiting more clarity on the new nickel mining quotas for?Indonesia. Zinc rose 0.4% to $3655.50, after hitting a four-year-high on Monday. Lead gained 0.9% at $1883, and tin rose by 0.8% at $55,750, also after reaching a two month high. (Reporting and editing by Mrigank Dahaniwala; additional reporting and editing by Dylan Duan, Lewis Jackson and Ronojoy Mazumdar.)
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DuPont increases annual profit forecasts following quarterly beating on price increases and cost reductions
DuPont, a maker of industrial materials, raised its annual profit estimates on?Tuesday following a second-quarter that exceeded expectations. This was due to?price increases and the impact from its capital deployment measures. The company has benefitted from capital deployment actions such as the spin-off and repurchase of shares, the reduction of debt, and surcharges to offset rising feedstock and energy prices, all at a time that the global chemicals sector is also grappling with weak demand for key end markets. The Strait of Hormuz tensions that have been ongoing since late February, have caused oil and petrochemical supplies to be tightened globally and plastics and polymers prices to rise. The company raised its forecast for 2026 core profit to between $1.75 billion and $1.77 billion from the $1.73 to $1.76 previously predicted. It now expects adjusted earnings per share between $7.17 and $7.32. This is up from its previous forecast of $7.02 - $7.16. The company has recalculated this range to reflect the 1-for-3 reversed stock split that took place in June. CFO Antonella Franen stated that continued strength in healthcare, industrial water?and aerospace end markets is expected to drive mid single-digit organic growth in the second part of the year. The net sales of its Healthcare and Water Technologies segment rose by nearly 5% to $856 million from a year ago, while the net sales of its Diversified Industrials segment grew by 3.3% to $963 millions. DuPont has lowered its previous forecast range from $7.16 to $7.22 Billion to $7.16 to $7.19 Billion, citing lower currency benefits as a factor. The Wilmington, Delaware based company?posted an adjusted profit of 1.88 per?share during the three-month period ended June 30. This was higher than analysts' estimates of $1.76, according to LSEG data. (Reporting from Pooja Menon, Bengaluru. Editing by Vijay Kishore.)
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Sources say that Syria has told the US it is willing and able to reduce its Russian oil imports drastically.
Three sources with knowledge of the discussions said that Damascus had agreed to reduce its imports of Russian crude oil as part of ongoing talks with the United States about lifting the last major designation of sanctions on Syria. This would be a significant shift in the energy policy of 'Syria. It has become heavily dependent on Russian oil, despite its political pivot towards the West. Experts say that it would be a way for the U.S. exert new pressure on Russia’s economic influence in the country. According to a Syrian official with direct knowledge of these conversations, an American official, and another source who was briefed about the issue, senior Syrian officials told the U.S. that they were willing to reduce Russian imports of oil as they discussed Washington's removal of Syria from the decades-old list. Three sources who spoke anonymously because they weren't authorized to brief journalists said that the U.S. didn't explicitly state the reduction in size as a condition for lifting the designation. The willingness of Syria to reduce its Russian oil imports was not previously reported. "Replacing Russian crude volumes cannot be done overnight without causing fuel shortages and higher import costs in Syria. Washington's long-term effect on Damascus will depend on whether it combines this pressure with alternative measures, said Navvar Saban, a Syrian expert at the Arab Center for Contemporary Studies. Saban stated that Washington is "increasingly focusing on the economic network which allows Russia to maintain influence after losing political grounds in Syria." SOURCE: SYRIA IS READY TO DIVERSIFY OIL SUPPLIES The information and foreign ministry of Syria, as well as the foreign and energy ministries of Russia, did not immediately respond to our questions. The U.S. State Department said Washington "encouraged Syria to engage trusted corporations -- especially U.S. companies -- during the recovery and reconstruction of the country" and that it expected Syria to comply with U.S. sanction against Russia. A U.S. official responded to a question from the White House by saying that there is no connection between Syria's designation and the reduction in Russian oil imports. SST, which has been in place since 1979 is the 'only major sanctions label left on Syria' after U.S. President Donald Trump and the U.S. Congress removed comprehensive sanctions following Bashar al-Assad's ouster. The U.S. official briefed about the issue and the source said that during discussions on rescinding SST, Washington requested and received an agreement from Syria to reduce Russian oil imports drastically. According to the Syrian source U.S. officials told their Damascus colleagues that stopping purchases of Russian crude oil would "improve chances of lifting SST quickly and without complications." Sources said that Syria replied by saying removing the designation will allow Damascus a more diverse energy supply system. Syria's options for oil supply remain severely restricted despite the lifting of most Western sanctions. Russian oil shipments into Syria increased by 75% this year to 60,000 barrels per day. This is a small share of Russia's global daily oil exports, but it has made Moscow Syria's dominant crude supplier. "Syria relies on Russian crude oil today out of necessity and not because it prefers it. Syrian officials (to the U.S.), often say: "Lift SST designation, and we will buy oil elsewhere." The source stated that we simply do not?have alternative options right now'. No one had any information on the timeline or other sources of crude. An official from the Syrian Ministry of Energy told?that Damascus is already looking for new suppliers, and that a "radical shift" was to be expected. Last month, French oil giant TotalEnergies' and Syrian officials discussed a contract for offshore exploration. Syria also signed a gas production agreement with ConocoPhillips & Novaterra in June. U.S. U.S. Syria shares the top spot with Cuba, Iran, and North Korea on Washington's SST list. Trump notified Congress on July 8 of his intention to remove Syria. This triggered a 45-day period of notification during which he had to certify that Syria did not provide support for acts or international terrorism in the six months prior and that it has given assurances that such acts will not be supported in the future. Since Assad's ouster, Syria's?Islamist led government has pledged that the country will never again threaten regional and international?security. It has joined the U.S. coalition against the Islamic State, and regularly busted weapons smugglers on its borders with Iraq and Lebanon. The U.S. did not include Russia in its earlier conditions for relief of sanctions, but it has recently signaled that it wants Syria to distance itself from Moscow. Congress has instructed the Pentagon to evaluate options for reducing Russia’s influence in Syria, and securing their departure from an airbase and seaport in Hmeimim. In July, it was reported that a part of the Russian naval base would be converted into a logistics hub for commercial purposes.
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Oil prices rise, stocks increase despite Iran tensions and the yen is easing
European stocks rose?alongside U.S. Futures on Tuesday. However, a rebound in the oil price underscored market scepticism about the U.S. -Iran War?being resolved quickly by diplomacy. The yen eased slightly but still held onto most of its gains after the joint intervention by Tokyo and Washington last week to support the currency. The latest attack in the Strait of Hormuz highlighted the risks for global energy flows. Brent futures increased 1.4% to $84.95 per barrel, after falling 7% the previous session and reaching a three-week high. Europe's STOXX600.STOXX rose 0.55% with tech stocks up 1.7%. Nasdaq Futures rose 0.67%, while S&P500 futures increased by?0.22%. S&P 500 index rose 1.48% to 7,610.04 on Monday, just a few centimeters away from its record high of 7,620.90. Dow Industrials also reached a?record closing high. The main MSCI world stock index rose by 0.05%. Japan's Nikkei gained 0.32%. "We add risk to sectors that should be less affected by higher interest rates." Mohit Kumar, Jefferies economist, stated that the tech and financial sectors would be the best to add risk back into the portfolio. He added that the cash level in the system was a factor that continued to "support" his bullish medium-term view. Last week, the yields on longer-dated U.S. Treasury bonds reached a 19-year high after comments by U.S. Federal Reserve Chairman Kevin Warsh raised fears that the Fed might not act aggressively in order to curb inflation. The market participants think Warsh doesn't want to hike and that the data he receives could be enough to convince him to remain put. The first round U.S. job data will be released later Tuesday. LSEG data, and market participants, report that 84% of S&P 500 companies have surpassed earnings estimates for the second quarter. Eastspring Investments' analysts, including Chief Investment Officer Vis Nayar wrote in a report that "the AI capex boom is still intact." Concerns remain elsewhere in Europe. Some economists warn that the region's economy will face a more difficult outlook than others, as droughts hamper Rhine shipping, and gas stocks are still under pressure. YEN RALLY?STALLS The dollar gained 0.4% against the yen at 157.80, regaining strength after U.S. authorities and Japanese authorities intervened last week to support the yen. The Japanese currency is still about 4% stronger than the greenback, compared to the levels of a week earlier that prompted the official support. This was the first U.S. involvement in the Japanese foreign exchange market for 15 years. Market participants are concerned that Japan's fiscal expansion and the Bank of Japan's gradual rate increases could have a negative impact on the yen. "The catalysts which can amplify unwinding short yen position (supporting currency) include, potentially, lower oil prices, a tightening of BoJ policy in September and afterwards, and some'moderation' in Prime Minister Sanae Takaichi fiscal plans in order?to restore debt sustainability," Thierry Wizman said, global forex rates and currencies strategist at Macquarie Group. The U.S. Dollar Index, which measures the strength of the greenback against a basket six currencies, traded steady at 99.98, not far off the lows of the last two months. (Reporting and editing by Shri Navaratnam, Jamie Freed and Gregor Stuart Hunter)
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South Korean stocks finish higher as leveraged ETF trades abate
South Korean shares ended higher on Tuesday, after a volatile session. Regulations have impacted the trading of leveraged ETFs in a market that has been roiled by wild swings over AI fears in recent weeks. The benchmark KOSPI ended 1.6% higher, at 6,358.95, after swinging from a gain or loss of 2% to 3%. The trading volume was below the average for the last 30 days, indicating a low level of participation by investors compared to the recent frenzy among retail investors to lock-in profits from the AI boom. According to LSEG, the daily trading volume of KODEX SK Hynix leveraged single-stock ETF, which is one of the most popular with retail investors, has plummeted from 270 million to?around 50 millions shares. The drop in activity was a result of new regulations aimed at curbing speculation and debt-fuelled ETF investments. Finance Minister Koo Yon-cheol has said he will work to reduce volatility and 'would quickly implement measures announced recently to curb the usage of single-stock leveraged ETFs. Goldman analysts said in a report that the leveraged ETF overhang had reduced significantly. They added that assets under management of these ETFs were down by more than half as of mid-June from their peak. Han Ji-young, an analyst at Kiwoom Securities, said: "We need more time before we can make any assessments but it appears to have contributed in some way to a reduction in daily volatility on the KOSPI Market." This week, volatility has been lower than in July when the Kospi fell more than 5% on seven occasions and surged 18% Friday for its largest one-day increase. Samsung Electronics, a memory chip maker, rose by 0.2% on 'Tuesday. Meanwhile rival SK Hynix rose by 0.6%. The data released earlier that day revealed that cheaper crude oil had helped to lower inflation in July. It was the lowest level for three months. The central bank has set a medium-term rate target of 2%. This means that bets for an increase in August rates are still on the table. The markets are pricing in a 70 percent chance of an increase later this month. On the KOSPI, Hyundai Motor fell 0.1% while its sister company?Kia Corp remained unchanged. POSCO Holdings gained?3.1% while Samsung BioLogics rose 3% The foreigners sold shares valued at around 370.6 billion Won ($258,42 million). The dollar was down to $1,432.9 on the settlement platform onshore. $1 = 1,434.1000 Won (Reporting and editing by Subhranshu and Rashmi Sahu in Bengaluru)
Wildfires in Greece ease as people return home to their destroyed homes
Wildfires in Greece?were easing on Tuesday?though hundreds were on alert for?persistent?flare-ups?northwest of Athens. Rugged hills and canyons hindered efforts to contain a fire that destroyed homes, scorched farmland, and charred olive groves.
Three fronts, west of Athens and in the Gulf of Corinth were fought by local crews with support from water-bombing planes and reinforcements coming from Romania and France.
Officials said that the Aegean sea's strong?dry wind, also known as meltemi had complicated their efforts. Water bombers were sometimes unable to operate.
Ioannis Artopoios, deputy spokesperson for the fire brigade, told public broadcaster ERT that "we are talking about a situation where we did not have a plane at our disposal?for 30 hours in a row. This caused us a great deal of difficulty."
Vivi Gialia (45) surveyed the charred remains of her parents' house and the ravaged landscape where she spent her childhood summers in Porto Germeno.
She said, "It feels like my heart was torn apart." This summer, Europe was ravaged by fires after a record-breaking period of heatwaves. Many scientists believe that climate change is to blame for the wildfires.
France and Spain were particularly hard-hit, though huge fires in those countries died down at the weekend. Greece, which is a fire hotspot known for its mild summers, has been a major fire-prone country. After a midair collision with another helicopter whose crew of two survived, two crew members from a firefighting chopper died near the seaside village of?Psatha on Sunday, approximately 40 km (25miles) away from Athens. The U.S. Federal Aviation Administration is investigating the circumstances of this crash, which involved U.S. registered Bell helicopters.
In Porto Germeno small?religious steles, which are common in Greek homes, were still visible on the side of the road or at the front entrance of a destroyed house. In one house, a woman tried to sweep up broken tiles from a 'darkened' room. Her steel front door was blackened by the fire.
"It was beautiful,?we spent the summers here." Gialia complained that "we have spent happy moments here and now there is nothing left". She criticized what she called the slow response of firefighters.
(source: Reuters)