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After Trump's attacks, Republican Senator Tillis withdraws from the 2026 re-election race
Republican U.S. Republican U.S. Tillis is one of only two Republican Senators who voted against the opening debate for Trump's tax-cutting and spending bill on Saturday. This was a necessary procedural step to advance this legislation. The midterm elections in 2026, when both chambers of Congress are at stake, will see his North Carolina Senate seat as one of only a few competitive Senate races. Trump welcomed Tillis' decision on Sunday. "Great News! "'Senator Thom Tillis' will not seek reelection," said he in a Truth Social posting. While the Republican-controlled U.S. House of Representatives is considered up for grabs, Democrats face an uphill battle in trying to reclaim a Senate majority. Republicans have a 53-47 advantage, and all Republicans except Tillis and Susan Collins are running for office in states Trump won easily in the presidential election of 2024. Wiley Nickel, a former U.S. representative, is the most prominent Democrat to announce a bid against Tillis. However, party leaders are hoping that Roy Cooper, the popular former governor of the state, would jump into the race. Tillis did not mention Trump in his statement but lamented the political gridlock which has gripped Congress. He said that in Washington, "it has become more evident over the past few years that leaders who are willing and able to embrace compromise, bipartisanship, and independent thinking, are an endangered species." Trump attacked Tillis on Twitter after he voted "no" on the tax cut bill on Saturday. He said the senator made a "big error" and promised to meet with any potential Republican challengers within the next few weeks. Tillis voiced several concerns about the bill. He was concerned that the cuts to Medicaid, the healthcare program for low-income Americans, could affect his constituents. Reporting by Katharine J. Jackson, Joseph Ax, and Bo Erickson. Editing by Scott Malone.
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More than a third on the sinking Tuvalu are seeking climate visas from Australia
Official figures show that more than a third of the population of Tuvalu in the Pacific, whose scientists predict the nation will be submerged under rising seas due to climate change, has applied for an historic climate visa to migrate from the country to Australia. Tapugao Falefou said on Sunday that he was "surprised by the large number of people competing for this opportunity" and that the small community would be interested in learning who the first group of climate migrants will be. Tuvalu is one of the most vulnerable countries to climate change. Experts say that it's causing sea levels to rise. It has 11,000 people living on nine atolls spread across the Pacific Ocean between Australia and Hawaii. Since the Australian visa lottery applications opened in this month, 1,124 applicants have been registered. Family members bring the total number of visa seekers to 4,052, under the bilateral climate treaty and security agreement. Officials said that the deadline for applications is July 18. An annual visa cap of 280 visas will be implemented to prevent brain drain in Tuvalu from migration to Australia. Tuvaluans can now live, study and work in Australia with the same health and educational benefits as Australians. Falefou stated that "Moving from the Falepili union treaty to Australia will provide an additional remittance for families back home." NASA scientists predict that by 2050, the daily tides of Funafuti will submerge half of its main atoll, which is home to 60% Tuvalu residents. The villagers are clinging to a 20-metre strip of land (65 feet), where they live. This forecast assumes that sea levels will rise by 1 metre, but the worst-case scenario would see 90% of Funafuti submerged. Tuvalu's sea level has risen 15 cm (6") in the last three decades. This is 1.5 times higher than the global average. It has constructed 7 hectares (17 acre) of artificial land and plans to build more. The island hopes that the land will remain above the tides up until 2100.
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The Kremlin has said that Europe will feel the impact of its 'illegal sanctions' against Russia
In remarks published Sunday, the Kremlin stated that the stronger the sanctions Europe imposes on Russia, the greater the pain for Europe's economies. This is because Russia has become resistant to these "illegal" sanctions. Russia's invasion in Ukraine in 2022 has triggered a wave Western sanctions against Russia. It is now the world's most heavily sanctioned economy. The West said it hoped that its sanctions would force Vladimir Putin to seek peace with Ukraine. Although the economy contracted by 2022, in 2023 and in 2024 it grew faster than the European Union. The European Commission proposed new sanctions against Russia on June 10, targeting its energy revenues, banks, and military industry. However, the United States refused to tighten their own sanctions. When asked about comments by Western European leaders, including French President Emmanuel Macron, that toughening sanctions will force Russia into negotiations to end the war the Kremlin stated only logic and arguments can force Russia to bargain. The recoil of a gun will be more severe the more severe the sanctions package, which we, again, consider illegal. Dmitry Peskov, Kremlin spokesperson, told state TV that this is a two-edged blade. Peskov said to state television's Pavel Zarubin that he had no doubt that the EU would continue to impose sanctions, but that Russia has built up "resistance". Vladimir Putin stated on Friday that additional EU sanctions against Russia would only hurt Europe more. He also pointed out that Russia’s economy is expected to grow at a rate of 4.3% by 2024, compared with the 0.9% growth in the euro zone. Guy Faulconbridge is responsible for reporting and editing.
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More than a third on the sinking Tuvalu are seeking climate visas from Australia
Official figures show that more than a third of the population of Tuvalu in the Pacific, which scientists predict may be submerged under rising seas due to climate change, has applied for an historic climate visa to migrate from the country to Australia. Tapugao Falefou said on Sunday that he was "amazed by the number of people who are vying for the opportunity" and that the small community is interested in learning who will be the first group of climate migrants. Tuvalu is one of the most vulnerable countries to climate change. Experts say that it's causing sea levels to rise. It has 11,000 people living on nine atolls spread across the Pacific Ocean between Australia and Hawaii. Since the Australian visa lottery applications opened in this month, 1,124 applicants have been registered. Family members bring the total number of visa seekers to 4,052 as per the bilateral climate treaty and security. Officials said that the deadline for applications is July 18. An annual visa cap of 280 visas will be implemented to prevent brain drain in Tuvalu from migration to Australia. Tuvaluans can now live, study and work in Australia with the same health and educational benefits as Australians. Falefou stated that "Moving from the Falepili union treaty to Australia will provide an additional remittance for families back home." NASA scientists predict that by 2050, the daily tides of Funafuti will submerge up to half of its main atoll, which is home to 60% Tuvalu residents. The villagers are clinging to a 20-metre strip of land (65 feet) wide. This forecast assumes that sea levels will rise by 1 metre, but the worst-case scenario would see 90% of Funafuti submerged. Tuvalu's sea level has risen 15 cm (6") in the last three decades. This is 1.5 times higher than the global average. It has constructed 7 hectares (17 acre) of artificial land and plans to build more. The island hopes that the land will remain above the tides up until 2100.
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Officials say that the Indonesian-Chinese lithium battery plant will be operational by 2026.
An Indonesian official stated on Sunday that a lithium-ion plant to be built by an Indonesian firm and China's CATL will have a capacity of 6,9 gigawatts by the end 2026. Dwi Aggia, spokesman for the energy ministry, stated that the plant will expand in order to produce electric vehicles batteries with a storage capacity up to 15 GWh. The output of this plant will be sold on both domestic and international markets. The partnership between Indonesia Battery Corp. and Contemporary Amperex Technology Co. is a part of a $6 Billion power battery project that will be signed by 2022 by Indonesian firms, including the state-miner PT Aneka Tambang Tbk and a CATL Consortium. The partnership covers nickel mining, processing and manufacturing of EV batteries and battery recycling. Speaking at the groundbreaking of the project, Indonesian Energy minister Bahlil Lahadalia said that the plant could also produce a battery type to store energy generated by solar panels. The total production capacity could be up to 40 GWh with the solar panel battery, he added, noting that discussions were ongoing with the owner of the plant. The battery plant is being built in West Java. Meanwhile, the other sub-projects are in North Maluku in Indonesia's nickel rich province in eastern Indonesia. Indonesia, which has the largest nickel reserves in the world, has set a goal to produce 600,000 electric vehicles by 2030. This would be about 13 times more than the number of EVs sold in Indonesia last. (Reporting and editing by Kim Coghill, William Mallard, and Stefanno Sulaiman)
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Saudi Arabia's net direct foreign investment fell 7% in the first quarter
Saudi Arabia's foreign direct investment (FDI), as measured by the government, fell 7% from the previous quarter to the first quarter 2025. The kingdom is still lagging behind its ambitious FDI targets. In the three-month period ending March 31, the kingdom attracted 22.2 billion riyals (5.92 billion dollars) in FDI, down from 24 billion riyals (6.40 billion dollars) in the final three months of 2024. General Authority of Statistics figures show that net FDI increased by 44% in comparison to the same period last year, when the Kingdom received 15.5 billion riyals (about $4.13 billion). The Kingdom's Vision 2030 Economic Transformation Programme, which aims at reducing the dependence of the country on oil and expanding the private sector as well as creating jobs, is built around increasing FDI. Saudi Arabia is aiming to attract $100 billion in foreign direct investment by 2030. It has spent massively on "gigaprojects" (huge development projects) and expanded sectors such as sports, tourism and entertainment. The FDI numbers are still far below the target. Sources said that when the FDI target was announced for 2021, Saudi Arabia had been viewed as a capital source rather than a place to invest. Foreign investors may find it difficult navigating the business environment of the kingdom. A recent report from the International Monetary Fund said that the kingdom will likely post a budget deficit of $27 billion in this year. This deficit will be funded largely by borrowing. Saudi Arabia is the world's largest issuer of emerging market dollar debt, according to the IMF, and its net debt of 17% of GDP makes it one of the lowest indebted countries globally. Riyadh is encouraging foreign companies to invest in the country. Saudi Arabia has been the mandatory regional headquarters for companies that want to win state contracts since 2021. The government also announced that it would update the existing investment laws in order to promote transparency and equal treatment for local and foreign investors. ($1 = 3,7504 riyals). (Reporting and editing by Kate Mayberry; Pesha Magd)
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Document reveals EU plans to add Carbon Credits to New Climate Goal
A document from the European Commission, seen by, revealed that the Commission will propose to count carbon credits purchased from other countries toward the European Union’s 2040 climate goal. On July 2, the Commission will propose a legally-binding EU climate target 2040. In the beginning, the EU executive planned to reduce net emissions by 90% compared to 1990. However, it has been more flexible in recent months, as a result of pushback from countries such as Italy, Poland, and the Czech Republic who were concerned about costs. A summary of the internal proposal by the Commission, which was seen by, stated that the EU could use "high quality international credits" to achieve 3% of its emissions reductions towards the 2040 target. The document stated that credits would be phased-in from 2036 and that EU legislation will later specify the quality and origin criteria for the credits, as well as details on how they will be purchased. This would reduce the amount of emissions reductions and investments needed from European industries to reach the 90% target. The EU would purchase "credits" for the part of the target that is met by credits from projects abroad, such as forest restoration in Brazil, rather than reducing CO2 emissions in Europe. These credits, say their supporters, are an important way to raise money for projects that reduce CO2 emissions in developing countries. Recent scandals revealed that some projects that generated credits did not achieve the claimed climate benefits. In the document, the Commission said it would add additional flexibility to the 90% goal, as Brussels tries to contain the resistance of governments who are struggling to finance the green transition along with other priorities, such as defence, and from industries that say ambitious environmental regulations harm their competitiveness. The document stated that these include the integration of credits from projects that remove carbon dioxide from the atmosphere in the EU's market for carbon credits so that European industry can purchase these credits to offset a portion of their emissions. The draft also gives countries more flexibility in which sectors of their economy will do the heavy lifting in order to reach the 2040 target, "to help achieve targets in an efficient way". Un spokesperson for the Commission declined to comment on upcoming proposals, which may still be altered before they are published next week. The EU countries, the European Parliament and the European Commission must negotiate on the final target. They could also amend what the Commission suggests. (Reporting and editing by Timothy Heritage, Kate Abnett)
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China's flood-hit Guizhou is hit by heavy rain for the second time this week
On Saturday, heavy rains again hit China's southwest Guizhou Province. The city of Rongjiang was half submerged in floodwaters for the second time this past week. Residents were forced to evacuate higher ground. Rongjiang, a city of 300,000 people located at the confluences of three rivers, was inundated by torrential rains earlier this week, which caused six deaths and forced over 80,000 residents to flee. The city average rainfall for June was twice as much rain in 72 hours. The city's flood emergency level was raised to its highest level by authorities on Saturday in response to a new round of flooding. State broadcaster CCTV reported that the benchmark hydrological station at one of the rivers predicted the maximum water level to reach 253.50 meters (832 ft), surpassing the safety threshold by two metres. The Guizhou Provincial Government said that the floods began earlier this week when the water reached a peak of 256.7 meters, which was the highest level since 1954. They blamed "the extreme weather" for the flooding. Floods in Southwest China will have a major impact on local economies. Rongjiang has been removed from the national list of poverty in 2020. The unexpected boom in tourism began after the local soccer league, nicknamed "Village Super League", became a sensation on social media and attracted thousands of tourists and fans. The soccer pitch was submerged up to 7 metres on Tuesday. China has been fighting summer flooding for millennia. But some scientists claim climate change is leading to heavier rains and more frequent floods. Chinese officials warn that massive flooding could trigger "black swans" with devastating consequences such as dam collapses. CCTV, citing Saturday's report by the Ministry of Water Resources, reported that 13 major rivers were affected by storms in southern China during the past two weeks and rose above their warning level. (Reporting and editing by Shanghai & Beijing Newsroom)
Metallurgical coal is the commodity world's quiet performer: Russell
When looking at the products utilized to make steel, iron ore collects the bulk of headings offered its strong link to the perceived health of China's economy.
But metallurgical coal is also a crucial input, and this fuel has actually silently been a top performer in the energy commodity space in current months.
Australia controls the seaborne market for metallurgical coal, accounting for over half of global volumes, and about three times the shipments of the next biggest exporter, the United States.
The price of Australian metallurgical coal, also referred to as coking coal, on the Singapore Exchange ended at $315 a. metric load on Wednesday.
The agreements, which are connected to the free-on-board price. in Australia, have actually risen 40.3% considering that the 2023 low of $224.50 a. load on July 6.
On the other hand, state-of-the-art Australian thermal coal is just 0.5%. greater than its 2023 low, while Brent petroleum has actually increased 13.4%. from its low in December, and spot liquefied natural gas is down. 2.2% from the weakest it remained in 2023.
While the price is well below the record $635 a ton reached. in March 2022 amid fears to international materials after Russia's. intrusion of Ukraine in February of that year, it's still well. above the broad $100-$ 250 range that dominated from 2018 to. mid-2021.
Unlike iron ore, which is dominated by China demolishing. more than 70% of international seaborne volumes, coking coal is a more. evenly-spread market with demand centres in both the established. nations of North Asia and the developing nations of South. Asia.
It's most likely that much of the boost in prices in coking. coal in recent years is down to increased need from India,. which has actually seen imports rise from 53.32 million lots in 2020 to. 70.49 million in 2023, according to data put together by commodity. experts Kpler.
Australia remains the greatest supplier to India, with. imports in 2023 can be found in at 41.0 million tons, down slightly. from 43.22 million the prior year.
It deserves keeping in mind that India has actually turned to Russian coking. coal because Moscow's war on Ukraine, purchasing discounted. cargoes that can no longer go to Europe since of sanctions. versus Russia.
India's imports of Russian metallurgical coal rose to 11.76. million tons in 2023, practically double the 6.07 million the. previous year and 4 times the 2.63 million from 2021.
China's imports of seaborne coking coal likewise increased in 2023,. reaching 36.8 million loads, up from 27.05 million the previous. year.
This is largely a reflection of the return of Australian. coal to China after Beijing raised its informal ban, enforced in. 2020 amid a series of political disputes with Canberra.
AUSTRALIA RECORD
Australia's exports of coking coal have been trending lower. over the last few years, mostly as an outcome of supply interruptions. brought on by bad weather condition in the main producing state of Queensland.
However, they have actually rebounded in February, with Kpler data. showing deliveries of 17.86 million lots, the second-highest on. record behind the 18.65 million from June 2019.
The strength wasn't actually a China or India story, with. Japan leading import growth in February, with Kpler assessing. arrivals at a three-month high of 4.56 million lots, of which. Australia provided 3.86 million.
South Korea likewise saw higher imports in February, with. arrivals of 3.45 million lots, the most given that November 2021,. according to Kpler.
The total picture that emerges for seaborne coking coal is. one where need in Asia is recuperating, with Kpler information revealing. imports by the area increased for a 3rd straight month in. February, most likely reaching 19.8 million loads, up from 19.46. million in January and the best month since October.
The longer-term outlook is more nuanced, provided efforts to. minimize carbon emissions in the steel sector.
BHP Group, the world's largest carrier of. metallurgical coal, thinks the marketplace has years of life left. in it as the options to using coal to make steel are either. not competitive on an expense basis or not likely to emerge at scale. for decades.
The company also alerted in its outcomes presentation. today that investment in brand-new mines is less attractive,. particularly in Queensland where the state federal government enforced. sharply higher royalties in July 2022.
While it is to be anticipated that a company will rail versus. higher taxes, the trick for BHP is to invest to keep production. high enough to fulfill need, however low enough to also keep prices. strong, however not so low that the Queensland federal government follows. through on its risk to remove the business of its mining. licences ought to it not invest sufficiently.
The opinions revealed here are those of the author, a columnist. .
(source: Reuters)