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Fortescue, Australia's largest iron ore producer, reports its lowest annual profit in six years due to lower iron ore price
Fortescue, an Australian company, reported on Tuesday its lowest full-year profit for six years. The results met analyst expectations and the dividend was maintained. Fortescue also reaffirmed its commitment to renewable energy following a refocus of its growth strategy. According to the fourth largest iron ore mining company in the world, net profit attributable after taxes was $3.37 billion during the year ending June 30. This is down from $5.68billion a year earlier. This compares to the average analyst estimate of $3.43billion, according data compiled by LSEG. Fortescue has had its worst performance since fiscal 2019. Fortescue has been pushing hard for green hydrogen over the last few years. Last month, it halted two projects in Arizona & Australia because of higher than expected production costs. Fortescue’s new CEO for green energy, growth and innovation, however, has reaffirmed the company’s commitment to renewable energy, and in particular, green hydrogen. Gus Pichot, CEO of Fortescue Growth and Energy, said that the company would continue to explore global opportunities for metals, critical mineral, energy and technologies. Green energy and green hydrogen are key to Fortescue's future. We will also continue to develop new green technologies in order to accelerate the decarbonisation of Fortescue as well as other companies. Fortescue intends to produce green-iron using hydrogen in its Western Australian operations by the end of this year. The Perth-based mining company declared a final A$0.60 dividend per share. This brings its dividend for the full year to A$1.10 each. The dividend payout ratio of 65% of profit matched the fiscal year 2023. This was the lowest payout in years.
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The US dollar rises after the stock market's Friday jump
The dollar rose on Monday, after major stock indexes had gained on Friday. Powell said that a rate cut in September was "likely but not certain" and the dollar declined. Dollar fell after Powell's remarks made at the annual Fed symposium in Jackson Hole Wyoming. U.S. Treasury rates were higher on Monday. Barclays BNP Paribas, Deutsche Bank and other major brokerages now expect the Fed to cut rates by 25 basis points in September. Fed funds futures are pricing 84% odds that a rate cut will occur in September, according to CME Group's FedWatch Tool. On Friday, there was much excitement about Powell indicating there might be a rate reduction. Peter Cardillo is the chief market economist of Spartan Capital Securities, New York. "I believe that we will see a rate reduction, but it won't be by more than 25 basis point, and much depends on the PCE price index this Friday." The Fed could still be influenced by data for August that is due to arrive before its meeting on September 16-17. Fed's preferred measure of inflation is the U.S. consumer prices reading due Friday. The fact that U.S. producer prices were higher than expected last month has raised questions about the certainty of any cut. Investors will also be eager to hear the results of AI chipmaker Nvidia, which are due on Wednesday. The Dow Jones Industrial Average dropped 349.27, or 0.7%, to 45.282.47. The S&P 500 declined 27.59, or 0.4%, to 6,439.32. And the Nasdaq Composite was down 47.24, or 0.22% to 21,449.29. Nvidia was the last company in the S&P 500 to release its most recent quarterly report. The overall results have been better than expected, and this has helped support the stock market. According to LSEG, the estimated growth in earnings for S&P 500 from one year ago was 12.9% on Friday. This is a sharp increase over 5.8% at July 1. The MSCI index of global stocks fell by 2.33 points or 0.24% to 952.96. The pan-European STOXX 600 fell by 0.44%. U.S. beverage giant Keurig Dr Pepper will create a global coffee company to compete with market leader Nestle by acquiring JDE Peet’s for $18 billion. This is Europe's biggest acquisition in over two years. London's markets were closed on Monday for a holiday. This lowered the overall trading volume in Europe. Donald Trump, the U.S. president, said Monday that he would like to meet North Korean leader Kim Jong Un in this year. He also stated that he is open to more trade discussions with South Korea despite criticizing the Asian ally. The Korean won has weakened by 0.5% in relation to the dollar. The dollar index (which measures the greenback in relation to a basket of currencies) rose by 0.56%, while the euro fell 0.79%, at $1.1623. The dollar gained 0.5% against the Japanese yen to reach 147.67. As traders prepare for the auctions, U.S. Treasury rates also increased. Treasury will be selling short- and intermediate dated debt this coming week. The yield on the benchmark U.S. 10 year notes increased 1.9 basis points, to 4.277%. Euro zone bond yields rose earlier, too, after falling late on Friday. The oil prices continued to rise as traders awaited more U.S. sanction on Russian oil, and Ukrainian attacks against Russian energy infrastructure which could disrupt supply. U.S. crude oil futures rose $1.14, settling at $64.80 per barrel. Brent futures increased $1.07, settling at $68.80. Spot gold dropped 0.21% to $3364.47 per ounce.
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Bill Gates' TerraPower Utah explores nuclear reactor sites amid surge in power demand
On Monday, the Utah Office of Energy Development signed an agreement with TerraPower and Flagship Companies to explore possible sites for an energy storage facility and a nuclear reactor. This is in response to an escalating demand for electricity. The parties expect to present recommendations by the end the year. After decades of stagnation in the U.S., nuclear power is experiencing an resurgence. This is due to the record demand for data centers that are used by artificial intelligence technologies as well as electrification in industries like transportation and manufacturing. In a joint statement, the companies stated that the agreement supports Utah Governor Spencer J. Cox’s Operation Gigawatt. This is a strategic initiative to create an energy eco-system for Utah and Western U.S.A. In late May, President Donald Trump issued executive orders directing the U.S. Nuclear Regulatory Commission (NRC) to reduce regulations and expedite new licenses for power plants and reactors. TerraPower raised $650m in June from Bill Gates, the founder of Nvidia and its venture capital arm. It expects regulatory approval next year for their $4bn nuclear reactor. The $4 billion Natrium nuclear plant is located on the former site of a coal-fired power station in Wyoming. TerraPower, based in Bellevue (Washington), has developed an advanced nuclear reactor using liquid sodium instead of water as a cooling agent. In a statement, the company stated that the Natrium reactor is able to use significantly less water compared to the existing light water reactor fleet, and small modular designs. This makes it ideally suited for regions with water shortages. (Reporting and editing by Alan Barona in Bengaluru, Pooja menon from Bengaluru)
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Chile regulator sets bar for restarting zones closed by Codelco mine failure
According to a document obtained by on Monday, Chile's mining regulator Sernageomin added conditions for Codelco in order to restart affected areas after a fatal collapse occurred at its El Teniente Copper Mine in July. According to a Sernageomin report, the regulator will require a plan of follow-up and surveillance for stability and safety in mining operations at all underground mines of Codelco’s El Teniente. Codelco announced this weekend that it had received permission from Sernageomin for its Andes Norte section and Diamante section of El Teniente to be restarted. However, the document detailing the approval obtained by revealed increased requirements for the sectors still closed by the collapse. Sernageomin already requested an analysis of possible causes and control measure report to prevent future incidents. They also requested a plan for mine recovery and repairs, as well as technical reports assessing current fortification systems and making improvements. Codelco is the largest copper producer in the world. Cut its copper forecast This year, due to the impact caused by the accident that killed six workers. As part of the investigation, the collapse affected primarily the new Andesita project, although Andes Norte which had already begun extracting and Diamante also were halted. (Reporting and writing by Fabian Cambero, Editing by Kylie Madry; Alexander Villegas)
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The US dollar gains after Friday's gains and stocks mostly fall.
The dollar rose on Monday, after the major stock indexes had gained on Friday. Federal Reserve chair Jerome Powell said that a rate cut in September was probable but not certain. Last week, the dollar dropped following Powell's comments at Jackson Hole. On Monday, U.S. Treasury rates were higher. Barclays BNP Paribas, Deutsche Bank and other major brokerages now expect the Fed to cut rates by 25 basis points in September. Fed funds futures trader's are pricing in an 84% chance of a cut for September, according to CME Group’s FedWatch Tool. On Friday, there was much excitement about Powell essentially indicating that a rate reduction would be likely. Peter Cardillo is the chief market economist of Spartan Capital Securities, a New York-based brokerage. He believes that the market has overreacted. "I believe that we will see a rate reduction, but it won't be by more than 25 basis point, and much depends on the PCE price index this Friday." The Fed could still change its policy based on data for August that is due before their meeting of September 16-17. Fed's preferred measure of inflation is the U.S. consumer prices reading due Friday. The dollar index (which measures the greenback in relation to a basket of currencies) rose by 0.58%, reaching 98.41. Meanwhile, the euro fell 0.79%, at $1.1622. The dollar gained 0.57% against the Japanese yen to reach 147.78. The Dow Jones Industrial Average dropped 284.09 points or 0.62% to 45,346.99. The S&P 500 declined 11.38 points or 0.18% to 6,455.26. And the Nasdaq Composite rose by 20.31 points or 0.09% to 21,515.66. Investors will also be eager to hear the results of Nvidia on Wednesday. The MSCI index of global stocks fell by 1.70 points or 0.18% to 953.59. The pan-European STOXX 600 fell by 0.44%. London's markets were closed due to a holiday. This lowered the overall trading volume in Europe. Sources told the weekend that they expect the European Central Bank to keep rates unchanged in September. If the economy continues to weaken, discussions about future cuts could resume in the fall. Donald Trump, the U.S. president, criticized South Korea only hours before Monday's summit with its new leader Lee Jae Myung. Both countries are involved in low-level discussions about trade, nuclear energy and military expenditure. The Korean won has weakened by 0.43% in relation to the dollar. As traders prepare for the auctions scheduled this week, U.S. Treasury rates also increased. The yield on the benchmark 10-year U.S. notes increased 1.3 basis points, to 4.271%. Euro zone bond yields rose earlier, too, after falling on Friday. As Russia and Ukraine's peace talks drag on, oil prices rose. U.S. crude oil futures rose by $1.14, to settle at $64.80 per barrel. Brent futures gained an additional $1.07 for a total of $68.80. Spot gold dropped 0.02%, to $3371.39 per ounce. Caroline Valetkevitch reported from New York, Nell Mackenzie contributed additional reporting in London and Andrew Heavens edited the article.
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US Interior Department adds copper to Critical Minerals List
Copper and potash, among other minerals, were added to the list of critical minerals for 2025 by the U.S. because they are important to national security and the economy. The Geological Survey (a branch of the U.S. Department of Interior) released the draft list to the Federal Register for public comments for 30 days. According to the Bipartisan policy center, inclusion on the list can make projects more eligible for federal funding or subject to a simplified permitting process. It may also make them more competitive because of fees placed on imported goods. Copper is used widely in transportation, defence, and in the U.S. Power Grid, which requires a revamp as the demand for electricity has increased due to the growth of data centers and artificial Intelligence. Potash, a potassium-rich sodium salt, is used primarily to make fertilizer. Silver, lead and silicon have also been added to the list. The draft list is a roadmap for reducing U.S. dependency on imports, and expanding domestic production. Secretary of the Interior Doug Burgum said. The Interior Department was directed by the executive orders signed this year by President Donald Trump to determine whether met coal (coal used to make steel), also known as coal for making steel, and uranium - the fuel in nuclear power plants - should be included on the list. Interior Department said that met coal and nuclear fuel uranium were not included in the draft list but welcomed public comments on their inclusion on the final one.
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IMF expects Panama's GDP to grow 4.5% in 2019 as a result of the copper mine closure
The International Monetary Fund executive board stated on Monday that Panama's economy will grow this year, as the effects of the closure of First Quantum Minerals Cobre Panama Copper Mine in late 2023 fade and the non-mining sector continues to grow. Why it is important Panama's economy has recovered after the Cobre Panama Mine, the largest open-pit copper deposit in the world, was closed down in 2023 due to protests by local residents about tax contributions and environmental impact. By the Numbers IMF predicts that Panama's economy will grow by 4.5% in 2025, and continue to grow at 4% per year through 2030. Comparing the economy of Central American countries The growth rate is expected to be 2.9% by 2024. KEY QUOTES The IMF stated in a press release that "the economy is recovering" from the effects of the Cobre Panama mine closing. The report said that the economy of the country "is expected continue to recover, but there are significant downside risks as well as a high level of uncertainty." IMF said that a plan to reduce spending approved by the Cabinet, if implemented fully, could help the government reach its fiscal goal of 2025. CONTEXT First Quantum and Panama both suffered financial losses due to the closure of Cobre Panama. The company had contributed 1% of global copper production. Panama, which was one of the fastest-growing economies worldwide in the past decade, experienced a slowdown in its gross domestic product (GDP) growth in 2024, compared to the 7.4% increase in the year before, due to the closure of the copper mine and the decline in air transport. Reporting by Diego Ore and Natalia Siniawski; Editing by Daina-Beth Solomon, Aida-Pelaez Fernandez, and Chris Reese
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Zimbabwe brings back maize import ban after bumper harvest
A senior official in the agriculture ministry said that Zimbabwe had brought back its ban on maize exports to support local farmers. The country has also grown enough this year to provide its millers with a bumper crop, the official added. The improved rainfall has increased production and reversed the sharp decline that occurred last year, when El Nino caused a drought in Zimbabwe which forced it to import maize, including GM varieties. "We evaluate the situation daily. Obert Jiri is the Permanent Secretary of Agriculture at the Ministry of Agriculture. Zimbabwe's maize consumption, which is around 1.8 million tons per year, fell to 800,000 tons in 2023/24, from 2.3 millions metric tonnes two years before. The crisis led the government of southern Africa to temporarily lift import restrictions in order to alleviate food shortages. Jiri stated that the recovery this year, coupled with the state's support programmes, such as the Pfumvudza Smallholder Scheme, has left the nation with enough stock. Independent analyst Paul Chidziva warned Zimbabwe's agriculture sector, which employs 70% of the country's population, remains vulnerable to extreme weather events and droughts exacerbated by climate changes. The government promotes drought-tolerant plants such as millet and sorghum. Jiri stated that the current surplus presents a rare chance to strengthen food security and reduce dependence on imports. Zimbabwe spent $300,000,000 in hard currency to import maize in 2020, as droughts had left over half of the population hungry. (Editing by Sfundo Parakozov & Andrew Heavens).
QUOTES-Reactions to the death of Iran's president in a helicopter crash
Iranian President Ebrahim Raisi, a. hardliner long seen as a possible successor to Supreme Leader. Ayatollah Ali Khamenei, was killed in a helicopter crash in. mountainous surface near the Azerbaijan border, officials and. state media stated on Monday. The helicopter was likewise carrying Foreign Minister Hossein. Amirabdollahian and 6 other travelers and crew, all of whom. perished.
Here are responses to the news:
SAUDI ARABIA'S KING SALMAN BIN ABDULAZIZ AND CROWN PRINCE. MOHAMMED BIN SALMAN
They used acknowledgements to the acting head of the executive. authority, Mohammad Mokhber, on the death of Ibrahim Raisi,. president of the Islamic Republic of Iran, and his buddies.
MARYAM RAJAVI, PRESIDENT-ELECT OF PARIS-BASED NATIONAL. COUNCIL OF RESISTANCE OF IRAN OPPOSITION GROUP, IN A DECLARATION:
This represents a monumental and permanent tactical blow. to the mullahs' Supreme Leader Ali Khamenei and the whole. program, well-known for its executions and massacres.
It will trigger a series of consequences and crises within. theocratic tyranny, which will spur defiant youths into. action.
Menstruation of mothers and those seeking justice for the. performed, along with the damnation of the Iranian people and. history, mark the tradition of Ebrahim Raisi, the well-known. wrongdoer of the 1988 massacre of political detainees.
AFGHANISTAN'S ACTING PRIME MINISTER MULLAH MOHAMMAD HASSAN. AKHUND:
We share in the sorrow of the Islamic Republic of Iran and. its people and extend our condolences to all the households of the. victims, the country, and the federal government of Iran.
In these difficult times, we stand alongside the people of. Iran and pray for forgiveness for all the victims of this. occurrence and for persistence for their families.
CHINA'S FOREIGN MINISTRY REPRESENTATIVE
President Xi Jinping has already sent out a direct message to. Iran's very first vice president, Mohammad Mokhber.
Xi stated President Raisi made essential contributions towards. Iran's security and stability, and towards establishing the. extensive tactical partnership in between China and Iran.
PALESTINIAN PRESIDENT MAHMOUD ABBAS, IN A DECLARATION:
We extend our sincere acknowledgements and compassion to the. brotherly Iranian people for the death of the late President. Ibrahim Raisi and the Foreign Minister, hoping to Almighty God. to bestow His vast grace upon the departed Iranian President and. the others, and to grant persistence and solace to their households,. affirming the uniformity of the State of Palestine and its. individuals with the Iranian leadership and individuals in this terrific. affliction.
PAKISTAN PRIME MINISTER SHEHBAZ SHARIF, ON X:
The fantastic Iranian country will overcome this disaster with. popular guts.
Pakistan will observe a day of mourning and the flag will. fly at half mast as a mark of regard for President Raisi and. his buddies and in uniformity with brotherly Iran.
INDIAN PRIME MINISTER NARENDRA MODI ON X:
Deeply saddened and surprised by the tragic demise of Dr. Seyed Ebrahim Raisi, president of the Islamic Republic of Iran. His contribution to strengthening India-Iran bilateral. relationship will always be remembered.
My genuine acknowledgements to his family and the people of. Iran. India stands with Iran in this time of sorrow.
RUSSIAN PRESIDENT VLADIMIR PUTIN:
Seyed Ebrahim Raisi was an impressive political leader whose. entire life was devoted to serving the Motherland.
As a true pal of Russia, he made an indispensable personal. contribution to the development of excellent neighbourly relations. between our nations and made great efforts to bring them to. the level of tactical collaboration.
OPEC SECRETARY GENERAL HE HAITHAM AL GHAIS:
In these difficult times, on behalf of myself and all the. personnel at the OPEC Secretariat, I extend my acknowledgements and. compassion to the renowned leadership and individuals of the Islamic. Republic of Iran and the households of HE President Raisi and. other authorities.
TURKISH PRESIDENT TAYYIP ERDOGAN, ON X:
As a coworker who personally witnessed his efforts for the. peace of the Iranian individuals and our area during his time in. power, I remember Mr. Raisi with respect and gratitude.
LEADER OF YEMEN'S HOUTHIS ABDUL MALIK AL-HOUTHI:
It is with fantastic regret and grief that we got the. news of the regrettable occurrence of the President of the Islamic. Republic, Mr. Ibrahim Raisi, the Minister of Foreign Affairs,. Dr. Hussein Amir Abdullahian, and their buddies.
THE PALESTINIAN IRANIAN-BACKED ISLAMIC JIHAD GROUP:
The martyrdom of the President and his Foreign Minister is. a great loss for the Islamic Republic.. It stated his loss was a fantastic one for the Palestinian people in. these hard circumstances, as they played a popular and. clear function in supporting and helping the struggle of the. Palestinian people.
NECHIRVAN BARZANI, PRESIDENT OF THE IRAQI KURDISTAN REGION:
The death of President Raisi is a tremendous disaster and a. extensive loss for the Islamic Republic of Iran, its individuals, and. its good friends.
Nevertheless, we have faith that the honorable people of Iran. and the Islamic Republic will overcome this enormous loss. May. God Almighty supply help and security to all, and may. the memory of the left be blessed.
ARAB LEAGUE CHIEF AHMED ABOUL GHEIT, IN A STATEMENT:
We pray to God to shower them with mercy and forgiveness. and to influence their households with patience and solace.
SUDAN'S SOVEREIGN COUNCIL HEAD ABDEL FATTAH AL-BURHAN, IN A. DECLARATION:
While the President of the Sovereign Council extends his. sincere condolences and sympathy to the friendly Iranian people,. he prays to God Almighty that he may have mercy on the President. and his companions, and grant their households patience and. solace, revealing the uniformity of the Government of Sudan and. its people with the management and the Iranian people in this. fantastic loss.
MALAYSIAN PRIME MINISTER ANWAR IBRAHIM, ON FACEBOOK:
President Raisi exhibited a deep dedication to the. welfare of his individuals and the self-respect of his country, which. represents a happy and abundant civilisation rooted in the. concepts of Islam.
His devotion to justice, peace, and the uplift of the. ummah was genuinely inspiring.
ITALIAN PRIME MINISTER GEORGIA MELONI ON BROADCASTER CHANNEL. 5 TV:
I see in these hours that the Iranian authorities are. crediting the thesis of the mishap and not conspiracy. theories.
I do not see any changes in the internal order in Iran, we. are in consistent contact with our European and G7 allies since. we are speaking about an incident that belongs to an especially. intricate regional framework.
I hope that the future Iranian management wants to dedicate. itself to the stabilisation and pacification of the region.
CHARLES MICHEL, PRESIDENT OF THE EUROPEAN COUNCIL, ON X:
The European Union expresses its sincere condolences for. the death of President Raisi and Foreign Minister Abdollahian,. in addition to other members of their delegation and crew in a. helicopter mishap. Our thoughts go to the families.
JAPAN'S GOVERNMENT REPRESENTATIVE YOSHIMASA HAYASHI:
Japan expresses its inmost acknowledgements to the government. and people of Iran over the death of President Raisi and the. foreign minister.
VENEZUELAN PRESIDENT NICOLAS MADURO, ON X:
... Deeply saddened to have to say goodbye to an exemplary. person, an amazing leader of the world as our brother. Ebrahim is, and will constantly be, an outstanding person,. protector of the sovereignty of his individuals and genuine. friend of our country.
From Bolivarian lands, we express our deepest condolences. to Supreme Leader Ayatollah Ali Khamenei and want divine. consolation for such a delicate loss.
EGYPTIAN PRESIDENT ABDEL FATTAH EL-SISI:
The president of the Arab Republic of Egypt ... prays that. the deceased Iranian President and the departed might rest in God. Almighty's grace, and give their households perseverance and solace,. revealing the uniformity of the Arab Republic of Egypt with the. Iranian management and people in this terrible incident.
LEBANON'S IRAN-BACKED HEZBOLLAH GROUP, IN A DECLARATION:
It applauded the struggle of the martyrs in safeguarding the. reasons for the nation and their service to Iran, getting in touch with God. to bless them with his mercy, to safeguard Khamenei, and to grant. Iran the ability to get rid of the ordeal with patience and. determination.
SRI LANKA PRESIDENT RANIL WICKREMESINGHE, ON X:
I express my deepest compassions and genuine condolences to. the bereaved households, the federal government and the people of Iran. Our ideas and prayers are with the households of President. Raisi and his entourage.
JORDAN'S KING ABDULLAH, ON X:
My deepest condolences to the bros, management,. federal government and individuals of the Islamic Republic of Iran on the. death of Sibling President Ebrahim Raisi, Foreign Minister. Bro Hossein Amir Abdullahian and those accompanying them,. may God have mercy on them all.
We stand in solidarity with our brothers in Iran in this. hard situation
UAE PRIME MINISTER SHEIKH MOHAMMED BIN RASHID AL-MAKTOUM:
Our hearts are with you in this hard time. Our prayers. are that God will cover them with His vast grace and stay them. in His large Paradise.
SYRIAN PRESIDENT BASHAR AL-ASSAD, IN A STATEMENT:
Assad affirmed Syria's uniformity with the Islamic Republic. of Iran and the households of the dead.
Assad added that Syria had actually dealt with the late president to. ensure tactical ties between Syria and Iran stayed. prosperous, remembering Raisi's crucial see to Syria as part. of enhancing ties for the benefit of both countries.
IRAQ PRIME MINISTER MOHAMMED SHIA AL-SUDANI, IN A DECLARATION:
We extend our wholehearted condolences and compassions to the. Supreme Leader of the Islamic Republic, Ali Khamenei, and to the. country of Iran, its federal government and individuals.
We reveal our uniformity with the brotherly Iranian people. and the authorities of the Islamic Republic throughout this unpleasant. disaster.
HAMAS DECLARATION:
The statement conveyed Hamas' inmost condolences ... for. this immense loss.
It praised the deceased Iranian leaders for supporting the. Palestinian cause and resistance versus Israel and expressed. self-confidence that Iran's deep-rooted organizations will allow it. to conquer the effects of this fantastic loss.
QATAR'S EMIR SHEIKH TAMIN BIN HAMAD AL-THANI, ON X:
Genuine condolences to the federal government and people of the. Islamic Republic of Iran ... asking God Almighty for grace and. forgiveness for them and for their families with patience and. solace.
We come from Allah and to Him we shall return.
(source: Reuters)