Latest News
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Flood risk threatens Swiss valley after glacier destroys village
The lake of water that was trapped behind the glacial debris which buried an entire village in southern Switzerland and blocked a river this week, has caused fears of floods in the Alpine Valley. On Wednesday, millions of cubic metres of ice and rock, as well as mud, crashed down the mountain, flooding Blatten. Later, the few houses that were still intact were flooded. After a part of the mountain that lies behind the Birch Glacier started to crumble, 300 village residents were already evacuated. The search for a 64-year old man has been suspended due to difficult conditions. The flooding increased on Thursday, as a mound of debris measuring almost 2 km (1,2 miles) wide clogged up the River Lonza. A lake formed among the wreckage. This caused fears that the morass might dislodge, leading to more evacuations. Local authorities warned residents of Gampel and Steg - two neighbouring, lower-lying communities a few kilometres downstream along the Lonza – to be prepared for an emergency evacuation. Swiss officials reported that some water from the accumulation had found its way to the river by Friday afternoon. It was able to run through the debris, and back into the river, without increasing the level of danger. Local official Christian Studer said at a press briefing that authorities are sticking to the safety measures implemented on Thursday, and they do not expect things to get worse. Once conditions permit, the army will be ready with heavy equipment such as water pumps, diggers, and other heavy machinery to relieve the pressure on the Lonza River, which is a tributary to the Rhone. Scientists suspect that the event is a dramatic illustration of climate change's impact in the Alps. Swiss Insurance Association stated that the damage was likely to be several hundred millions Swiss Francs and it is too early to give a more accurate estimate. In a press release, the Swiss Insurance Association said it was not clear how many homes were insured in Blatten. (Reporting and editing by Lincoln Feast, Gareth Jones, and Oliver Hirt)
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Botswana ODC will start selling diamonds under contract in September
Mmetla Msire, the managing director of Botswana’s Okavango Diamond Company, said that it plans to begin contract gem sales in September. This is part of a new marketing agreement with De Beers, which will diversify its sales channels. ODC's allocation in Debswana, its joint venture 50-50 with De Beers, was increased from 25% to 30% under the new agreement. It aims to sell around 40% of its supplies through contracts. The balance will be sold through auctions and strategic partners, as well as Botswana companies. ODC currently sells a majority of its diamonds through online auctions. These are typically held 10 to 12 times per year. ODC, like De Beers which sells 90% of its diamonds via contracts to selected buyers (also called sightholders), will also now sell to contracted purchasers. In an interview, Masire said that the previous agreement contained a clause prohibiting us from competing directly with De Beers in contract sales. He added that the process of selecting purchasers has begun, and contracts are expected to be issued in September. According to the new 10-year agreement with De Beers, signed in February this year, ODC’s allocation of Debswana production will reach 40% by the end of the deal, with the option of an additional 50% increase during a proposed 5-year extension period. Masire stated that the global diamond market was currently experiencing a downturn, marked by a decline in demand and an excess of supply. However, he said there are signs of a "slow but sustained recovery". Masire stated that the global market was still fragile and the U.S. Tariffs had added uncertainty. However, there are signs of improvement as China and India appear to be picking up, as well as China. Due to the recession, ODC's revenues in 2024 were approximately 60% lower than the levels of the prior year. (Reporting by Brian Benza. (Editing by Nelson Banya, Mark Potter and Mark Potter).
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Report: Global crises disrupt efforts to get millions of people to stop smoking
A report released by 57 advocacy groups on Friday said that the COVID-19 pandemic combined with climate change and wars has hampered global governments' plans for reducing tobacco use. This has stalled efforts to get 95 million people to quit smoking. As part of a plan to achieve global sustainable development goals, governments had hoped to reduce the smoking rate among adults over 15 years old by 30% from 2010 to 2025. The timeline for achieving the goal has been extended by five extra years in 2024, as other priorities have pushed countries away from implementing the World Health Organization tobacco control treaty signed by 168 nations. The report was submitted to the U.N. Economic and Social Council which oversees sustainable development globally. The report states that while governments have reduced the number of smokers globally, they failed to reach the 30% reduction goal. This means 1,207.800,000. people still smoke worldwide, rather than the target of 1.112,400,000. The report, published by Action on Smoking and Health Canada and supported by Cancer Research UK, Campaign for Tobacco Free Kids and others, warned that delays could lead to millions of deaths due to tobacco use. The U.N. acknowledged that the lack of funding, geopolitical tensions, and pandemic-related disruptions had pushed the world away from most of the 17 broad-ranging Sustainable Development Goals. These goals include reducing poverty and hunger, and increasing access to healthcare and educational opportunities. The groups who endorsed ASH Canada’s report urged the government to redouble its efforts in tobacco control policies, such as tax increases or smoking bans.
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Thyssenkrupp puts 20,000 jobs in danger during overhaul, union says
A senior official at Germany's IG Metall union said that a fifth or more of the jobs at Thyssenkrupp are at risk. This is in response to recent plans by the conglomerate to become a holding company. Thyssenkrupp announced on Monday that it will pursue plans to divest minority stakes in at least three of its five business divisions. The other two, submarines and steel, are already being spun off, or partially divested. The plans could result in the loss of more than 20,000 jobs, Juergen Kerner told Sueddeutsche Zeitung. Thyssenkrupp announced that it would cut or outsource as many as 11,000 jobs in its steel division TKSE. It also plans to cut around 1,800 positions at its automotive unit. Kerner stated that the supervisory board of Thyssenkrupp will meet in June and approve the spin-off plan for the group's submarine and warship division TKMS. This is expected to happen later this year. Kerner then turned his attention to the steel industry, criticizing Czech billionaire Daniel Kretinsky who, last year, bought a stake of 20% in TKSE. He is now in negotiations to buy another 30%, contingent on a deal to reduce jobs with workers. Kerner stated that he now considered Kretinsky to be less and less the right buyer. He added that the billionaire had refused to share his plans for more than an year. (Written by Friederike Hiene and Christoph Steitz, edited by Matthias Williams and Susan Fenton).
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Panama claims that the maintenance plan for First Quantum Copper Mine is not a re-start
A top trade official announced on Friday that Panama had approved First Quantum Minerals’ maintenance plan for the closed copper mine. However, the site was not restarted. The Trade and Industry Minister Julio Molto stated that the plan includes environmental safety measures which are necessary after the abrupt shutdown by government order of the previous administration in late 2023. The mine will not be reopened. Molto said at a press briefing that we are authorizing the implementation the care and safety management plan in order to protect the environment. He did not mention the cost of the plan or the expected timeframe. Molto said that officials from the Environment Ministry and the government would be monitoring the process to make sure that the copper stockpiles could eventually ship. According to him, experts believe that the process could take between three and six months, taking into account environmental measures. Molto stated that "supervision will be conducted to ensure this material can extracted and processed as best as possible so that it may then be exported." Canadian First Quantum said that it would be launching in March. арука - The mine is currently under investigation, with the aim of restarting talks with the Panamanian government about the future use of the site. The closing of the Cobre Panama copper mine, which contributed 1% to the global production of copper, has affected both Panama and the company's prospects. Reporting by Elida Moreno, Writing by Daina Solomon; Editing and proofreading by Aida Pelaez-Fernandez
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Inflation data ahead of the stock market's best month since 2023
The dollar flirted with its first annual rise on Friday, as traders awaited key U.S. data on inflation and Washington's latest fluttering about tariffs. Investors have tried to ride the roller coaster of news this week after a U.S. federal appeals court temporarily restored tariffs that were temporarily blocked by a U.S. district court. The initial decline in European stock prices on Friday was followed by gains of 0.3% to 0.8% despite this. Unexpected dip Mixed results in German retail sales Inflation numbers Wall Street futures fell ahead of the PCE inflation data, which is due to be released before the opening bell. The main MSCI world index has risen over 5% in the last month, while the dollar is tantalizingly near to its first month of positive growth since 2025. The benchmark 10-year U.S. Treasury rates, which are a proxy of U.S. borrowing cost, rose again in European trading after falling following soft economic data on Thursday and a strong 7-year bond sale. Investors were also alarmed by a provision that was not widely publicized in Trump's proposed budget. This would have allowed the government to tax foreign investments up to 20 percent. Elias Haddad, a Brown Brothers Harriman strategy, said that the foreign tax provision of the One Big Beautiful Bill Act was alarming. He added that the uncertainty increased the risk of stagflation where the inflation remains high but the economic growth stagnates. The Federal Reserve's preferred inflation indicator, Personal Consumption Expenditure data (PCE), is due to be released at 8:30 a.m. ET. This could influence bets about whether or not the U.S. will cut interest rates again this year. Trump invited Fed Chair Jerome Powell for their first face to face meeting since taking office in January. He told Powell that he had made a mistake by not lowering the interest rates. The Fed has responded with a Statement Its decisions "will be based on the latest economic data". OPTIMISM EMERGING The oil prices are on course for a second successive weekly decline on expectations of a further OPEC+ production hike. However, they were still up on the day as well as for the entire month. Nikkei sank overnight, after a near 2% rise the day before. Investors were also worried about Japan's high debt levels in the wake of a disappointing 40-year bond sale this week and tariffs. The yen gained as much as 2 percent from its Thursday low and was trading at less than 144 dollars per yen in London. The euro and the pound both fell 0.3% and 0.1% to $1.13 and $1.3 respectively. Hong Kong's Hang Seng fell 1.2% in Asia. Apple suppliers were also hit by the U.S. reversal of tariffs. Blue chips on the mainland also fell 0.5%, despite both posting solid gains for the month. Korean stocks performed even better than the world index, achieving their best month in November 2023. In the meantime, an index that tracks emerging market currencies has gained 2% in a month. This is the best performance since November 2023. Gold prices on the rise have helped Ghana cedi to rocket by nearly 40% in this month. Rodrigo Catril is a senior FX Strategist at National Australia Bank. He said that Trump's trade agenda was still alive and well, but the legal battle added yet another layer to uncertainty. He said, "The only thing more certain than more uncertainty is more certainty." The Trump administration has said that despite the courtroom dramas, negotiations with the top trading partners are continuing apace. Treasury Secretary Scott Bessent told Fox News in an interview that he would be meeting with a high level Japanese delegation on Friday evening in Washington. However, he admitted that talks with China had "a little stalled".
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Miner Vale missed deadline for expansion of Brazil Nickel complex
After missing the deadline for confirming the bid, Brazilian power grid operator ONS denied Vale's request that it increase electricity consumption at its northern Onca Puma Nickel complex. Vale is preparing to launch a second Onca Puma furnace, a $555-million expansion that will help boost nickel production for the miner in the coming years. Vale said that it would still operate the new furnace, despite being denied the request. From around 160,000 tons of nickel last year, the miner aims to increase its global production to 250,000 tons by 2030. The second Onca Puma furnace is expected to increase annual production by 15,200 tons. ONS documents seen showed Vale asking for an increase in power consumption to 200 megawatts by the beginning of this year. ONS has issued documents over the last year attesting the viability and increase in power consumption at Onca Puma. However, ONS stated that Vale failed to sign the contract by the deadline. Vale submitted a new request to ONS in February. Vale asked for an increase in power consumption at Onca Puma that would begin in June. The national grid operator denied the request saying that the extra power was allocated to a different project in their pipeline. Vale said it was evaluating "technical options" with ONS in order to get its request for Onca Puma expanded approved. The miner expects the matter to be resolved soon. Onca Puma's nominal nickel production capacity is around 27,000 tonnes per year. Vale's nickel production was around 10% at the Onca Puma complex last year. Reporting by Leticia fucuchima from Sao Paulo, and Marta Nogueira from Rio de Janeiro. Editing by Sarah Morland & Chris Reese
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Russia will provide support to the coal industry
The Russian government announced on Friday that it has agreed to support a struggling coal industry by deferring taxes and limiting bonuses and dividends to the top management. Russian coal producers are facing a number challenges, such as international sanctions in relation to Ukraine. According to the Russian government, coal exports dropped by almost 8% last year to 213 millions tonnes, but production increased 1.3% to reach 438 million tons. In 2022, the European Union, who previously relied on Russia to provide around 45% its coal imports for their own use, will ban supplies from Russia. According to the government's measures, Russian coal firms will be granted deferrals of mineral extraction taxes (MET) as well as insurance contributions until 1 December 2025. According to the government, debt-ridden companies may be able to restructure their debts, while taking into consideration the Central Bank of Russia's position. According to NEFT Research, Russia's coal imports are declining because of international sanctions and rising transportation costs. The data cited by the energy ministry showed that, since 2022, the Russian coal industry has lost 1.2 trillion Russian roubles (15 billion dollars) due to sanctions. This includes the loss of lucrative European markets and the difficulty in receiving payment for supplies.
Sources say that OPEC+ will meet on Saturday in order to decide the output policy for June.
Two sources familiar with the situation said on Friday that eight OPEC+ nations will meet on July 7 to decide whether they want to increase oil production by a greater amount or if they prefer to do it at a slower pace.
Originally, the meeting was scheduled for Monday. The reason for the early start was not immediately apparent.
Saudi Arabia demanded a higher-than-planned increase in output from the eight member countries for May. This decision helped to lower oil prices below $60 per barrel, reaching a four-year low.
The group now expects to increase output by 411,000 barrels a day (bpd), which is three times higher than the level agreed on in December.
Sources claim that Riyadh is angry with Kazakhstan and Iraq for producing more than their OPEC+ target.
The price of oil fell below $60 per barrel this week, in part due to reports that Saudi officials were allegedly involved with the theft.
Allies and analysts said that the country could live with lower oil costs for a longer period of time.
Last month, sources said that some members of the group wanted to see another accelerated increase for June.
OPEC+ (which includes the Organization of the Petroleum Exporting Countries, as well as allies like Russia) is currently reducing output by more than 5 million bpd.
The group intends to hold a full-ministerial meeting on 28 May.
Helima Croft, RBC Capital Markets, said: "While we believe the situation is fluid... we see a good case for not implementing another triple-decker hike next month. Instead we would stick more closely to the December taper timeline given the current market dynamics."
She added, "We certainly don't rule out another plot turn from the producer group."
(source: Reuters)