Latest News
-
Spanish court orders cleanup in Galician pig farms pollution
A court document released on Friday revealed that the top court of Spain's Galicia region in northwestern Spain has ordered authorities to eliminate pollution associated with intensive pig farming. This is a landmark case which highlights decades-long mismanagement in environmental management. Spain, Europe's biggest pork producer, has about a third its pig farms located in Galicia. The court found the right of 20,000 residents in the A Limia region to live in a healthy, clean environment violated. According to environmental groups ClientEarth, and Friends of the Earth Spain who supported the case, the ruling condemns both state and local authorities and is the first European court to address the impact of large scale livestock farming on the water sources and the human rights of residents. Campaigners claim that it could be a precedent for other communities who are suffering similar problems to seek justice and protection from the authorities. Residents of A Limia say that life is "unfeasible", due to the proliferation and intensification of intensive pig- and poultry-farms, which have brought uncontrollable odours as well as contamination by chemicals like nitrates. These chemicals seep into groundwater and reservoirs. The court found that regional authorities as well as the national water management body failed to act in spite of legal obligations. A request for comments was not immediately responded to by either the government or regional officials. The decision can be appealed to Spain's Supreme Court. The Galician court ordered the Galician regional administration and the Mino-Sil Hydrographic Confederation to take immediate action in order to eliminate the odours around the As Conchas reservoir and reduce environmental degradation. The ruling also requires authorities to provide clean, safe drinking water that is free from harmful microorganisms or chemical substances. Pablo Alvarez Veloso is the head of the As Conchas Reservoir area neighbours association. (Reporting and editing by Emma Pinedo, Aidan Lewis and Andrei Khalip)
-
HSBC has joined US banks in quitting the Climate Coalition
HSBC, the British bank, joined major U.S. banks in leaving the climate coalition as the ambitions of some governments to achieve net zero dwindled. HSBC stated that while it acknowledged the role played in the development of guiding frameworks for banks to set emission-reduction goals by the Net Zero Banking Alliance (NZBA), the foundation had now been established and the bank decided to withdraw as it prepared to update its net zero transition plan. "We are resolutely committed to supporting our clients in achieving their transition goals and making progress toward our Net Zero by 2050 goal," said an HSBC representative. This year, global peers such as JPMorgan Citi, Morgan Stanley Macquarie, and Bank of Montreal all left the group. The group was founded in 2021 with the aim of aligning the financial sector to the global goal to limit global warming. This included mobilizing more money to fund environmentally-friendly activities and setting members targets to reduce emissions related to their business. HSBC, in February, dropped a target for 2030 to reduce emissions. It blamed the slow progress toward net zero in real economy. Jeanne Martin said, "We condemn HSBC’s decision to leave NZBA. This is yet another troubling sign about the bank’s commitment to addressing climate change." The UK government is legally bound to achieve net-zero emission by 2050. HSBC Chief Sustainability Officer Julian Wentzel announced in February that the bank would adopt a "more calculated approach" when lending to fossil fuel industries, sparking fears among activists that the bank might backtrack on its climate commitments. HSBC's website states that its targets for reducing emissions in relation to its loan book will "continue to reflect the latest scientific evidence as well as credible industry-specific paths". Banks in the U.S. have been under pressure by some Republican politicians, and have been asked to testify to policymakers. They have been accused of conspiring to unfairly punish fossil fuel producers via their membership of NZBA. The Trump administration consistently takes a negative stance on global efforts to combat climate change. It has pulled out of the Paris Agreement for the second time on climate, cut development aid, encouraged an increase in fossil fuel production, and rolled back environmental regulations. The NZBA amended rules in response to legal concerns, which were then voted upon by members of the NZBA in April. A spokesperson stated that the NZBA was given strong support in this vote in order to continue to facilitate the conditions necessary for bank clients to invest in net-zero transformation. (Reporting and editing by Paul Simao, Elaine Hardcastle, and Simon Jessop)
-
Berlin gains influence over TKMS, a warship-builder as part of a planned spinoff
Documents from the company showed that Berlin had reached a preliminary deal with Thyssenkrupp in order to gain influence over its defence division TKMS. This is ahead of a planned spinoff and separate listing for later this year. Amid a robust defence technology market, the German industrial group is planning to sell 49% of TKMS in the fall, pending approval by an extraordinary general assembly on August 8. Documents show that the German government was aiming to reach a security agreement with TKMS. TKMS manufactures frigates, subs, and underwater mine-sweeping technologies. A first term sheet in this regard was signed on 7 July. Germany will have the right to approve the sale of a 25% stake or more in TKMS after the spin-off, if the agreement is finalised by September 30th. Berlin also has a right of pre-emption if Thyssenkrupp, which will own 51% of TKMS following the spin-off, sells a stake worth 5% or higher to a third-party. The German government also has the right to nominate a member of TKMS’s ten Supervisory Board. Thyssenkrupp stated that the spin-off plan of a minor stake in TKMS combines economic independence and reliability with security policy. The company stated that although the talks with the government had been constructive, they did not want to predict the outcome before the end of the discussions. (Reporting and editing by Markus Wacket, Christoph Steitz, and Louise Heavens).
-
EU sets September as target date for climate agreement
Sources familiar with Friday's discussions reported that the majority of European Union countries are in favor of a plan to reach an agreement on their new target for climate change by September. The EU is currently negotiating its new climate change goal for 2040. Last week, the Commission proposed that the target should be 90% reduction in emissions from 1990 levels. However, countries will be allowed to purchase international carbon credits to reach a limited portion of the goal. Denmark, which assumed the rotating EU presidency this month, and is leading negotiations among countries about the target, hopes to reach a deal during a ministerial summit in September, the Danish energy and climate ministry stated in a Friday statement. After a Friday meeting in Aalborg of EU climate ministers, Danish Climate Minister Lars Aagaard stated: "It's extremely important to unite the EU behind new climate goals...We have a very short window to wrap up these negotiations." Three sources said that the majority of EU member states backed the idea to reach a deal in September on the climate goal for 2040. Sources said that a few countries, such as Poland, Hungary, and the Czech Republic were against a deal to be fast tracked, while others wanted changes made to the Commission proposal. This is not something we should take lightly. It affects the entire economy. "Working under such time pressure just isn't reasonable", Polish deputy climate minister Krzysztof Blesta said, about the proposed deadline of September. Both the Czech Republic and Hungary's EU representatives confirmed that their governments are against the deadline of September. The climate change has caused Europe to become the fastest-warming continental in the world, causing deadly heatwaves. The 2040 goal has caused political tensions about how ambitious we should be to combat climate change. This is at a moment when Europe is raising its defence spending and trying to support struggling industries. In an attempt to win over governments that are sceptical, the Commission has proposed flexibility measures which would allow European companies to achieve the 90 percent emissions target. Bolesta stated that countries raised concerns at the Friday meeting, including lack of clarity about how these flexibility would work. The EU has a deadline of mid-September to submit to the U.N., a new climate target for 2035 - a goal that the Commission says should be derived directly from the U.N.'s 2040 target. (Reporting and editing by Alex Richardson; Stine Jacobsen and Kate Abnett)
-
Trump visits Texas flood site amid intensified focus on disaster response
Donald Trump, the U.S. president, left on Friday for a trip in central Texas to assess the damage caused by flash floods that occurred on July 4, which killed at least 120 and left dozens of people missing. The visit is coming at the end a week that has seen questions mount about the government's response to the deluge. Hopes of finding more survivors are also fading. After the floods, thousands of first responders combed the mud and debris that littered the Texas Hill Country. However, no survivors were found. In the early morning hours of Friday, the U.S. holiday, torrential rainfall sent a wall-like water flow down the Guadalupe River. Independence Day. This disaster is the most deadly of the Republican President's almost six-month tenure in office. Trump told reporters that it was a terrible thing as he left the White House Friday. "Nobody could believe it - such a thing, that much water so fast." A White House official said that Trump will speak to family members and emergency responders in the south-central Texas area devastated by flooding. The president will tour Kerr County and listen to an official briefing. The county is situated in "flash flooding alley", an area that has been hit by some of the deadliest floods in American history. In less than an hour, more than a foot fell on the 4th of July. The river rose in height from a few inches to over 34 feet (10.40 meters) within a matter hours. It washed away trees and other structures as it swept its way. Kerr County officials claim that more than 160 individuals are still unaccounted for. Experts say The number of missing people is usually exaggerated after disasters. At least 36 children are dead, including many who were at Camp Mystic - a Christian all-girls summer retreat near the river that has been around for nearly a century. The response of local and federal officials has been scrutinized, with questions raised about whether or not they could have done anything more to warn the public of the rising floodwaters. Years ago, the county refused to install a system of early warning because it could not secure funding from the state to cover its costs. Trump seemed to be in favor of installing such alarms during an interview with NBC's Meet the Press on Thursday, ahead of the visit. Trump said: "After seeing this terrible event, I'd imagine you would put alarms in some form." Texas' state legislature will hold a special session in the coming weeks to examine and fund disaster relief. Chuck Schumer, the top Democrat in the U.S. Senate, asked a government monitor to investigate Monday whether the National Weather Service's budget cuts affected its response. The NWS has defended their forecasting and emergency planning, noting that they assigned extra forecasters in two Texas offices during the holiday weekend. Trump's administration said that the agency had enough staff and was able to respond adequately to an "act of God." On NBC, he described the flooding as a "once-in-every-200-year event." Trump has also avoided questions regarding his plans to shrink the Federal Emergency Management Agency (FEMA), which coordinates U.S. disaster response efforts and transfer many of its core functions to the state and local government. When asked about FEMA by a reporter on Tuesday, Trump replied: "I'll let you know another time." Trevor Hunnicutt reported from Kerrville, and Nicole Johnson wrote in Washington. Josephy Ax edited the story.
-
Venezuelan PDVSA exports of hydrocarbons will reach $17.52 billion in 2024
Venezuela's PDVSA state-run hydrocarbon sales abroad were $17.52 billion in 2024, according to results documents seen by during a period when U.S. licensing allowed foreign partners to fully operate. Washington revoked licenses in late May 2025 for the state-owned PDVSA partners, including Chevron. These companies had allowed the export of Venezuelan oil. According to preliminary data, the state-owned company's financial and operational results for 2024 show that it exported an average 805 500 barrels per day (bpd), up from a reported average of 700 000 barrels in 2023. The company's report shows that the Latin American nation will average 952,000 bpd by 2024. This compares to 783,000 bpd as documented in the OPEC report. PDVSA has not responded to requests for comment immediately and its results have not been published since 2016. Maduro, along with his allies, have always rejected the sanctions. They refer to them as an "economic war", and praise the economic success that they claim has occurred despite the measures. Venezuela's leader and his team have praised the resilience of the country despite these measures. However, they have in the past blamed sanctions for some economic hardships. The authorities confirmed that the crude oil production is still above 1,000,000 bpd, and that exports are continuing to run normally. In June, crude oil and crude exports totaled 844,000 barrels per day, with most of them going to China. Reporting by
-
Gold prices rise 1% as Trump introduces new tariffs
Gold prices rose 1% on Friday to a new one-week-high as investors sought safe-haven assets following the announcement by U.S. president Donald Trump of new tariffs. By 9:38 am EDT (1338 GMT), spot gold had risen 1% to $3355.89 an ounce, its highest price in over a week. U.S. Gold Futures rose 1.3% to $3369.00. Global stocks dropped after Trump intensified his tariff attack on Canada. He said the U.S. planned to impose tariffs of up to 35% on imports in January and that he would also impose tariffs blankets of 15% or 20 % on many other trading partners. This week, Trump announced a tariff of 50% on U.S. imports of copper and a similar levy on Brazilian goods. Aakash Doshi is the global head of Gold Strategy at State Street Global Advisors. He said that the market is experiencing a new environment in which the uncertainty premium has returned. I think that the third-quarter range will be between $3,100 to $3,500. The first half of this year has been very good, and now I think we're in a more consolidation phase. Gold that does not yield tends to do well in an environment of economic uncertainty or low interest rates. Christopher Waller, the Federal Reserve governor, reiterated on Thursday his belief that at its next policy meeting in late August, the U.S. Central bank may cut rates. Investors expect a Fed rate cut of 50 basis points by the end this year. Spot silver increased 2.1%, to $37.79 an ounce. Platinum rose 1.4%, to $1379.15, and palladium rose 2.6%, to $1171.18. After Trump's announcement of a copper tariff this week, the premium for U.S. silver, platinum, and palladium futures against London benchmarks increased, leading to an increase in lease rates. A precious metals trader said that traders unwound their open positions at NYMEX/COMEX, and then had to borrow the other side. This activity did not affect the price of gold. (Reporting from Anushree mukherjee, Bengaluru; Polina devitt, London; editing by Paul Simao.)
-
HSBC leaves the Bank Climate Coalition alongside US counterparts
HSBC, a British bank, announced on Friday that it has decided to leave the main climate coalition for banking. However, HSBC remains "resolute" about its goal of achieving net-zero emission across all business lines by the mid-20th century. HSBC's decision to leave Net-Zero Banking Alliance brings it in line with global peers such as JPMorgan Citi, Morgan Stanley Macquarie, and Bank of Montreal, who all left this year. HSBC stated that while the alliance helped to create frameworks for setting emissions-reduction goals, the foundations are now in place. It is preparing to update its net zero transition plan later this year. In a website statement, it stated that "We believe that supporting our customers in their transition will benefit their businesses and generate long-term results for our investors." It also said, "We are committed to helping our customers achieve a smoother transition, which benefits them, our shareholders and the global economy." Our approach to setting financed emission targets will continue to be informed the latest scientific evidence as well as credible industry-specific paths. The decision follows a February decision by HSBC to abandon a 2030 emission-reduction goal due to the slow pace in which the real economy is changing. Chief Sustainability Officer Julian Wentzel said that HSBC will take a more measured approach to lending to fossil fuel industries. Some U.S. Republican lawmakers have also pushed for the exits of firms since the beginning of the year, accusing them of colluding with fossil fuel producers to unfairly punish them through their membership in groups like the NZBA. (Reporting and editing by Paul Simao; Simon Jessop)
Gold and stocks rise after Trump imposes tariffs on Canada
Global stocks dropped on Friday as U.S. president Donald Trump escalated his tariff war against Canada. This left Europe in the firing lines, causing a modest investor move into safe havens like gold.
The Canadian dollar dropped after Trump sent a late-night letter on Thursday stating that a 35% tax rate would be applied to all imports coming from Canada starting August 1. A letter was expected to be sent by Friday to the European Union.
The U.S. President, whose global tariff wave has disrupted businesses and policymaking, proposed a 15% or 20% blanket tariff rate for other countries. This is an increase from the 10% baseline rate. He surprised Brazil this week, which has an excess of trade with the United States. He imposed duties of up to 50% on copper, pharmaceuticals, and semiconductor chips.
The markets have not reacted to the current volatility, with the exception of a few pockets of volatility, whether in currencies, commodities or stocks. In fact, the VIX volatility indicator is at its lowest level since late February.
In Europe, STOXX 600 fell by 0.8%, despite a 2% increase this week. Futures for the S&P 500, Nasdaq and Dow fell between 0.4-0.5%. This indicates that the record highs of this week will be retreated at the opening later.
Fiona Cincotta, City Index's strategist, said that the market was becoming numb. It may not be until hard data is presented to show an impact before we start to see a reaction.
"We're getting a lot more information, and that brings with it a certain clarity." "Because there is so many uncertainties, there's still the idea that Trump is open to negotiations, nothing feels final yet," she said.
The dollar had risen as high as 0.5% against the Canadian Dollar before reversing course to C$1.3697. This was an increase of 0.2% for the day. The euro, which is down nearly 1% since the beginning of July, fell by 0.1% to $1.1694.
Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff.
Joseph Capurso is the head of international economy at Commonwealth Bank of Australia. He said that the 35% tariff rate on Canada wasn't as bad as people thought because the United States, Mexico, and Canada Agreement (USMCA) still allows for exemptions to be applied to most imports.
Capurso stated, "Now we don't yet know the tariff rate on EU imports... that's what's not known as yet." "If we get something like (the U.S. - China trade war in April), it's going be very destabilising."
Wall Street indexes closed at record highs Thursday, as AI chip maker Nvidia set a new market value of over $4 trillion.
Gold has risen for the third consecutive day, rising 0.8% to $3348 per ounce. This brings July's gains to 1.2%. Treasuries received less of a boost as a safe haven, due to investor concerns about the long-term stability of U.S. government finance. This led to a selloff which pushed up yields.
Benchmark 10-year yields increased 3.7 basis points to 4,384%, adding on to Thursday's increase. This was due to data showing that jobless claims unexpectedly declined last week.
As the chances of a U.S. - Japan trade deal dimming, the yen has steadily weakened. The dollar rose 0.45% to 146.93yen on Friday, resulting in a 1.6% weekly gain, the largest this year.
Bitcoin's price rose by as much as 4,6%, reaching a record high of $118 832.
Investors will closely monitor the second-quarter earnings of corporations next week in order to assess the impact of Trump’s tariffs that began on April 2. JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period.
Brent crude oil prices increased by nearly 1% to $69.3 per barrel, partially reversing previous day's declines.
(source: Reuters)