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Letter shows EU offers Slovakia assurances about Russian gas withdrawal
A letter obtained by revealed that the European Commission would work to address Slovakia’s concerns about the EU’s plan to phase-out Russian gas imports. This comes as Brussels tries to reach an agreement on new EU sanctions towards Russia. The Slovakian government has blocked the latest EU sanctions against Russia over its invasion of Ukraine, until it is satisfied that the EU's separate proposal to phase-out imports of Russian Gas by January 1, 2020 has been addressed. Slovakia claims that stopping Russian gas production could lead to shortages, an increase in transit fees and prices, as well as damage claims by Russian supplier Gazprom. In a letter seen by, the Commission pledged to work closely with Bratislava in order to address these concerns. In a letter addressed to Robert Fico, the Slovak prime minister, and signed by Ursula von der Leyen, the Commission president, will explain how a "emergency stop" can be initiated if the gas prices rise due to a lack of supply during the phase-out of Russian gas. It said: "We've been working closely together with the Member States that are most directly affected, including Slovakia, to make sure that the EU-wide phase out of Russian energy imports is gradual and well coordinated." The letter, dated Tuesday, also stated that Brussels would develop a solution to reduce the cost of the cross-border tariffs for gas and oil in Slovakia. The EU also said it was ready to intervene in any potential litigation that may arise from the Russian gas withdrawal. On Tuesday, the EU hopes to reach an agreement on the package of sanctions at a meeting in Brussels between EU Foreign Affairs Ministers. All 27 EU countries must approve new sanctions. Slovakia cannot block the EU's plans to ban Russian gas on 1 January 2028, with a phase-out beginning in 2019. They need a majority vote to be passed. (Reporting and editing by GV de Clercq, Aidan Lewis and Kate Abnett)
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Trump meets with tech, energy and government executives to push AI
The President Donald Trump, along with executives of some of the biggest U.S. energy and tech companies will be attending a summit on Tuesday in Pittsburgh as the Administration prepares new measures to drive the U.S. growth of artificial intelligence. The top economic rivals U.S.A. and China have entered a technological arms-race to see who can dominate AI, as this technology becomes more important in every area of life from the boardrooms of corporations to the battlefield. The Energy and Innovation Summit, to be held at Carnegie Mellon University, is expected to attract tech executives and representatives from leading energy and technology firms, including Meta, Microsoft and Alphabet, to discuss ways to position the U.S. to become a leader in AI. The summit, organized by U.S. Senator Dave McCormick from Pennsylvania, a Republican allie, will announce $70 billion worth of artificial intelligence and energy investment in the state. Big Tech is scrambling for vast quantities of electricity to power its energy-guzzling, data-intensive centers. This is necessary to support the rapid expansion of AI. Google announced a $3 billion deal for electricity and CoreWeave a $6 billion AI Data Center. Semafor reports that Google will invest $25billion in regional datacenters, while FirstEnergy is investing $15billion in Pennsylvania's grid. Khaldoon al-Mubarak, Rene Haas, Larry Fink, Darren Woods, ExxonMobil and Brendan Bechtel, Bechtel, and Dario Amedei, of Anthropic, are among the CEOs who will attend. White House will consider executive actions to ease the connection of power-generating projects with the grid, and to provide federal land to build data centers to expand AI technology. The administration is also considering streamlining the permitting process for data centers. This would involve creating a national Clean Water Act permit rather than forcing companies to apply state-by-state. Mike Sommers, the head of the influential American Petroleum Institute said that executive action was welcomed in order to unlock energy for powering the data centers. However, a more durable and long-lasting solution is required. Sommers told. Trump had ordered in January that his administration produce an AI Action Plan to make America the "world capital of artificial intelligence" by reducing regulatory barriers and promoting its rapid growth. The National Security Council will also be contributing to the report. It is due on July 23. Reports indicate that the White House may declare July 23 as "AI Action Day", to bring attention to the report, and to demonstrate its commitment towards expanding the industry. The U.S. is experiencing record-breaking power demand this year, after almost two decades of stagnation. This is due to the growth in AI and cloud computing data centres across the nation. Demand is leading to new deals between technology companies and the power industry, such as the attempt by Constellation Energy to restart the Three Mile Island nuclear plant in Pennsylvania. This surge in demand has raised concerns about electricity shortages which could increase electricity bills, and even lead to blackouts. Meanwhile, Big Tech is slowed down as it competes with countries like China for artificial intelligence dominance. (Reporting and editing by Colleen Jensen, Stephen Coates and Stephen Jenkins; Additional reporting by Laila KEARNEY in New York)
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OPEC predicts that the world economy could do better in the second half of the year
OPEC stated that the global economy could perform better than anticipated in the second half despite trade disputes and that refineries would continue to increase their crude intake to meet an uptick in travel during the summer, supporting the demand outlook. The Organization of Petroleum Exporting Countries (OPEC) released a report every month on Tuesday. After reducing its estimates in April, the organization left their forecasts of global oil demand growth in 2025-2026 unchanged. In the report, OPEC stated that "India, China and Brazil have outperformed expectations thus far, while United States and Eurozone continue to experience a rebound from last years." The second half of 2025's economic growth could be better than expected. OPEC+, a group of 12 OPEC producers plus their allies, including Russia, are pumping more oil to regain the market share they lost after years spent cutting production to support the market. In June, OPEC+ produced 41.56 millions bpd. This is an increase of 349,000 bpd over May. The increase is slightly lower than the 411,000 Bpd that the group had hoped to achieve by increasing its June quotas. Kirsten Donovan edited this article.
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German renewable energy share is reduced by slow wind speeds
Data released on Tuesday showed that renewable energy made up 54.5% (down 2.7 points) of Germany's electricity consumption in the first half of the year. This was due to the slowing wind speed, which curbed the generation. Germany is increasing its green energy capacity in order to move towards a low carbon economy. It also wants to achieve a political target of renewables accounting for 80% by 2030. After it stopped importing Russian gas as a response to the Ukraine War, it also needs to use renewable energy to fill in the gaps. The data released by BDEW on Tuesday highlights the importance of having backup power in case weather conditions are not favorable. As a result, Germany is still relying on coal and gas as a supplement to renewables. According to data from BDEW and ZSW, between January and June of 2024, renewables accounted for 57.2%. A joint statement said that the decline in wind energy generation in the first half was due primarily to the historically weak winds in the first quarter 2025. In the first six-month period, preliminary data shows that offshore wind volumes fell by 17.0% and onshore wind volumes by 18.3%. Hydropower volume fell by 29% as a result of a decline in precipitation, and too little melting snow to fill rivers following a warm winter. Nevertheless, the photovoltaic production increased by 23.0%. The national electricity consumption fell by 0.7%, to 258.6 Terawatt Hours, during the period reviewed. Domestic production also decreased, but only by 0.2%, to 251.2 TWh. Imports accounted for the remainder. Vera Eckert reported, Barbara Lewis edited.
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Fox Business reports that Apple will invest $500 Million in MP Materials, a rare earth miner.
Fox Business reported Tuesday that Apple will announce a $500-million commitment to MP Materials. MP Materials is the operator of America's only rare earths mine. Multiple sources familiar with this deal confirmed the report. Apple and MP Materials have not responded to comments immediately. Shares of Las Vegas based MP Materials rose 12.3% in premarket trading to $54.50. Last week, MP and the U.S. Government agreed to a multi-billion dollar deal to increase production of rare earth magnets. This will help loosen China’s grip on materials used in the manufacture of weapons, electric cars and many electronic devices. Fox Business reported that Apple will purchase rare earth magnets made in the United States from MP Materials' Texas plant. MP has already mined and processed rare Earths, and it is expecting to begin commercial magnet production in its Texas facility by the end of this calendar year. Fox Business reported that the two companies would also build a second factory in Fort Worth to produce magnets, and a recycling facility in Mountain Pass in California. The deal reached with the U.S. Department of Defense last week includes a floor price for rare earths. This is intended to encourage investment in domestic mining and processing facilities, which have been lagged partly because of low prices set by China. The DoD set the price for two of the most popular rare Earths at almost twice the market level. Reporting by Zaheer Kachwala and Eric Onstad, both in Bengaluru; editing by Pooja Deai and Kirby Donovan
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Report: World faces up to $39 trillion of economic losses due to disappearing wetlands
According to a report released by the Convention on Wetlands on Tuesday, the destruction of wetlands around the world, which are vital for fisheries, farming and flood control could result in a loss of $39 trillion by 2050. According to an intergovernmental report, 22% of freshwater systems, such as rivers, lakes and peat lands, and coastal marine ecosystems, including mangroves, coral reefs and coastal systems, have disappeared since the 1970s. This is the fastest rate of loss for any ecosystem. The declines are a result of pressures such as land-use changes, pollution, agricultural expansions, invasive species and climate change impacts, including rising sea levels and drought. Hugh Robertson is the main author of the report. He said, "The extent of the loss and degradation exceeds what we can afford not to acknowledge." The report recommended annual investments between $275 billion and $550 billion in order to reverse threats to remaining wetlands. It also stated that current spending is a "substantial underestimate" without providing figures. According to a report, 411 million hectares, or half a billion soccer pitches, of wetlands have been lost. A quarter of those remaining wetlands is now in a degrading state. The economic benefits of wetlands include flood control, water purification, and carbon storage. This is important as the water levels increase and hurricanes and tropical storms intensify because of climate change. The fishery, agriculture and cultural industries also benefit from these products. The report is launched a week ahead of the Victoria Falls, Zimbabwe meeting of the Parties to the Convention on Wetlands. This global agreement was signed by 172 countries in 1971, with the goal of protecting the ecosystem. The group includes China, Russia, and the United States. It is not clear if each nation will send delegates. The report stated that the deterioration of wetlands is most acute in Africa, Latin America and the Caribbean but worsens in Europe and North America. In Zambia, Cambodia, and China, rehabilitation projects are underway.
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Natural disasters cost China $7.6 billion dollars in H1 2025
An official of the Emergency Response Ministry said that natural disasters in China during the first half 2025 caused direct economic losses of 54.11 yuan (7.55 billion dollars) and affected over 23 million people. The most devastating events were a powerful earthquake in Tibet and deadly landslides that occurred in the provinces of the southwest. Flooding in the south was also widespread. Shen Zhanli said at a press briefing that 307 people were killed or missing and 620,000 had to be evacuated due to natural disasters. A total of 29,600 homes were destroyed, an increase of 28.7% from the previous year, and 2.19 million hectares (hectares) of crops suffered damage. According to a calculation of the economic losses, they were 41.9% lower than in the same period of last year. Flooding, drought, and extreme temperatures caused China 93.16 trillion yuan (the highest half-year figure for 2019). The ministry reported that floods were the main cause of damage this year, with 51 billion yuan worth of losses. China's flood control scheme has been expanded to include direct payments from the government as well as payment for livestock losses. Extreme weather is a growing threat to the world's second largest economy, and meteorologists have linked it to climate change. In recent weeks, torrential rains have flooded large areas of the country and exposed infrastructure problems such as a lack of air conditioning and outdated flood defences. Last week, dozens of rivers in southwest China were above safe levels. More than 10,000 people had to be evacuated from the remains of the former typhoon Danas. The sweltering summer heat and the resulting surge in demand for air conditioners has stretched China's electricity grid to its maximum capacity, pushing it to a new record. The Ministry of Environment warned that typhoon and flood prevention would be difficult from the second half July to the first half August as rains become more intense and concentrated in the north, and typhoon activities intensify.
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EU targeting Boeing and Bourbon for possible tariffs on US products
If trade talks with Washington do not succeed, the European Commission may impose tariffs on 72 billion euros worth of U.S. products - including Boeing aircraft, bourbon whisky and cars. The U.S. president Donald Trump has threatened to impose a tariff of 30% on imports coming from the EU as early as August 1. European officials have said that this level is inacceptable and would stop normal trade between the two largest markets. The list sent to EU members states, and seen by on February 2, predates Trump's weekend move to increase pressure on the 27 nation bloc, and instead responds to U.S. tariffs on cars and auto parts, and a 10% base tariff. This package includes chemicals, medical equipment, electrical and precision devices as well as agricultural and food products. These include a variety of fruits and vegetables as well as wine, beer, and spirits. After a meeting with EU ministers on Monday in Brussels, officials stated that they are still looking for a deal to prevent Trump's tariffs. Maros SEFCIOVIC, the EU's trade chief, said that those present at the meeting had expressed a determination to protect EU companies using European countermeasures in case negotiations with Washington do not produce a result. He said that the message was "the" strongest he'd seen since we began the conversation with the U.S. We'll then negotiate, but prepare at the same. The French Foreign Minister Jean-Noel Barrot stated on Tuesday that Trump’s new threat "had the appearance of blackmail", and added the priority was finding a trade deal but not at the expense of becoming "a vassal to the United States". Trump warned Brussels to avoid retaliation. He said that the U.S. will match any new European taxes by adding them simply to the 30% rate. The European Commission (which oversees EU Trade Policy) has not specified a rate of tariff for the products listed on its list. The EU will have to vote on the package in order for it to be implemented. There is no set date for the vote. The Commission will usually listen to the concerns of EU governments, and proceed with countermeasures only if 15 countries are against them. The European drinks industry is heavily dependent on the U.S. Lobbying governments Fear of Washington's retaliation has led to the EU excluding bourbon and any other wine or spirits from its list. France, Spain, and Italy are concerned about the impact this could have on their economies. The first EU tariff package approved in April removed alcohol from the list. This package of tariffs on goods worth 21 billion euros from the United States was suspended immediately to give room for negotiation. The suspension of the package has been extended until August 6. After Trump's Monday announcement that he is open to discussions with the EU and other trading partner, European shares rose slightly on Tuesday. In May, the Commission presented its second package for public consultation. It included 95 billion euro worth of U.S. products for countermeasures. The package has been reduced, but the majority of its main elements remain. $1 = 0.8558 Euros (Reporting and editing by Joe Bavier; Additional reporting in Paris by Richard Lough)
Asian shares are up, the dollar is holding gains ahead of US earnings and Nasdaq Futures are up

The dollar gained on Tuesday, as the trade talks were still in the spotlight. This week will also see important readings for U.S. bank earnings and inflation.
Oil prices fell after U.S. president Donald Trump set a deadline of 50 days for Russia to stop the war in Ukraine or face energy sanctions. Nasdaq Futures rose after Nvidia NVDA.O announced it would resume sales of H20 chips in China.
Trump indicated he would be open to discussing tariffs following his threat at the weekend to impose 30% duty on Europe and Mexico starting August 1. Japan is trying to set up high-level discussions with the U.S. on Friday.
Rodrigo Catril, a strategist at National Australia Bank, says that the market has reacted rather benignly to the uncertainty surrounding tariffs. This makes earnings this week in the United States all the more significant for clues.
Catril, who spoke in a NAB Podcast, said that it would be interesting to hear what the companies have to say, especially in regards to the future-looking outlook.
He added, "I believe that the idea of complacency comes from the fact that we don't know how this entire thing will play out."
The Nikkei index in Japan added 0.2%, while the MSCI broadest Asia-Pacific share index outside Japan increased by 0.4%.
The EU warned that if a deal is not reached, it will take countermeasures. Trump said that he would be open to discussions with the EU and trading partners.
The Yomiuri reported that Japan's Shigeru Shiba will meet U.S. Treasury Sec. Scott Bessent on Friday in Tokyo, before the August 1 deadline for 25% tariffs to go into effect.
Ishiba will also have to deal with an election on Sunday. Polls show that his ruling coalition could lose its majority in the upper chamber to political opponents advocating expansive spending. The yield on the benchmark 10-year bond, which is the highest since October 2008, jumped to 1,595%.
Data revealed that China's economy shrank less than expected during the second quarter, a sign of its resilience in the face of U.S. Tariffs. Nvidia's CEO Jensen Huang will visit China on Wednesday. His company plans to resume the sale of its H20 artificial-intelligence chips.
The U.S. earnings period will begin Tuesday with the release of major bank's second-quarter results. According to LSEG, S&P profits will rise 5.8% over the past year. The outlook for the S&P 500 has changed dramatically since Trump's trade war began in early April, when he predicted a 10.2% increase.
Investors will also be watching for the U.S. consumer prices data for June due Tuesday and any price increases that may result from tariffs.
After reaching a three-week peak, the dollar was barely changed at 147.62yen. After four days of declines, the euro gained 0.1% at $1.1680.
U.S. crude fell 0.5% to $66.63 per barrel. Trump announced on Monday new weapons shipments to Ukraine and threatened sanctions against buyers of Russian exports until Moscow agreed to a 50-day peace agreement.
Spot silver rose 0.3% to 38.25 cents per ounce after reaching its highest level since September 2011.
Euro Stoxx futures in the pan-region were up by 0.3%. German DAX Futures were also up by 0.2%. FTSE Futures were also up 0.2%.
U.S. Nasdaq Futures rose 0.5%.
(source: Reuters)