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Buffett: Gates Foundation decision not to accept donations was not a shock
Warren Buffett stated that it was no surprise to him when he informed Bill Gates of his decision to cease donating to the Gates Foundation. This ended their?two decade philanthropic relationship. Buffett, 95, did not include the Gates Foundation as part of a $6 billion donation to Berkshire Hathaway announced on Tuesday. This was in response to revelations regarding interactions between Bill Gates - the Microsoft cofounder and philanthropist - and the late sex offender Jeffrey Epstein. Buffett, the chairman of Berkshire, told CNBC's?on Wednesday that Gates and Buffett spoke three weeks ago, when Gates was in Omaha. The meeting was held after the Department of Justice released in February documents about Gates' relationship with Epstein. Gates also met with the Congress last month. Gates has expressed regret over Epstein and his involvement in the case. Buffett said, "I reevaluated the whole situation." It was not a shock. He said: "I'd read everything." I'd read it all. His children Susie Howard and Peter will continue to donate Berkshire shares, which includes the $6 billion donation, to four family foundations. Epstein, who was arrested on charges of sex-trafficking in August 2019, died in a Manhattan prison?cell. The medical examiner in New York City ruled the death a suicide. Buffett has donated Berkshire Stock worth more than $47.5 billion to the Gates Foundation.
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Rate outlook is clouded by inflation fears and gold falls as tensions in the Middle East fuel inflation concerns
Gold prices fell on Wednesday as escalating tensions continued to?stoke inflation concerns, reinforcing the expectation of higher U.S. rates. Spot gold dropped 0.6% at $4,030.50 an ounce as of 1130 GMT. Tuesday, prices had risen more than 2% after weak U.S. inflation figures. U.S. Gold Futures for August?delivery fell 0.8% to $4.036.20. The Islamic Revolutionary Guard Corps of Iran has threatened to shut all export?corridors that benefit Washington after Tehran closed the Strait of Hormuz, and the U.S. reimposed its?naval blocade of Iranian port. After closing Tuesday at an all-time high, oil prices have risen. UBS analyst Giovanni Staunovo stated that "higher U.S. oil, gasoline, and diesel prices are likely to result in higher inflation numbers for the next print in August. This could keep some Fed officials' tone on the hawkish, which does not help gold." Staunovo said that "in the near term, oil and gasoline prices in the U.S. will continue to affect gold as it is a major driver of U.S. Inflation." Gold is affected by higher interest rates, which increase the cost of owning the asset. Fed Chair Kevin 'Warsh' told lawmakers that the central bank has "no tolerance" for "persistently high inflation," hinting at the CPI data not being all that swell. According to the CME FedWatch Tool, traders have priced in a 61% chance of a September rate hike. Investors are now awaiting the U.S. Producer Price Index due at 1230 GMT?Wednesday to gain insight into inflation levels and the outlook for monetary policy. Silver spot fell 1.1%, to $57.96 an ounce, and platinum dropped 0.84%, to $1,617.97. Palladium fell 1.2% to $1289.45 after rising 5% the previous session. (Reporting by Sukanya Mitra in Bengaluru; Editing by Diti Pujara)
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Copper prices fall on the back of weak Chinese data but losses are capped by concerns about supply
Copper prices fell on Wednesday, despite disappointing economic data from China's top metals consumer. However, supply concerns due to mine disruptions and the Middle East conflict helped to limit losses. The benchmark three-month copper price on the London Metal Exchange fell 0.2%, to $13,610 per metric ton at 0945 GMT. It had reached a three week high in the previous session. Official data revealed that the GDP growth of China, the second largest economy in world, has slowed to a low of 3.5 years, due to weak domestic demand. Ole Hansen is the head of commodity strategy for Saxo Bank, a Copenhagen-based bank. Hansen said that the downside of the market was limited, in part due to persistent supply problems. The Shanghai Futures Exchange's most traded copper contract pared earlier gains and ticked 0.1% higher, to 104 220 yuan (15,392.11) per ton. Rio Tinto reported a 7% drop in copper production for the quarter ending June. The company said that a furnace failure at its U.S. Kennecott Mine will affect production during the second half. Hansen said, "We continue to be reminded of the potential risks on the supply-side and the high prices for energy will just increase the focus on electricification." The oil prices rose by another 2% on Tuesday after the U.S. reinstated a naval embargo on all Iranian ports, and Iran threatened to close other export routes. Hansen stated that "the long-term bullish'story for copper has most definitely not been negatively affected by the events in the last few months." Other metals include?LME Aluminium, which fell by 0.5% to $3.160 per ton. Zinc also dropped by 1%, to $3.561, while lead was down 0.6% at $1.855. Nickel was down 0.2% at $16,740, and tin lost 0.9%, to $53,340.
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Germany launches water monitoring system after Rhine drought strikes industry
On Wednesday, Germany launched a national information system to monitor water levels in the country. The aim is to better manage water supplies as climate change puts more pressure on Europe's biggest economy. Thyssenkrupp is forced to cut production due to a drought on the Rhine, highlighting the importance of the new platform. Carsten Schneider, Minister of the Environment, said that "Water is our most precious resource" when he launched the Low Water Information System (NIWIS). Schneider, citing studies, warned that if Germany does not take action, water scarcity will cost it EUR625 billion ($714billion) by 2050 or EUR25billion annually. ECONOMIC IMPACT Schneider stated that Germany has lost 60 billion cubic meters of water in the last?25 years as a result of climate change. He said that water availability is becoming an important factor in business decision-making. The debate over attracting data centres or tech companies is not just about skilled workers and energy anymore, but also about water availability. The NIWIS platform consolidates data from federal and state sources on river levels, soil moisture and groundwater, replacing a patchwork system of regional systems. RHINE DISRUPTION Low Rhine water levels have caused cargo transport to be disrupted. Thyssenkrupp said that on Wednesday it had'slightly reduced blast furnace production because of restricted raw materials supplies and suspended their own barge operations. Water?levels at Kaub near Koblenz in western Germany, were 42 cm (16 inches) high on Tuesday. They are expected to continue falling. The record low of 25 cm was achieved in October 2018. Munich, Germany’s southern metropolis, has implemented water restrictions until 1 August following heatwaves. Violations can result in fines up to EUR50,000. $1 = 0.8754 Euros (Reporting and editing by Rene Wagner and Kirsti Knolle)
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Rate outlook is clouded by inflation fears and gold falls as tensions in the Middle East fuel inflation concerns
Gold prices fell on Wednesday as escalating tensions continued in the Middle East to fuel inflation concerns, thereby reinforcing expectations for higher U.S. rates. Spot gold dropped 0.7%, to $4.027.49 an ounce at 0843 GMT. Prices rose by over 2% on Tuesday to a high of $4100.19 an ounce, after weak U.S. inflation figures. U.S. gold futures for August delivered?slid by 0.9% to $4.035.00. After Iran closed the Strait of Hormuz, and after the U.S. imposed a naval ban on Iranian ports, the Islamic Revolutionary Guard Corps of Iran threatened to shut all export corridors that would benefit Washington. After closing at an all-time high on Tuesday, oil prices have risen. The UBS analyst Giovanni Staunovo said that higher U.S. crude prices, gasoline and diesel will lead to high inflation figures in the next print of August. This could keep some Fed officials' tone on the hawkish, which does not help gold. In the short term, oil and gasoline prices in the U.S. will continue to have an impact on gold. It remains a major driver of U.S. inflation." Staunovo?added. Gold is affected by higher interest rates, which increase the cost of owning the asset. Fed Chair Kevin Warsh said on Tuesday that the central bank has "no tolerance" for persistently high inflation, hinting at the fact that CPI data is not so good. According to the CME FedWatch Tool, traders are pricing in a 59% probability of a rate increase in September. Investors are now awaiting the U.S. Producer Price Index due today at 1230 GMT for?insights on inflation levels and monetary policy outlook. Silver spot fell 0.5%, to $58.314 an ounce, while platinum rose 0.2%, to $1,634.36. Palladium increased 0.8% to $1315.05 after rising 5% the previous session. (Reporting by Sukanya Mitra in Bengaluru; Editing by Diti Pujara)
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Officials say that Sinopec has established four new business units as part of a major revamp.
Officials at the company said that 'Sinopec' is undertaking a major restructuring within its own organization, establishing new business units, and moving hundreds of staff in order to re-establish profits amid a slumping Chinese demand for oil, petrochemicals, and other products. Sinopec, a state-owned company, has lagged behind its peers PetroChina Ltd and CNOOC Ltd in recent years. These companies benefit from a greater focus on oil production. Sinopec's reorganisation, which began in early this year, is aimed at focusing more on the needs of customers and efficiency. Chairman Hou Qijun was a geologist, and former general director at Chinese state oil company CNPC, who assumed office in June 2025. This is one of the biggest reorganisations in recent years at a Chinese oil company. It comes as China's fuel demands are being eroded by rapid electrification of its transport fleets and chemical markets struggle with overcapacity. Sinopec has set up four units as part of the plan. These are: Oil, Gas and New Energy; Finance and Strategic New Business; Refining, Chemicals and New Materials; and Customers and Supply Chain, said a representative in response to a question. Sinopec Beijing's?headquarters? began operating under the new structure in this month. The broader reorganisation will be completed by the end of the year, according to the official, who declined to identify himself due to company policy. "This does not mean laying people off, but rather reorganising the company into functional segments focused on delivering results. A second official at the company said that each will have direct authority over human resources and compensation schemes. 'QUALITY GROWTH' Hou, in an article published last month by the Chinese Communist Party Magazine Qizhi wrote that Sinopec "is embarking on a second entrepreneurship of full scale" that promotes "quality" growth under a strategic centred on "innovation", 'industry transform and upgrade, securing resource and prioritising costs. The article did not provide any information on restructuring. Sinopec has a vast network of marketing teams for fuel, natural gases, and chemicals. Unipec is a trading company that operates internationally. The stockpiling division, which forms part of Beijing’s emergency reserves, also falls under this new supply chain segment. Officials said that the refining unit and chemical unit will merge two operations to?improve integration? and?focus on new, higher-end materials. This reflects a shift in industry from transportation fuels to chemicals. Sinopec and PetroChina, as well as smaller independent refineries known by the nickname teapots, are all removing "surplus capacity" by putting smaller, outdated facilities into storage. The Finance and New Business Unit combines finance functions, leasing and insurance and will focus on financing new energy initiatives, such as batteries, hydrogen and carbon capture. Two people who spoke to the media said that hundreds of employees will be relocating to other business units as a result of the?restructuring?. Sinopec has more than a half million employees. Sinopec Corp, a listed company, operates crude refinery capacity of 5.2 million barrels a day and 31,000 service station across China. Reporting by Chen Aizhu, Editing by Tony Munroe & Jacqueline Wong
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China's aluminium production in June sets a monthly record, as exports soar
Data showed that China's primary aluminum output reached a record monthly high in June. This was because consumers shifted to China after the Middle East supply was affected by the U.S.-Iran war. Data from the National Bureau of Statistics show that in June, the world's biggest aluminium producer produced 3,98 million metric tonnes of primary aluminum, an increase of 4.7% compared to a year ago. This was higher than the previous high of 3,89 million metric tons recorded in May. The data revealed that the output during the first half of 2026 increased 3.8% from a year ago to 23,19 million tons. China's yearly production limit is 45 million tons. Customs data revealed that exports of aluminium and aluminium products topped 711,000 tonnes in June. This was the first time monthly shipments exceeded 700,000 ton. Exports increased by 12.5% in May, and 45.4% in June of last year. The first-half shipment rose 16.3%, to 3.4 millions tons. Early in June, the benchmark three-month aluminum on the London Metal Exchange reached a four-year-high of $3,724 per?ton, as the Iran War sparked supply concerns out of the Gulf Region, which represented about 9%?of global supplies. The contract ended the month of June with a loss of almost 16% as tensions subsided and Washington and Tehran signed a peace agreement. This month, the relief has dissipated after hostilities again simmered and threatened to boil. LME aluminum?was 2% or more higher in July. Other data show that Chinese production of nonferrous metals - copper (aluminum), lead (zinc), tin, antimony, mercury (mercury), magnesium, titanium, and nickel -- rose 3.9% from the previous year to 7.19 millions metric tons. The year-to-date production was up 3.3% to 41.51 millions metric tons. Reporting by Dylan Duan, Lewis Jackson and Harikrishnan Nair; editing by Harikrishnan Nair
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Peru approves $2.8 billion budget increase ahead of Fujimori's transition
The Peruvian Congress approved a?budget increase of $2.8 billion late on Tuesday to help fund infrastructure projects and essential services. This is a financial boost ahead of the July 28th inauguration of President elect Keiko Fujimori. The measure was approved by the Permanent Commission of the legislature with 17 votes for and 5 against. It will also fund safety measures in case of heavy El Nino rainfall. * Around half of the new funds will be used to complete public works?to ensure essential service. The remainder will go towards salaries for the public sector, crime initiatives?and flood prevention infrastructure. * The measures are aimed at preventing El Nino, a climate phenomenon that could cause widespread flooding in the agricultural and fisheries sectors. Fujimori stated on Thursday that she could issue emergency decrees in order to activate additional preventative measures. * Interim President Jose Balcazar declared a state of emergency for 60 days in almost 40% of Peruvian districts because of the imminent danger of intense El Nino rainfall. El Nino may cause Peru to lose 16 billion soles (about $4.70 billion) in the years 2026-2027. This is mainly because of damage to infrastructure along the northern coast. Last week, the Fiscal Council of Peru, an independent body that monitors the public finances, expressed "concerns" about the fiscal outlook, after reviewing the proposal for a supplementary credit. The council stated that the government chose to increase the budget, rather than use the unexpected windfall of revenue to create precautionary savings or to contain spending pressures. Despite the climate risks, Peru's central bank recently increased its economic growth forecast for this year from 3.2% to 3.4%, citing strong private investment and domestic demand.
China's July crude steel production hits a seven-month low due to weather problems
China's crude output of steel fell to its lowest level in seven months in July. It was down 4% compared to June, extending a downward trend for the second consecutive month as hot temperatures and heavy rainfall sapped demand for domestic construction.
Data from the National Bureau of Statistics revealed that in July, the world's biggest producer produced 79.66 millions metric tons of crude iron and steel, down from 83.18 a month before.
Beijing had promised in March that it would restructure this sector by cutting outputs.
Calculations based on data showed that the average daily production was 2,57 million tons last month, a 7.3% decrease from June's 2.77 million ton figure.
Analysts said that the scorching heat and heavy rains brought by major storms slowed down outdoor construction, resulting in a lower output of steel last month.
Cao Ying is a Beijing analyst with broker SDIC Futures.
Steelmakers' profitability also suffered last month, after officials began checking for signs of excessive production at coal mines. This led to a rise in the prices of coke and coal coking, two key inputs.
The first seven months of this year saw a total of 594.47 millions tons of output, which is a decrease of 3.1% on an annual basis.
(source: Reuters)