Latest News
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Scientist warns that hurricane risk to Gulf Coast is increasing 20 years after Katrina
A new study warns that the Gulf Coast of America is becoming increasingly vulnerable to hurricanes. This comes 20 years after Katrina destroyed New Orleans and hundreds of kilometers of coastline. Marc Bove is a German Reinsurer Munich Re meteorologist who warned that with time, the likelihood of major hurricanes making landfall in the area will increase and the effectiveness post-Katrina of flood defense systems would diminish. Katrina, the worst hurricane to ever hit the United States, made its debut in August 2005. It began in Florida, then intensified when it reached the Gulf of Mexico. The storm caused nearly 1,400 fatalities and a total of $205 billion, inflation-adjusted, in damage. "The hurricane risk is increasing, and it's not just in the Gulf area." Bove told. Bove stated that today's Katrina would cost more, and not just due to inflation. The flood protections in New Orleans will gradually erode due to rising sea levels and sinking ground levels. (Reporting and writing by Alexander Huebner, editing by Rachel More).
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Gold falls with Fed Chair Powell's Speech on Radar
Gold prices fell on Friday, as the U.S. Dollar strengthened. Investors were also awaiting Federal Reserve Chair Jerome Powell to speak at the Jackson Hole Symposium for clues about the central bank's policy. Spot gold fell 0.5% to $3,322.43 an ounce at 8:43 am EDT (1243 GMT) while U.S. Gold Futures fell 0.5% to $3,364.20. Investors backed off rate-cut bets in anticipation of Powell's address at 10:00 a.m. ET (1400 GMT). Powell's speech at the annual Jackson Hole Economic Conference comes amid unprecedented pressure from President Donald Trump on the central banks. However, mixed economic data could pull Powell towards a middle-ground that leaves many major questions unresolved. David Meger is director of metals and futures trading at High Ridge Futures. Any signals about possible rate cuts this year may have a significant impact on gold prices. Even subtle hints will have an impact. "I believe we will see (Powell), take a more cautious stance, considering that two important pieces of economic information, the PCE report and the jobs report, still need to be submitted before the September meeting." CME's FedWatch showed that traders now see a 71.5% probability of a rate cut of 25 basis points in September. This is down from 85.4% one week ago. Gold is usually more profitable in low-interest rate environments, since it offers no yield and looks more attractive compared to other assets that pay interest. In other parts of Asia, gold demand was subdued as price volatility held buyers back. However, jewellers have resumed their purchases in India ahead of the festival season. Silver spot fell 1% to $37.78 an ounce. Platinum fell 1.1% to 1,338.25 and palladium dropped 0.5% to 1115.77. Ashitha Shivaprasad, Bengaluru (Reporting and Editing by Jan Harvey).
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Aldebaran, a Canadian company, plans to invest $1.5 billion in Argentina's copper project
Javier Robeto, the country manager of Aldebaran Resources Canada, said that at least $1.5 billion will be needed to develop the Altar copper project located in northern Argentina. Robeto stated that the company will include this figure in its preliminary assessment of September. This will show Altar has about 32 billion pounds copper resources and approximately 6.7 million ounces gold resources. Aldebaran does not know if it will be able to spend the money in time to qualify under RIGI (the government's incentive program), which provides long-term tax breaks as well as access to international dispute tribunals for investments above $200 million. The scheme will continue to accept applications until July 2026. There is a possibility of an additional year. It's not sure we'll make the cut. What happens if RIGI is stopped? Robeto explained that the tax burden would automatically return to 54%. RIGI has approved only two lithium mining projects so far, both of which were implemented in October by President Javier Milei. Glencore and McEwen Mining, among others who are working on copper projects, have also applied for the program. Robeto has not provided a timeline for the construction and production of Altar. The estimated lifespan is 20-25 years. The economic assessment includes two scenarios of copper production in either cathode or concentrate form. Robeto explained that the idea was to do a trade-off, examining both pros and cons. (Reporting and Writing by Lucila SIGAL, Editing by Jan Harvey).
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Rainforest to retail - Indonesian women protecting nature through work
Women use flowers and plants for ecoprinting Sustainable livelihoods protect at-risk rainforest Families can get help with food and school fees by receiving income By Leo Galuh A group of women who work in a conservation park located in Citalahab Sentral - a small village inside Gunung Halimun-Salak National Park - aims to show that nature protection and earning a living can be compatible. Ambu Halimun (which means "Mothers Of Halimun" is Sundanese) gathers foliage rich in natural colours and tannins. Ecoprinting is a technique that uses the flowers and leaves to transfer pigments onto the fabric. Ambu Halimun sells the skirts, scarves, and tote bag made from the intricately-printed fabric in international markets. The women have carved out a livelihood that is sustainable from the rainforest, without having to cut down trees or hunt wildlife. The group is still a small force, but it is growing. It is aiming to become a powerful enough force to make a difference in protecting Indonesia's natural environment. According to United Nations statistics, Indonesia is a biodiversity hotspot. It has a large share of the global flora, fauna and flowering plants, including 17% of bird species. Orangutans and Javan gibbons, Sumatran Tigers and Sumatran tigers are just a few of the critically endangered species that live in its rainforests. Deforestation caused by mining, agriculture and infrastructure is a serious threat to biodiversity. Global Forest Watch reports that between 2002 and 2024 the country lost 10.7 millions hectares (26,4 million acres) in humid primary forest. The human population is growing but the land is limited. They will now be the ones to lead the conservation effort because they have the knowledge and skills to do so," says Rahayu Oktaviani. She is the co-founder of the Javan Gibbon Conservation group, Konservasi Ekosistem Alam Nusantara. JAVAN GIBBONS Citalahab Sentral, with fewer than 300 inhabitants, relies on small-scale farming and tea farming. Tourism through homestays, forest treks, and other activities is also available but it provides inconsistent income. The KIARA group started offering training to residents in ecoprinting and sewing, natural fertilizer production, English, and public speaking after the pandemic devastated local tourism. Tourism earnings are still far below the pre-pandemic level, despite a slow return of guests since 2022. Yuliana is a mother of 4 and a member of Ambu. She said that the income she received from her husband's homestay was not enough to cover daily expenses. She now prints fabrics with motifs of the flora. Yuliana (who goes by one name) said, "I had no idea that leaves would produce natural colors to make ecoprint." KIARA, together with the women, has identified at least 24 rainforest plants species that contain tannins - natural compounds which bind colors to fabrics and prolong their life. Members of Ambu Halimun sell their products through social media, as well as to tourists. They accept orders via Instagram, and prices range from 250,000 Rupiah ($15) up to 700,000. The group's ecoprint signature is a Javan Gibbon motif. Sharing stories about the gibbon habitat and the threats that it faces due to deforestation, hunting and other factors helps raise awareness of conservation in the local community. The gibbon, a small ape that has silver-grey hair and a black facial pattern, is in danger. According to the International Union for Conservation of Nature (IUCN), there are only 4,000-4500 gibbons left in Indonesia. FOOD AND SCHOOL FEE Ambu Halimun's Wulan says her ecoprint earnings have made a real difference. She said that the majority of her family's expenditure is on food and school fees for her children. If he works for 20 days, her husband, who is a tea picker earns between 800,000.00 ($49) to 1,140.000 ($70). Many families borrow money in order to survive, and end up in debt. Ecoprint pays me 2 million Rupiah (122 dollars) every quarter. "It's enabled me to save," Wulan said as she removed the boiled marigold flower from the fabric. KIARA plans to expand its ecoprinting efforts, but its artisanal character means that its size will be restricted. Harumi Supit is vice president of Amartha Financial's public relations department. Amartha Financial provides services to more than 3.3 million women owned businesses in rural Indonesia. She said that to reach and sell in bigger markets, they require resources, transport and channels of distribution as well as careful planing. She said that maintaining quality standards is a challenge when you want to reach a wider audience. Ambu Halimun sold 41 pieces in 2020, and 237 the previous year. By mid-2025 it had reached 130 sales. Oktaviani said that KIARA’s role is to expand the group, encourage residents – especially women – to adapt to the post-pandemic changes in the economy and to find solutions within the environment. She said that they have an in-depth knowledge of the native plants. She said that the leaves used in ecoprint were often the same ones used traditionally for herbal remedies or as raw food. It's rooted into traditional knowledge which is slowly disappearing. She said that the project is not only helping to keep the forest intact but also empowers women, who "used to be tucked in the kitchen."
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Stocks on hold as traders wait for Powell's speech
The stock market was largely flat on Friday, as traders awaited the key speech by Federal Reserve Chairman Jerome Powell this weekend at the annual Jackson Hole Symposium that could shed some light on future monetary policy. Powell's previous speeches at this event have often moved the markets. This year's remarks will be closely scrutinized as his position is under heavy scrutiny from U.S. president Donald Trump. There are concerns that the Fed's autonomy could be threatened. Investors have reduced their bets that the Fed will cut rates at its September meeting due to a surge in U.S. Producer prices. This is down from 85% a week earlier. The Jackson Hole event also featured other Fed speakers who were lukewarm about the idea of a cut in September, despite recent signs that the U.S. labor market is weakening. Nabil Milali said that a cautious tone from Powell regarding the prospects of a September rate cut, deferring to future jobs and inflation data, could be enough to reduce market pricing down to a 50/50 call. Milali said that Powell could also decide to defend the Fed’s independence. He said that he believed the unofficial topic of this meeting was central banks' autonomy. MSCI's broadest global stock index was essentially flat for the day after European stocks rose in the morning before the speech. Wall Street futures are up between 0.1-0.2%. China's CSI 300 Index rose 2.1% after DeepSeek upgraded its flagship V3 AI Model and reported that Nvidia asked Foxconn suspend work on the H20 AI Chip, lending support for Chinese rivals. The dollar index (which measures the greenback versus six peers) edged up 0.1%, while the euro fell 0.1% to $1.15985, after an official revision showed that Germany's second-quarter economy contracted by 0.3%. Data from Japan showed that core consumer prices fell for the second consecutive month in July, but they remained above the central banks' 2% target. This has kept alive expectations of a rate increase in the near future. This did not help the yen much, as it was on track for a 1% drop for the week. BOJ Governor Kazuo Ueda is also scheduled to speak in Jackson Hole, Wyoming this weekend. Brent crude oil prices fell, Brent crude trading at $67.5 a barrel last, down 0.2% from Thursday's gains as Russia and Ukraine blamed one another for the stalled peace processes. Gold spot fell 0.2% to $3,330.9 an ounce.
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Copper prices rise on strong demand in advance of Powell's speech
The copper price rose for the third time in a row as China, the world's largest metals consumer, remained strong and investors hoped that a speech from U.S. Central Bank chief John Williams would indicate interest rate reductions. The benchmark three-month copper price on the London Metal Exchange rose 0.2% to $9,745 per metric ton. This is down from a high of $10,020.50 reached on July 2. It was its highest in more than three months. The Chinese demand for the metal remains healthy, according to Nitesh Sha, a commodity strategist with WisdomTree. Last month, U.S. president Donald Trump imposed tariffs of 50% on copper products. However, he excluded ores, concentrates, and cathodes. The Yangshan Copper Premium is a premium in China Since August 11,, which represents the demand for imported copper into China, is up 13% at $51 per ton. Investors await the speech of U.S. Federal Reserve chair Jerome Powell at the annual Jackson Hole Conference in Wyoming, due to start at 1400 GMT. Shah said that if there is any indication of a dovish tilt, it could be a very positive for copper prices because that would keep demand up. The dollar index was firmer on Friday, after some Fed officials were hesitant to cut rates next month. The dollar is stronger, and therefore the prices of commodities in U.S. dollars are higher for foreign buyers. LME aluminum also increased, adding 0.15%, to $2,589 per ton. Analysts at Guosen Futures on Friday said that the anticipation of a seasonal increase in demand next month could have helped to boost aluminium prices. Other metals include LME Zinc, which rose 0.8% to $2.787.50 per ton. Lead gained 0.6% at $1.981, Tin increased 0.1% at $33,465, while Nickel fell 0.1% at $14,920. (Reporting and editing by Jan Harvey; Additional reporting in Beijing by Amy Lv; Reporting by Eric Onstad)
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Dollar firms as gold falls, but Powell's Jackson Hole remarks are in the spotlight
The dollar's strength caused gold to fall on Friday. Markets are awaiting Jerome Powell's address at the annual Jackson Hole Symposium for further insight into the Fed's monetary policies. By 0817 GMT spot gold had fallen 0.4% to $3,326.35, while U.S. Gold Futures for December Delivery were down 0.4% to $3,368.80. UBS analyst Giovanni Staunovo stated that the moderately stronger U.S. dollar was playing a significant role in the current gold pullback. Gold becomes more expensive to overseas buyers when the dollar is stronger. Investors reduced their expectations of a Fed rate reduction in September, causing the dollar index to rise to a two-week high. According to CME's FedWatch, futures markets now indicate that there is a 71% probability of a rate cut by a quarter point next month. This is down from over 90% a week ago. In a low-interest rate environment, non-yielding gold tends to perform well. Fed officials appeared to be lukewarm on the idea of a cut in rates next month, as investors prepared for Powell's Friday 1400 GMT speech. Staunovo stated that their comments indicate the next U.S. Central Bank meeting will be "intense, with some favoring large cuts while others (favor) no movement at all". Fed policymakers face a challenge because, despite signs of a weakening labour market, inflation is still above the central banks' 2% target. It could even go higher as a result of the Trump administrations aggressive tariff increases. Recent data on the US labour market showed that unemployment claims in the United States rose by nearly three months last week, and the week before they reached a four-year high. Silver spot was down 0.4% to $38.03 an ounce. Platinum fell 0.6% to 1,343.80 and palladium increased 0.2% to 1,112.85. (Reporting Ishaan Arora in Bengaluru; Editing by Jan Harvey)
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China tightens its grip on rare earth supply quotas
China, which is the dominant supplier of rare earths in the world, announced on Friday new measures to regulate mining, smelting, and separation of these critical minerals that are key to the energy transition. This will further tighten its grip on supply. Beijing regulates, manages and controls rare earth mining and smelting via a quota-based system. In a recent statement, the Ministry of Industry and Information Technology announced that these new rules would include imported raw materials within that system. The process of public consultation began in February. Analysts said that the inclusion of imported iron ore indicates a tightening in supply. Companies were concerned that they might lose their access to feedstock. Rare earths is a grouping of 17 elements that are used in products ranging from magnets in wind turbines, electric vehicles and consumer electronics to lasers in military equipment. In April, in response to the U.S. tariff increases, China added several rare earth products and magnets on its export restriction list. The first 2025 mining and smelting license was quietly released Quotes Without making its usual public statements, reported last year, citing sources. Reporting by Beijing Newsroom and Lewis Jackson, Editing by Muralikumar Aantharaman and Kate Mayberry
Northvolt crisis might be make or break for Europe's EV battery aspirations
Northvolt's. monetary collapse deals a blow to Europe's plan to establish its. own battery market to power electric cars, stirring an argument. about whether it requires to do more to draw in investment as. start-ups have a hard time to catch up with Chinese rivals. Europe's most significant hope for an electrical lorry battery champion. declared U.S. Chapter 11 bankruptcy defense on Thursday. after talks with investors and lenders including Volkswagen. and Goldman Sachs for moneying failed. The Swedish business, whose slogan is make oil history, has. received more than $10 billion in equity, debt and public. financing given that its 2016 startup. Volkswagen and Goldman Sachs. each own about one fifth of its shares.
Northvolt said on Friday it needed $1.0-$ 1.2 billion in brand-new. funds under the restructuring process, which it hopes will end. by the end of March.
In recent months, it has diminished business and cut jobs in. a bid to shore up its finances. However it has had a hard time to produce. adequate volumes of top quality batteries, and lost a 2. billion euro ($ 2.1 billion) contract from BMW in June.
That has left Europe's ambitions to construct its own battery. market looking a far-off dream.
In the last few years, Northvolt led a wave of European start-ups. investing tens of billions of dollars to serve the continent's. automakers as they change from internal combustion engines to. electrical vehicles.
But development in EV demand is moving at a slower pace than numerous. in the industry forecasted, and China has taken a huge lead in. powering EVs, managing 85% of international battery cell production,. International Energy Firm information shows.
Making batteries and cells, the units that save and convert. chemical energy into electricity, is a delicate process and. doing so at scale is a difficulty for any battery maker. Northvolt has missed some internal targets and curtailed. production at its battery cells plant in northern Sweden,. underscoring the problems, Reuters reported last Monday.
The greatest issue is that batteries are difficult to make. and Northvolt have not satisfied the supply demands of their. clients - that is a management issue, said Andy Palmer,. founder of consultancy Palmer Automotive said.
The Chinese are highly ten years ahead of the West. in batteries. That's a truth, he stated. A minimum of 8 companies have held off or abandoned EV battery. jobs in Europe this year, consisting of China's Svolt and joint. venture ACC, led by Stellantis and Mercedes-Benz .
In 2024, Europe's battery pipeline capacity out to 2030 has. fallen by 176 gigawatt-hours, according to data firm Criteria. Minerals. That's equivalent to nearly all the present installed. capability in Europe, according to Reuters computations.
RETHINK
Some executives say Europe should do more to bring in and. assistance home-grown jobs so they can take on Chinese. competitors such as CATL and BYD.
Europe requires to reconsider how it supports a nascent sector. before China eats up the entire worth chain, which is due to. smart planning, said James Frith, European head of Volta Energy. Technologies, which specialises in battery and energy storage. technology.
Among its $5.8 billion in debts, Northvolt owes the European. Financial Investment Bank (EIB) some $313 million.
EIB vice president Thomas Östros stated it had been a. useful partner to Northvolt, however it needed to safeguard. the EIB and EU's interests.
It stays the case that Europe has a tactical interest in. a European battery industry for electric cars and trucks and we will follow. advancements really carefully. But it is much to early to say what. the outcome will be, he stated. The Swedish government has consistently said it does not plan to. take a stake in Northvolt.
On Friday, Northvolt's outgoing CEO and co-founder Peter. Carlsson stated he was a little anxious Europe is giving up on. its dream of competing with China.
He said Europe would regret it in twenty years time if it. pulled away.
It's not a straight journey and right now, we're all in a. bit of a down in that journey where there's more doubts,. there's more questions on the speed of the shift from the. carmakers, from policymakers, from the investor neighborhood, he. told press reporters in a call.
(source: Reuters)