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Gunmen kill 17 soldiers during attacks in Northern Nigeria
On Wednesday, local officials and security sources confirmed that at least 17 soldiers had been killed when gunmen attacked three army bases in northern Nigeria. This was the latest attack in a violent region. Bandits are armed gangs that operate in the Northwest. They typically kidnap for ransom, and attack security forces. The Nigerian Army has confirmed the attack on Tuesday, but it did not give details. The army released a statement saying that "sadly, some brave warriors paid the ultimate price during the day-long fights. Meanwhile, four troops who were wounded in action in the battle are receiving treatment today for their gunshot injuries." Two sources of security said that gunmen attacked the army's forward operations bases in the Kwanar, Dutse and Boka regions in Niger State as well as another base in Kaduna State. They fought for several hours. Abbas Kasuwar Garba (chairman of Mariga district) and sources confirmed that all 17 deaths occurred at Kwanar Dutse Mariga. It was an ambush. "They (gunmen), came out of nowhere and used heavy weapons to attack", said an army officer based in Niger. The Nigerian Army has launched counterattacks and killed several gunmen. Nigeria's military has been stretched by insecurity as it battles with armed gangs, Islamist groups Boko Haram, and an Islamic State affiliate. Boko Haram is known to be active in Niger State. MacDonald Dzirutwe reported from Lagos, Garba Muhammad in Kaduna and Ed Osmond edited the story.
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India takes steps to combat rising copper supply risks
Two government sources and an unpublished draft document state that India held internal discussions about its vulnerability to a tightening copper market. It also plans to discuss how to secure supply from countries with abundant resources during ongoing trade talks. Sources and documents indicate that New Delhi also considers measures to boost domestic refined-copper output, including by attracting foreign investment. The document that was reviewed stated that India imports over 90% of the copper concentrate it needs. This dependency will increase to 97% in 2047. The document reviewed by estimates that India produces 573,000 tons of refined Copper annually, but the demand is around 1.8 millions tons. Imports are needed to fill this gap. Sources and the document said that India could approach global giants like Chile's Codelco (the world's biggest copper producer) and Australian miner BHP for the purpose of setting up copper smelters or refineries in India. Codelco refused to comment while BHP and federal Ministry of Mines didn't respond to emails asking for comments. Sources said that Indian state firms may invest in overseas mining operations run by Codelco or BHP, in exchange for taking part in the development in India of copper infrastructure. India's imports of copper have increased since Vedanta closed its Sterlite Copper Smelter in 2018. In the fiscal year ending March 2025, India imported 1.2 millions metric tons (or 4% more) of copper than a year ago. 'RESOURCE NATIONALISM' The document explained the strategies that are likely to be used in bilateral trade agreements. It stated that India was seeking to include an extensive "copper section" in its ongoing negotiations for free trade with Chile and Peru to secure copper concentrate supplies. It said that while tighter copper supplies from major exporters like Indonesia have restricted India's options for sourcing, Chile and Peru have already made long-term agreements with major global purchasers such as China, further limiting India's choices. Document: The government wants Khanij Bidesh India Ltd, a state-owned company, to also secure strategic minerals from abroad and explore copper resources in Chile, Peru Australia, Mongolia and other countries. It said that India's supply chain could be more susceptible to disruptions if the leading mineral resource suppliers resort to "resource nationalism". China placed export restrictions in April on rare earths, which squeezed supply of minerals that are used in electronics, weapons and consumer goods. The document stated that this trend indicates "an urgent need for foreign assets acquisition". Reporting by Neha arora, Editing by Mayank bhardwaj and Jan Harvey
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Sierra Club Foundation shifts money from BlackRock
The Sierra Club Foundation, a prominent U.S. environmental organization, said that it would move $10.5 millions away from BlackRock as the asset manager had not pressed portfolio firms enough on climate issues. BlackRock managed $11.6 trillion worth of assets at the end March. Of that, $1 trillion was held in sustainable funds. The company is also building up assets for energy transition. The move highlights how BlackRock must balance environmental and social concerns with customers around the world who have a variety of opinions. Sierra Club Foundation's Executive Director Dan Chu explained that the change was made after BlackRock reduced its support for shareholder initiatives to a low level on issues like emissions reductions and left Net Zero Asset Managers in January. Chu said, "They never reached the point where they would have to say that they had a responsibility for investment in fundamentally addressing the climate crisis." BlackRock said that many shareholder resolutions on environmental issues are too prescriptive, and its involvement in the industry climate effort had "caused confusion and legal issues". BlackRock's spokesperson responded via email to a question about the Sierra Club Foundation decision. "We support our clients who have made net zero investments for their organizations by providing them with industry-leading sustainable and transition investment platforms, research and analytics." BlackRock was removed by the Texas comptroller from a list that included companies boycotting the energy sector. This will allow public agencies to do business more easily with BlackRock. BlackRock still faces opposing pressures including in Republican-controlled states where it remains restricted, and an upcoming review from New York City pension funds that want more robust emissions-reductions plans. The Sierra Club Foundation manages the charitable activities of Sierra Club, and has a total budget of about $200 million. BlackRock was warned of the concerns by the Sierra Club Foundation in 2022. The foundation announced that it would move its funds from Nia Impact Capital to Xponance and Nia Impact capital, both of which focus on sustainable investments. (Reporting and editing by Lincoln Feast in Boston. Reporting by Ross Kerber.
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Copper rises in Middle East truce
The copper price rose on Wednesday, supported by the tentative ceasefire agreement between Iran and Israel that improved market sentiment and the stronger yuan in China, a major metals consumer. The price of three-month copper at the London Metal Exchange rose 0.3% to $9,696.50 per metric tonne by 1034 GMT. On Wednesday, the ceasefire brokered on behalf of U.S. president Donald Trump seemed to hold. This was a day after each country had signaled that their air conflict had ended. The yuan of China has been steadily rising against the dollar. It is now nearing its highest level in over a month. The stronger yuan will make dollar-priced materials more appealing to Chinese buyers. The International Copper Study Group's (ICSG) data also shows that the global refined market had a 50,000 ton deficit in April compared to a surplus of 12,000 metric tonnes in March. The market had a surplus of 233,000 tons in the first four month period, which was essentially unchanged from the previous year. Lead prices on the LME rose by 1.4%, to $2,047.50 per ton, after reaching a record high of $2 049. Lead smelters in China have increased their offers for used electric bikes batteries in anticipation of a better demand for lead in the summer months. This also helps primary lead prices, according to a Shanghai-based analyst. LME aluminium dropped 0.5% to 2,566.50 after the ceasefire between Israel and Iran removed the immediate threat for Middle East producers to use the Strait of Hormuz as a shipping route. Zinc increased by 0.8% to $2703, while tin rose 0.6% to $32,420, and nickel gained 0.6% at $15,005. (Reporting and additional reporting by Hongmei Li, Editing Shailesh Kumar Editing)
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The premiums for LME copper contracts near the border have fallen on the bets that stock inflows will occur
The premiums for the London Metal Exchange's nearby copper contracts have fallen from multi-year highs, on expectation that deliveries into LME-registered storage facilities in the coming weeks will ease shortages. Globally, the copper market has been in surplus this year. However, a large flow of shipments into the U.S. where COMEX futures copper are trading at about 10% over the LME benchmark have created tightness in certain regions. The LME is the oldest and largest industrial metals market in the world. This year, inventories have fallen. The premium for cash copper contracts over the 3-month forward On Wednesday, the price of a metric tonne dropped from $280 to just $94; its highest level since November 2021. A source from an LME registered warehousing company said that more than 30,000 tons of copper will be delivered to LME registered warehouses by the end of July. A second source familiar with the situation said that nearly 10 Chinese smelters are preparing to supply 40,000-50,000 tonnes to LME stock. According to the CEO of the LME, last week, there is a strong demand for metals before the new warehouses open in Hong Kong next month. This is partly due the tightness on the copper market. In recent weeks, the premiums for nearby copper contracts were inflated by the continued outflow of copper stocks from LME registered warehouses. Large holdings of copper cash contracts and warrants. LME inventories of copper have fallen by 65% from mid-February, to 93 475 tons. This is their lowest level since August 2023. Traders were motivated to take advantage of the premium offered by COMEX copper contracts over LME benchmarks, while Washington continued to examine potential tariffs against copper imports. LME has registered more than 20 Chinese copper producers as brands, which can be delivered against LME warrants. These are title documents that confer ownership. In May, the share of copper from China in LME available stocks fell to 30,825 tonnes, down from 59 725 tons in April. According to LME data, as of June 20, there were 25,503 tonnes of copper in LME storage warehouses which were not warranted but were eligible for warranting. About half of this was in Asia. The LME premium on copper sold tomorrow was also influenced by the expectation of delivery. On Friday, the price per tonne was $48.6. By contrast, it was zero on Wednesday. Reporting by Polina Devtt, Lewis Jackson, and Hongmei Li. Editing by Kevin Liffey
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EU countries demand stricter control on new CO2 prices
A document obtained by revealed that Germany, the Czech Republic, and 14 other nations have asked the European Union to introduce stricter controls on the new carbon market of the bloc, out of fear the policy would increase consumer bills. The paper, with support from enough countries for the "qualified majority" required to pass EU legislation, aims at pressuring the European Commission to alter the EU carbon market, due to be launched in 2027, for fuels used to heat and transport vehicles. The paper stated that improvements should be made prior to the launch of the market to address legitimate concerns about price uncertainty and the social impact and to increase public acceptance. The new EU carbon markets will impose CO2 prices on the suppliers of polluting gasolines and fuels for cars and buildings. The system is set up so that, if the price of CO2 reaches 45 euros per tonne, additional CO2 permits are released to the market in order to control prices. If prices rise, the countries suggested adding more CO2 permits. They said that the EU should strengthen a "reserve", which adds additional permits to market if there is a shortage of them, along with other changes, such as launching auctions for carbon permits early to get an idea of prices. Austria, Belgium Bulgaria, Croatia, Estonia Italy Latvia, Lithuania, The Netherlands, Poland Romania, Slovakia Slovenia and Spain also signed the document. Poland and the Czech Republic, among others, have warned that the policy may cause a backlash against climate change initiatives if it increases fuel prices. The EU agreed to set aside billions of Euros in profits from the new market for citizens' bills, subsidies for electric cars and energy saving home renovations. This year, the EU has reduced its green policies in an effort to curb political opposition. EU's core targets for reducing emissions have not been watered-down. The Commission may weaken a climate goal for 2040 to try to gain support from countries that are sceptical, as previously reported. On July 2, the Commission will propose a climate target for 2040. Kate Abnett is reporting, Ed Osmond is editing.
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Russia claims it is too soon to estimate the damage caused by US bombs to Iranian nuclear facilities
The Kremlin stated on Wednesday that the damage caused by U.S. airstrikes on Iran's nucleus facilities last weekend was still too early to determine. Dmitry Peskov, spokesman for the Kremlin, said "No" when asked if Russia held its own data on the extent of damage. I don't believe that anyone has realistic data at this time. "It's likely too early to have such data. We need to wait for them." The U.S. president Donald Trump claimed at the weekend that these strikes "obliterated Iran's nuclear facility". Three sources familiar with the situation said that an initial U.S. Intelligence assessment determined that the attack had set Tehran's program back by Only a few months away Russia condemned the strikes against Iran, which it signed an agreement of strategic cooperation with in January, calling them illegal, unjustified, and unprovoked. Peskov stated that Russia has evidence that Washington and Tehran have open communication channels. He added that Moscow is closely monitoring the developments and continues to speak with Iran. Reporting by Dmitry Antonov, Writing by Mark Trevelyan/Maxim Rodionov, Editing by Andrew Osborn
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FT reports that EDF is considering asset sales in light of the increased push for nuclear power.
The Financial Times reported that the new head of EDF, a French state-owned utility, is considering selling some assets in order to satisfy government demands for new investments in nuclear reactors. The FT, citing sources familiar with the matter, reported that Dalkia and Edison may be among the units to be sold. The FT reported that renewable assets are also being considered, except for EDF's hydropower projects. France is the main nuclear champion in Europe, as it sources around 70% of its electricity from this source. EDF's nuclear power fleet generates about 70% of France’s electricity. Bernard Fontana, the new CEO of EDF, was appointed in March after President Emmanuel Macron lost patience with the former chief Luc Remont over differences regarding how to provide energy and build capital-intensive nuclear power reactors. The FT reported that Fontana told insiders he was looking to determine which assets were not profitable and did not match the strategic priorities of the energy group. He added that the sale might come after this review, but he had not yet decided which parts of his business should be sold. EDF refused to comment on the reported. Could not verify the report immediately. Reporting by Rhea Rosa Abraham in Bengaluru, edited by Anil D'Silva & Rashmi aich
Wall Street Journal, June 25,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy.
Investigators cite Boeing’s defective manufacturing and insufficient regulatory oversight as factors that contributed to the January 2024 737 MAX incident.
Xero, a New Zealand-based accounting software company, has agreed to purchase New York payments firm Melio for $2.55 billion. This is the largest outbound deal the Kiwis have made in the past decade.
Iberdrola, a Spanish power utility, has named Pedro Azagra Blazquez as its new chief executive officer. He replaces Armando Martnez Martinez, who quit as CEO.
Amazon has expanded its Same-Day and next-day delivery service in the United States to include thousands of smaller cities and towns.
McDonald's and Krispy Kreme, a donut manufacturer in the United States, announced on Tuesday that they will end their partnership by the middle of July due to the struggle the companies have had managing the costs involved with the venture.
A U.S. Intelligence report revealed that military strikes against Iranian nuclear facilities delayed Tehran's plans by only a few weeks. (Compiled Bengaluru Newsroom)
(source: Reuters)