Latest News
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South Africa joins international diamond marketing campaign
South Africa's Cabinet has approved the participation in a global effort to promote the marketing of actual diamonds. This is in response to the growing appeal of lab-grown gemstones. The initiative will be funded by a 1 percent levy on annual revenue of diamond companies. Natural diamond prices have fallen in recent years, due to the increasing demand for synthetic gems and the global macroeconomic volatility. De Beers, a division of Anglo American, and the leading African producers, as well as trade associations and De Beers, signed an agreement in June to work together on promoting natural diamonds and driving global demand. The Natural Diamond Council spearheads this initiative. Signatories plan to dedicate 1% of their annual revenue from rough diamond sales for funding. South Africa did not sign the agreement at first, but Minister Khumbudzo ntshavheni announced on Thursday that the cabinet approved the Department of Mineral Resources and Petroleum to participate in international agreements designed to help diamond-producing nations better market and promote natural diamonds worldwide. Ntshavheni stated that "for this to become a reality, the cabinet has approved that the diamond sector be asked to contribute 1% from their annual revenue generated by rough diamond sales in order to support marketing South Africa's actual diamonds for economic growth and to create jobs." Synthetic diamonds, with their reduced environmental impact and competitive pricing, are becoming more popular among younger ethically-conscious consumers. This shift is forcing traditional diamond mines and retailers to reconsider their strategies. South Africa is the 6th largest diamond producer in terms of volume. In 2024, its diamond production fell 0.9% to 5.8 million carats. Total sales were 13 billion rand (731.45 millions dollars), down 21% since 2023. At a Tuesday meeting with diamond producers, Mines Minister Gwede Mantashe stated that "lab-grown diamonds are eating our dinner". "I am convinced that marketing natural diamonds as a necessary action."
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Gaza suffers from a terrible thirst due to polluted aquifers, broken pipelines and contaminated aquifers
Gazans are weakened by hunger and must carry all of their drinking water, washing water and toilet paper across the ruined landscape every day. This is a heavy load which still falls far short of what's needed to maintain health. Aid groups say that the water crisis in Gaza is as serious as the starvation, which has been causing global concern after 22 months of an Israeli military offensive. A global hunger monitor claims that a famine is developing. Some water is sourced from desalination plants run by aid organizations, but the majority comes from wells that are located in a brackish, contaminated aquifer. Sewage and chemicals have seeped through the rubble and spread diarrhoea, hepatitis, and other diseases. COGAT, an Israeli military agency that coordinates aid in the Israeli occupied Palestinian Territories, claims to operate two water pipelines which provide millions of litres per day of water into the Gaza Strip. Officials from the Palestinian Water Authority say that these devices haven't been working lately. Israel cut off all water and power supply to Gaza in the early stages of the war, but later resumed some supplies despite the damage done to the pipeline network. The majority of water and sanitation infrastructure is destroyed, and pumps that draw from the aquifer rely on small generators for electricity - fuel is scarce. COGAT reported that the Israeli military allowed coordination with aid organizations to bring in equipment for maintaining water infrastructure during the conflict. Moaz Mukhaimar (23 years old, a student at a university before the war) said that he had to walk a kilometer and wait in line for two hours to fetch water. He goes to fetch water three times per day on a metal handcart, over rough terrain. How long can we stay in this state? He asked, pulling out two large canisters with very salty water for cleaning and another two smaller ones that contained cleaner water. Umm Moaz said that the water he collects will be used by the extended family, which consists of 20 people, who live in a small group of tents at Deir al-Balah, in the central Gaza Strip. The children are constantly coming and going, and the weather is hot. They want to drink. She said, "Who knows if we can fill up tomorrow?" The struggle for water is repeated across the tiny, crowded area where almost everyone is living in tents or temporary shelters, without sewage facilities or hygiene facilities, and with not enough water to cook, wash and drink as diseases spread. According to the United Nations, the minimum level of emergency water consumption per individual is 15 litres daily for drinking, washing, cleaning, and cooking. According to Israel's Central Bureau of Statistics, the average daily consumption is 165 litres. Bushra Khalidi is the humanitarian policy leader for Oxfam's Palestinian-Israeli occupied territories. She said that the average daily consumption in Gaza was now 3-5 litres. Oxfam reported last week that waterborne diseases, which are preventable and treatable, "ravage Gaza", with rates rising by 150% in the past three months. Israel says that it is providing adequate aid to Gaza's 2.3million residents and blames Hamas. QUEUES FOR WTER Danish Malik is a Norwegian Refugee Council official in charge of global water and sanitation. He said that water scarcity was increasing every day. People are rationing their water use between drinking and hygienic purposes. Many Gazans spend hours each day queuing and carrying water, which often involves jostling for position in the line. Gazans claim that sometimes fights have broken out. Children are often responsible for collecting water while their parents go out to buy food or other necessities. Munther Salem is the head of water resources at the Gaza Water and Environment Quality Authority. He said that children are now carrying plastic containers and running behind water vehicles to fill them up for their families. Many people who live near the beach, wash their clothes in the sea because water is so scarce. The United Arab Emirates are planning to build a new water pipeline that will serve 600,000 residents of southern Gaza. It will be fed by a desalination facility in Egypt. It could still take several weeks for the pipeline to be connected. Aid agencies claim that more needs to be done. UNICEF's James Elder, spokesperson for the organization, said that long-term poverty was becoming fatal. "Starvation, dehydration and other side effects are no longer a part of this conflict. "They are frontline effects." Khalidi, from Oxfam, said that a ceasefire was necessary and aid agencies should have unrestricted access to the area. "Alternatively, we will see people die from the most preventable illnesses in Gaza - as is already happening right before our very eyes."
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Vistra raises its profit forecast for 2026 and plans nuclear expansion in order to meet the power demand
Vistra raised its adjusted EBITDA forecast for 2026 and announced plans to increase nuclear capacity by 2030, as it prepares itself for an expected surge in U.S. demand. This comes as the company's second-quarter profits fell due to higher costs. The company's shares rose by nearly 4% during morning trading. Vistra expects to add 600 megawatts by mid-2030 in order to meet the rising demand for electricity, primarily from data centres and AI-related industrial expansion. The company was granted regulatory approval in July to continue operating its Perry nuclear power plant in Ohio until 2046. The Texas-based utility raised its midpoint 2026 adjusted EBITDA forecast to approximately $6.8 billion. This excludes contributions from the natural gas plants acquired in May. It reaffirmed that it expects to achieve a core adjusted profit of between $5.5 and $6.1 billion in the current fiscal year. This is broadly in line with analyst estimates. According to the U.S. Energy Information Administration, electricity consumption will reach new highs in 2025 or 2026. This is due to the surge in demand for data centers that are trying to meet Big Tech's AI goals. Vistra's results for the second quarter were still hampered by costs. The net income for the three months ended June 30 dropped to $327 millions from $467million a year ago. Unplanned plant shutdowns contributed to a decline in adjusted EBITDA, which fell from $1.41 billion to $1.35. Interest costs increased by nearly 26%, to $303 million. Interest rates that are higher for longer squeeze utilities in the United States by increasing costs of infrastructure maintenance and expansion. Jim Burke, CEO of the company, said that the company had returned to shareholders $6.5 billion through dividends and buybacks. He expects the return to be $1.8 billion more by the end 2026. (Reporting and editing by Shailesh Kuber in Bengaluru)
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Global stocks rise; BOE decision lifts pound
Global equity prices rose on Thursday, as positive earnings, rising hopes for a ceasefire and the expectation of U.S. interest rate cuts lifted sentiment. Meanwhile, oil prices stabilized after news broke that Presidents Putin and Obama would meet. Gold prices, viewed as a safe place in turbulent times, reached a new high. The MSCI index of global stocks rose by 0.45%, to 937.40. Japanese shares reached a new record high. The Bank of England lowered interest rates, but four of nine policymakers - worried about inflation - voted to maintain rates. The split vote suggests that the BoE may be about to end its rate-cutting spree. After the decision, sterling was up by 0.38%. Dominic Bunning is the head of G10 FX Strategy at Nomura. He said, "The vote split was clearly more hawkish that I expected." The U.S. increased tariffs on dozens of imports, bringing the average import duty in the U.S. to its highest level in a century. Investors have largely shrugged off the latest tariffs by U.S. president Donald Trump, including an extra 25% duty on U.S. imported goods from India due to purchases of Russian crude oil and a threat of a 100% duty on U.S. imported chips. Eddie Kennedy, Marlborough's head of discretionary funds and bespoke fund management, said: "It is surprising that the market continues to melt up despite everything being thrown at it." The pan-European STOXX 600 gained 1.04% while Europe's FTSEurofirst 300 index grew 1.06%. The euro was also supported by the plans for a Trump-Putin meeting over the Ukraine war. Barclays' head of European equity strategies, Emmanuel Cau said: "It would be an additional positive if there was a ceasefire." The Dow Jones Industrial Average dropped 0.32%, while the S&P 500 gained 0.24%. Capital.com analyst Kyle Rodda said in a recent note that Wall Street "seems to have gotten back its mojo". There are still persistent downside risks. He said that the number of negative surprises in official statistics is increasing. "Valuations have also been stretched with the forward price-to-earnings hovering at its highest level in four years. "Trade uncertainty persists." The Nikkei, Japan's stock market index, gained 0.65%. Taiwan's benchmark stock index soared as much as 2,6% to reach a record high. The shares of chipmaker TSMC, who announced this year additional investments in their U.S. manufacturing facilities, and is therefore expected to be relatively unaffected by the U.S. duty on imported chips, soared at a record high. The U.S. Dollar gained against other currencies as investors hoped for a more accommodative Federal Reserve policy. This was fueled by disappointing macroeconomic data, and the expectation that Trump would install new board members who share his dovish viewpoints. The yield on the benchmark U.S. 10 year notes dropped 0.9 basis points from 4,232% at late Wednesday to 4.223%. Spot gold increased 0.58%, to $3,387.11 per ounce. Brent crude futures fell 0.07%, to $66.64 per barrel. U.S. crude was flat.
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One person killed in crash of light aircraft in Nairobi's capital
The medical charity that operated the aircraft said that a light plane crashed into a densely populated area in Nairobi's capital, Kenya, on Thursday. At least one person was killed. AMREF Flying Doctors said that the Cessna aircraft, which was operated by the charity, crashed as it flew to Hargeisa in Somaliland's capital, Somaliland. Citizen TV reported that the plane crashed into buildings when it was carrying four people in Githurai, a suburb of northeastern Nairobi. According to a police source, at least two people were killed. One witness who requested anonymity said she heard a loud noise, saw a fireball, and debris scattered throughout the neighborhood. Videos shared on social networks that were not verified showed firefighters trying douse the fires in what looked like a residential compound. In eastern Africa, crashes involving light aircrafts are common. Kenya's top military official was one of 10 people killed in April 2014 when their Military helicopter The plane crashed soon after takeoff. Reporting by Ammu Kanampilly, Edwin Okoth and Humphrey Malalo; Writing and editing by Hereward Holland, Kevin Liffey, Andrew Cawthorne and Andrew Heavens
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French winemakers regret loss of "firebreak" vineyards as blazes spread
Farmers in the sun-drenched Aude region of southern France have reluctantly dug up vines. They were motivated by declining wine consumption, and state subsidies. This has removed a natural moisture-filled brake that would normally prevent wildfires. This week, the loss of vineyards (nearly 5,000 hectares alone in Aude over the last 12 months) and its impact were made clear as the largest wildfire to sweep through France since 1949 was stoked by strong winds and parched foliage. Around 2,000 firefighters fought to contain a fire that scorched homes, forests and farmland and killed one person. The frontlines of the fire were pushed hundreds of meters across the landscape, at times at 5 km/h. Local winemakers and mayors blame the rapid spread of the fire on the loss vineyards. On Wednesday, French Prime Minister Francoise Bayrou visited the fire zone and told the growers that the fire had largely been stopped in the vineyards. Wildfires have charred vineyards. In many places, the neatly-manicured vines and soils remained intact, even though their grapes were destroyed. Baptiste Cabal, whose family cultivates 60 hectares in Saint-Laurent-de-La-Cabrerisse, at the epicentre of the blaze, said ripped-up vineyards were often left fallow, overtaken by scrub and brush. It would be better to have less idle land, and more vines. "THE LAST BARRIERS" Aude, which is part of the Corbieres wine region, known for its aromatic, rich reds, lost 7% its vineyards in this year, continuing a decline that has been ongoing over recent decades. The government pays growers 4,000 Euros ($4,661.60), per hectare, to destroy their vines in order to reduce production and curb the excess supply due to changing drinking habits. Local growers in Aude say that while it is encouraging other crops such as olives and pistachios, which can survive the Mediterranean summer heat, there are few alternatives to sheep farming on the parched hills. Europe is warming twice as fast as the average global rate. It is also the fastest-warming of all continents. Climate change causes hot, dry conditions which help fires to spread faster and burn longer. Aude has experienced a drought for three years in a row. "Nothing can replace vines," says Ludovic Roux a winegrower and the president of Aude’s chamber of agriculture. "Vines are our last line of defense against fires." Local growers reported that hundreds of hectares were destroyed, while other grapes could be rendered unusable if they are covered with fire retardant chemicals or if smoke spoils their taste. Cabal, the head of a local wine cooperative, which produces wine for about 30 growers' families, predicted a "catastrophic harvest," with at least 50% of his family’s vines being damaged. Farmers in the area are concerned that they will not be able to recover without government assistance, making them even more vulnerable. Jerome Despey is a farmer in the Herault region, and vice-president of the FNSEA union. He said that when there's an uprooting, there must be diversification. "But it's important to maintain vines that are adapted to a Mediterranean climate."
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Gold as a safe-haven reaches a 2-week high on trade tensions and rate cuts
Gold reached a two-week-high on Thursday. The demand for safe havens was boosted by the tariffs imposed by U.S. president Donald Trump, and U.S. job data that added to expectations of rate cuts. As of 0956 am, spot gold rose 0.6% to $3388.09 an ounce. ET (13.56 GMT) after reaching its highest level in the earlier session. U.S. Gold futures increased by nearly 0.7%, to $3455.60. "Ongoing trade tensions and increased geopolitical pressures continue to support the market, with the safe-haven interest," said Peter Grant. Trump's increased tariffs on imports of a number of countries went into effect on Friday, forcing some trade partners, such as Switzerland, Brazil, and India, to scramble for a better deal. The number of Americans who filed new claims for unemployment benefits reached a month-high last week, indicating a slight easing in the U.S. labour market. Grant said that the data supports rising expectations of Fed rate cuts. "If (U.S. data) continue to show weakening, we could also see more dovish expectation develop, which is generally supportive for gold." In a low interest rate environment, gold, which is used to store value in times of economic and geopolitical unrest, tends also to flourish. FedWatch Tool from CME Group shows that the market is now pricing in a 91% probability of a rate cut by 25 basis points next month. Three Fed officials sounded the alarm on a weakening U.S. labour market, with Minneapolis Fed President Neel Kashkari on Wednesday saying two quarter-percentage-point rate cuts by year-end is reasonable. Silver spot rose 1.5%, to $38.40 an ounce. This is its highest price since July 25. Platinum was up 0.2%, at $1,335.60, and palladium rose 2.5%, to $1,159.93. (Reporting by Sarah Qureshi in Bengaluru; Editing by Shailesh Kuber)
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Zambia denies health risk flagged by US Embassy over acid spill
Zambia denied that an acid spill six months ago in its copper mining region still poses a serious risk to health, just a day after U.S. Embassy restricted travel for U.S. government officials due to widespread contamination. In February, a tailings pond at a Chinese copper processing plant failed, releasing 50,000 cubic meters of acidic slurry in nearby rivers. The government of the Southern African country has said that there is no need to be alarmed and has taken steps to reduce acidity in affected areas by using lime. At a recent press conference, Cornelius Mweetwa, a government spokesperson, said that laboratory results showed that pH levels (acidity levels) had returned to normal, and that heavy metal concentrations were steadily declining. This meant that any immediate danger for human, animal, and plant life was averted. Collins Nzovu, Zambia's minister of water and sanitation, said that the country would be in touch with the United States to discuss the issues raised. The U.S. Health Alert on Wednesday stated that the acid spill has polluted the water and soil surrounding the town of Chambishi, where the plant is situated and that contaminants may also become airborne. Mweetwa stated that the company operating the plant, Sino Metals Leach Zambia has fully cooperated with the government, and pays for mitigation measures. Sino Metals Leach Zambia spokesperson did not answer questions Thursday. The company said it had nothing more to say about the government's remarks on the acid spill.
Alleged quarterly profit declines due to higher operating and interest expenses
Allete, an American utility company, reported a decline in its second-quarter profits on Thursday. The fall was attributed to lower industrial margins and higher operating expenses.
The higher interest rates for longer can be a burden on utilities, as they make it more expensive to invest in critical infrastructure like electrical grids.
Interest expenses for the quarter were $23.1 million, an increase of almost 15% compared to a year earlier. Total operating expenses increased 5%, reaching $342.3 millions.
According to CFO Jeff Scissons, the results of the quarter were "primarily impacted by lower industrial margins due to lower sales to customers who purchase taconite at Minnesota Power. This trend is expected to continue until 2025."
He added that Minnesota Power would file a rate case in order to account for the reduced revenue, depreciation of capital investments, and inflationary pressures.
U.S. utilities are constantly seeking to increase customer bills in order to upgrade their infrastructure. This is due to the extreme weather conditions and increasing demand for data centers and industry electrification.
Rate case proceedings are used by utilities to determine what customers will pay for services such as electricity, gas, steam, and private water.
Minnesota Power, an Allete utility division, announced earlier this month that it also plans to build a 200-megawatt Longspur Wind Project in North Dakota, as part of the EnergyForward transition towards a future energy free of carbon.
Allete's regulated operation segment dropped 31% to $23 millions.
The company's quarterly net income dropped 3%, to $31.9m, or 55c per share. (Reporting from Pranav Mathur, Bengaluru. Editing by Shailesh Kuber)
(source: Reuters)