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World Bank: Heatwaves cost Bangladesh $1.8 Billion last year
According to a World Bank study released on Tuesday, rising temperatures will have a significant impact on Bangladesh. Heat-related illnesses, and losses in productivity, could cost the country up to $1.78bn - or 0.4% of its GDP - by 2024. The study shows the maximum temperature in South Asia has increased by 1.1 degrees Celsius since 1980. However, the "feels-like" temperature has increased by 4.5 C. As the heat increases, so do diarrhea, respiratory issues, fatigue and mental health problems such as anxiety and depression. Women and older adults are at greater risk. Dhaka, the capital of Bangladesh, has been ranked as one the most heat-stressed city in the world. Its heat index is rising at a rate 65% higher than the national average. According to the report, heat-related mental and physical health conditions will wipe out 25 million days of work in Bangladesh by 2024. "Extreme Heat is Not Just a Seasonal Inconvenience. Its effects are far-reaching. We see that in Bangladesh, the rising temperatures are affecting the health of the people and their productivity. By building on its climate adaptation experience and adopting a coordinated sector-wide approach, Bangladesh can mitigate the impacts of heatwaves and maintain sustainable economic growth. It is possible, as countries such as Singapore have shown. The report calls for urgent action to improve data collection, strengthen the health system, and expand green spaces in urban areas. The report calls for international funding to help Bangladesh cope with the escalating risks of climate change. (Reporting and Editing by Ros Russel)
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Nigerian troops kill 8 Islamic State fighters during Borno ambush. Military says
The military reported that eight militants from the Islamic State West Africa Province, including two senior commanders, were killed during an ambush on a major supply route in northeast Nigeria. The clash took place early Monday morning near Garin Giwa, on the Baga Cross Kauwa Road in Borno State. This area is frequently targeted by insurgents who want to disrupt military operations. ISWAP fighters tried to ambush an army patrol, but troops were able repel them. The ISWAP's senior field commander Abu Aisha was among those killed, as were Qaid of Tumbun Mota and two mid-level leaders, also known as Munzirs. According to the statement, several other militants fled with gunshot injuries. Boko Haram militants and their splinter ISWAP group have been responsible for thousands of deaths and displacements in northeast Nigeria. They also caused a humanitarian crisis by attacking security forces and civilians. (Reporting from Camillus Eboh, Abuja; writing and editing by Elisha Gbogbo)
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Strong investment demand is driving India's silver imports.
Industry officials said that India's imports of silver are expected to grow in the next few months. This is due to increased investment and industrial demand, which has already consumed the excess from last year's high shipments. The world's largest silver consumer, China, could boost global prices to the highest level since 14 years. Chirag Thakkar of Amrapali Group Gujarat (a silver importer) said at the India Gold Conference, New Delhi, that "with prices going up, the investment demand has also shot up -- nearly twice what it was before." Thakkar predicted that silver imports would increase in the next few months. The annual total is likely to range between 5,500 to 6,000 metric tonnes. After shipments had more than doubled to 7,669 tonnes in 2024, the industry expected a sharp decline in India's imports in 2025. India's imports of silver in the first eight-month period of 2025 dropped by more than half to 2,580 tonnes from 5,695 tons one year earlier, according to preliminary data released by the trade ministry. Thakkar stated that the strong demand of recent months has led to a depletion of stocks and prompted banks and dealers stepping up imports. Silver futures in India hit a new record of 129.878 Indian Rupees (1,474.75) per kilo on Tuesday. They are up almost 49% so far this year and have outpaced a 44% increase in gold prices. A Mumbai-based dealer at a private bank said that despite the price rally, Silver is still trading at a premium to official domestic rates. These include a 6% duty on imports and a 3% tax on sales. Demand from industrial users and investment firms remains high. Investors usually cash out when prices rise. This time, however, they are so confident about the future that there is hardly any scrap on the market," he said. The Association of Mutual Funds in India reported that inflows to silver exchange-traded fund reached 17.59 billion rupies in July, and 19.04 billion rupies in August. This is well above the average monthly inflows of 6.7 billion rupies in the previous fiscal year. India imports silver from the United Arab Emirates (UAE), Britain, and China. $1 = 88.0680 Indian Rupees
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Copper prices are impacted by profit-taking and lack of interest from China
The price of copper fell on Tuesday, as traders reported that a lack of interest from China's leading consumer led to profit-taking. Prices had risen 15 months earlier. At 1105 GMT, the benchmark copper price on London Metal Exchange had fallen by 0.5% to $10,134 per metric tonne. It reached $10,192.50 per ton on Monday, the highest level since June of last year. The rapid rise of copper to $10,000 per ton this month has pushed Chinese buyers away, traders have said. The Federal Reserve will meet on Tuesday and Wednesday to decide the interest rate in the United States. The expectation of a rate cut has weighed heavily on the U.S. dollar, which will make metals priced in dollars cheaper for holders of other currencies. This could increase demand. Analysts at Benchmark Mineral Intelligence said that given the high level of market consensus regarding the likelihood of a rate reduction, it's likely that investors and traders have been positioning themselves well in advance. This will dampen the immediate impact of any such mechanism. Traders reported that funds were placing bets ahead of the Fed's decision on higher copper prices and that there was a pickup in the amount of copper in storage warehouses monitored by Shanghai Futures Exchange. The Chinese demand for goods has heightened concerns. The focus is also on the zinc stocks in LME-approved warehouses The LME's total tonnage, 48,975 tonnes, has dropped by 60% since mid-July. Metal marked for delivery or cancelled warrants at 36% indicates another 17,600 tons are due to leave the LME. Low zinc stocks have fueled concerns about zinc availability on the LME and created a premium for the forward cash contract of three months. . The premium reached its highest level since October of last year. On Monday, it closed at around $27 per ton. After earlier reaching a six-month record of $2,985, three-month zinc fell 0.2% to $2,974 per ton. Other metals saw a 0.1% increase in aluminium at $2704 per ton. Lead was unchanged at $2002, while tin rose 0.5% to $34,825. Nickel retreated by 0.2% at $15,400.
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The Azerbaijani finance ministry expects GDP to grow by 2.9% in 2026.
The Finance Ministry predicted that Azerbaijan’s Gross Domestic Product (GDP) will grow by 2.9% between 2026 and 2027, a slight drop from the growth of 3% expected for this year. If the rate of GDP growth continues at this pace, it will also be below the Finance Ministry’s forecasted average annual growth of 3.5% over 2026-2029. Azerbaijan expects a budget gap of 2,3% of GDP or approximately 3,125 billion manats next year. Revenues are forecast to increase by 0.2% compared to 2025 forecasts and expenditures by 0.3% to 41.548 trillion manats. According to the ministry, this slight decline comes at a time when the oil and gas industry is expected to shrink by 2.4% by 2026. This will be an acceleration from the 0.2% drop set for 2025. This will be offset by a 4.9% increase in the non-oil & gas sector. Azerbaijan is a major oil and gas exporter. It has set the projected price of oil for its 2026 budget at $65 a barrel. This is down from $70 in 2025. The Finance Ministry said that by 2025 the total debt of the state is expected to reach 25.4 billion manats or 19.6% GDP. $1 = 1.7 manats (Reporting and writing by Nailia bagirova, Robert Harvey and Gleb Stolyarov; editing by Mark Trevelyan).
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Two people are killed and two homes are set on fire in Russian attacks against Ukraine
The regional governor reported that Russian forces launched an attack on Zaporizhzhia in Ukraine's southeast city early Tuesday morning. A 41-year old man was killed, and at least 18 others were injured. Ivan Fedorov confirmed that two children had been injured. The governor posted pictures online showing firefighters fighting fires in homes and other structures. Ukraine's emergency services reported that in Zaporizhzhia a fire had spread to three residential buildings as well as a service station, covering a total area of 350 sq. m. (4,000 sq. ft). Fedorov stated that preliminary reports indicated that Russian forces have carried out 10 attacks using multiple rocket launchers, causing damage to 10 apartment buildings and twelve private homes. I heard distant explosions very far away so we went to bed. Oleksii 35, a Zaporizhzhia local, said that a powerful explosion blew our windows out. I immediately ran outside to my neighbors to put out the fire. I was worried about them." Volodymyr Zelenskiy, the president of Ukraine, said that other Ukrainian cities were also attacked by Russian troops overnight. They launched over 100 drones and 150 glide bombs. Zelenskiy reported that one person died in the southern Mykolaiv Region. According to officials in the region, two people were injured in Kharkiv city in the northeast. The Russians attacked a large retail logistics centre in central Kyiv, causing thick columns of smoke to rise into the air and firefighter's to battle the fire. Zelenskiy wrote in a blog post on the X-platform: "This is exactly the type of aerial terror that Ukraine calls for a joint defense ...,". "Now is time to implement a multilayered air defence system for the protection of the skies in Europe." Zelenskiy reported that Russia had launched over 3,500 drones in different types this month. It also fired nearly 190 missiles and more than 2,525 aerial bombs. Reporting by Sergiy Chalia in Zaporizhzhia, and Anastasiia Mlenko in Kyiv. Writing by Olena Harmasch Editing by Gareth Jones
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Dollar falls as traders bet on Fed rate cuts
Investors bought U.S. stocks futures, assuming that the Federal Reserve will likely lower rates this week. They sold equities, however, in Europe where it is less likely that borrowing costs will fall further. The MSCI all-country index rose 0.15% and reached new record highs. Meanwhile, the pan-European STOXX 600 fell 0.15%. This was mainly due to the decline of rate-sensitive insurers and banks, who will lose if the European Central Bank doesn't cut euro zone interest rates any further. James Rossiter is the head of global macro-strategy at TD Securities, London. He said that markets are realizing there won't be any more cuts from the ECB. This has a negative impact on expectations for Fed to resume its easing policy. The markets are now pricing just a 40% probability of an ECB cut by 25 bps in June 2026, down from 50% last week. STOCKS SCALE NEW HEIGHTS Stocks have reached new highs in Wall Street due to the expectation of an imminent Fed rate cut. S&P 500 and Nasdaq Futures are both unchanged after both indices reached all-time highs during Monday's trading. Futures have already priced in 127 bps of Fed cut by July 2026. This means that policymakers will need to work hard to maintain investor confidence. There do appear to be quite some rate cuts already priced in. "On balance, that might suggest that the bar for an unexpected hawkish move is lower than for one that's dovish," said Thomas Mathews. The Fed is likely to stick to its cautious approach in communicating and will not reveal much. The markets reacted little to the news that Stephen Miran was narrowly confirmed to the Board of Governors of the U.S. central bank by the U.S. Senate, and a U.S. court of appeals denied President Donald Trump the right to dismiss Fed Governor Lisa Cook. Both moves are unlikely to have a significant impact on the Fed's Wednesday decision, as a 25 basis-point reduction is already fully priced. The Bank of Canada, in an eventful week, is expected to also cut rates this week by a quarter-point, while both the Bank of Japan, and the Bank of England, are expected to keep rates the same. U.S. officials and Chinese officials announced on Monday that they had reached a framework deal to transfer the short-video app TikTok under U.S. control. This agreement will be confirmed during a call between Trump's and Xi Jinping's Friday. The MSCI broadest Asia-Pacific share index outside Japan, which is the most widely followed index in Asia, rose to its highest level for more than four years on Tuesday. Its last trade was 0.03% higher. Japan's Nikkei index and Topix index also set new records. The Dollar: Pressure on the Dollar Fed's decision to cut bets has kept the pressure on the dollar which, on Tuesday, fell to its lowest level since July 4, against a basket currency. The euro, which has been at its highest level since July 2, also reached its highest point at $1.1795. The yields on U.S. Treasury bonds were relatively unchanged after falling the previous session. The two-year yield was the last to be at 3,5345%. The benchmark 10-year rate was nearly unchanged at 4.0317%. Oil prices in commodities reversed their course after having increased from the previous session as investors assessed impact of Ukrainian drone strikes on Russian refineries. Brent crude futures dropped 0.37%, to $67.19 a barrel. U.S. crude was 0.23% less at $63.07 per barrel. The spot gold price reached a record high of $3697.05 per ounce. This was boosted by the weaker dollar, and by expectations of a Fed rate reduction.
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Gold records record highs as Dollar drops ahead of Fed meeting
Gold reached a new record high on Tuesday. This was helped by the weaker dollar, which is expected to be a factor in the Federal Reserve meeting that will take place later in the afternoon. The monetary authority has been widely predicted to lower interest rates. As of 0748 GMT the spot gold price rose by 0.3%, to $3688.41 an ounce. It had earlier reached a session high of $3697.05 per ounce. U.S. Gold Futures for December Delivery rose 0.2% to $ 3,726.70. The dollar has fallen to its lowest level in over two months against other currencies. The Fed is expected to cut rates next week, according to UBS analyst Giovanni Staunovo. CME FedWatch shows that traders are pricing in an almost certain 25 basis-point cut to the rate at the end the two-day session on September 17. There is a slight chance of a reduction of 50 bp. In a post on social media, U.S. president Donald Trump called for Fed chair Powell to implement a "bigger rate cut" in a Monday's post. Carlo Alberto De Casa is an external analyst with Swissquote. He said that traders are betting on the Fed continuing to reduce interest rates in 2019. This will also support gold. In a low interest rate environment, non-yielding gold bullion is likely to perform well. "We should expect higher volatility around the Fed's statement, especially if the market perceives the rate reduction to be accompanied by a hawkish comment. Staunovo said that Trump's desire for lower rates will likely lead to gold moving higher in the months to come. A U.S. court of appeals refused to let Trump fire Fed Governor Lisa Cook on Monday. This is the latest in a long-running legal battle which threatens the Fed’s independence. Gold's spectacular rally to successive records highs is expected to continue for the remainder of 2025. However, a healthy correction will be needed before it reaches $4,000/oz by 2026, according traders and industry analysts on the sidelines the India Gold Conference held in New Delhi. Silver spot was unchanged at $42.70 an ounce. Platinum was stable at $1400.58, and palladium was up 0.3% at $1187.94.
As solar capability grows, some of America's most efficient farmland is at risk
Dave Duttlinger's very first thought when he saw a thick band of yellowishbrown dust smearing the sky above his Indiana farm was: I alerted them this would take place.
About 445 acres of his fields near Wheatfield, Indiana, are covered in solar panels and associated machinery-- land that in April 2019 Duttlinger rented to Dunns Bridge Solar LLC, for one of the biggest solar advancements in the Midwest.
On that blustery spring afternoon in 2022, Duttlinger stated, his phone sounded with questions from disappointed neighbors: Why is dust from your farm inside my truck? Inside my house? Who ought to I contact us to clean it up?
According to Duttlinger's solar lease, examined , Dunns Bridge said it would utilize commercially sensible efforts to minimize any damage to and disruption of growing crops and crop land triggered by its building activities outside the task website and not eliminate topsoil from the home itself. Still, sub-contractors graded Duttlinger's fields to help the structure of roadways and installation of posts and panels, he said, in spite of his cautions that it might make the land more vulnerable to disintegration.
Teams improved the landscape, spreading out fine sand throughout big stretches of abundant topsoil, Duttlinger stated. When visited his farm last year and this spring, much of the land below the panels was covered in yellow-brown sand, where no plants grew.
I'll never ever be able to grow anything on that field again, the farmer stated. About one-third of his approximately 1,200-acre farm-- where his family grows corn, soybeans and alfalfa for cattle-- has actually been leased.
The Dunns Bridge Solar task is a subsidiary of NextEra Energy Resources LLC, the world's largest generator of eco-friendly energy from wind and solar. Duttlinger stated when he approached NextEra about the damage to his land, the company stated it would evaluate any remedial work required at the end of its agreement in 2073, as per the regards to the arrangement.
NextEra declined to talk about the matter or on what future dedications it made to Duttlinger, and might not separately verify them. Job designer Orion Renewable Energy Group LLC directed questions to NextEra.
The solar market is pushing into the U.S. Midwest, drawn by cheaper land rents, access to electrical transmission, and a. wealth of federal and state incentives. The region also has what. solar needs: wide-open fields.
A renewable energy boom risks damaging some of America's. richest soils in crucial farming states like Indiana, according to a. analysis of federal, state and local information; numerous. pages of court records; and interviews with more than 100 energy. and soil researchers, agricultural economic experts, farmers and. farmland owners, and local, state and federal legislators.
A few of Duttlinger's farm, including parts now covered in. solar panels, is on land classified by the U.S. Department of. Farming (USDA) as the most productive for growing crops,. according to a analysis.
For landowners like Duttlinger, the pledge of earnings is. appealing. Solar leases in Indiana and surrounding states can. use $900 to $1,500 an acre per year in land rents, with annual. rate boosts, according to a evaluation of solar leases. and interviews with four solar project developers. In. contrast, farmland lease in leading corn and soybean manufacturers. Indiana, Illinois and Iowa balanced about $251 per acre in 2023,. USDA data shows.
Farmland Partners Inc, a publicly traded farmland genuine. estate financial investment trust (REIT) has leased about 9,000 acres. across the country to solar firms. Much of that ground is extremely. efficient, stated Executive Chairman Paul Pittman.
Do I believe it's the very best use of that land? Most likely not. However our investors would eliminate us if we didn't pursue this, he. stated.
Some renewable resource developers said not all leases end up being. solar jobs. Some are developing their sites to make it. possible to grow crops between panels, while others, like Doral. Renewables LLC, said they use livestock to graze around the. panels as part of their land management. Designers also argue. that in the Midwest, where more than one-third of the U.S. corn. crop is utilized for ethanol production, solar energy is crucial for. powering future electric automobiles.
Some farming economists and agronomists counter that. taking even percentages of the very best cropland out of production. for solar development and destructive important topsoil effects. future crop potential in the United States.
Typical solar farm building and construction practices, including clearing. and grading large areas of land, also can cause significant. disintegration and major runoff of sediment into waterways without. correct remediation, according to the U.S. Environmental. Defense Company and the Justice Department.
Solar development comes amidst increasing competition for. land: In 2023, there were 76.2 million - or nearly 8% - fewer. acres in farms than in 1997, USDA data programs, as farmland is. converted for domestic, industrial and industrial use.
In reaction to ' findings, USDA stated that urban. sprawl and advancement are currently larger contributors to. farmland loss than solar, pointing out reports from the Department of. Energy and agency-funded research.
BUILDING ON PRIME CROPLAND
No one understands how much cropland across the country is presently under. photovoltaic panels or leased for possible future development. Land. offers are generally private deals.
Scientists at the United States Geological Survey and the. U.S. Department of Energy's Lawrence Berkeley National. Lab have actually been compiling a database of existing solar. centers across the nation. Work on the U.S. Large-Scale. Solar Photovoltaic Database started in 2020 and includes data on. 3,699 facilities in 47 states and the District of Columbia.
While that task is incomplete and ongoing, discovered. that around 0.02% of all cropland in the continental U.S. converged in some method with massive, ground-based solar. panel websites they had identified as of 2021.
The total power capability of the solar operations tracked in. the data set represents over 60 gigawatts of electrical power. capability. In the following 2 years, solar capacity has nearly. tripled, according to a Dec. 2023 report from the Solar power. Industries Association (SEIA) and Wood Mackenzie.
To much better comprehend future land-use patterns, . evaluated federal government data to recognize cropland that USDA. classified as prime, distinct, or of local or statewide. importance. likewise reviewed more than 2,000 pages of. solar-related documents filed at regional county recorders' offices. in a little sample of four Midwestern counties-- Pulaski, Starke. and Jasper counties in Indiana, and Columbia County in. Wisconsin.
The counties, representing an area of land a little bigger. than the state of Delaware, are where a few of the country's. biggest projects are being established or built. The sample is not. necessarily representative of the wider United States however. provides an idea of the possible effect of solar projects in. farm-heavy counties.
discovered the portion of these counties' most. productive cropland protected by solar and energy business since. end of 2022 was as follows: 12% in Pulaski, 9% in Starke, 4% in. Jasper and 5% in Columbia.
Jerry Hatfield, former director of USDA Agricultural. Research study Service's National Lab for Agriculture and the. Environment, said ' findings in the four counties are. worrying.
It's not the variety of acres transforming to solar, he stated. It's the quality of the land coming out of production, and what. that indicates for local economies, state economies and the. country's future capabilities for crop production.
More than a dozen agronomists, in addition to renewable energy. researchers and other specialists spoken with , stated the. approach to measuring solar's impact was fair. The news agency. likewise shared its findings with 6 solar developers and energy. firms operating in these counties. 3 said ' sample size. was too little, and the range of findings too wide, to be a reasonable. representation of industry siting and building and construction practices.
By 2050, to fulfill the Biden Administration's decarbonization. targets, the U.S. will need as much as 1,570 gigawatts of electric. energy capability from solar.
While the land needed for ground-based solar advancement to. attain this goal won't be even by state, it is not expected to. exceed 5% of any state's acreage, except the tiniest state of. Rhode Island, where it might reach 6.5%, by 2050, according to. the Energy Department's Solar Futures Research study, published in 2021.
Scientists at American Farmland Trust, a non-profit. farmland protection company which champions what it calls. Smart Solar, forecast last year that 83% of new solar energy. development in the U.S. will be on farm and ranchland, unless. existing government policies changed. Almost half would be on the. country's finest land for producing food, fiber, and other crops,. they warned.
FUEL ARGUMENT
5 sustainable developers and solar power firms spoke with. counter that the industry's usage of farmland is too. little to impact domestic food production overall and need to be. balanced with the requirement to decarbonize the U.S. energy market in. the face of climate modification.
Doral Renewables, the developer behind the $1.5 billion. Mammoth Solar project in Pulaski and Starke counties, does not. consider corn or soybean yields in its siting decisions.
Instead, the business takes a look at the land's topography, zoning. and nearness to an electrical grid or substation-- and attempts to. avoid wooded areas, ditches and environmentally delicate areas,. said Nick Cohen, Doral's president and CEO.
Moving corn acres for solar? I do not see it as replacing. something that is crucial to our society, Cohen said. Solar can. make farmland more productive from a financial point of view, he. added.
Indiana farmer Standard Welker says he got a better offer leasing. 60% of his farmland to Massive than he would have growing corn,. with rates dipping to three-year lows this year.
We've got mounds of corn, we're below the expense of. production, and today, if you're renting land to grow corn--. you're losing money, Welker stated. By doing this, my financial. scenarios are great..
(source: Reuters)