Latest News
-
Bergs, a Belgian tennis player, aced the ATP Carbon Tracker and says climate is bigger than sport
Zizou Bergs, a Belgian tennis player on the rise, could soon rank among the top 50 in the world. However his desire to travel the globe and pursue his career has created an awkward situation. Bergs, 25 years old, is passionate about the environment and sustainability. However, the ATP Tour is so global that he doesn't have much choice but to fly. ATP Tour players racked-up an average of 122,000km by 2023. While Bergs acknowledges that air miles are a part of his job, he's still doing his part to help the ATP Tour achieve its pledge of a reduction of 50% in emissions by 2030. Bergs said, "I wash my shirts at least 20-30 times, because you sweat a great deal, so that's quite a few washes," when asked about the perception of top players who are given a large supply of sponsored clothing, wearing their kit only once before throwing it away. "I recycle clothes too." This project has been going on for more than five year in Burundi. "Every year, I send at least once a large package of tennis rackets and clothes." This is the kind of attitude that has helped Bergs to top the 2024 rankings for the ATP Tour’s Carbon Tracker – an award-winning app that allows players to track their travel emissions and minimize them on Tour. The app allows players to make informed travel decisions, and buy verified carbon credits in support of climate projects and the United Nations Sustainable Development Goals. Bergs, along with Italian Francesco Passaro, and American Ben Shelton received a portion of a $100,000 prize to donate to the projects he chose, Tous a Bord Foundation, Tennis Vlaanderen, and Moore Foundation. Bergs stated that he would be playing primarily on the lower ATP Challenger Tour 2024, which allowed him to remain closer to his home. Bergs' ranking has risen to a career high of 56, but things are getting more difficult. This year he began in Hong Kong, moved to Auckland and Melbourne for the Australian Open before returning to Belgium to play a Davis Cup match, and finally to Doha and Dubai. Bergs says it will be much easier for him to travel when he is back in Europe and can use the train and his car. EXTREME CONDITIONS The ATP Tour, he said, is focused on reducing the carbon footprint of travel, which accounts for 90% of their emissions. Bergs stated, "That's something you can't skip over." "I am glad that the ATP helps us. Not only by providing this carbon tracker but also by making us aware and learning. Cotton clothes for instance, are recycled at a rate of less than 1%. That's crazy. "I believe the schedule could be better done in terms of programming and other sports, as well. "In reality, there are many circumstances that aren't easy." Bergs claims that Tour veterans have spoken of extreme conditions as the planet heats up. He said, "Climate Change is a Problem for the World and if it is a Problem for the World it will be a Problem for Tennis." "Obviously, on the tennis side we need to improve and optimize everything that we can. "I definitely think that the geographical scheduling is a major topic." In 2023, the Carbon Tracker had over 200 participants and 6.55 million kilometers tracked in its first year. For 2025, a new version featuring advanced features was launched. Bergs said that he is eager to continue his journey. He offset all the emissions from the 30 tournaments in 2024. He said that using Carbon Tracker meant making his time on Tour matter for more than just tennis. "A lot players are using it well, but a lot could do better." "I like to lead by example, not talk too much." Reporting by Martyn Herrman Editing Christian Radnedge
-
U.S. Copper Jumps after Trump Moves on Copper Tariffs
The U.S. Copper prices soared on Wednesday as President Donald Trump moved towards imposing tariffs on imported goods. A power outage in Chile, the top copper producer, also helped to support the market. The most actively traded May copper futures at the U.S. Comex Exchange soared 3.8% to $4.70 per lb after reaching an 8-1/2-month high on February 13 The London Metal Exchange's three-month copper was up by 1.2% to $9,511 per metric tonne at 1030 GMT. The U.S. premium on copper over London reflects the pain that U.S. metal consumers will endure if tariffs are implemented, said Ole Hansen of Saxo Bank's commodity strategy department in Copenhagen. The premium for Comex copper above the LME rose to $854 a ton, up from $580 just a day before, but still down from its peak of $1153 on February 13. Trump, who had previously announced that he would impose tariffs on imported copper, ordered on Tuesday a probe of duties on the imports. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. "The U.S. will never be able to increase their own production or refinery capacity in the near future, so this is another self-inflicted goal." Hansen added that the majority of copper imported into the United States comes from Chile, a friendly nation. He said that the fundamentals of the copper market are soft. Inventories have risen, and a power failure in Chile has also provided support. The country's capital Santiago was plunged into darkness by a massive power outage on Tuesday, and major copper mines were also affected. Other metals include LME aluminium, which rose by 0.6% to 2,653.50 per ton. Zinc also increased by 0.6%, to $2828.50. Nickel gained 0.4%, to $15,400. Lead climbed 1.1%, to $2014, and tin gained 0.1%, to $32,820. (Reporting and editing by Shailesh Kumar)
-
Vanguard's fund board votes are dominated by anti-ESG concerns
The Republican U.S. State Treasurers are withholding their votes from Vanguard's nominees for fund boards, due to concerns that the slate lacks "tone" in sustainability issues. This presents a major political obstacle for the top mutual funds manager who is trying to increase turnout at a rare trustee election scheduled for Wednesday. The officials are responsible for a tiny fraction of Vanguard’s assets, which total $10.1 trillion. They're unlikely to affect the outcome of the vote that will elect Vanguard CEO Salim RAMJI and the 13 fund trustees. Their objections to several prominent directors shows the difficult political calculus faced by asset managers who are under attack from Republican politicians, even as they drop priorities that were once considered mainstream. Vanguard has, for example, rolled back its boardroom diversity guidelines, promised to take a less hands-on role with banks and left a zero-effort. Vanguard representatives didn't respond to any questions. Eight state finance officials, led by Missourian Vivek Malak, wrote a letter on February 24 to the Pennsylvania company, which was seen by. They called Vanguard's slate of products "tone deaf" to recent legal and legislative pushback, as well as regulatory pushback, against consideration of environmental and social factors. Malek, in an interview, gave the example of Sarah Bloom Raskin. She is a director and former Fed official who was unable to be nominated for a high-ranking Federal Reserve position because her climate risk concerns were too great. Malek also cited David Thomas as a strong advocate for diversity, equity, and inclusion initiatives. Thomas is a director at Vanguard since 2021, and president of Morehouse College in Georgia. Vanguard's proxy says Thomas's "research on diversity management and published works are nationally renowned." Malek stated that the examples show the board is lacking in ideological balance despite recent changes to the firm's policies. Malek stated that he thought Vanguard's management should be heading in a new direction. Malek manages an educational savings portfolio of $4.5 billion, with 90% invested at Vanguard. Glenn Hegar of Texas, who has $1.86 billion in Vanguard, as well as Pennsylvania Treasurer Stacy Garrity with $6.2 billion, were also signatories. Raskin and Thomas didn't immediately respond to our questions. Jeff DeMaso who edits a Vanguard newsletter said that the criticism is a sign of how difficult it has become for investment managers even to discuss ESG issues with the public, or directly with portfolio companies. He said, "There is a certain element of trying to determine what the rules are." Vanguard funds are divided into 35 trusts that are overseen by the exact same trustees. For a trust to achieve quorum it must be able to vote a third its net assets. Vanguard still sought participation as of February 19, according to an SEC filing. Vanguard said that "every vote counts" and encouraged clients to vote in order to avoid additional time and costs associated with proxy solicitation. (Reporting and editing by Lincoln Feast; Reporting by Ross Kerber)
-
Chilean power restored partially after massive outage, as copper mines are brought back online
Chile's major copper mines and power grids are coming back online after a major power outage that rocked this world's leading producer of red metal. Power companies are working to restore full system operation, according to authorities. A transmission line failure in the north of the country caused the power outage that struck Tuesday afternoon, plunging most of the nation into darkness. Major mines were also left without electricity, causing global metal markets to be shook. The National Electricity Coordinator of Chile (CEN), in its early morning report Wednesday, said that more than 90% of the residential consumption was restored. However, media outlets reported intermittent electricity in some cities. The National Electricity Coordinator is continuing to work towards achieving 100% recovery of consumption, it says. Anglo American reported that its Los Bronces, El Soldado and Chagres smelters in central Chile had resumed normal operations as of Wednesday morning. The smelter at Chagres still lacked electricity but used generators to run critical processes. Codelco - the world's biggest copper producer - reported in its final report, late on Tuesday night, that power outages continued at its various divisions. The company said that there had been a partial restoration of power in El Teniente, allowing ventilation to be resumed underground. In the smaller Salvador mine, service was restored. Work was underway to restart the concentrator and the smelter. The status of other mining operations has not yet been updated by the companies. The curfew declared by the government in the regions affected by the outage was lifted at 6 a.m. local (0900 GMT). Santiago's metro service has announced it will restart most of its stations and lines.
-
UK Energy regulator launches bids for transmission links worth $5 Billion
The British energy regulator Ofgem announced on Wednesday that it was inviting investors to bid for the ownership and operation of electricity transmission lines worth 4 billion pound ($5.06 billion), which connects Great Britain with its own North Sea power. These assets will be offered under the offshore transmission owner regime (OFTO), which is a regulator-mandated system. They will connect the Sofia wind farm of energy company RWE to the onshore grid in North Yorkshire. This will power 1.2 million homes across the UK. Beatrice Filkin is the Director of Major Projects at Ofgem. She said: "OFTO forms part of Ofgem’s efforts to attract investors to the UK in order to boost growth, build a secure and stable energy system and deliver clean power into people's homes." Ofgem will launch a new round of tenders, which is expected to be the largest one yet, to include transmission assets for Dogger Bank C windfarm, Inch Cape, and East Anglia 3. Dogger Bank is the largest offshore wind farm in the world. It's a 3.6 gigawatt wind farm being built by Britain SSE, Norway Equinor, and Vargronn over three phases.
-
From March 1, Indonesia will use its benchmark coal prices for transactions
A senior official from the Energy and Mineral Resources Ministry announced on Wednesday that Indonesia will begin using the benchmark coal price set by the government as the price floor for all transactions next month. Indonesia uses the HBA (government benchmark price) to calculate coal mining royalty fees. Energy Minister Bahlil lahadalia announced earlier this month that the government will require coal companies to utilize the HBA for global transactions. The government is seeking to gain more control over coal prices in the country. In a message sent via text, ministry official Tri Winarno stated that the policy would be implemented on March 1, without going into further detail. In an online briefing for coal miners, officials from the ministry said that the government would set prices twice a monthly under the new HBA plan to reflect updated pricing conditions instead of the current once-a-month practice. The government determines the HBA by comparing the recent coal mining prices that have been reported to the government in their royalty fees filings. In February, the government fixed the HBA price between $34.38 for the lowest grade to $124.24 per metric tonne for the highest grade. The briefing for miners stated that the transactions for so-called domestic obligations would continue to be limited to $70 per ton of electricity and $90 per ton for certain industry needs. (Reporting and editing by John Mair, Shreya Biwas and Fransiska Nanangoy)
-
Kremlin: Russia and US prepare for more talks
The Kremlin announced on Wednesday that it was preparing for expert-level discussions between Russia and the United States as a follow-up to a high-level summit last week and a previous call between Presidents Vladimir Putin, Donald Trump. Dmitry Peskov, Kremlin spokesperson, reiterated the understanding that Trump and Putin would meet in person following thorough preparation but that no details had yet been provided on when or where this meeting would take place. He said that the two leaders can speak by phone again if necessary, but this is not planned at present. Peskov, without giving any more details, said that "contacts are being prepared on an expert level by the Ministries of Foreign Affairs." Trump expressed his desire to achieve a ceasefire as quickly as possible in the Russia-Ukraine conflict. Trump's rapid actions to mend relations with Moscow and reverse the policy of Joe Biden's previous administration have caused concern in Kyiv as well as among the European allies of Ukraine that they may be marginalized. This week, Putin tempered expectations of a quick Ukraine deal by saying that U.S. - Russian contacts would first focus on repairing the trust between Moscow and Washington. Peskov refused to comment on the reported agreement between the U.S.A. and Ukraine, which Trump said would allow U.S. taxpayers to recover money Washington provided to Ukraine during the war. The Kremlin's spokesman confirmed reports that Volodymyr Zelenskiy, the Ukrainian president, would be visiting Trump on Friday. We'll have to wait and see if it is (to sign) this agreement or another. He said that there have not been any official statements made on the matter. Sources familiar with the content of the draft agreement said on Tuesday that there are no U.S. guarantees of security or a continued flow of arms, but that the United States want Ukraine to be free, sovereign, and secure. (Reporting Dmitry Antonov; writing Mark Trevelyan, Editing Andrew Osborn).
-
London copper prices rise as Trump raises new tariff concerns
London copper rose slightly on Wednesday but gains were held in check due to caution after U.S. president Donald Trump ordered an investigation into possible new tariffs on imports of copper, aimed at increasing U.S. manufacturing. As of 0842 GMT, the price for three-month copper at the London Metal Exchange had increased by 1.4% to $9,533 per metric tonne. The dollar recovered from an 11-week-low compared to major peers. This was helped by a recovery in short-term Treasury rates, despite a series of weak economic reports that weighed on investor confidence. Trump signed a White House order directing Commerce Secretary Howard Lutnick, to launch a national-security probe under Section 223 of the 1962 Trade Expansion Act. Trump used the same law in his first term, to impose global tariffs of 25% on steel and aluminum. Soni Kumari is a commodity analyst at ANZ. She said that the investigations would disrupt copper flows and cause uncertainty. Other metals saw a 0.8% rise in LME Aluminium to $2659.5. LME Zinc rose by 0.7% to $2831, Nickel climbed 0.7% up to $15435, Lead gained 1.1% at $2015, and Tin was up by 0.9% to $33,070. SHFE aluminium rose 0.3% to 20,615 Yuan ($2,839.88). SHFE copper fell 0.06%, to 77.020 Yuan. Zinc dropped 0.5%, to 23,565 Yuan. Nickel slid by 0.5%, to 124.130 yuan. Lead gained 0.06%, to 17,140 Yuan. Tin eased 0.6%, to 261,770 Yan.
Stocks and the dollar increase as House passes Trump's tax cuts plans
The global stock market rose on Wednesday, after House Republicans approved President Donald Trump's plans for tax cuts. This also helped the dollar gain some ground and Treasury yields recover.
The Republican-controlled U.S. House of Representatives late on Tuesday narrowly passed Trump's $4.5 trillion tax-cut plan, sending the budget resolution to the Senate, where Republicans are expected to take it up.
Lars Skovgaard is senior investment strategist for Danske Bank.
Tax cuts and less regulation are expected. It is something I expect to happen, and it would be good for the markets if it did.
The mood also improved following reports that the U.S.A. and Ukraine had agreed on terms for a draft mineral deal.
After a mixed session, U.S. stocks futures have rebounded. Nasdaq Futures rose 0.8% and S&P500 Futures gained 0.5%.
The European share market rose for the second consecutive day. The STOXX 600 index, which covers all of Europe, was up by 0.7%, while blue-chip indices in Frankfurt and Paris, as well as London, were up between 0.7% to 1.1%.
Tony Sycamore is a market analyst for IG.
The benchmark 10-year Treasury yield rose by 1.5 basis points, to 4.311%. It had fallen by almost 10 basis points on Tuesday.
The yield on the two-year bond, which is sensitive for changes in Federal Reserve expectations of interest rates, also rose by about 2 basis points to 4.112%.
In the previous session, yields fell to their lowest level in several months as traders increased bets on more Fed rate reductions this year due to growing concerns about the outlook for the largest economy in the world.
The latest survey data released on Tuesday shows that U.S. consumers' confidence dropped at the fastest pace in three-and-a half years in February. This is the latest of a series of surveys that indicate businesses and consumers are becoming more alarmed by Trump administration policies.
Fed funds futures indicate that 55 bps will be priced in for easing by the end of the year, which translates to at least two quarter point cuts. This is up from 40 bps about a week earlier.
The price of copper in the United States has risen by more than 4% since Trump ordered on Tuesday a probe on potential new tariffs for copper imports.
The dollar has gained some ground in the currency markets after it fell to its lowest level since December 10, earlier this week.
The dollar index (which measures the currency in comparison to six peers) was up by 0.2%.
The yen traded 0.2% higher against the dollar at 149.27 thanks to a rebound in U.S. Treasury rates.
The euro fell 0.1% to $1.0499 but was still close to a month-high. The pound was also near its two-month high and bought $1.2656 last.
Brent futures rose 0.3% to $73.22 per barrel after falling more than 2% the previous session. U.S. West Texas Intermediate crude (WTI), however, increased 0.4% to $69.19 per barrel to reverse some of Tuesday's slump of 2.5%.
Gold prices remained unchanged at $2,915 per ounce.
NVIDIA EARNINGS AWAIT
Nvidia, the company that is widely regarded as the poster child for artificial intelligence, will report its earnings on Wednesday. This could provide clarity about demand and justify sector valuations.
Due to the slow returns and breakthroughs made by China's DeepSeek, investor skepticism has increased over the billions of dollars that U.S. technology firms have invested in AI infrastructure.
Jacob Falkencrone, global head of Saxo’s investment strategy, said that any signs of weakness within Nvidia’s report would have a significant impact on investor sentiment toward AI stocks in general.
This earnings report isn't about Nvidia...it's about whether or not the AI revolution will continue at its current pace.
This week, some of Europe's top AI stocks fell after an analyst report flagged that Microsoft could slow down on data center leasing. The note lowered sentiment in the industry.
The "Magnificent 7" index, which includes Nvidia as a component, dropped 2.5% Tuesday, its lowest level since November 27.
(source: Reuters)