Latest News
-
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).
-
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).
-
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).
-
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."
-
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.
-
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)
-
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)
-
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
The key facilities of Iran's nuclear program
The Omani Foreign Minister said that a sixth round of U.S. - Iran nuclear talks would be held in Muscat on Sunday, following the announcement by U.S. president Donald Trump that Tehran will not be permitted to possess a nuclear device.
Trump stated on Wednesday that U.S. military personnel are being removed from the Middle East, because it "could be a dangerous area".
Here are some of Iran’s most important nuclear facilities.
Where are Iran's nuclear facilities?
The Iranian nuclear programme is spread out over many different locations. Despite the fact that Israel has been threatening airstrikes for decades, some sites are only built underground.
IRAN HAS A NUCLEAR WEAPONS SYSTEM?
The United States, as well as the U.N.'s nuclear watchdog, believe that Iran had a secret and coordinated nuclear weapons program which it stopped in 2003. The Islamic Republic has denied ever possessing or planning one.
Iran agreed to limit its nuclear activities as part of a 2015 agreement with world powers. The deal fell apart in 2018, when Trump, then in his first term of office as president, pulled out the United States and Iran began to abandon the restrictions.
IS IRAN INCREASING ITS URANIUM ENRICHMENT?
Yes. Since the deal fell apart, Iran has expanded its uranium-enrichment programme. The time it takes to reach weapons-grade uranium to build a nuclear weapon is now days or a little over a week instead of a year as was the case under the 2015 agreement.
It would take more time to actually make a bomb using that material. The exact time is not known and the debate continues.
Iran enriches uranium up to 60% fissile purity, which is close to 90% weapons-grade. It has two sites where it does this. In theory, the country could make six bombs if they enriched the material further.
NATANZ
Complex at the centre of Iran's nuclear enrichment program, located on a plain bordering mountains south of Tehran in the Shi'ite holy city of Qom. Natanz is home to two enrichment facilities: the massive, underground Fuel Enrichment plant (FEP) as well as the above-ground Pilot Fuel Enrichment Plan (PFEP).
In 2002, an exiled Iranian group revealed that Iran was building secretly Natanz. This sparked a diplomatic standoff with the West over Iran's nuclear intentions. The standoff continues to this day.
The FEP is a facility designed for commercial enrichment, with a capacity of 50,000 centrifuges. There are approximately 16,000 centrifuges installed, of which 13,000 are operational, and they refine uranium up to 5% purity.
The FEP is described by diplomats who are familiar with Natanz as being three floors underground. It has been a long-running debate as to how much damage Israeli aircraft could cause.
Other means of damage have been used to destroy centrifuges in the FEP, including an explosion that occurred and a power outage in April 2021 which Iran claimed was an Israeli attack.
The PFEP above ground houses only hundreds centrifuges, but Iran enriches up to 60% purity here.
FORDOW
Fordow, on the other side of Qom is a site for enrichment dug into the mountain. It's probably better protected against potential bombardment as the FEP.
Iran was not allowed to enrich at Fordow under the 2015 agreement with major powers. The centrifuges are mostly advanced IR-6 machines. Up to 350 of these can enrich up to 60%.
In 2009, the United States announced that Iran has been building Fordow secretly for years without informing the IAEA. Then, U.S. president Barack Obama stated: "The size of the facility and its configuration are inconsistent with a peace programme."
ISFAHAN
Iran's second-largest city, Isfahan has a major nuclear technology center on its outskirts.
The facility includes the Fuel Plate Fabrication Plant and the Uranium Conversion Facility (UCF), which can convert uranium to uranium hexafluoride, which is then fed into centrifuges.
Diplomats claim that Iran stores uranium enriched at Isfahan.
There is equipment at Isfahan to make uranium metal, a process that is particularly proliferation-sensitive since it can be used to devise the core of a nuclear bomb.
Isfahan will be a new location for 2022, according to the IAEA. It has machines that can make centrifuge components.
KHONDAB
Iran has a heavy-water reactor that is partially constructed. It was originally named Arak, and it's now called Khondab. Heavy-water reactors are a risk for nuclear proliferation because they produce plutonium easily, which can be used, just like enriched Uranium, to create the core of atom bombs.
The 2015 agreement saw construction halted and the core of the reactor removed, then filled with concrete, rendering it useless. The reactor would be redesigned to "minimize the production of Plutonium and not produce weapon-grade Plutonium during normal operation". Iran informed the IAEA it planned to begin operating the reactor by 2026.
TEHRAN RESERVE CENTRE
The Iranian nuclear research facilities at Tehran include a reactor for research.
BUSHEHR
The only nuclear power plant in Iran, located on the Gulf Coast, uses Russian fuel, which Russia takes back after it has been used, reducing proliferation risks.
(source: Reuters)