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In Pakistan, nine people have died as floodwaters sweep children and relatives away
Officials said that at least nine people were killed when floodwaters washed away children from a river in the north of Pakistan, and their relatives tried to save them by jumping into the water on Friday. District administrator Shehzad Mahaboob revealed that the family was enjoying a picnic by the Swat river and the children had been taking pictures in the water when the flood struck. He added that relatives rushed to help but were caught in the flood which was swollen from monsoon rainfall. Mahboob said it was too early to tell how many children or adults have died. He said that nine bodies had been recovered. Four family members were rescued and four others are still missing. Shahid Ali Khan, the local mayor, said that the family group was made up of tourists visiting Swat Valley from Pakistan. Rescue official Shah Fahad stated that locals and over 80 rescue workers are searching for survivors. Later, the Provincial Disaster Management Authority issued a warning that there was a high level of flooding and urged people to take preventative measures. Every year, during the summer, tens of thousands, mainly from other parts in Pakistan, travel to the peaks and the glaciers of the north. In a press release, the office of Prime Minister Shehbaz sharif said that Sharif had "expressed his sorrow over the deaths of tourists." (Reporting and writing by Mushtaq Al; editing by Andrew Heavens).
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Trump to issue executive orders to boost AI in race against China
Four sources familiar with planning say that the Trump administration is preparing a package of executive measures aimed at increasing energy supply in order to fuel the U.S.'s expansion of artificial intelligence. The two biggest economic rivals, the U.S.A. and China, are engaged in a technology arms race that has a military and economic edge. AI's massive data processing requires an increase in energy supplies, which is straining many utilities and grids. According to sources, the government is considering a number of measures, including making it easier to connect power-generating projects with the grid and providing federal land for the construction of data centers to advance AI technology. Sources who asked to remain anonymous to discuss internal discussions said that the administration would also release an AI Action Plan and schedule public events in order to bring public attention to these efforts. The White House has not responded to any requests for comments. The training of large-scale AI requires huge amounts of electricity. This is the reason for the first significant increase in U.S. energy demand in many decades. Grid Strategies, a consultancy in the power sector, predicts that between 2024 and 2030, U.S. electric demand will grow five times faster than it did in 2022. According to a report from Deloitte, the power consumption of AI data centers is expected to grow by more than 30 times by 2035. The problem of connecting and building new power plants to the grid is a big one. Such projects can require years-long impact studies, and the existing transmission infrastructure has become overloaded. Two sources stated that the administration was considering identifying more developed power projects, and moving them up the list of waiting for connections. It is also difficult to locate data centers because they require large facilities and resources. They can also face obstacles such as zoning or public opposition. Sources said that the executive orders may provide a solution by offering project developers land managed by either the Defense Department or Interior Department. According to one source, the administration is considering streamlining data center permitting by creating a national Clean Water Act permit rather than requiring businesses to apply for permits state-by-state. In January, Trump invited top tech CEOs to the White House in order to promote the Stargate Project. This multi-billion dollar effort is led by OpenAI's creator ChatGPT, SoftBank, and Oracle, and aims to build data centres and create over 100,000 jobs across the U.S. Trump prioritized winning AI's race against China, and declared a national emergency on his first official day. This was to remove all regulatory barriers to oil and natural gas drilling, coal mining and the critical mineral extraction, as well as building new nuclear and gas power plants in order to increase energy production. In January, he also directed his administration to develop an AI Action Plan to make America the "world capital of artificial intelligence" by reducing regulatory barriers and promoting its rapid growth. The report is due on July 23. Two sources say that the White House may declare July 23 as "AI Action Day", to bring attention to the report, and to demonstrate its commitment to growing the industry. Trump will speak on the 15th of July at a AI and Energy event hosted by Senator Dave McCormick in Pennsylvania. Amazon announced earlier this month that it would invest $20 Billion in data centers in Pennsylvania. (Reporting and editing by Richard Valdmanis, Margueritachoy and Valerie Volcovici)
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Chinese data shows that copper has fallen from its three-month high.
The copper price fell on Friday, from its three-month high after weak data out of China's top metals consumer and some profit taking. However, losses were minimal due to tight underlying conditions and high premiums. By 1000 GMT, the benchmark London Metal Exchange three-month copper fell 0.6% to $9,838 per kilogram after reaching $9,917 at its highest level since March 27. It was up by 2.7% this week. The data showed that China’s industrial profits fell sharply in May compared to a year ago, due to a slowdown in factory activity. Nitesh Sha, commodity strategist for WisdomTree, said that falling industrial profits are not good news for the industry in general. However, it does not translate directly into lower copper demand. The copper stories are still in full force, as we can see. Shah said that China has spent a lot on its grid. Citi stated in a report that it hit a new record in 2018 and increased by 19% during the first five months in 2025. The Shanghai Futures Exchange copper price rose by 1.5%, to 79.920 yuan (11,148.93 dollars), after hitting 80.060 yuan - its highest level since March 31. The copper price was up by 2% over the past week. The expectation that the United States would impose tariffs against copper imports has caused metal to be pulled into that country, causing shortages elsewhere. The data released on Friday shows that the inventories of warehouses monitored and controlled by ShFE Sliding 19% from the week before to 81.550 tons. This is a 70% drop over the last four months. LME copper stock has fallen 66% over the same period. This has sent premiums for contracts near LME copper to soar. The LME Cash Copper Contract Premium over the Three-Month Contract On Thursday, the price of a ton rose to $320, its highest level since November 2021. It was $101 on Wednesday. U.S. Comex Copper Futures dropped 1.3% to $5.06 per lb. This brings the premium of Comex to LME Copper to $1,321 per ton. Other metals include LME aluminium, which fell by 0.5% to 2,572 per ton. Zinc fell 0.6%, to $2.752, while lead dropped 0.32%, to $2.031.50. Nickel fell by 0.1%, to $15.195, and tin declined 0.6%, to $33,565. Click here to see the latest news in metals.
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Nornickel, a Russian metal, expects a negative impact from trade wars and high rates
The Russian mining giant Nornickel announced on Friday that it expects to see its financial results deteriorate in this year due to low metals prices and high interest rates. It also cited the strong rouble, global trade wars, as well as high interest rate. Nornickel is the largest producer of palladium in the world and also a major producer for refined nickel. Nornickel does not fall under Western sanctions directed at Russia. The sanctions have led to payment problems, limited its access to Western equipment, and caused some Western producers not to buy Russian metal. The CFO of Nornickel, Sergey Malyshev, said that "this year, extreme geopolitical uncertainties, continued volatility in the target markets in the context of escalating global trade wars, and risks of a slower growth rate in the global economy, as well tight monetary policies, continue to have a negative impact on financial indicators." Malyshev said that the company also faces low metals prices as a result of the strengthening rouble this year and high inflation, in addition to its debt and costs. The Bank of Russia’s key rate of 20% has been cited by government officials and business leaders as an important drag on the economy. This year, the economy is expected to be impacted dramatically. Malyshev stated that Nornickel was forced to reduce its investments and some projects were put on hold due to the difficult conditions. Last month, the company's board recommended that Nornickel not pay dividends based on its 2024 results. Malyshev stated that it was not appropriate to pay dividends through an increase in debt. (Reporting and writing by Anastasia Lyrchikova, Editing by Mark Trevelyan).
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UN tries to salvage Global Development Summit after US boycott
Next week, scores of world leaders are expected to bask in the sun of southern Spain at the once-a decade United Nations Development Financing Summit aimed at curbing poverty and disease around the globe as well as the worst threats of climate changes. The United States' decision to not attend the event earlier this month, the largest aid donor and major financier in the world, casts a chill over the event. UN countries are trying to fill a funding gap of $4 trillion per year, which they estimate is preventing the developing world from achieving Sustainable Development Goals. These goals range from reducing infant mortality rates to minimising climate change. The "Seville Commitment", as it is called, has been criticized by critics for not being bold enough. After a year-long of difficult negotiations, the measures agreed upon by consensus include a tripling of multilateral lending, debt relief, an effort to increase tax-to GDP ratios to 15% or more, and a shift in IMF special money to those countries who need it the most. The U.S. withdrawal has marred the run-up to the summit, as it cites a number red lines that were crossed, such as the push to triple the development bank lending and change tax rules, or the use of "gender" when describing the summit. The European Union joined the summit only with reservations, notably over the way debt is discussed at the UN. Amina Mohammed, Deputy Secretary General of the United Nations, spoke to reporters about Washington's boycott this week. She described it as "regrettable", particularly after Washington's "catastrophic", recent aid cuts which she claimed had cost lives and livelihoods. She said that, speaking alongside officials of the summit's host, Spain, and Zambia, who helped organize it, the final outcome document reflected "ambition and reality" and the U.N. will try to reengage the U.S. afterward. Remy Rioux said that Donald Trump's views were not a surprise. It is hoped that the agreements reached next week will enable bolder actions at the UN climate negotiations in Brazil in November. "We will push the new framework... and its operationalisation, from Seville to Belem," said he, referring the Brazilian city which will host the COP30. Aid in decline Multilateral lenders will also automatically give vulnerable countries the option of inserting repayment break clauses in their loans if they are affected by hurricane, drought or flooding. A "Global SDR Playbook" is another buzzword. It's a plan in which the richest countries transfer the Special Draw Rights (like IMF reserves) they have to multilateral banks who use them as capital to lend more. Many campaigners say that the plan will not be enough, particularly as 130 countries are now in a critical state of debt and many spend far more on repayments than they do on education or health. Aid and support from wealthy countries who are themselves in debt is also dropping. The U.S. cut more than 80% in March of the programmes within its USAID agency, following budget cuts led by Elon Musk. Britain, France and Germany have also made cuts over the past few years. The OECD predicts a drop of 9-17% in net official Development Assistance (ODA) by 2025. This follows a 9% decrease in 2024. The OECD estimates that bilateral ODA for sub-Saharan Africa and least developed countries may drop between 13-25%, while health funding might fall up to 60% since its peak in 2022. What would be the best outcome for Seville, given that the U.S. has pulled out? Orville Grey, of the International Institute for Sustainable Development said that we should not be backtracking on our funding commitments at this time. "We should remain stable."
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US dollar falls as shares rise on hopes of trade between China and the US
The European stock market indexes rose on Friday on the back of signs of progress in U.S. China trade talks. Meanwhile, the dollar fell to its lowest level in over three years. The global stock markets reached record highs in the past week as traders gained confidence following a ceasefire agreement between Iran and Israel, and markets increased bets on U.S. interest rate cuts. Markets also viewed the U.S.-China agreement on rare earth shipment expediting to the U.S. on Thursday as a positive development, in the midst of efforts to end the trade war between the two largest economies. Early trading in Europe saw European shares rise after Asian shares surpassed their previous highs of more than three-years, following the Wall Street rally. The pan-European STOXX 600 index was up 0.9% for the day at 0852 GMT. This represents a weekly gain of 1.1%. London's FTSE 100 rose 0.5%, while Germany's DAX gained 0.8%. The MSCI World Equity Index rose 0.2% for the day, resulting in a 2.9% weekly gain. The S&P 500 is only up 4.4% for the entire year. This follows a volatile year that was dominated by President Donald Trump's "Liberation Day", tariff announcement, which sent stocks plummeting on April 2. Aviva Investors' senior economist and strategist, Vasileios Gionakis said: "What we have right now is potential optimism about some trade agreements." "We've come a long way from the lows we experienced in the wake of Liberation Day, in April. In a sense, we are also rebounding from the mini-selloff that followed the events in the Middle East. He added, "It's still early, but there is a feeling in the market that trade deals and wars are becoming a bit tiresome. We would like to move on." Trump has set a deadline of July 9 for the European Union to come to an agreement to reduce tariffs. DOLLAR DROPS Dollar index fell 0.2% in the US dollar on a single day to 97.183. This is the lowest level for more than three-years. The euro is at $1.1713 after data revealed that French consumer prices increased more than expected in the month of June. The markets are focusing on U.S. economic policy as traders assess the likelihood of Trump announcing the appointment of a new chair, who is more dovish. The traders have increased their bets that the U.S. will cut rates this year. They now expect 64 basis points of easing, compared to 46 bps on Friday. The dollar has had its worst start since the advent of the free-floating currency era in the early 1970s. Aviva Investors Gkionakis stated, "I do not think that it is just about the Fed repricing. I think there's a wider issue here of a tarnishing the U.S.exceptionalism." The U.S. Central Bank's preferred inflation measure, Core PCE prices, will be released later in the day. The benchmark German 10-year bond was little changed, at 2.567%. Oil prices are set to fall the most in commodities since March 2023. Prices have cooled down after briefly rising above $80 due to news of an Israel-Iran war. Brent crude futures traded at $68.35 per barrel and U.S. West Texas Intermediate was trading at $65.24.
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Iron ore gains the most in six weeks on declining inventories
Iron ore futures gained on Friday, posting the largest weekly gain since 16 May, on declining iron ore inventories and steel stocks, which outweighed Taiwan's antidumping duties. The day-traded price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 716.5 Yuan ($99.95) per metric ton. This week the contract gained 1.64%, ending two weeks of consecutive losses. As of 0801 GMT the benchmark July iron ore traded on Singapore Exchange was up 1.43% at $94.65 per ton, a gain of 1.11% for this week. This is a rally after five weeks of consecutive losses. Analysts at ANZ said that falling iron ore inventories were a positive factor, protecting iron ore prices from a downward trend. SteelHome data shows that the total stockpiles in China of iron ore fell by 0.74% on a weekly basis to 133.6 millions tons at the end of June. Mysteel data shows that finished steel inventories held in China by traders continue to decline from June 20 through to 26. This is the seventh consecutive week of a decrease. Mysteel said that the rate of fall was slower than the previous week, and this could be due to an increase in production at mills domestically. The Mideast ceasefire has boosted investor sentiment, and China's stocks are on track to post their largest weekly gains in over seven months. China's industrial profit is still growing swung back In May, profits at industrial firms in China fell sharply compared to a year ago, due to a combination of a price war between automakers and a sluggish demand domestically. Taiwan will impose anti-dumping tariffs as high as 20,15% on Chinese hot-rolled steel beginning July 3. Coking coal and coke both rose by 4.89% and 2.52 %, respectively. The benchmarks for steel on the Shanghai Futures Exchange have largely gained ground. Rebar, hot-rolled coil and wire rod all gained around 1%. Stainless steel dropped 0.04%. ($1 = 7.1685 Chinese yuan). (Reporting and editing by Janane Venkatraman, Harikrishnan Nair and Lucas Liew)
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Moeve sells 25% of its offshore Suriname stake to TotalEnergies
By America Hernandez PARIS, 27 June - TotalEnergies announced on Friday that it had acquired from the Spanish company Moeve a 25% stake of Block 53 offshore Suriname. Financial details were not disclosed. The block is located adjacent to the Gran Morgu project, which Total invested in last October. It is estimated that this development will yield more than 700,000,000 barrels of recoverable oil. South America has not yet produced hydrocarbons but it has ambitions to follow in the footsteps of neighbouring Guyana where Exxon Mobil led a consortium that discovered over 11 billion barrels worth of recoverable oil. Total has announced that Block 53, which contains a discovery of oil and gas near Gran Morgu's border, will allow the project to expand. Moeve (formerly CEPSA), Spain's second-largest oil company, sold 70% of the assets it owned for oil production since 2022, as part of a plan worth 8 billion euros ($9.4 billion), to shift its focus toward low-carbon businesses. Houston-based APA operates Block 53 and owns 45% of the company, while Petronas holds 30%.
The biggest weekly drop in oil prices since two years is expected as the war premium disappears
The oil price fell to its lowest weekly level since March 2023, Friday, due to the lack of supply disruption caused by the Iran-Israel conflict.
Brent crude futures gained 35 cents or 0.52% to $68.08 a barge by 0429 GMT, while U.S. West Texas intermediate crude rose 40 cents or 0.61% to $65.64. Both contracts are now on track for a weekly decline of around 12%.
The benchmarks have now returned to the level they were before Israel began the conflict on June 13 by firing missiles against Iranian military and nucleonic targets.
Prices reached a five-month-high after the U.S. launched an attack on Iranian nuclear sites over the weekend. However, prices plummeted to their lowest level in more than a week when U.S. president Donald Trump announced a ceasefire between Iran and Israel.
Traders and analysts say they do not see any material impact of the oil crisis at this time.
Macquarie analysts said in a Thursday research note that, "absent the threat of significant disruption to supply, we still see oil as fundamentally undersupplied. Our 2025 balances indicate a surplus of approximately 2.1 million barrels a day (bpd)."
Analysts expect WTI to be around $67 per barrel this year and about $60 next year. After factoring in the geopolitical premium, each forecast is raised by $2.
Prices rose slightly in the second half of the week, as U.S. data revealed that crude oil and fuel stocks had fallen a week before. Demand and refining activities were also on the rise.
The market is beginning to realize that crude oil stocks are extremely low, said Phil Flynn. Senior analyst at Price Futures Group.
A Wall Street Journal article stating that Trump intended to select the next Federal Reserve Chief earlier than usual also supported prices. This fueled new bets that the U.S. would cut interest rates, which is what typically boosts demand for oil. Reporting by Siyi Liu and Nicole Jao, both in Singapore; editing by Tom Hogue and Christopher Cushing
(source: Reuters)