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El Nino affects Peru's farms and fishing in June, slowing down the country's economic growth.
Data from the INEI statistics agency revealed a slowdown in the economy of Peru, despite the fact that the country's economy grew by 1.75% compared to a year ago. The June data was just below the growth of 1.8% recorded in May. At the time, officials attributed the decline to the El Nino weather system, which warmed Pacific waters and increased rainfall, as well as pushing fish deeper into the ocean. The worst affected were farmers and fishermen, as their respective sectors saw a decline of 8% and 52% in June 2025. Manufacturing also declined by more than 6 percent, and mining fell by more than 2 percent. Peru is the world's third largest copper producer. The activity in some sectors has?almost disappeared compared to levels one year ago. This includes Peru's anchovy and olive farmers, who have been hit by a temporary ban on fishing due to the weather changes caused by cyclical weather phenomena. However, the rest of Peru's economic system, including its construction industry, has grown. The economy grew by 3.05% in the six-month period ending June. El Nino is likely to present challenges, but Peru's Economy minister Elmer Cuba has raised his?growth predictions for 2026 to 3.5%. This is the first time INEI has published GDP data since Keiko Fujimori became president on July 28. Moody's, a ratings agency, has stated that it expects investor confidence to increase after the victory of right-wing leader Keiko Fujimori. Fujimori announced on Friday short-term fuel subsidies for drivers in the cargo and passenger transport sectors in an effort to offset rising costs which have sparked protests across the country.
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Local authorities confirm that the German wildfire near Belgian Border is under control.
Local authorities announced on Saturday that the wildfire in west Germany, which forced thousands of people to evacuate on Friday, has stabilized. Residents are still prohibited from returning home. The largest wildfire to ever strike North Rhine-Westphalia, Germany's most populous state, is a sign that Europe's heatwave has caused damage throughout the continent. Hendrik Wüst, the German state premier, said that the floods of five years ago killed almost 200 people in Germany. This was an indication of the increasing risks associated with changing weather patterns. "This is not?the first experience we've had with extreme weather conditions. Climate change is also responsible for this. Wuest said to reporters that "no one can deny this any longer". In the future, we'll have to deal more often with extreme weather. Wuest reported that the fire covered over 300 hectares or the equivalent of about 400 football fields. Around 1,500 emergency service personnel were involved. On Friday, more than 2,000 people had to be evacuated from Gey village, located near the Belgian frontier, after a fire came within 300 metres (1,00 ft). "We're satisfied with the way?things progress." Peter Berndgen is the spokesperson for the Dueren district's fire service. "The situation is stabilising." Wuest stated that residents may soon be able return to their home if the situation stabilizes further. In a separate announcement, the Dueren district said that emergency services were also preparing for stronger winds to the north later on Saturday. However, it was unclear whether they would affect the fire. Reporting by Andreas Kranz, Huertgenwald; and Christoph Steitz, Frankfurt. Editing by Mark Potter & Alex Richardson.
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Ukraine claims to have hit a Russian rocket center linked to Starlink network
Ukraine announced on Saturday that its long-range attacks had 'hit a Russian airfield and a rocket centre, which Kyiv claims supports a nascent Starlink satellite internet network in Russia. Volodymyr Zelenskiy, the president of Ukraine, said that Flamingo missiles had struck the rocket center, located about 900 kilometers (560 miles), from Ukraine's borders, as part Kyiv’s campaign to pressurize Moscow to end its four-year long war by targeting deep within Russia. "It's important to reduce Russia's military potential." In a blog post, he stated that peace is needed in Russia and it must be visible through damage to'specific facilities. He claimed that the airfield was used by aircraft to attack Ukraine. "MASSIVE MISSILE?ATTACK" Ukraine's General Staff reported direct hits at the airfield and Progress rocket and space?centre located in the Samara region. The General Staff said that the strikes had caused fires to start at both sites. General Staff stated that the Samara plant produced rockets to launch satellites to?the Rassvet network, which Russia has developed as an alternative to SpaceX Starlink. Starlink is only available in Ukraine and not Russia. This has given Kyiv an advantage when it comes to drone operations and battlefield communication. Authorities in Nizhny Novgorod have not confirmed the airfield attack. Local officials in Samara said that air defences had stopped a "massive attack". Ivan Noskov said that "Samara’s industrial infrastructure suffered localised damages" in an online posting, without mentioning which site was affected. He said that emergency services were on the scene. Samara's regional Governor said overnight that a missile struck an unidentified facility. He said that emergency services were still dealing the aftermath seven hours later at 1215 local time. The Progress centre has played a major role in both the Soviet and Russian space programs, including the production of the Soyuz rocket family. In February 2022, Russia began its full-scale invasion. Analysts say that while battlefield progress has slowed on much of the front in this year, Russian forces continue to push towards key cities located in Ukraine's eastern Donetsk Region. Both sides have increased long-range attacks against a variety of targets. The Russian defence ministry announced on Saturday that in the last 24 hours, its drones, artillery and missiles had hit Ukrainian logistics centres, fuel, energy and transport infrastructure used by Ukrainian soldiers, as well as assembly workshops for drones with long ranges and drone boats. The ministry reported that a long-range drone facility in Ukraine's Chernihiv Region was one of the targets. Could not independently verify reports. Alessandra Prrentice, London, contributed to the reporting by Yuliia Dysa. Barbara Lewis, Mark Potter and Barbara Lewis edited the story.
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State news reports: Israeli strikes kill nine people in South Lebanon?
Lebanon's official news agency reported that at least nine people were killed by Israeli airstrikes in southern Lebanon Saturday. The National News Agency reported that seven people were killed by Israeli warplanes when they struck a home in the village of Ansar in southern Israel. Two others were also killed in an attack on Deir El Zahrani. The attacks allegedly injured 11 people. The attacks are among the most deadly in the weeks following Lebanon's agreement to a peace framework mediated by the U.S. The deal keeps Israeli troops in southern Lebanon, until Hezbollah disarms and the Lebanese Army takes control. This is a term that Hezbollah has deemed as surrender. Naim Qassem, Hezbollah's chief of staff, said that "the framework agreement" is an Israeli order in Israeli ink which the Lebanese authorities signed on Friday. In response to attacks against its soldiers, the Israeli military said that it had struck Hezbollah's infrastructure in what they called a "security zone" in south Lebanon overnight. State news reported that three of the seven people killed in Ansar were children, and two women. Lebanese officials condemn the attacks. The Israeli raid on Ansar did not result in a'military structure', and the women and children who died in the raid were not military targets. Israel says it will maintain its forces in the area to protect Northern Israel from any further?attacks. Israel?Katz, the defence minister of Israel, said that Israel will not withdraw from its controlled areas until Hezbollah has disarmed. An official from the U.S. State Department said that a permanent Israeli military presence in Lebanon was not consistent with the commitments made by the government of Lebanon. In the latest hostilities in Lebanon since March 2, at least 4,300 people were killed. Reporting by Eman Abohassira and Emily Rose. Nazih Osseiran is the author. Kirby Donovan, Mark Potter and Mark Potter edited the book.
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Japan Defence Minister visits controversial Yasukuni Shrine for war dead
Shinjiro koizumi, the Japanese Defense Minister, visited on Saturday a shrine to Japan's war dead. The shrine is seen by Asian neighbors as a symbol of aggression during wartime. Images from local media showed Koizumi wearing a dark suit with a tie while visiting Yasukuni Shrine. He visited the shrine in the past, including last year as Agriculture Minister. According to NHK, Kimi Onoda visited the country on Saturday. According to the?state broadcaster CCTV, a spokesperson for the foreign ministry said that China strongly condemned the negative actions?by the Japanese regarding the Yasukuni Shrine. It had already lodged a solemn protest and made a formal representation. China and South Korea have claimed that visits by senior Japanese officials distort Tokyo's actions during the war and harm diplomatic relations. Among the 2,5 million war dead memorialized at the shrine in Tokyo are 14 leaders convicted by Allied tribunals of the worst war crimes. They also include over 1,000 'others' found guilty after Japan was defeated in 1945. Japanese officials explained that they made previous visits to honor those who had died in their nation's wars. Kyodo News Agency reported that Prime Minister Takaichi Sanae, who assumed the role in October last year, had sent a ritual gift to the shrine. Since Shinzo Abe visited Yasukuni Shrine in December 2013, the then-U.S. President Barack Obama expressed a sense of "disappointment" at his visit. In 2006, the older Koizumi was the last premier to visit Japan on the anniversary. Reporting by Sam Nusssey and Ziyi Tan in Tokyo; Editing by William Mallard
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Japan Defence Minister visits controversial Yasukuni Shrine for war dead
Shinjiro Koizumi, the Japanese Defense Minister, visited a shrine on Saturday to honor Japan's war dead. The shrine is seen by Asian neighbors as a symbol of aggression during World War II. Images from local media showed Koizumi wearing a dark suit with a tie while visiting Yasukuni Shrine. He has been there before, including last year as Agriculture Minister. According to NHK, Kimi Onoda visited the country on Saturday. China and South Korea criticised previous visits by senior Japanese officials. They said that they glossed over Tokyo's actions during World War II and damaged diplomatic ties. Among the '2.5 million war-dead commemorated in the shrine at Tokyo are 14 leaders convicted by Allied tribunals of the worst war crimes. Over 1,000 other wartime leaders were also found guilty after Japan was defeated in 1945. Japanese officials have said that they made previous visits to honor those who had died in the nation's wars. Kyodo News Agency reported that Prime Minister Sanae Takaichi who assumed the role last October sent a ritual gift to the shrine. Since Shinzo Abe's visit to Yasukuni Shrine in December 2013, the then-U.S. President Barack Obama expressed disappointment at his visit. In 2006, the older Koizumi was the last premier to visit the country on the anniversary Japan's surrender. (Reporting and editing by William Mallard in Tokyo, Sam Nussey from Tokyo)
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Two killed after 7.7 magnitude earthquake strikes off Indonesia
Authorities said that at least two people were killed after a 7.7-magnitude earthquake and dozens aftershocks hit eastern Indonesia early Saturday morning. In several parts of Southeast Asia, tsunami waves less than one metre high (3 feet) were recorded. About three hours after the earthquake, the tsunami warning was lifted. The disaster mitigation agency BNPB announced that in addition to at least two deaths, a person was also injured in Sikka Regency. A video posted on Facebook, which was verified as coming from a port near Maumere, shows that parts of a building collapsed as people ran and screamed in the street. This is the largest town on Flores Island, in the east part of Indonesia's vast island archipelago. Residents in several areas reported strong shaking lasting around one minute. It said that "most of the people felt shock and fled their homes." Kompas TV showed footage of a hospital in East Nusa Tenggara Province moving patients to the outside. Kompas.com also reported at least one land slide. The first earthquake was recorded at 4:58 am (2158 GMT), at a depth of?15 km (9 miles), and several aftershocks followed. The Australian tsunami warning centre stated that the undersea quake would "have no tsunami threat to?Australian islands, mainland or territories". Reporting by Dewi Kurniawati in Jakarta, Bernadette Cristina, Fransiska Naangoy, and Steffano sulaiman, Assitional reporting Carlos Mendez, Mrinmay Dey, and William Mallard in Mexico City; Writing by Josh Smith, Editing by Mark Porter and Lisa Shumaker
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Police: Five dead in Michigan shooting; suspect found dead
Michigan State Police released a statement via social media that a man suspected of?shooting and killing five people in northern Michigan?on?Friday?was found dead after a manhunt. Police said that one victim remains hospitalized and in critical condition. Troopers responded to a call at 11:40 am. A report of an incident led police to a house in Missaukee County (Michigan) at 1540 GMT. The state police said that officers found three dead people and one wounded. The suspect, identified as 39-year old?Chad Hickman by the?police, fled before troopers arrived. This prompted a manhunt. Investigators found another victim dead at a different residence while searching for the suspect. Police said that they later located Hickman’s vehicle in a wooded region near Whitlock Lake. They found Hickman, along with another person, dead. The police statement quotes Lieutenant Ashley Miller as saying, "This situation is heartbreaking and difficult for the investigators." The police did not release names, ages, or genders of the victims. They said that notifications to the next-of-kin were in progress. (Reporting and editing by Sergio Non, Tom Hogue and Maria Tsvetkova)
ROI-Guinea bets bauxite dominance can reshape aluminium supply: Andy Home
Guinea, a West African nation, is now the largest producer of bauxite in the world. This raw material is ultimately transformed into aluminum.
It is now trying to leverage its newfound dominance in order to exert greater control on both the price and industry structure.
The three biggest resource companies are trying to reign in the mining sector, which has grown too large too quickly and is flooding global markets. Prices have also crashed.
Indonesia uses mining quotas. The Congo exports quotas. And?Guinea is'minded to implement both to stop operators from exporting more than what their mining quotas permit them to produce.
Conakry has the opportunity to follow Indonesia's example by shifting from bauxite to alumina refinement and capturing more value of its resources.
The commitment of Chinese state-owned aluminium producer Chalco to build a $1 billion refinery is proof that the strategy is working.
BAUXITE BOOM
Bauxite, the third-most abundant element on Earth's surface, is too dispersed and/or too low in quality to be converted into alumina.
Guinea is home to the largest reserves of metallurgical Bauxite in the world. It also produces a product that is highly purified and prized for having a low natural silica content.
China has become the largest producer of bauxite in the world, surpassing Australia by 2023. It now represents around 40% of global production and 70% of seaborne exports.
Guinea's exports increased by 25% from year-on-year to 183 millions metric tons by 2025. This caused the prices to fall by nearly half in the last year and first part of 2026.
The government wants to find the best way to?hit the brakes' without creating the market disruptions caused by Congo’s cobalt-export quota system.
CHINESE DEPENDENCY
China is increasingly dependent on Guinea to supply bauxite for its massive aluminium sector.
Imports from Guinea grew from 334,000 tons to 149,000,000 tons by 2025. By then, they represented 74% of all Bauxite imported.
China's bauxite deposits are smaller and of lower quality than those found in Guinea.
The country's aluminium smelting capability has been massively increased in the last century. This expansion is far greater than its domestic bauxite mine capacity.
The Chinese have plenty of time to prepare for the planned crackdown by Guinea on its bauxite industry. Imports from Guinea in March reached a record monthly volume of 18 million tonnes.
The scale of the flow of materials makes it difficult to break the dependence. The nature of the dependency will however change.
ALUMINA AMBITIONS
Chalco's commitment to building the new 1.2-million-ton-per-year alumina refinery shows how seriously China takes the threat to the flow of raw materials.
This is the first significant overseas investment by China's giant state corporation in alumina. This is the third alumina refinery announced by China in recent months.
The only refinery in Guinea is Friguia, built in the 1960s. It was first owned by France's Pechiney and then by U.S. producers Reynolds, and since 2008, by Rusal. The refinery was shut down between 2012 and 2018, but it is now operating, although at a lower capacity than its original 650,000 tons per year.
Conakry's government aims to build five or six additional processing plants by 2030, with a combined alumina capacity of seven million tons.
The seizure last year of mining assets by Emirates Global Aluminium for failing to fulfill a commitment for refining served as a "stark warning" for other operators.
NEW INDUSTRY?HUB
Guinea follows Indonesia's lead, which in 2023 banned the export of bauxite to force miners into building up processing capacity.
Guinea does not have enough energy to refine alumina or smelt it into aluminium.
If Guinea is able to implement its strategy successfully, it can turbo-charge West African alumina hub creation.
Other African bauxite manufacturers are also following the same value-added path to keep more of their mineral revenue.
Nigeria signed a $1.3billion investment deal with Africa Finance Corporation to build an alumina refining plant, while Ghana wants to do the exact same thing under the auspices the Ghana Integrated Aluminium Development Corporation.
The shift in Africa from mining to first stage processing could have a transformative effect on the aluminum supply chain.
The seaborne bauxite industry will shrink. Global alumina exports will increase and China's alumina refineries in the country will be competing with their biggest raw material supplier.
Andy Home is a columnist at. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
(source: Reuters)