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Major underground and tunnel rescue operations
Rescuers pulled out two survivors on Friday from a tunnel connected to a hydropower plant on Nepal's Trishuli River, nine days after the glacier collapse that caused a torrent of ice and mud. Here is a list with some of the most important rescue operations. Rescuers in 2023, who used drills to remove debris such as rock, earth and concrete, rescued 41 workers trapped inside a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char Dham highway, which connected four Hindu pilgrimage locations in northern India. 2018 - A group of 12 boys, their soccer coach and the Tham Luang cave complex in Thailand were trapped after sudden monsoon rains blocked out the exit. Divers located the group alive after a multi-day search. They rescued all thirteen. In 2010, 33 miners who were trapped underground for two months by a collapse in the San Jose mine?in Chile's Atacama desert, were rescued. In October 2007, all 54 trapped miners at a goldmine in Western Australia were rescued after a fire. Fire broke out in a 'caterpillar truck that was working underground at the Kanowna Belle Gold Mine. Sixteen miners were trapped in the collapsed 'Beaconsfield Gold Mine' on Tasmania, a southern Australian island. Fourteen miners escaped immediately, one died, and two were rescued after spending a total of?two weeks?about one kilometre underground. In July 2002, nine miners were rescued after spending more than 77-hours underground in the Quecreek Mine of Pennsylvania.
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Turkey, AIIB sign cooperation deal, first focus on marine cleaning, minister says
Murat Kurum, the Environment Minister, announced on Friday that Turkey had signed a collaboration agreement with the Asian Infrastructure Investment Bank. The AIIB will help support environmental investments, urban infrastructure, and climate change initiatives. Kurum stated that the first phase of the agreement will focus on environmental projects within the Marmara Region through an investment package valued at around EUR400million ($465million). Kurum stated that "we aim to provide significant assistance for the cleaning up of the Marmara Sea?and our battle against sea snot by investing a package worth approximately EUR400 million. This investment will be primarily used for advanced biological wastewater-treatment facilities." He didn't say how much total investment could be, or what the next phases of the agreement would look like. In the past, Turkey faced a "plague of sea snot" in the Sea of Marmara. This was a thick, slimy organic layer known as marine muclage that threatened marine life and fishing. The inner Sea of Marmara connects the Black Sea via the 'Bosporus' to the Aegean Sea via the Dardanelles. It is located in the heart of Turkey, the region most industrialised. Kurum stated that increasing wastewater treatment capacity and expanding advanced 'biological treatment' facilities, as well as strengthening environmental infrastructure are among the most important efforts Turkey is making to combat pollution in the sea. Kurum and AIIB vice president?Ajay bhushan pandey signed a cooperation agreement at the Climate 'Finance Summit held in Istanbul ahead of the COP31 U.N. - climate conference in November. Pandey said that Turkey is the AIIB’s most popular investment destination.
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Waller calms the bond markets after Waller's Fed announcement. Traders are now preparing for US employment data.
The world's shares tipped higher on Friday ahead of U.S. employment data, while the bond market received some much-needed relief after a Federal Reserve official reduced expectations for rate hikes and drove down the dollar. The dollar's decline had run its course, as the normal pre-payrolls patterns?played themselves out. But it left the Japanese yen poised for a weekly increase of nearly 2,5% -- its highest since late July when Japan and the United States?joined forces. The yen has seen its best weekly rise since late July, when Japan and the?U.S. conducted a rare joint effort to stop a downward spiral in the Japanese currency. The main European stock exchanges spent their mornings going nowhere. Meanwhile, renewed increases in oil prices and gas prices across the region continued to boost bets on the European Central Bank raising its interest rates next Thursday. Nasdaq and S&P futures both rose by 0.4%. Traders prepare for the U.S. August payrolls report, which is due at 8:30 am ET/12:30 GMT. The consensus is for a gain of 56,000 positions after a shocking drop of 23,000 in the previous month. The unemployment rate will remain at 4.1%. The announcement comes after Federal Reserve governor Christopher Waller stated at an?NEXT Newsmaker's event on Thursday, that recent data showed some signs of deflation, and that if future reports confirmed that trend, then he would prefer to hold rates steady at the policy meeting this month. Money markets immediately reduced the chances of a Fed rate increase this month from 63% to 50%. This is a dramatic drop. These expectations surged as global bond yields reached multi-year highs this week, fueled by fears over persistent inflation, swelling debt, and geopolitical tensions. John Hardy is the head of global macro-strategy at Saxo Bank. He said that Waller's comments, that they finally see some disinflation, suggest that there was not much coordination within the FOMC, given what Kevin Warsh, (Fed Chair) said last week. The market has marked down the chances of a September move, but if the jobs data is a surprise, particularly on the downside, then we may see a lot more volatility. In Asia, MSCI’s broadest index of regional shares closed the day with a 0.8% gain and was little changed for the week. Japan's Nikkei rose 1.3% but fell 1.9% in the last week. The blue-chips in China gave up their early gains to end the week down by 0.1%, while South Korea's KOSPI, which is a tech-heavy index, rose 1.6%. The Korean won, KRW=KFTC> also hit a new 14-month high. U.S. JOBS DATA LOOMS Traders are preparing for the U.S. Payrolls report, ahead of the U.S. Inflation data that is expected to be closely watched next week due to the mixed signals from the Fed. The economic data released on Thursday showed that the U.S. service sector was gaining momentum last month, with prices paid reaching a record high. Fed's "Beige Book", a survey of economic activity, also indicated that it had increased in recent weeks. Treasuries rose after Waller's dovish remarks, with the short end leading the way, as the yield-curve bull steepened due to fading bets about imminent rate hikes. Waller said "recent data suggests we are finally experiencing some signs of deinflation" and that, if this continued, he was "willing to hold" rates. He also said that he thought underlying inflation was "doing better than the core figures suggest." The yield on two-year bonds remained at 4.33%, after dropping 5 basis points overnight. This is a further move away from the 20-month high of 4.41% reached Wednesday. The 10-year yields remained at 4.75% after dropping 3 basis points overnight, and the 30-year yields remained at 5.23% following a 2-basis point drop. Germany's 10-year Bund Yield climbed 0.5 points to 3.36% in Europe, marking the fourth consecutive weekly increase and largest since mid-July. WARNED OF INFLATION RISE Investors who hold longer-dated bonds are still wary of inflation risk despite the lack of progress made by the U.S. to end its war with Iran and reopening the Strait of Hormuz. Brent crude futures rose 7% to $95.52 per barrel this week, a six-week high. This week, European natural gas prices also rose 7% ( TFMBMc1>) to a record high of three years. Energy companies are growing increasingly concerned about entering winter with their stores at the lowest levels in more than a decade. Mark Dowding, Chief Investment Officer at RBC BlueBay Asset Management, said that the ECB would likely'remain on a hike path' if TTF gas futures pushed towards 100 over the coming weeks. After a 0.6% drop overnight, the dollar was trading at 99 cents against major counterparts. The dollar is expected to drop by 0.7% in the coming week. This helped the yen build on its gains as investors increased bets that Bank of Japan will raise rates this month. The dollar rose 0.3% last to 156.32yen after losing 1.8% overnight. Gold held steady at $4,477 per ounce on the commodity markets after a 2% increase overnight. The week was expected to be little changed.
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Sources say that Nigeria's Dangote plans on raising $1.5 billion through the IPO of its refinery.
Two people who have direct knowledge of this deal said that the Dangote Group plans to price its initial public offering (IPO) of its refinery unit in Nigeria at 525 naira per share ($0.40), a potential amount of $1.5 billion. One?of our sources and another person, who spoke on condition of anonymity, said that the company plans to sell 4.1 Billion shares. The terms are still confidential. The sources did not specify what percentage of the refinery they would be selling. One source said that the order book for this offer, which will be the largest in Africa, is scheduled to open September 14. Dangote Refinery has declined to comment. One source said that there will be a 15% green shoe option, which would allow the company to raise more money if the offer was oversubscribed. The Dangote Group, which owns the refinery in Lagos, is raising cash to fund the doubling of the facility's capacity, up to 1.4million barrels of oil per day. Aliko Dangote, a majority shareholder of the group, announced at a Botswana business meeting late 'on Thursday night that the IPO would open within the next 10-12 days.
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Wildfires near Indonesia's capital prompt calls for action
Officials said that wildfires are spreading near Indonesia's new capital city, which is currently under construction. Project authorities have urged the disaster mitigation agency to conduct cloud-seeding, water-bombing, and other operations. Indonesia has intensified its efforts to control haze, particularly in six provinces that have been hardest hit by the forest and landfires on Borneo and Sumatra Islands, which total 73,311 ha. Wildfires are raging on Borneo Island in several spots, but in the eastern portion, which is home to the new capital Nusantara (Nusantara), the situation has been relatively calm in recent weeks, since the fires started to worsen in July, when the dry season began. Agus Riyanto is the director of emergency response for the disaster mitigation agency. The disaster response and mitigation teams of the archipelago in Southeast Asia are currently facing their most difficult dry season for a decade. This is exacerbated by the "super El Nino". Agus stated that the largest fire in the new capital territory was in a forest at Bukit Suharto or Suharto Hill. The hill is named after an autocratic ex-president. Around 300 hectares of land have been burned. Bukit Suharto is located around 50 km (31 miles), from the city center, where a number major projects have been built in the last few year for the new capital. As of September 2, around 400 hectares of land had been affected by fires in the Nusantara area. NEW CAPITAL PLAN HAS FACED DELAYS Joko Widodo announced that the predecessor of President Prabowo Subito, Joko Subianto, had plans to build Nusantara, a $32 billion capital city, in 2019. This project will replace Jakarta on Java Island, which is plagued by?chronic traffic congestion, flooding and land subsidence. Since Prabowo's election in 2024, the project has been delayed and its budget cut. Wisnubroto, an expert in urban planning, says Nusantara is not the best location for the new capital because it's surrounded by forest and has limited water supply. However, the fire risk there is lower than the provinces on the west and central coasts of the island that Indonesia shares with Malaysia or Brunei. Indonesia currently has 53 aircraft that are involved in water bombing, seeding, and other activities. Authorities have confirmed that Japan has sent aircraft and personnel over to help. A helicopter from South Kalimantan, a neighbouring province, will be dispatched to Nusantara for water bombing. Agus stated that the clouds in the area are still not sufficient to seed, but the disaster agency will do so as soon as it is possible. On Friday, hundreds of Muslims performed "Istisqo", or rain prayers, in front of Nusantara's state palace. The preacher Rusdi Abdallah said, "We need to ask God for forgiveness. If it is granted, Allah will send rain in abundance."
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Copper rebounds on falling stocks and targets 10-week winning streak
Copper rose on Friday, and was set to record a 10th consecutive weekly gain. As of 0900 GMT the benchmark three-month copper price on the London Metal Exchange?was?up?0.3% to $14,373 per metric ton, moving towards its all-time high of $14,527.50. This week, the metal is expected to gain 0.5%. The metal has been rising every week since the beginning of June, as a result of soaring inventories in the U.S. In anticipation of possible import tariffs, tighten the market in other places. Shanghai Futures Exchange data released on Friday showed that copper inventories were at their highest levels ever. The weekly total fell by 13% to 63,000 tonnes, the lowest level since January 2024. LME Copper Stocks The?drop?was 475 tons and orders were given to remove another 1,550 tonnes. Copper prices will continue to rise, but the already high prices "are likely to limit gains in the near term," BMI, an Fitch Solutions unit, stated in a report. Christopher Waller, the Federal Reserve governor, made dovish remarks that led to a decline in the dollar overnight. A cheaper dollar can support greenback-denominated commodities by making ?them more affordable for buyers using other currencies. Aluminum fell 0.5% to $3.295 but is still on course to end the week at 1.6% higher. The cash-to-3-month aluminium spread The arrow has reversed into a slight backwardation. This indicates a tightening of availability. Citi stated in a note on aluminium that "we remain neutral to positive near-term due to low visible inventories, and a tight physical market." They added that the balance will become more difficult?overthe next six-12months as the growth of ex-China's supply accelerates. Zinc increased by 0.5%, to $3,932.50 with the three-month range Still?in steep reversal at $140 per?ton. After orders to remove 8,450 tons of lead stock, the price of lead increased by 0.5% to $1,912.50 Nickel grew 0.2%, to $16,825; tin fell 0.4%, to $54,700.
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Oil refiners may need to catch their breathe.
Shares of global oil refiners are up this year. This is due in part to supply disruptions caused by the U.S. - Iran and Russia - Ukraine conflicts. Technical analysis suggests that the rally may need to take a pause before the next chapter of the oil sector unfolds. Click here to see a more detailed table. VanEck Oil Refiners ETF CRAK spent the majority of the past decade confined within a clearly defined trading channel spanning approximately $17 from top-to-bottom. Early in the year, the ETF decisively broke above the channel ceiling near $43. It quickly reached the first logical chart goal: a move that was equal to the height of the channel, or $60. CRAK's price has risen modestly since then, but it appears overextended at $63 levels. The RSI, a widely-used gauge of market movement, flashes overbought signs on daily, weekly, and monthly 'timeframes. This suggests that the ETF may need to cool off its 66% surge year-to date. Fibonacci projections - percentage-based calculations that technical analysts use to forecast possible price targets – indicate that $70.5 and $77 are the next levels of interest if the uptrend resumes following a consolidation. But caution is advised. If the price falls below the high of July, $56.85, according to LSEG, it could lead to a drop towards the peak in May, near $52. If CRAK breaks below that level, it would increase the likelihood that CRAK will retreat back to its old trading range of $43 or less. What does the chart show? * CRAK has broken above its decade-long range of trading early this year. *?RSI across all timeframes signals the ETF as overbought and pointing towards possible consolidation Fibonacci targets are $70.5 and $77. A fall below $56.85 could lead to a decline towards $52 or lower.
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Sources say that Baowu, a top Chinese steelmaker, is interested in acquiring a stake in BHP's iron ore mine.
According to two sources briefed about the matter, China Baowu Steel Group is interested in a minority stake at BHP's Jimblebar iron ore mine located in Western Australia. Sources say that Baowu may seek a stake between 15% and 25 percent of BHP's project. They did not provide any other information or a possible valuation, but spoke anonymously due to commercial sensitivities. BHP, in a filing to the stock exchange after publication of the article, said that it has a history of partnerships with its assets and explores options that could create value for its shareholders. BHP also stated that its Western Australian Iron Ore Business remained central to BHP’s portfolio, and that the company remained fully committed both to Western Australia and to this business. Baowu has not responded to a comment request. There has not been a decision made, and it is not certain that Baowu will be able to complete a deal. BHP holds a majority stake in the mine. Minority shareholders Itochu and Mitsui are Japanese trading houses. BHP said its share was worth $3.2 billion at the time of mine opening in 2014. BHP produced 62.5 million tonnes of iron ore in fiscal 2026. At current prices, that's worth $6.2 billion. This accounted for about a quarter BHP's production of the main steelmaking ingredient. Australia is a top destination for Chinese investors Bankers who are familiar with BHP's operations questioned whether a deal like this would be in line with BHP’s strategy to maximize the value of its ore by selling it to Chinese buyers. This was evident from recent deals between BHP and the state-owned China Mineral Resources Group. CMRG has been negotiating with miners for steel mills and has banned them from purchasing certain products in order to win concessions during contract negotiations. BHP and CMRG settled a dispute that lasted more than six months in April. This 'opened the door' for steel mills to buy certain cargoes including Jimblebar Fines which had been blacklisted. To spread risk, miners tend to sell stakes to new projects as opposed to well-established mines like Jimblebar. Baowu had previously partnered with Australian miner Rio Tinto, for example in a deal signed with Rio Tinto dated 2022 to develop a 2 billion dollar iron ore mining project also in the Pilbara area of Western Australia. Australia used to be a popular destination for Chinese investors. However, investment has been declining?for many years due to national security concerns. Canberra has also blocked Chinese purchases of lithium and rare Earths. China no longer ranks among the top 10 foreign investment countries in Australia.
Russell: The debate over the volume of crude oil in Hormuz hides a real shortage of refined fuels
It is a mistake that the crude oil market is debating the wrong thing about how much oil actually moves through the Strait of Hormuz. The crude oil market should be debating the restricted flows of refined products in Asia.
Energy Secretary Chris Wright of the United States has claimed repeatedly that vessel tracking analysts like?Kpler cannot see how much crude oil is flowing through the disputed Strait.
Wright claimed that 15 million barrels per day (bpd), or about a third of the total volume, left the Strait of Hormuz in a single day last week. If this is true, the volumes would be close to the levels before the U.S. & Israel attacked Iran on 28 February.
Wright also stated that transits averaged around 9 million bpd during a 7-day period. However, he did not specify exact dates or provide details like vessel names and intended destinations.
The Strait of Hormuz is estimated to be leaving around 5 million barrels per day, including dark transits from smaller vessels and transfers between larger tankers.
The dispute over crude oil volume is false. If Wright's claim is true, then Asia will see a rise in oil imports as the crude that he claims is coming from the Middle East reaches ports.
The market will soon be able to determine whether Wright's numbers are accurate or if they're 'overstated'.
As evidenced by the sharply reduced volumes and high refining margins, Asia's markets for refined products remain under pressure.
Kpler estimates that Asia's imports for light and middle distillates in August will be 5.59 million barrels per day, which is in line with 5.60 million barrels per day seen in July.
These volumes, however, are down 21% compared to the average of 7.08 million bpd in the three-month period ending February.
Asia is essentially having to absorb the loss of 1,49?million barrels per day (bpd) of fuels like diesel, jet-fuel and gasoline.
UNEVEN FALLOUT
Impact is not evenly distributed across the continent that consumes the most energy, with the less-wealthy countries bearing a greater share of the product volume loss.
The imports of Indonesian light and middle distillates were estimated to be 432,000 bpd during August. This is the lowest level in 13 months, and lower than the average of 533,000 in the three-month period prior to the Iran conflict.
In August, the Philippines will see an arrival of 257,000 bpd for light and middle distillates. This is down from the average of 362,000 in the last three months.
Kpler estimates that August imports of middle and light distillates were 863,000 barrels per day, just a little below the 880,000 barrels per day in the three-month period prior to the Iran War.
Securing fuel is expensive, as product prices remain near record levels and refinery margins are high.
A Singapore refinery made a profit of $71.29 per barrel of gasoil (the building block of diesel) on August 21. This was down from a record high of $855.63 on the 30th of March, but still 226% more than the $21.90 on the 27th of February, just before the conflict began.
Middle distillates are the most stressed products, due to the limited supply of Middle East crudes. Asia's refineries are designed to convert this oil type into products like jet fuel and diesel.
Even gasoline, which is the primary light distillate, commands a premium with a large profit margin
The market is indicating that there are enough crude oils reaching Asia but they may not be the right grades. Also, countries with surplus refining capacity do not increase exports in order to meet the demand.
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These are the views of the columnist, an author for.
(source: Reuters)