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RPT-Major underground and tunnel rescue operations
Rescuers pulled two survivors out of a tunnel connected to a 'hydropower station' on Nepal’s Trishuli River, on Friday. This was nine days after a glacier collapse caused a torrential mud, rock and ice that killed over 1,300 and left more than 5,600 people missing. Here is a list with some of the major rescue operations. Rescuers drilled through rock, concrete, and earth to free 41 workers who were trapped in a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char-Dham highway, which connected four Hindu pilgrimage sites in northern India. After sudden monsoon rainfall blocked the exit, a group of 12 boys with their soccer coach went to explore the Tham Luang Cave Complex in Thailand. They became trapped deep within a flooded cave network. Divers located the group alive after a multi-day search. All thirteen were rescued safely. Rescue of 33 miners who were trapped underground for two months by an explosion at the San Jose mine in Chile’s Atacama desert. In October 2007, all 54 trapped miners at a gold mine in Western Australia by a fire were rescued. The fire broke out in a caterpillar underground truck at the Kanowna Belle Gold Mine. Sixteen miners were trapped in the Beaconsfield mine, located on Tasmania's southern Australian island. Fourteen miners escaped immediately, one died, and two were rescued after spending a couple of weeks?about one kilometre underground. In July 2002, nine trapped miners were rescued after 77 hours of underground work at the Quecreek Mine.
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Italy's deputy Prime Minister says energy and banks should assist with public finances
The deputy prime minister of Italy suggested that banks and energy companies be prepared to accelerate tax payments in order to boost the public finances, without an official tax increase. Antonio Tajani, a?also?Italy’s Foreign Minister, said that the additional support could help fund next year’s budget, as well as any other measures to shield consumers from high energy costs. Tajani told reporters at the annual TEHA business forum that any policy should be modeled after the agreement Italy reached with banks and insurance companies last year to advance taxes to the state. He said, "It's only fair to tax the profits of oil companies and that they lend a helping hand to Italians who are in a difficult situation." How can?they help? By putting taxes on them to make the markets shiver? ... "The winning strategy is that which the government has pursued with the banks and insurance companies," he continued. Tajani's Forza Italia has always opposed the League, a coalition partner, in its proposals to tax "windfall profits" of energy or financial firms. He also cited as a model an agreement Italy reached with large energy companies in recent weeks to advance tax payments in order to help the government fund a reduction in fuel excise duty. "Banks, insurers, and large oil firms all have a role to play in times of?need. He said that raiding banks was for bandits. "Agreed solutions are the best way to go." When we begin to work on the budget for next year, if there is an emergency we will talk to banks," Tajani said when asked if the measure from last year could be extended.
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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.
Poland's largest army is built on home-grown defence manufacturing
Government officials and companies claim that as Poland builds Europe's largest army, the country is turning to domestic defence companies, including those in central Europe, to reduce its reliance on suppliers from faraway places who are unable to ramp up delivery quickly.
According to Armaments Agency figures analysed by?, the amount spent on Polish defence procurement, including joint ventures, from domestic companies has nearly quadrupled since 2022, reaching 30.4 billion Zlotys ($8.15 billion) in 2018.
Officials say that while the Ukraine conflict prompted increased defence spending in Europe, Poland is a country where it's top priority because the country shares its border with Ukraine, and views Russia as a threat to its existence.
Konrad Golota, Deputy Minister of State Assets, said: "We are building the largest land force in Europe."
The fact that something is manufactured in Poland and is used by the Polish army is increasingly important.
More than a dozen officials, companies, and experts said that Warsaw has increased capital spending in the last year. This reflects a change in priorities that will create opportunities for defense firms in the area.
According to NATO, Poland will spend EUR 53 billion ($61.45 Billion) this year on its core defence, making it the fourth highest in the EU behind France, Italy, and Germany. This is up from EUR 44 billion in 2025, and represents around 4.7% GDP.
Polish officials have stated that while big-ticket items such as U.S.-made Patriot rocket batteries, Abrams tank and F-35 jet fighters?remains important, expanding domestic and region production of drones and ammunition, and other commonly used equipment, has become a top priority.
RIGIONAL SHIFT
Poland's new strategy is part of a wider rethink in Europe, as governments look to rebuild their defence industrial capacities after the Ukraine war exposed how quickly ammunition stocks can be depleted by modern conflicts.
The Deputy Prime Minister and Defence Minister,?Wladyslaw kosiniakKamysz, said: "This investment is not just to develop a high-tech defence industry that will drive the Polish economy. It's also about supply chain independence."
It ensures that independent supplies are available to the front lines in the event of a need.
Until recently, the presence of defence firms from countries like the Czech Republic and Slovakia in Poland was limited. Poland relied heavily upon state-owned producers, such as PGZ, and U.S. suppliers.
These companies now see an opportunity.
CSG of Czechoslovakia, a major ammunition supplier to Ukraine, has signed several agreements to expand its production in Poland in the last few months.
These include a technology transfer to PGZ's subsidiary MESKO, and an agreement to expand the production of drones and missiles as well as ammunition and armored vehicles.
CSG's Polish division has also acquired Domar MS, a manufacturer of defence components.
CSG has signed a contract worth EUR150m with Huta Stalowa Wola to provide fighting vehicle equipment. The agreement is valued at EUR100m.
Wojciech Gzonka, CSG Polska's Chief Executive Officer, said that Central Europe is undergoing a broader change in the way defence industrial capability is built.
"Poland is one of the key directions in our long-term expansion and development of production capabilities."
'NEAR-SHORING' PIONEER'
Warsaw's offensive has prompted other defence groups to respond.
The Polish arms manufacturer Grupa Niewiadow (a Niewiadow PGM division) is establishing 155 mm ammo production with KNDS Ammo France. Production will reach 180,000 rounds per year by next year.
PGZ announced in March that it would partner with Estonia's Frankenburg Technologies in order to manufacture ultra-short range air defence systems in Poland.
Zdenek rod, a defence specialist at CEVRO University, in Prague, stated that Poland is emerging as a leader in efforts to "nearshore" military manufacturing within Europe.
Rod explained that "for years, the United States has been a top priority for ensuring NATO interoperability." "Now Poland also tries to ensure resilience against disruptions around the world by turning more towards regional and European suppliers."
Polish officials have also said that they are examining expanding industrial cooperation with other countries, including Slovakia and Hungary.
The German company?Rheinmetall's said that the rising demand for its land combat systems from Poland is one of the reasons it has established production capacity in Poland and developed a regional maintenance hub.
Rheinmetall stated that "the demand generated by Poland's modernisation program in defence justifies the establishment of full-scale production facilities there. These can be integrated into European Supply Chains and contribute to redundancy, resilience and European Defence Industrial System."
Poland and Estonia are among the few NATO countries that are close to meeting their NATO commitment of spending 5% of GDP for defence by 2035. Warsaw offered last month to produce Patriot air defence missiles with Ukraine and the United States as a sign of its ambitions in the defence industry.
Golota, Deputy Minister of State Assets, said: "If you are interested in selling in Poland, then you must invest in Poland. You have to transfer technologies and work with us on joint projects."
The more factories we have and the more know-how that we have, the better for our defense.
(source: Reuters)