Latest News
-
EU carbon market emission drop by 5% in 2024 on track to 2030 target
The European Commission announced on Friday that carbon dioxide emissions under the EU's emissions trading scheme (ETS), which regulates the emissions of greenhouse gases, will fall by 5% by 2024 due to reductions in the electricity sector. The EU ETS regulates around 45% of the greenhouse gas emissions of the European Union. It is the flagship program of the 27-nation EU to combat global warming through charging for the rights to emit CO2. Carbon allowances are a way for manufacturers, power companies, and airlines to pay the carbon they emit. The EU Commission stated that "ETS emission levels are now about 50% below 2005 and on track to reach the 2030 target of 62%." The biggest fall in emissions was seen in the power sector. Emissions dropped by 12% compared to 2023 levels. The Commission stated that "This reduction was due to a rise in electricity production by renewables of 8%, nuclear by 5% and a decline in coal and gas by 8%." The emissions from industry were stable. A 5% reduction in the cement sector was offset by an increase of 7% in the fertilizer segment. The Commission attributed the increase in aviation sector emissions to an expansion of geographic coverage, including non-domestic flight. Last year, the ETS was extended to include maritime emissions with 72 million tonnes of CO2 being reported by 2024. Benchmark prices for the EU ETS dropped around 4.5% to 63 Euros per metric ton on Friday afternoon, in line with sharp drops in other markets following China's announcement of retaliatory duties on U.S. products, fueling global recession concerns. Prices have dropped by around 25% from their peak in January of this year. (Reporting from London by Susanna Twiddale, additional reporting by Sudip K-Gupta, Bart Meijer and Alex Richardson; editing by Alex Richardson and Franklin Paul).
-
Nasdaq to confirm bear-market as Trump tariffs cause recession fears
Investors fled riskier assets as they feared that tariffs implemented by President Donald Trump would spark a global trade war, and plunge the economy into recession. Trump slapped on Wednesday a 10% tariff base on all imports into the United States, along with heavy levies against tech production hubs like China, Taiwan, and Vietnam. This deepened a selloff that was triggered by fears about AI spending, which had sent Nasdaq to correction territory at the beginning of last month. After China announced 34% additional tariffs on U.S. products, the index fell 3.8% last Friday. The Nasdaq composite index is down around 20% from the record high closing price of 20,173.89. According to a commonly used definition, a bear market is defined as an index that closes at least 20% below its previous record high. Tariffs and the fear of retaliation from other trading partners has weighed heavily on the markets. The benchmark S&P 500 Index has fallen 14.9% since its record closing high of 6,144.15, and is just 5% from confirming that a bear market exists. The Dow Jones was set to confirm a corrective move on Friday after a drop of 10% from its closing record high. Apple, the world's largest manufacturer of consumer electronics, has seen its share price fall by 12.5% since U.S. tariffs were announced. Meanwhile, China, which is Apple's main manufacturing base and production base faces an aggregate tariff rate of 54%. Other big tech stocks are also down. Microsoft is down 4.3%, including Thursday's losses. Alphabet, the parent company of Google, is down 5.3%. Meta Platforms is down 12.6%, and Amazon has lost 13.3% over the same time period. Tesla shares have fallen 37% since the close of Wednesday as the electric vehicle pioneer deals with protests over billionaire Elon Musk's political involvement and slowing sales. Nvidia, the chipmaker that has been the most successful in the AI boom, shed 11.2% as it grappled with concerns over slowing data center spending. A Magnificent 7 ETF, which tracks the tech-heavyweights that have fueled Wall Street's record rise in recent years, has fallen about 27% since its all-time December high. (Reporting and editing by Sriraj Kalluvila, Bengaluru)
-
What strategic minerals has China restricted in its exports?
China added several rare earth elements to the export control list of China on Friday. Its retaliation The prospect of the U.S. being cut off from vital minerals, whose supply is controlled by China, has been raised in response to President Donald Trump's proposed tariff package. The ban on certain items Seven elements of the universe This is just the latest example of China's ability weaponize its dominance of the mining and processing a variety of minerals that are vital for everything from smartphones, electric car batteries and infrared ammunition to smartphones. Western companies have been forced to adapt their business practices due to these restrictions After Friday's announcement, supply chains are likely to gain new momentum. Beijing has restricted the use of some other minerals since 2023. TUNGSTEN, INDIUM, BISMUTH, TELLURIUM AND MOLYBDENUM China has imposed export restrictions on Five metals Early February, just after President Donald Trump's first 10% tariff was implemented on Chinese products, many industries, including defence, clean energy, and others, began to use the technology. Export licences are required for 20 products relating to tungsten, molybdenum, tellurium and bismuth. The curbs did not go as far as outright bans. They were more targeted and limited to certain metals like molybdenum. BATTERY AND LITHIUM PROCESSING ADVANCED TECHNOLOGY China proposed in January to restrict exports of certain technology used to manufacture cutting-edge components for batteries and to process lithium and gallium, two critical minerals. The announcement didn't specify when the proposed amendments, which were available for public comments until early February this year, might come into effect. Since the proposal was made, at least one company stopped exporting the products listed. ANTIMONY, GALLIUM, GERMANIUM Last December, Beijing Washington has stepped up its crackdown on China’s chip industry. As a result, Washington banned the export of three crucial minerals to the United States. China has gradually introduced export licensing for the three metals over the past 18 months, but the outright ban is only applicable to the United States. Exports of antimony, which is a strategic metal that's used in solar power equipment, munitions and flame retardants, had only just resumed three months after the export licenses were implemented. China controls the global supply of these three metals, and mines and refines up to 90% of the minerals. RARE EARTHS MAGNIFIER TECHNOLOGY By December 2023, China will ban the export of technology for making rare earth magnets. This ban is in addition to the existing one on the technology used to separate and extract the critical materials. Rare earths is a grouping of 17 metals which are used to produce magnets for electric vehicles, windmills, and electronic devices. While common in the earth's crust, China has mastered the technically difficult and environmentally-harmful refining process. China produces 90% of the world's refined products. GRAPHITE By October 2023, China will require export licenses for certain graphite products in order to protect its national security. China is the top producer and exporter of graphite in the world. It also refines over 90% of all graphite to a material used in almost all EV batteries.
-
China retaliates against US tariffs by imposing export controls on rare earths
China placed export restrictions on rare earth elements as part of its response to President Donald Trump’s tariff package. This could cut off the U.S. from vital minerals essential to everything from electric car batteries to smartphones. China produces 90% of the world’s refined rare earths. This group of 17 elements is used in the electronics, defense, electric vehicles, and clean energy industries. Most of the rare earths imported by the United States come from China. According to a Ministry of Commerce press release, seven categories of medium and heavier rare earths including samarium and related items such as gadolinium and terbium will be added to an export control list on April 4. This latest move by China to weaponise their dominance in the mining and processing critical minerals, affects all countries not just the U.S. Beijing has already banned the export of metals to the U.S., and placed export controls on a number of other products. Jacob Gunter, an analyst at the Mercator Institute for China Studies, believes that Friday's decision will likely galvanize efforts to create alternative supply chains in the West. "The more China uses this trigger even if the United States is the only country affected, the more European companies, European governments, and other countries will also consider the risks of having export controls placed on them." Beijing announced these controls late Friday night as part of an broader package that included tariffs and restrictions on companies in response to U.S. president Donald Trump's decision of raising tariffs to 54% against most Chinese goods. According to the U.S. Geological Survey, between 2019 and 2022 about three-quarters of rare earths imported by the U.S. came from China. Beijing can limit shipments even though the export controls do not constitute a ban by limiting the number of export licenses that it issues. China has not exported antimony to European Union nations since March, after export controls were imposed on the metal in September. China controls the mining and production of rare earths, despite the fact that they are common in the earth crust. It does this by imposing a strict quota system. Reporting by Amy Lv in Beijing and Lewis Jackson; Editing by Elaine Hardcastle, Jan Harvey
-
China's retaliation against Trump tariffs is a blow to tech and bank stocks
U.S. banks, oil companies, and tech giants all extended their losses on Friday, after Beijing responded with an additional 34% duty on U.S. products. This heightened investor concern over a escalating trade war, which has led to fears of a global recession. Beijing's tariffs will go into effect on April 10. Beijing also announced restrictions on the export of heavy and medium rare-earths and added 11 U.S. companies to its "unreliable entities" list. Tesla and Apple, two of the companies that have the most revenue exposure to China, both saw their shares plummet by more than 6%. Alphabet and Microsoft also saw their shares fall sharply. Following the countermeasures, shares of banks continued to decline. Fears have been affecting the industry that a dispute over trade could reduce consumer confidence, lower spending, weaken demand for loans and increase fees charged by advisors. JPMorgan Chase, which is the largest U.S. Bank by assets, fell 7.3%. Wall Street giants Goldman Sachs, Morgan Stanley and Citigroup all fell by 7% or 6% respectively. Crude oil prices have suffered further losses, after already being hit by the expected OPEC+oil production increase in May. Exxon dropped 4.8% while Chevron fell 4%. SLB, the top oilfield services company, dropped 5.8%. Marathon Petroleum, the largest U.S. refining company by volume, also fell 4.6%. The tariffs imposed by China, which is a major oil-importer, could increase concerns about a slowdown in fuel demand. "The trade conflict escalated, fears of recession are on the rise, and as a result, oil demand growth will take a significant hit," said Tamas Variga, an analyst at PVM. GE Healthcare shares fell 6.9% in premarket trading, the largest drop among medical equipment makers. This was after China announced restrictions on exports of a rare earth metal used in MRI scanners. Ford and General Motors shares in Detroit were down by about 3.6% and 3%, respectively. The automakers rely on a global supply chain that is complex. GM and Ford, meanwhile, see China as a major growth market for electric vehicles.
-
What strategic minerals has China restricted exports of?
China put several rare earths on an export list on Friday in retaliation to President Donald Trump’s Tariff package The U.S. may be cut off from vital minerals, whose supply is dominated by China. The latest example of China's ability weaponise their dominance over the mining and processing a variety of vital minerals that are essential for everything from smartphones, electric car batteries and infrared ammunition to infrared weapons and ammunition is the ban on seven-element items. Western companies have been forced to adapt their business practices due to these restrictions After Friday's announcement, supply chains are likely to gain new momentum. Beijing has restricted the use of some other minerals since 2023. TUNGSTEN, INDIUM, BISMUTH, TELLURIUM AND MOLYBDENUM China has imposed export restrictions on Five metals Early February, just after President Donald Trump's first 10% tariff was implemented on Chinese products, many industries, including defence, clean energy, and others, began to use the technology. Export licences are required for 20 products relating to tungsten, molybdenum, tellurium and bismuth. The curbs did not go as far as outright bans. They were more targeted and limited to certain metals like molybdenum. BATTERY AND LITHIUM PROCESSING ADVANCED TECHNOLOGY China proposed in January to restrict exports of certain technology used to manufacture cutting-edge components for batteries and to process lithium and gallium, two critical minerals. The announcement didn't specify when the proposed amendments, which were available for public comments until early February this year, might come into effect. Since the proposal was made, at least one company stopped exporting the products listed. ANTIMONY, GALLIUM, GERMANIUM Last December, Beijing Washington has stepped up its crackdown on China’s chip industry. As a result, Washington banned the export of three crucial minerals to the United States. China has gradually introduced export licensing for the three metals over the past 18 months, but the outright ban is only applicable to the United States. Exports of antimony, which is a strategic metal that's used in solar power equipment, munitions and flame retardants, had only just resumed three months after the export licenses were implemented. China controls the global supply of these three metals, and mines and refines up to 90% of the minerals. RARE EARTHS MAGNIFIER TECHNOLOGY By December 2023, China will ban the export of technology for making rare earth magnets. This ban is in addition to the existing one on the technology used to separate and extract the critical materials. Rare earths is a grouping of 17 metals which are used to produce magnets for electric vehicles, windmills and electronic devices. While common in the earth's crust, China has mastered the technically difficult and environmentally-harmful refining process. China produces 90% of the world's refined products. GRAPHITE By October 2023, China will require export licenses for certain graphite products in order to protect its national security. China is the top producer and exporter of graphite in the world. It also refines over 90% of all graphite to a material used in almost all EV batteries.
-
China retaliates against US tariffs by imposing export controls on rare earths
China has placed export restrictions on rare earth elements as part of the response to President Donald Trump’s tariff package. This could cut off the U.S. from vital minerals used in everything from smartphones and electric car batteries to solar panels. China produces 90% of the world’s refined rare earths. This group of 17 elements is used in the electronics, defense, electric vehicles, and clean energy industries. Most of the rare earths that are imported by the United States come from China. According to a Ministry of Commerce press release, seven categories of medium and heavier rare earths, including samarium and related items such as gadolinium and terbium will be added to an export control list on April 4. This latest move by China to weaponize its dominance in the mining and processing critical minerals, affects all countries, including the U.S. Beijing announced the controls on Friday evening as part of an broader package that included tariffs and restrictions for companies in response to President Donald Trump's decision of raising tariffs to 54% against most Chinese goods. According to the U.S. Geological Survey, between 2019 and 2020, roughly three-quarters of rare earths imported by the U.S. came from China. Beijing can limit shipments even though the export controls do not constitute a ban by limiting the number of export licenses that it issues. China has not exported antimony to European Union nations since March, after export controls were imposed on the metal in September. China controls the mining and production of uranium, which is common in earth's crusts. It also dominates the dirty and complex refining processes. Reporting by Amy Lv in Beijing and Lewis Jackson; Editing by Elaine Hardcastle
-
US tariffs to cripple India’s diamond industry, affecting jobs and exports
Surat's diamond polishing centre is experiencing a wave of anxiety as the U.S. Tariffs threaten the gem and jewellery exports of India, putting the livelihoods of tens of thousands workers at risk. The United States, who takes over 30% of South Asia's gems and jewellery exports set a reciprocal tariff of 27% on it on Friday, as demand in other important markets, such as China and the Middle East and Europe, is easing. Dinesh Nadiya is the chairman of Indian Diamond Institute in Surat. He said that tariffs would have a major impact on the demand for diamonds. Job losses are likely to occur, at least over the short-term. Surat, Gujarat's second largest city, is the home of Narendra Modi. It processes and polishes 80% of all rough diamonds in the world. India accounts for 9 out of 10 diamonds that are processed worldwide. The diamond market has come to a standstill, with more than 10,000 traders and broker gathering each day to try to determine how the situation will develop in the next few months. Mansukh Mangukiya has been a diamond dealer for over 50 years. He said that the current conditions are even worse than the financial crisis of 2008. Sevanti Shah of Venus Jewels said that smaller manufacturers would be the most affected by a slowdown. "Many will have to close down." In fiscal year 2023/24, India exported gems and jewelry worth $32 billion to the United States, which amounted to nearly $10 billion or 30.4% of that total. Third largest export to U.S. India exports gems and jewellery to the United States in third place after electronic and engineering goods. This sector employs millions of people, including artisans. The Surat Diamond Bourse was inaugurated in 2023 by Modi to create thousands of jobs and act as a hub for trade. However, the business outlook is not good. It was billed as the largest office building in the world, surpassing even the Pentagon. Diamond dealers stated that the industry would seek to find alternative markets in order to compensate for the lost demand from the U.S. Shaunak Parikh said that the sudden drop in demand for rough diamonds could result in a reduction of imports. Parikh stated that exporters are trying to get as much cargo to the United States as they can before the new tariffs go into effect. Orders that cannot be delivered sooner may be cancelled, or put on hold. Vipul Shah said that the tariffs will also increase U.S. diamond prices and crimp demand. Chetan Navadiya is facing an uncertain future as a diamond producer turned contractor. Navadiya stated, "I lost my company due to the slowdown in the market." "I had to take on job work in order to survive. But even these contracts may not arrive by now because of U.S. tariffs."
Uprooted by Brazil floods, foreign refugees 'start all over again'
Tens of countless Haitians and Venezuelans who discovered sanctuary in southern Brazil after escaping hunger, violence and natural disasters are being required once more to reconstruct lives now wrecked by record flooding in Rio Grande do Sul state.
Reginald Descilong left Haiti after he lost family and good friends in the terrible 2010 earthquake. He got to Brazil three years later, crossing Central America on foot and by bus. Today, the 39-year-old and his better half and three daughters are in a. public shelter in the swamped state capital Porto Alegre.
It appears that disaster is always chasing us. I got here however. the issues don't stop. We lost whatever in our home. underwater, and we can't even return there by boat, he said.
I don't understand where I'm going now. We need to start all over. again, he informed .
The office of the U.N. High Commissioner for Refugees. ( UNHCR) has information on 43,000 refugees residing in the state,. consisting of 29,000 Venezuelans and 12,000 Haitians.
Rio Grande do Sul was among the top three states to get. refugees in a federal humanitarian program that transferred. migrants running away Venezuela on Brazil's northern border.
Numerous, like Descilong, got steady tasks with full advantages. Over 14,000 refugees found official work in Rio Grande do. Sul from 2011 to 2019, more than any other state, according to. data from Brazil's Justice Ministry.
The most typical home for the state's refugees has been in. the Sarandi neighborhood on the north side of Porto Alegre,. which was the most wrecked by flooding after a dike collapsed.
More than 26,000 Sarandi locals with homes undersea are. now in numerous shelters in the city. Numerous left whatever behind. as they escaped the increasing floodwaters, including documents now. lost permanently, raising extra concerns for the immigrants.
Venezuelan Carina Gonzalez, 27, needed to leave a knapsack with. her documents and those of her 11-year-old child when she. left her house in chest-deep water.
My spouse informed me to let go of the backpack or my pet. I. wasn't going to leave my canine, so I let go of the knapsack with. my files, Gonzalez recalled. We are immigrants and we. can't do anything without a file, she included.
Many people have actually lost the files they had, their. migration documents, their provisional ID that will need to be. reissued so they do not remain undocumented in Brazil, stated. UNHCR official Silvia Sander.
Carina and her spouse Xavier said their tasks are safe, for. now, but they are worried about getting to operate in a city where. downtown streets are still under water.
They crossed into Brazil in 2018, running away political tensions. and recession in surrounding Venezuela. The floods have. thrust them into turmoil again.
We don't even know where we are going. We have no. location right now, said Xavier.
(source: Reuters)