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Officials say that at least 60 people have died in a fire at a mall in Iraq.
Two police sources and the city's medical authorities confirmed that a massive fire at a hypermarket located in al-Kut, iraq's eastern city, has killed or injured 60 people and left 11 more missing. Social media videos showed a five-storey al-Kut building engulfed in flames overnight, as firefighters attempted to put out the fire. The videos could not be independently verified. A city official said that although 59 victims' identities had been confirmed, one was so badly burnt it was difficult to identify. Ali al-Mayahi, a city official, said: "We still have bodies under the fire debris that we haven't recovered." State news agency (INA), reported that the cause of the fire is not known at this time, but the governor of the province said the preliminary results of an investigation will be released within 48 hours. The governor was quoted by INA as saying, "We have filed suits against the owner and mall of the building." Reporting by Aref Mohammad and Ahmed Rasheed from Baghdad; Nayera Abdallah from Dubai; Editing and production by Himani Sarkar, Bernadettebaum and Bernadette Baum
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New York Times Business News - July 17,
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. After an extended year of negotiations, marked by dramatic turns and twists, Alimentation Couche-Tard announced that it would abandon its multi-billion-dollar bid to purchase the owner of 7-Eleven convenient stores. Indonesian President Prabowo Subianto confirmed Wednesday that the general outline of a new trade agreement between the United States and Indonesia was agreed. Under the agreement, U.S. goods exported to Indonesia will not be subjected to tariffs while Indonesian products in the United States will face a 19% tariff. Donald Trump, the U.S. president, said that he spoke to Coca-Cola Company on Wednesday about adding "REAL cane-sugar to Coke" to the United States. The company agreed to add it. President Trump presented a draft letter to fire Federal Reserve Chairman Jerome Powell in a meeting on Tuesday evening with about a dozen House Republicans. He asked them if he should and indicated that he would. (Compiled by Bengaluru Newsroom)
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Chinese miner Zangge stops lithium production after government order
Zangge Mining, a Chinese miner, announced on Thursday that it had stopped lithium production in a Qinghai Province unit on the orders of local officials. This pushed lithium prices higher by more than 4% during afternoon trading. According to a Shenzhen Exchange filing, the miner controlled by Zijin Mining, a state-owned giant, received an order from Haixi officials ordering a halt to all non-compliant activities on Wednesday. The filing didn't say how the mining was not compliant. Only with the approval of local governments can production, which is forecast to reach 11,000 tonnes of lithium carbonate in this year, resume. Zangge plans to submit an application and make mining compliant. It said that it was not possible to predict the exact time when Zangge Lithium would resume production. Therefore, it could not be determined what impact it will have on the company for the moment. When afternoon trading started at 1 p.m. (0550 GMT), the most active futures contract for lithium carbonate on the Guangzhou exchange rose more than 4%. Zangge stated that it expects the shutdown to only have a small impact on its performance. It added that the mine's output is expected to reach 5,350 metric tonnes in the first half. Reporting by Lewis Jackson in Beijing and Amy Lv; editing by Jacqueline Wong, Kate Mayberry
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China's record heat drives power demand to a new high
Energy officials reported that days of record-breaking heat in large parts of China drove power demand up to a new high of more than 1.5 billion kilowatts. A sweltering arc of heat stretches from the densely-populated southwest cities of Chongqing, Chengdu and Guangzhou to the southern megaport. Meteorologists attribute this extreme to climate change. It presents a challenge to authorities. State media reported on Thursday that temperatures reached their highest level ever at eight weather stations over the past two days, thanks to a subtropical weather system in the southwest and northwest. Chim Lee is a senior energy specialist and climate change specialist with the Economist Intelligence Unit. The real test comes as summer progresses, and there is still the risk of power rationing. Lee stated that the surge in June power generation was largely due to solar energy. The hydropower production nationwide increased over 2023 but was still lower than 2022. China's National Energy Administration announced on Wednesday that the country's electricity load had reached a "record-high" for the third consecutive month. This was an increase by 55 million kilowatts compared to last year's record. Since the summer started, 36 provincial records have been broken in the second largest economy. Temperatures above normal can cause cropland to scorch and farm incomes to plummet. They can also disrupt manufacturing hubs, and affect key ports. This puts a strain on already overburdened health care. State media reported that in the last decade, Jiangxi province, located in southern China, has averaged 21.7 days per year with temperatures over 28 degrees Celsius. This is up from 5 to 7 at the turn-of-the century. In a blog last week, state broadcaster CCTV highlighted a traditional of sleeping with wax gourds. These vegetables are believed to be effective at absorbing heat. The official news agency Xinhua reported that iced watermelons were served to zoo animal in Chongqing on Wednesday. However, there is the possibility of some relief. The weather forecasters predict temperatures will begin to ease from Monday as a tropical disturbance east of the Philippines could strengthen into a storm that is expected to be called Wipha and track across Taiwan towards southern China. The subtropical high could block the low-pressure systems, causing air conditioners to run at full speed and further stressing the electricity grid.
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Oil prices rise as economic data and expectations of demand lift sentiment
Oil prices rose on Thursday, reversing declines in the previous three sessions, buoyed by stronger-than-expected economic data from the world's top oil consumers and signs of easing trade tensions. Brent crude futures increased 24 cents or 0.35% to $68.76 per barrel at 0457 GMT. U.S. West Texas Intermediate Crude Futures rose 33 cents or 0.5% to $66.71. Both benchmarks dropped more than 0.2% the previous session. U.S. president Donald Trump said that letters informing smaller countries about their U.S. Tariff rates would be sent out soon. He also said on Wednesday that there would likely be a 10% or 15% blanket tariff for smaller countries. This week, new agreements with Indonesia and Vietnam have been announced. Trump expressed renewed optimism in regards to the prospects of a drug deal with Beijing and hinted at a very near-term trade agreement with India. He also suggested that an agreement with Europe could be possible. Tina Teng, an independent analyst, said that Trump's softer tone towards China and his proposal to lower tariff rates for smaller countries are positive developments in global trade prospects. Oil prices have been boosted by China's better than expected economic data, and the U.S.'s higher-than-expected draw in oil inventories. The Energy Information Administration reported that U.S. crude oil inventories dropped by 3.9 millions barrels, to 422.2 million last week. This was a greater decline than the forecast of a 552,000 barrel draw. This suggests increased refinery activity, tighter supplies, and higher demand. The price increases were capped by higher-than-expected gasoline and diesel stock builds. This led ANZ analysts to worry about a weakening of demand due to summer travel. The central bank's latest snapshot, released on Tuesday, shows that activity has picked up in the last few weeks. The outlook, however, was "neutral or slightly pessimistic", as businesses reported higher import tariffs pushing up prices. China's data also showed that growth in the second quarter was slower than previously thought, partly due to the fact that the country had accelerated its exports in order to avoid U.S. duties. This eased concerns about the economy of the world's biggest crude importer. The data also showed China's crude oil throughput in June was up 8.5% compared to a year earlier, which indicates a stronger fuel demand. John Paisie, President of Stratas Advisors said: "Support comes from the positive news pertaining some easing of the trade tensions between China & the U.S. With President Trump lifting his ban on the sale AI chips to China as well as the announcement of a new trade agreement with Indonesia." (Reporting from Anjana Anil and Emily Chow, both in Singapore; editing by Sonali and Rachna uppal)
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Couche-Tard withdraws its $47 billion bid to buy Japan's Seven & i
Alimentation Couche-Tard, a Canadian retailer, withdrew a $47 billion takeover bid for Japan's Seven & i Holdings. It blamed the Japanese retailer for ignoring its offer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. Here is the timeline for a bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars). SEPTEMBER 6, 2020 Seven & i rejected Couche-Tard’s offer of $14.86, valuing the business at $38.5 billion. SEPTEMBER 13TH, 2024 Seven & i is classified as "core" by the Japanese finance ministry, leading to speculation that it could be protected from a takeover. The 9th of October 2024 Sources say that Couche-Tard has increased its bid for Seven & i to $47 billion. This is a 22% increase. 10 OCTOBER 2024 Seven & i announces plans to restructure its business and focus on convenience stores while evaluating Couche-Tard’s revised bid. 16 OCTOBER 2024 Artisan Partners, a U.S.-based fund, urges the Seven & i Board to allow Couche-Tard to do due diligence, and negotiate a purchase price. They call the Japanese retailer’s restructuring plan “too little, late”. NOVEMBER 13TH, 2024 Seven & i has announced that a member of the founding Ito family made a white knight bid for $58 billion. NOVEMBER 14TH, 2024 Artisan Partners encourages the company to use a competitive bid process to ensure that it receives the best offer. DECEMBER 25, 2020 Sources say that Seven & i received bids in the first round of over $5 billion for its non-core asset from private equity firms KKR Bain Capital, and Japan Industrial Partners. FEBRUARY 26TH, 2025 Two sources claim that Itochu, a Japanese company, has withdrawn from the proposed buyout of Seven & i by the founding family. Couche-Tard, meanwhile, has reaffirmed its commitment to a purchase. FEBRUARY 27TH, 2025 Seven & i founder Ito family's $58 billion bid to buy out Seven & i fails to secure funding. MARCH 6, 2020 Seven & i appoints Stephen Dacus as its first foreign CEO. He is tasked with overhauling the business in order to engineer a turnaround and respond to Couche-Tard’s takeover offer. 10 MARCH 2025 Seven & i has confirmed that it is in discussions with Couche-Tard about a plan for the sale of stores to overcome U.S. Antitrust concerns over a merger between two major players in its convenience-store market. 11 MARCH 2025 Couche-Tard is frustrated with Seven & i’s “limited engagement”, but expresses confidence in a “clear path” to overcome U.S. regulations hurdles. 13 MARCH 2025 Alain Bouchard, the chairman of Couche-Tard, says that if Seven & i would cooperate and reveal more financial data to Couche-Tard it could enhance its offer. MAY 1, 2025 Seven & i and Couche-Tard sign a non-disclosure (NDA) agreement, giving the Canadian retailer access to financial data of the Japanese retailer. JULY 17, 2020 Couche-Tard pulls out of its $47-billion offer, citing a failure to engage constructively by Seven & i's management and founding family. Seven & i states that it is "fully committed" to its standalone value creation plan. The company's shares have fallen to a low of 1,997.5yen, a three-month high. $1 = 148.5700 yen (Compiled and edited by Clarence Fernandez).
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Russell: China's mixed commodities data shows soft steel and strong iron ore
China's June industrial output data and commodity imports have produced contrasting figures that make it difficult to get an accurate read on the second largest economy in the world. Iron ore imports and steel production appear to be telling contrasting stories. While imports of this key raw material surged to their highest level in the year, the decline in steel production was evident. The first six months of this year saw a 5% increase in coal production compared to 2024. However, thermal power generation - which is mostly coal-fired – dropped by 2.4%. The output of aluminium rose by 3.4% from the previous year and by 3.3% for the first six months, while construction materials like cement and glass fell by 5%. Decoding the mixed signals in the data requires determining whether they are a part of long-term trends or driven by shorter-term factors. China's crude output of steel fell by 3.9% from May to June and by 9.2% compared to the same month 2024. This was the biggest drop year-on-year since August. Last month, the world's biggest steel producer produced 83.18 millions metric tons crude steel, which brought first-half output to 514.83 tons, a decrease of 3% compared with last year. The story of the still-struggling residential construction sector is accompanied by a softening steel production, but this does not explain the robust iron ore imports. China, which imports 75% of the global seaborne ore, saw its arrivals increase by 8% from May to June, with 105.95 millions tons of iron ore. This is the highest month of 2025. Iron ore imports, however, are down 3% to 592.21 millions tons in the first half 2025. The recent rise in iron ore prices can be explained by the Singapore Exchange contracts, which have shown a downward trend after reaching their highest level in 2025 at $107.81 per ton on 12th February. Steel prices dropped to as low as $97.95 in July, but recovered since then. They ended the day at $97.95 Wednesday amid hopes that Beijing's stimulus plans will boost demand for steel in the second half. If the annual output of steel is to stay around the informal cap of 1 billion tons, then the second half production will be lower than the first-half's 514.83 millions tons. SteelHome consultants SteelHome monitor port stocks to ensure that iron ore inventory levels are still high. The weekly total of 131.9 millions tons, down from 150.02 in the same period last year, is a drop. COAL MINING The coal production grew 5% to 2.4 billion tonnes in the first half of 2025, a seemingly contradictory increase. Thermal power, which is predominantly coal-fired and uses only a little natural gas, has dropped by 2.4%. The total power generated in the first half of the year increased by 0.8%, while hydropower dropped by 2.9%. It is clear that renewables like wind and solar have gained more share. Why would China produce record coal volumes at a moment when the consumption is declining? Two main reasons are at play. The first is that the domestic coal price remains relatively low. This keeps the downward pressure on the electricity cost, especially when the major users of power, such as the manufacturers, are experiencing uncertainty due to the US trade war. Thermal coal prices in Qinhuangdao In June, the yuan fell to a low of 610 ($84.96). Although it has recovered to 625 on Wednesday, this is still almost 20% below its January 2025 peak of 775 yuan. Second, the increased domestic coal production will reduce the need for imports from abroad. China is the largest importer of coal in the world. This has put pressure on seaborne prices. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist, who is also an author.
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New Zealand weather events prompt government housing protection to be re-thought
New Zealand's government may end bailouts to homeowners who have been affected by floods or landslides, as it works on a climate change framework. In recent years, as severe weather events caused by climate change have increased in frequency and intensity, the government has spent billions on buying properties. Christopher Luxon, New Zealand's Prime Minister, told Radio New Zealand that the government "won’t be able" to continue bailing people out in this manner. We need to figure out how to handle these events in the future and who is responsible. Is there a shared or individual responsibility? He made his comments as local authorities in the South Island began cleaning up areas affected by floods that occurred this month. The flooding, according to authorities, affected approximately 800 homes. On Wednesday, the government announced a compensation package of NZ$600,000. ($356,700.) for farmers, growers, and forest owners who were affected by floods. Climate Sigma research estimates that by 2060, at least 14,500 homes, worth about NZ$12.5b, could be affected by at least one damaging flooding, or around 300 to 400 homes per year. Climate Minister Simon Watts stated in an email the government is working to gain bipartisan support for a national adaption framework to give New Zealand confidence. He said, "This is a challenging and complex work." "It's important that any changes are durable." It is likely that any policy changes will be implemented slowly. The Ministry of Environment released an independent report that suggested a 20-year transition to allow for pricing adjustments as the expectations of government bailouts become tempered. When it rains hard, flooding occurs on Graham McIntyre's property. Water rushes through the house. He said that the three rivers that run through his land, which he purchased 25 years ago in Auckland, are like a "wave" coming through. He wants the authorities to purchase his house in Taupaki, and relocate the town centre nearby. Both towns were inundated in 2023. "I can't do anything" Researchers, policymakers and property experts in New Zealand as well as Australia have warned for some time that climate change is an issue homebuyers haven't priced in. The Ministry of the Environment released an independent report that recommended providing more information on the impact of natural hazards, so that owners could make their own decision about whether or not to stay in place and pay the associated costs. In New Zealand, property records increasingly include information about flood and landslide risks or histories of these events. Homeowners in areas at risk are concerned that their homes will lose value. McIntyre replied, "You cannot do anything." You can't give up. You can't change it." Kelvin Davidson said that it was hard to estimate the impact of climate risk on property prices because of limited data about events such as flooding and different acceptance of risks by buyers. He said that "the rubber hasn't hit the road" in terms of price.
China takes nascent steps towards sourcing sustainable farm products
China's flagship food group COFCO International landed its very first cargo of deforestationfree soybeans for domestic use on Friday, marking what market players say is a milestone for a country that has prioritised cost over sustainability in its farm imports.
China is a top purchaser of agricultural goods, consisting of soybeans and beef, which are drivers of international deforestation, but has actually lagged western peers in demanding that produce consisting of palm oil not be sourced from land linked to deforestation or conversion of natural habitats.
That is slowly changing, with state-run COFCO International as well as China Mengniu Dairy Company and Inner Mongolia Yili Industrial Group Co Ltd in the past year asking suppliers and experts for sustainable soybeans, traders and sustainability professionals informed .
The volumes are small in the context of China's total buying however the ramifications of the greener sourcing are substantial, given China's ravenous hunger for farming goods, even as it looks for to cut its reliance on imports.
The participation of COFCO, which brought in Friday's freight at Tianjin port for Mengniu's subsidiary Modern Farming Group, likewise sends a signal to other buyers of Beijing's intent.
There is a noticeable shift in buying trends amongst Chinese buyers towards more sustainable and eco-friendly products, a Singapore-based broker said, declining to be named due to company confidentiality.
Some Chinese business have been strongly requesting deforestation-free soybeans and carbon-neutral grease considering that in 2015, a manager with a global trading firm stated.
Friday's 50,000 metric heap cargo of Brazilian soybeans worth $ 30 million had a logging and conversion-free (DCF) stipulation for the very first time for an order of the oilseed from China.
Our market needs to act to help reinforce our food systems (and) promote sustainable agriculture practices that secure our environment and environment, COFCO International Chief Executive Wei Dong stated in a declaration.
The shipment is a pilot job driven by the World Economic Forum's Tropical Rain forest Alliance to suppress commodity export-driven logging. Its executive director, Jack Hurd, said COFCO's involvement will promote more Chinese demand for sustainable products.
POLICY PUSH
While sustainability efforts in the West have typically been customer driven, China's shift is activated by policy signals as well as investor pressure.
In 2020, President Xi Jinping promised that China, the world's greatest polluter, will attain peak emissions by 2030 and carbon neutrality by 2060. In an agreement last year, China and the United States stated they will work together to suppress forest loss.
New domestic stock exchange rules needing business to reveal ESG (environmental, social and governance) information from 2026 have actually included pressure, while the approaching European Union Regulation on Deforestation-Free Products (EUDR) offers additional impetus, experts said.
Mengniu in 2023 dedicated to a zero-deforestation supply chain by 2030 and signed up with market group the Roundtable on Sustainable Palm Oil (RSPO) this year. Yili has a comparable target for soy, palm oil, pulp and paper supply, and has stated it will raise annual purchases of RSPO-certified palm oil by 50 metric lots from 2024 to achieve 650 metric heaps by 2030.
A palm oil producer in Indonesia stated selling to China will quickly require greater standards. They are paying more attention to sustainability ... unlike in the past when cost was the just factor.
COFCO, meanwhile, has a 2025 target for a zero-deforestation soybean supply chain in environmentally delicate locations in Latin America, consisting of the Amazon, and has prepare for sustainable palm oil and coffee supply chains.
In January, COFCO International signed a memorandum of understanding with COFCO Group's China Shengmu Organic Milk Ltd. to provide 12,000 lots of DCF soybeans from Brazil,. with a contract to gradually increase the volume.
RSPO China's head, Fang Lifeng, stated China's need for. licensed sustainable palm oil, initially driven by. multinationals such as L'Oreal and Unilever,. are now being led by local firms.
Still, the demand is a small fraction of China's imports,. which last year consisted of 4.3 million lots of palm oil and 99.4. million tons of soybeans.
Cost remains a deterrent. DCF soybeans can cost $2-$ 10 more. per load, while RSPO-certified oil can cost upwards of $15 more.
A Singapore-based trader at a global trading company. that runs soybean processing plants in China stated volumes will. not even represent 1% of imports.
We don't see considerable volumes being available in, the trader. stated, including that pressure from trade financiers might assist the. push towards sustainable sourcing.
(source: Reuters)