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China's rare earth magnet exports reached their second highest level ever in November
China's rare-earth exports reached the second highest level ever in November, the first month following the U.S. and China agreement to streamline the exports?of?the elements. Customs data published on Saturday shows that exports reached 6,150 metric tonnes in November. This is up 12% over October, and the highest level since January's record 6,357 tons. China restricted exports of specialised magnets that are used in cars, phones, and weapons in April, during the trade conflict started by U.S. President Donald Trump. This brought parts of the global supply chains to a standstill. Trump?said that he and Xi Jinping, the Chinese leader at a recent summit in South Korea, had agreed to maintain rare earths exports in a deal where he lowered tariffs on Chinese products. China's exports have recovered steadily after a slew of diplomatic agreements culminating in the Trump - Xi summit. This included a special classification meant?to accelerate shipments. China's rare earth magnet exports to America totaled 582 metric tonnes in November. This is down 11% compared to the previous month, but still within the range of the average since July. Exports to Japan, which is embroiled in diplomatic disputes with Beijing, increased by 35%, reaching 305 metric tonnes, the highest amount this year. The exports of rare-earth magnetic materials fell by 2% in the first 11 month of this year to 51.440 tons. Reporting by William Mallard; Editing by William Mallard
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ERG signs long-term supply agreement with Mitsubishi
The Eurasian Resources Group, a mining group, announced on Saturday that it had signed a long-term agreement to supply gallium for Mitsubishi Corporation?RtM Japan Ltd., a subsidiary company of Japanese trading house Mitsubishi?Corp. Kazakhstan, which currently produces no gallium, will become the second largest producer in the world after China when ERG begins production in the third-quarter of 2026. Gallium is a critical mineral for the United States and European Union. It is used to manufacture semiconductors and radar systems for aerospace and defence. In a recent statement, Shukhrat?Ibragimov (CEO and board chairman of ERG) said that gallium was a crucial element. By developing domestic operations, we can?transform strategic resources into competitive products and strengthen Kazakhstan’s position in the market for high technology materials." China announced last month that it had lifted a ban on the export of gallium and antimony to the United States after a meeting between Donald Trump and Xi Jinping. However, the metals are still subject to broader controls, which require shippers to obtain licenses from Beijing. Luxembourg-headquartered ERG will ?be producing 15 metric tons of gallium per year from the bauxite ?ore it processes to produce alumina in Kazakhstan. These two products are part the aluminium production chain. ERG has not disclosed the amount of gallium that it plans to supply Mitsubishi. In June, it said that the product was going to OECD countries. According to the U.S. Geological Survey, global gallium production reached 760 tonnes last year. China produced the majority of this gallium, with only very small amounts coming from Japan and Korea. (Reporting and editing by Rosalba o'Brien; Polina Devlin)
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MiniMed, Medtronic's diabetes division, files for a US IPO
MiniMed Group, part of Medtronic, filed an initial public offering (IPO) in the United States Friday as the medical device manufacturer moves forward with the spin-off?of its diabetes business. As the capital markets slow down for the holidays, corporate issuers prepare for a possible roadshow launch at the beginning of 2026 when the IPO marketplace kicks back into action. On Friday, the New York IPO paperwork was also filed by ARKO Petroleum, a fuel distributor and Aktis Oncology, a drug developer. MiniMed of Northridge, California, founded by Alfred Mann in 1983, has a range of products from glucose monitors to insulin delivery devices. In 2001, Medtronic acquired MiniMed for $3.3 billion. In recent years, the diabetes unit struggled with quality management and cybersecurity concerns related to certain devices but has now returned to growth. Medtronic announced in May that it would spin off its Diabetes unit via an IPO?of less than 20 percent, followed by a split-off. MiniMed reported net losses of $21million on?sales? of $1.48billion in the six-month period ended October 24 compared to a loss of $23million on sales?of $1.30billion a year ago. Goldman Sachs is the leading underwriter for IPO. BofA Securities?, Citigroup?, and Morgan Stanley? are also involved. MiniMed has selected more than 10 underwriters to help with the offering. The company will be listed on Nasdaq, under the symbol MMED. The company intends to use the proceeds of the offering for debt repayment to Medtronic, among other things. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)
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US sanctions Maduro's family and associates
As Washington intensifies its pressure against?the Venezuelan President, the United States imposed sanctions Friday on family members and associates. Treasury Secretary Scott Bessent said in a statement that the U.S. Treasury Department had imposed sanctions against seven individuals it believed were linked to Maduro, his wife and other officials. Bessent issued a statement saying, "We won't allow Venezuela to flood our nation with deadly drugs." "Maduro, and his criminal accomplices, threaten the peace and stability of our hemisphere." The Trump Administration will keep targeting the "networks" that support his illegitimate regime." The Venezuelan Information Ministry did not respond immediately to a request for comment. Maduro, his government and the United States have all denied any links with crime. The U.S. is seeking a regime change to gain control of Venezuela's vast reserves of oil. The move comes at a time when U.S. president Donald Trump has increased pressure on Maduro. He is campaigning to remove him and executing an extensive military buildup in southern Caribbean. The Trump?administration carried out strikes on suspected drug vessels, seized a sanctioned tanker off the?coasts of Venezuela and declared a?blockade' of all sanctioned tankers entering or?leaving Venezuela. Trump has said repeatedly that he will soon launch a land attack in Venezuela. Friday's actions?sanctioned the relatives of Carlos Erik Malpica Flores. The?nephew Maduro's spouse who, according to the U.S., was involved in a?corruption plot at the state oil company. Washington sanctioned him last week. On Friday, sanctions were imposed on Maduro, his mother, who also happens to be the sister of Maduro’s wife, as well as his father, sister and wife.
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Rubio is not worried about an escalation of tensions with Russia regarding Venezuela
U.S. Secretary Marco Rubio told reporters on Friday that the United States was not worried about an escalation in Venezuela with Russia, while?President Donald?Trump?s administration is building up military forces throughout the Caribbean. The Trump administration sent thousands of soldiers to the Caribbean, along with an air carrier, warships, and fighter jets. Rubio said to reporters that he was not worried about an escalation between Venezuela and Russia. Rubio said, "We have always expected Russia to give rhetorical support for the Maduro government... but it is not a factor when we look at this whole thing." Foreign Ministry of Russia On Thursday, Moscow expressed its hope that Trump's government would not commit a?fatal mistake? over Venezuela. It also said that it was worried about U.S. actions that threatened international shipping. Venezuela and Russia are close allies, but a Trump strategy document said that the United States would reassert their dominance in the Western Hemisphere. It also argued the U.S. needed to revive the 19th Century. Monroe Doctrine Washington declared the Western Hemisphere as its zone of influence. The Trump administration also conducted strikes against suspected drug vessels in the region. It seized an oil tanker sanctioned off the coasts of Venezuela and declared it a "blockade" All sanctioned oil tanks entering and departing Venezuela. Trump has repeatedly said that he will'soon' launch a land attack in Venezuela. Democrats have claimed that Trump's administration has only provided limited information on the operations in the region. Rubio stated, "Nothing that has occurred requires us to notify Congress, get congressional approval or even cross the threshold of war," Rubio. Reporting by Simon Lewis and Daphne Psaledakis. Idrees A. Ali (Writing, Editing by Deepa B. Babington).
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Sources: Antofagasta and China smelter have agreed to zero copper charges in 2026.
Two sources familiar with the matter confirmed on Friday that Antofagasta, a Chilean miner, has agreed to pay 0 cents and 0 dollars per pound for treatment?and?refining?charges (TC/RCs). After protracted negotiations, the deal was reached. It compares with charges of $21.25 per ton?and 2.125cents per lb?for 2025, agreed in December last year. The agreement matches?a mid-year contract between Antofagasta?and some Chinese smelters?at zero levels. Miners pay smelters?TC/RCs for the copper concentrate they turn into refined metal. A severe shortage of mine supplies?in the past few months sent spot processing fees to negative territory, meaning that smelters had to pay more money for the privilege of processing materials. One source said that talks between Antofagasta, the world's largest copper consumer, and smelters from China have been "tough" and "challenging" this year. Because the negotiations took place in private, the sources refused to identify themselves or to name the smelter who agreed to the deal. Three sources familiar with this matter earlier said that Jiangxi Copper - one of China's largest copper smelters - was due to meet with Antofagasta Friday evening. Last month, the two sides failed to agree on the sidelines of Asia Copper Week in Shanghai when a representative from the China Nonferrous Metals Industry Association objected to "free and negative treatment of copper concentrate." Antofagasta didn't immediately respond to our request for comment. Reporting by Tom Daly and Pratima Dasai; editing by Kevin Liffey, Louise Heavens and Amy Lv
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After Japan's rate increase, stocks rise worldwide and the dollar gains against the yen.
MSCI's global equity gauge advanced on Friday, with technology leading Wall Street higher. The yen was weaker after the Bank of Japan increased interest rates to three-decade highs and left the door wide open for further tightening. As traders weighed up the impact of a possible disruption of Venezuelan oil supply, U.S. president Donald Trump said in an interview with NBC News published on Friday that he would leave the possibility open. War with the Country On the table. Investors sold the yen after the BOJ raised rates, and some traders took profits. This led them to think about the possibility of an official intervention in order to support the currency. The 10-year bond yield in Japan reached a record high of 26 years and the Nikkei closed 1% higher. In the United States, existing home sales increased marginally in November due to economic uncertainty and mortgage rates that were still elevated. The University of Michigan survey of consumer confidence came in below consensus estimates, but higher than the November number. Gary Schlossberg is a global strategist with Wells Fargo Investment Institute. He said that the economy may be coming out of a "mild soft patch" in terms of economic growth. Consumer price inflation He warned that the CPI could have been distorted due to the 43-day shutdown of government. "We could be still feeding off yesterday's CPI news. This is a significant event, at least on the surface. Schlossberg said that he was "a little sceptical about the extent of improvement we saw in inflation," but added that it appeared to be "peak inflation, at least now." This is good news for both the Fed and markets. MSCI's global stock index .MIWD00000PUS Rose 7.08 points 1 008,26 t The pan-European STOXX® 600 index is a .STOXX Index The rise in the 0.44%. Wall Street 11:42 a.m., Dow Jones Industrial Average Rose 280.23 point 48,232.08 The S&P 500 is a measure of the S&P 500 index. Rose 56.22 points 6,830.98 The Nasdaq Composite Index The rise in the 256.36 point 23,262.72 BOJ RAISES Rates, Yen Slips currencies The yen fell sharply in value against the dollar, and other major currencies. Traders pushed it to levels that could trigger an official buy after the Bank of Japan increased rates?to the highest level for 30 years but didn't provide clarity about future hikes. The Japanese yen is a strong currency. The dollar Strengthened 1.22% 157.44 Dollar index The greenback is measured against a basket including the yen, the euro and other currencies. The rise in the price of goods and services rose by 0.2% The euro is a currency that has been in circulation since the year 2000. Down?0.03% 1.1718 Fixed income markets Treasury yields The Bank of Japan increased interest rates on Friday, and investors continued to assess?delayed releases of economic data' and the direction of Federal Reserve Policy. The yield on the benchmark 10-year U.S. notes increased 2.3 basis points from Thursday's 4.116% to 4.139%. Meanwhile, the 30-year bond yield increased 1.8 basis -points to 4.8181%. The yield on the 2-year note, which is usually in line with expectations of interest rates for the Federal Reserve rose by 2.3 basis points to 3.483% from 3.46% at late Thursday. Energy markets Oil prices The market was waiting for news of a possible peace agreement between Russia and Ukraine, as well as watching U.S. actions regarding Venezuela. It also digested the latest central bank interest rate decisions from around the globe. U.S. crude climbed 0.82%, to $56.61 per barrel. Brent rose 0.72% to $60.25 a barrel. Gold prices fell slightly, as the stronger dollar and higher Treasury yields lowered demand for this non-yielding material. However, bullion is still expected to gain a small amount each week. Spot gold The price of roses 0.26% 4,342.99 An ounce. U.S. Gold Futures The rise in 0.34% 4,354.40 An ounce. (Reporting bySinead carew in New York; Iain Withers, London, and Wayne Cole, Sydney; Editing by Sam Holmes Jacqueline Wong Tomaszjanowski, Chizu Nomiyama
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Peru Central Bank sees economy increasing by 3% between 2026 and 2027
The central bank of Peru slightly increased its forecasted economic growth for 2026 from 2.9% to 3.0%. It also forecasted the same 3.0% growth in 2030. The central bank stated that the revised projections of 2026 in its latest inflation report take into consideration the likely impact of the country's forthcoming presidential elections scheduled for April 12th, 2026. Bank of America also increased its forecast for growth this year from 3.2% to 3.3%. Peru's economy has been recovering for the last two years, after a severe recession in 2023 that was caused by political unrest, social unrest and adverse weather conditions. The bank has predicted that consumer prices will rise by 1.5% this year, and then accelerate to 2.0% the following year. Last week, in line with analyst expectations, the bank maintained its interest rate at 4.25%. The bank's target range for inflation is between 1% to 3%. The central bank also projected a fiscal surplus of 1,9% of GDP for 2026. This is less than the 2,2% estimate made this year. The central bank's fiscal deficit estimates for 2027 remain at 1.6% GDP. The?bank has also raised its projections for the trade balance surplus, which is expected to reach another historic record of $32,89 billion this year and an additional $38,21 billion by?2026. This is due to higher mineral prices as well as a greater volume of sales for agricultural and fishing products. Peru is the third largest copper producer in the world. (Reporting and editing by Natalia Siniawski, Aida Pelaez Fernandez and Marco Aquino)
As U.S. heat deaths rise, some proprietors oppose right to a/c
Summertimes in New York City are hard for Anthony Gay and his household. A small, portable air conditioner in his bed room is the only relief they have from soaring temperature levels in their Brooklyn rental.
The remainder of the apartment or condo is literally excruciating to walk through, stated Gay, 40, whose asthmatic son has a hard time to breathe in the heat.
Heat can be a killer. An approximated 350 New Yorkers die prematurely each year due to the fact that of severe heat, according to the city's 2024 Heat-Related Mortality Report. Absence of access to air conditioning in your home is the most essential danger factor in such deaths, it stated.
Yet, throughout the United States, about 12 percent of homes--. or about 12.7 million homes-- had no access to air. conditioning in 2020, according to the most recent government. data. Much more had some air conditioning, like Gay, however not. enough to beat the heat.
Frequently, homes with little or no air conditioning are. inhabited by low-income locals-- typically occupants-- and people of. color, a 2022 Boston University analysis of 115 U.S. city areas. discovered.
That leaves them susceptible as environment change makes. heatwaves more regular, more extreme and longer lasting. Heat. tension now kills more people internationally each year than any other. weather-related cause, according to the World Health. Organization-- and many of these deaths take place inside your home.
A Reuters survey of housing regulations in all 50 U.S. states found that, while almost half of them need property owners. to keep existing a/c systems, none need that. air-conditioning be offered. Nor do rental housing guidelines. describe air-conditioning as a vital service like plumbing,. heat and electricity.
Nevertheless, a little however growing number of U.S. states, cities. and counties have actually embraced legislation that enforce maximum indoor. temperature requirements on rental housing.
In the last 5 years, six U.S. localities, consisting of New. Orleans and Clark County, Nevada, have embraced such cooling. laws, compared to simply seven in the previous 20 years,. according to Reuters' evaluation of property codes and interviews. with more than a dozen policymakers and real estate officials.
Now, America's two biggest population centers-- New york city. City and Los Angeles County-- as well as Austin, Texas, are. proposing new indoor temperature level maximums for renters.
New York is proposing a cap of 78 Fahrenheit (26 degrees. Celsius), and Austin is considering 85 Fahrenheit (29 C), while. L.A. County has yet to formalize its target. New York City and. Austin's proposals would require that proprietors install cooling. systems, given the difficulty of retrofitting old building stock. to permit much better air flow and other passive measures.
The moves are setting up a showdown with effective property owner. lobbies.
Comparable expenses in other jurisdictions-- California, Texas and. Hot Springs, Arkansas-- have actually failed in the last few years after. landlords' groups told policymakers they would require to raise. rents to make up for the expenses of updating home electrical. systems and including a/c.
The California Apartment or condo Association property manager lobby does not. support a cooling mandate till we can discover a method to make certain. that we do not knock out our electrical system and make the cost. so expensive, stated Debra Carlton, the group's executive vice. president of state public affairs.
A 2022 statewide bill died following property manager push back. The. California Legislature rather asked state professionals to craft. recommendations, which were published this June, suggesting an. indoor maximum of 82 F (28 C) for newly-constructed systems only.
A law in New York City may have a much better opportunity as Mayor. Eric Adams made establishing a summer indoor temperature level policy. by 2030 among the objectives for his administration. His office. stays devoted to the 2023 strategy, a City Hall representative. informed Reuters.
A bill proposed in July would require rental homes be kept. at 78 F or lower when outside temperatures hit 82 F or above-- a. regular event during New york city summers.
If authorized, the procedure would impact some 750,000 renters. who do not have air-conditioning, according to Council member. Lincoln Restler, who sponsored the expense.
There's a seriousness to this legislation, he stated. Heat is. the No. 1 environment killer, and it's only worsening.
Restler said the costs would allow 4 years for property owners to. make energy effectiveness and electrical upgrades.
A MATTER OF LIFE AND DEATH
While cooling represent about 4 percent of the. world's overall greenhouse gas emissions, which fuel climate. modification, research shows it likewise conserves lives. A 2016 research study. estimated a 75 percent drop in the variety of U.S. heat-related. deaths on hot days throughout the latter half of the 20th century. after air conditioning was presented, according to findings released in the. Journal of Political Economy.
Heat-related deaths are undercounted internationally,. epidemiologists say. The United Nations, in a report this year,. said that modelled quotes suggest that in between 2000 and 2019,. around 489,000 heat-related deaths took place each year,. with almost half of those in Asia.
In the United States, the Centers for Illness Control and. Avoidance estimates that heat-related deaths have been. increasing, with around 2,302 in 2023 versus 1,602 2. years formerly. Nevertheless, that data only consists of death. certificates that specifically point out heat and is concerned by. lots of experts as a remarkable undercount.
Among the few places to track indoor and outdoor. heat-related deaths is Maricopa County in Arizona, where. temperature levels routinely top 110 F (43 C). In spite of two of its. cities-- Phoenix and Tempe-- passing optimum indoor temperature. laws, the county registered 156 indoor heat-related deaths last. year, a five-fold increase over the last years.
Although the trend is bleak, in 2023 Phoenix and Tempe fared. much better than cities in the county without cooling laws. Indoor. deaths represented 21 percent of Phoenix's heat-related deaths. and 17 percent of Tempe's, compared to a county average of 24. percent - and more than 32 percent in the cities of Scottsdale. and Mesa, public health information revealed.
Record-breaking heat waves in recent years have actually spurred some. brand-new legislation.
Following the 2021 heat dome that hit the Pacific Northwest,. the U.S. state of Oregon in 2022 and Spokane, Washington, in. 2024 approved procedures to limit property managers' ability to stop. occupants from installing their own air-conditioners over concerns. about liability or utility expenses.
But much of America's warmest cities and states are. struggling to pass laws on safe temperatures.
The Arkansas mountain city of Hot Springs in 2015. abandoned a proposal for cooling requirements in rental units after. receiving problems from property manager groups, stated Phyllis Beard, a. member of the city's board of directors.
In an August 2023 email sent out to the board, examined by. Reuters, Hot Springs proprietors stated the proposition would hurt the. most susceptible in our neighborhood by making budget-friendly housing. difficult if not impossible to provide.
Updating a single-family U.S. home to a central. air-conditioning system usually costs between $5,000 and. $ 10,000, according to figures from the American Society of Home. Inspectors, while an in-window unit costs around $400 on top of. electrical upgrades for older homes to support the system. This. can run in between $2,000 and $3,000, the California Apartment or condo. Association said.
And while the Texas cities of Dallas, El Paso and Houston. have set indoor temperature standards, a statewide expense stalled. in 2015 after opposition from the Texas Apartment Or Condo Association,. home representative Sheryl Cole told local media. The city of. Austin is now mulling brand-new guidelines.
In muggy Florida, Democratic State Senator Jason Pizzo, a. real estate developer, said that he had spoken to Florida. proprietor associations and was positive his state would pass an. air-conditioning requirement within the next two years, regardless of. seeing 4 previous efforts fizzle considering that 2021.
Pizzo argued that, with Florida's mold-encouraging. humidity, air-conditioning makes great economic sense, protecting. not only a building's citizens however likewise the structure itself:. air-conditioning is a dehumidifying, home damage-protecting. instrument.
The Florida Home Association, which states it represents. more than three-quarters of home homes in the state, did. not react to an ask for remark.
ENVIRONMENT SHIFT
In L.A. County, the board of supervisors-- its five-member. governing body - is expected to vote later this year on a bill. that might affect the county's 3.4 million families, more than. half of whom are tenants.
There as soon as was a time where we understood that people dying. of the cold inside is something that we needed to regulate,. stated L.A. County manager Lindsey Horvath who advanced the. motion. Lots of U.S. jurisdictions need that rental housing can. fulfill minimum indoor temperatures: California state law. states a minimum of 70 F (21 C).
Now with the manner in which the environment has actually shifted, we also. have to consider those higher, she stated.
By mid-century, main Los Angeles is expected to. experience 3 times more days of temperature levels above 95 F than. it did between 1981 and 2000.
Some California tenant groups fretted that passing laws to. force house upgrades could result in evictions followed by. higher leas-- as the state's eviction law allows landlords to. remove tenants if a home restoration needs an authorization and will. take more than one month or is thought about unsafe. L.A. County landlord associations also said they were gearing. as much as combat, and pointed out factors from costs to liability to. aesthetics.
Badly set up window a/c systems might fall on people,. Daniel Yukelson, executive director of the Apartment Association. of Greater Los Angeles, informed Reuters. He also criticized such. window units as sort of unpleasant.
(source: Reuters)