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Trump eases Powell's uncertainty as gold prices fall.
Gold prices fell on Thursday as a result of a stronger dollar and the easing of market tensions following Donald Trump's statement that it was "highly likely" that he would fire Federal Reserve chair Jerome Powell. As of 0400 GMT, spot gold was down by 0.2%, at $3,340.79 an ounce. U.S. Gold Futures dropped 0.4% to $3347.10. The dollar index rose 0.1% against its competitors, making greenback bullion prices more expensive for holders of other currencies. Jigar Trivedi is a senior commodity analyst with Reliance Securities. He said that gold dropped by $3,340/oz after the Federal Reserve Chair's decision eased the uncertainty. A source said that Trump was open to the idea firing Powell. Trump, however, said that he does not plan to fire Powell. He left the door open, though, and reiterated his criticisms of Powell for not lowering the interest rates. The data showed that U.S. Producer Prices were unpredictably unchanged in June, as an increase in goods due to tariffs on imported goods was offset by a weakness in services. Trivedi stated that "June’s flat U.S. PPI was indicative of steady wholesale prices and may indicate tariffs are having a less significant impact on the economy than originally feared." EU trade chief Maros SEFCIOC is heading to Washington for tariff negotiations on Wednesday, according to an EU spokesperson. He will also meet U.S. Trade Representative Jamieson GREER and U.S. Commerce Sec. Howard Lutnick. SPDR Gold Trust said that its holdings increased by 0.33% on Wednesday to 950.79 tonnes from 947.64 in the previous session. Silver spot edged up 0.1% to $37.98 an ounce. Platinum climbed 0.2% to $1.419.67, while palladium dipped 0.1% to $1.230.14.
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Iron ore prices rise on China's steel demand and production restrictions
Iron ore futures prices rose on Thursday, boosted by robust steel production and demand in the top Chinese steelmaking regions. By 0337 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange rose 1.3% to reach 781.5 Yuan ($108.87). The benchmark iron ore for August on the Singapore Exchange rose 0.66% to $100.6 per ton. Broker Galaxy Futures stated in a report that steel production in China has recovered due to the rapid accumulation of building material, robust manufacturing demand and continued strength in exports. Galaxy reported that the two main steel-producing regions of Shanxi, and Tangshan had begun to implement output restrictions. Analysts report that iron ore shipments have dropped from the top suppliers Australia, and Brazil after an increase at the end of last quarter. Rio Tinto's second-quarter output of iron ore was the highest since 2018. However, shipments fell short of analyst expectations and were at their lowest levels for the first half since 2014. This is due to weather-related disruptions. ANZ analysts stated in a report that improving mill margins have started to boost the optimism about demand. BHP has said that the costs associated with establishing an "eco-iron" industry in Australia are still too high. This is despite Australia and China reaching a deal this week on collaborating to decarbonise their steel supply chains. Australia, which provides 60% of China's needs for iron ore, produces lower grade iron ore that cannot be processed directly into steel using renewable energy. Coking coal and coke, which are used to make steel, also fell on the DCE. They were down by 0.66% each. The majority of steel benchmarks at the Shanghai Futures Exchange have gained ground. Rebar rose by 0.26%; hot-rolled coils grew by 0.68%; wire rod increased by 0.39%, and stainless steel fell 0.08%. ($1 = 7.1780 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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MODEC, Eld Energy Advance FPSO Offshore Fuel Cell Pilot
MODEC has entered into a contract with Eld Energy, a Norwegian fuel cell system company, to design and manufacture a solid oxide fuel cell (SOFC) system pilot unit intended for installation on one of the MODEC-operated floating production, storage and offloading (FPSO) units.In February 2025, MODEC awarded a feasibility study contract to Eld Energy, marking the beginning of Phase 1 activities of SOFC development as one of the critical decarbonization initiatives.Following the successful completion of Phase 1, MODEC decided to proceed with Phase 2 activities with Eld Energy, which include engineering, manufacturing, installation, and offshore pilot testing of a 40 kW SOFC system.The unit, to be manufactured by Eld Energy at its facility in Norway, is scheduled for installation in 2026.This deployment marks a significant step toward demonstrating the viability of solid oxide fuel cells in offshore environments – offering a cleaner, more efficient alternative to traditional power sources.This phase follows the successful feasibility study, during which the two companies collaborated on system design and integration studies. As part of the study, a successful laboratory test was conducted using simulated produced gas, including heavier hydrocarbons – a critical milestone that enabled the progression to Phase 2.Eld Energy’s solution is said to offer high-efficiency power generation with low emissions, aligning with the maritime and energy sectors' drive toward more sustainable operations.By integrating advanced SOFC systems into offshore infrastructure, the companies aim to reduce environmental impact while maintaining operational reliability. The Phase 2 pilot test represents the first real-world implementation of SOFC technology on an FPSO.“We are thrilled to take this step-ahead with Eld Energy in the innovation of SOFC as an alternative power generation system.“Although we foresee technical hurdles to overcome in this R&D journey, we are committed to pioneering into it with a strong will to provide solutions that deliver stable energy with low GHG emissions,” said Koichi Matsumiya, Chief Technical Officer of MODEC.
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Saab Delivers Another Seaeye Falcon ROV to Subsea Specialist
Saab UK has delivered its 600th Seaeye Falcon remotely operated vehicle (ROV) produced in Fareham, built for international subsea specialist DISA International.The latest addition joins DISA’s growing fleet of Saab Seaeye vehicles and contributes to DISA’s high-performance inspection and survey operations across Europe.The newly delivered Falcon is already at work supporting offshore wind energy operations in Germany, where it is conducting balance of plant inspections and general visual inspections (GVI).The vehicle will soon be deployed to further projects in the Netherlands and Belgium, playing a key role in offshore inspections and measurement tasks.This latest purchase brings DISA’s fleet of Saab Seaeye vehicles to eight, including the Panther XT Plus, Cougar, Lynx and multiple Falcons.“DISA International’s decision to continue investing in the Seaeye Falcon is a testament to the trust our customers place in the reliability, performance and flexibility of our systems. Delivering our 600th Falcon to a long-term partner like DISA International is a suitable milestone in the manufacturing of British designed and built subsea vehicles,” said Jon Robertson, Managing Director at Saab Seaeye.“The Falcon is our go-to vehicle for operations from smaller vessels. It’s compact, easy to set up, and can be launched with an onboard crane, making it ideal for rapid mobilization. Performance-wise, we’ve always been very satisfied,” added Didier De Graaff, Managing Director at DISA International.
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Nestle, Barry Callebaut and re.green restore areas in Brazil’s cocoa and coffee regions
Nestle announced environmental restoration projects on Thursday in partnership with reforestation startups re.green in Brazil and chocolateier Barry Callebaut, with the aim of planting millions of trees where it sources its key ingredients. Why it's Important The initiative is part a wave corporate investments that are scaling up Brazil's Reforestation Industry and aligns Nestle's goals to achieve net zero by the year 2050 while restoring ecosystems critical for cocoa production and coffee production. By the numbers, both companies have said that they will plant 11,000,000 trees on 8,000 hectares. This is equivalent to 19,768 acres. The 30 year re.green plan involves planting 3.3 millions trees from native species of Brazil's Atlantic coastal rainforest in Bahia, the state located to the northeast of Brazil. The project is expected to generate approximately 880,000 carbon credits. Separately, the partnership with Barry Callebaut aims to restore 6,000 ha in Bahia & Para. The majority of these hectares will be converted into cocoa agroforestry. KEY QUOTES Barbara Sapunar, director of Business Transformation and ESG at Nestle Brasil, said: "These projects will help us achieve our carbon reduction targets but our sustainability strategies goes beyond carbon removal." We want to regenerate regions in the regions where we source our ingredients. "Environmental restoration increases supply chain resilience," she said. Thiago Piccolo, CEO of Re.green, said that the initiatives show how companies can invest in landscapes linked to their supply chain and go beyond carbon offsets. Brazil is the fifth largest chocolate market in the world, and the world’s biggest coffee exporter. Nestle said it would fully fund the re.green initiative and cover 60% for the Barry Callebaut project. The company's goal is to plant 200 million trees in the regions it sources its ingredients, such as milk, coffee and cocoa. Re.green has the backing of billionaire Joao Salles from Brazil and Gavea, an asset manager founded by Arminio Fraga, former governor of the Brazilian central bank. Barry Callebaut, based in Switzerland, is the top chocolate maker in the world. Gabriel Araujo is the reporter and Marguerita Choy is the editor.
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Nikkei falls on ASML warning after Japan's chip shares are sold off
The Nikkei 225 index in Japan fell on Thursday as a result of a decline in shares related to chip-making tools after Dutch supplier ASML issued a warning about revenue. As of 0214 GMT the tech-heavy Nikkei index was down 0.3% to 39,544.62. The two largest drags on the index were chip-sector giants Tokyo Electron (down 0.3%) and Advantest (down 0.3%). Topix as a whole, on the other hand, only managed a 0.1% increase. Seven & i Holdings was the Nikkei’s largest decliner, in terms of percentage. It fell 7.8% when Alimentation Couche-Tard (Canada) ended its bid to take over the 7-Eleven convenience stores chain. Tokyo Electron, a chip-making equipment maker with a large market share, lost almost 2%. Lasertec, whose shares are smaller and less well-known fell 5.4%. Advantest is slipping 1.8%. ASML warned that revenue growth may not be achieved in 2026, as manufacturers of chips building factories in the U.S. wait for clarity about the impact of potential tariffs. In a research note, Jefferies analysts noted that "quarterly orders will fluctuate, but based on a 12-month moving-average, orders haven't yet entered a phase of recovery, similar to ASML." The orders for the extreme ultraviolet lithography, which is a critical component in the chipmaking process, have "stalled" after increasing "sharply", in the first half last year. However, a recovery will likely occur in 2026. TSMC, a Taiwanese semiconductor manufacturer, is scheduled to release its earnings at 0530 GMT during Japanese market hours. This could move the market. The Nikkei 225 component index saw 115 components fall, compared to 108 that rose. Two components traded flat. The index was boosted by a weakening Japanese yen in the first half of the week. However, the currency is now trading slightly higher than 24 hours ago after rebounding from a low set three-and-a-half months earlier. The energy sector was hit by a decline in crude oil, and the Topix coal and oil sub-index fell 1.44%. It was the worst performing industry group among 33. The mining subindex, which includes oil exploration companies, fell by 1.40%.
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Copper prices fall as investors prepare for US tariffs
The price of copper in London and Shanghai fell slightly on Thursday as the markets continued to be under pressure in anticipation of the United States' imposition on August 1st a 50% tariff on imports. As of 0123 GMT the three-month copper price on the London Metal Exchange fell 0.07%, to $9,628 a metric ton. The most traded copper contract on Shanghai Futures Exchange also declined 0.04%, to 77,930 Yuan ($10,855.12) per ton. ANZ stated that the U.S. market will likely draw from existing stocks, putting downward pressure COMEX and LME Copper prices in the short-term. In an interview with Real America's Voice, Trump stated that the U.S. was very close to reaching a deal with India. An agreement with Europe could also be possible, but it's too early to tell if a deal will be struck with Canada. Copper stocks in LME registered warehouses will be depleted by Wednesday The LME warehouses in Hong Kong that began formal operations on Tuesday received 5,975 tonnes of copper. Nickel - 396 Tonnes 100 Tons of Zinc 25 tonnes of tin . These warehouses were built by the LME to enhance its presence in Hong Kong. Hong Kong is the gateway into China, which is the largest metal consumer on the planet. LME tin rose 0.67%, to $33,020 per ton. Zinc fell 0.35%, to $2,701.5. Lead dropped 0.13%, to $1,974. Aluminium was down 0.12%, at $2,574.5. SHFE nickel dropped 0.8% to 119.640 yuan per ton. Tin fell 0.32% at 262,640, lead was off 0.27% to 16,850, zinc grew 0.32% at 22,085 and aluminium gained 0.1% to 20,450. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0600 UK Claimant Enem Chng. HMRC Payrolls May 0600 EU HICP Final June 0900 US Retail Sales MM and Import Prices June 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 12 30 US Philly Fed Business Index July
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South Korea pounded by heavy rains, 1 dead and over 100 evacuated
Safety ministry reports that one person died and over 100 people were evacuated after torrential rains pounded South Korea on Thursday. The Ministry of the Interior and Safety reported that as of Thursday morning some areas of the South Chungcheong Region, south of the capital Seoul, had received over 400 millimetres (15,7 inches) of rainfall since Wednesday. According to the Korea Forest Service, the Korea Forest Service has raised the alert level of landslide dangers to the highest possible level in several areas including Chungcheong due to heavy rains. The Yonhap News Agency reported that two people who were trapped in a South Chungcheong landslide had been rescued. (Reporting and editing by Joyce Lee, Ju-min Park, and Jack Kim)
At Tahiti's Olympic browsing place, Polynesians fight for a reef and a way of life
On the remote south coast of Tahiti, its Jurassic peaks and azure lagoon available just by boat, Patrick Rochette is discussing how centuriesold Polynesian conservation traditions are being restored to secure this distinct environment.
Joined gruesome tales of the island's history of tribal wars and the roots of wave-riding, it's a compelling account that resonates with the school kids that the Tahitian older has given this picturesque area near to the Olympic browsing venue of Teahupo'o.
Amongst the interconnected Polynesian concepts lost or repressed during Tahiti's French colonisation that Rochette explains: respect for tupuna, the ancestors; mana, the spiritual power of people and places; tapu, that which is sacred; rahui, a constraint or restriction; and the guardians - the whales, sharks, turtles.
It depends on the children to go home with this information and describe it to their parents, says Rochette, a burly 63-year-old.
For Rochette and others, countering the pressures of over-exploitation and climate change go hand-in-hand with a. cultural renaissance in the Pacific island group, an unique. Polynesian identity that covers the world's biggest ocean.
We Polynesians, in 15 or 20 years, if we do not do anything,. there'll be absolutely nothing left, Rochette said in a boat, speeding. down the jungle-clad coast. We have to do it together, not simply. here, but the Pacific neighborhood needs to do all of this together.
The Polynesian Triangle incorporates some 10 million square. miles of the Pacific Ocean with Hawaii, New Zealand (Aotearoa). and Easter Island (Rapa Nui) at its corners. Its people, who. trace their lineage back to a spiritual homeland, are closely. connected by language, culture and their seafaring history.
As ideas of sustainability and preservation develop momentum. all over the world, the adoption of traditional and culturally. appropriate methods is becoming more popular among Indigenous. neighborhoods.
In Polynesia, an intimate understanding of the moana, the ocean,. and the concept of guardianship is resonating as pressures on. reefs and lagoons from both development and climate modification grow.
WAVE OF MANA
Tereva David is likewise working with the regional Teahupo'o. community to embrace the Polynesian lifestyle in consistency. with the environment.
One of the very best to ride the Paris Olympic's ferocious wave. in front of his town, David has run camps for appealing young. French Polynesian surfers for the previous years.
David, 35, teaches them regard - not simply for the wave, but. for themselves, for each other and for their culture and. environment.
My mom, when she was a little woman, she was prohibited to. speak Tahitian, he stated. For a while there, it wasn't looking. excellent when you speak Tahitian - 'Oh, you're too impolite, or you're. from the street, or from Teahupo'o, in the bush.'
Now, Tahitian language and culture is a source of pride in. Teahupo'o, where clear rivers go through the village to the. black sand beach and the lagoon.
Olympic gold for 22-year-old regional internet user Kauli Vaast also. created great mana, spiritual power or cultural pride.
Only kings were able to surf here before, David said. For. us, browsing is sacred, it's the culture - like dancing, like. canoe paddling, like singing, like making food for everybody.
David stated the community had worked to ensure having one of. the world's most effective and alluring waves on their doorsteps. fully benefited the town. Locals now provide surf camps,. electronic camera operators, taxi boats, and water security patrols when top. internet users come for big swells.
It took us a long time however we lastly did it. Now, nobody. is available in and does it like the circus - we manage, states David.
For us, it was the important things to do, to represent our mana, to. represent our tupuna, our ancestors.
The Olympics brought fresh challenges, with locals fighting. to reduce the impact of new Games infrastructure, consisting of. insisting that a brand-new tower on the reef to judge the surf contest. be downsized to minimize its environmental impact.
RESTORE THE RAHUI
The reef - the oxygen we breath, states David - is at the. heart of the surf and the town, a distinct, living structure. that not just produces the best waves, but is a larder, a. play ground and a workplace for almost everybody who lives there.
10 years back, however, the reef was struggling.
Pestered by over-fishing and struck more frequently by damaging. storms, a decision was made by the community to reintroduce a. rahui over a 768-hectare area south of the village, banning. fishing and other activities.
In the older culture, it was the king who chose these. things and you could not go against it, you would be killed, and. many individuals were afraid of the idea, said Rochette, who. manages the Teahupo'o rahui.
The method has been modernised and democratised, with the. neighborhoods throughout French Polynesia now initiating rahui and. choosing how to run them to sustain their environment and. resources.
South of Teahupo'o, buoys are set out to mark the rahui. limits, and residents monitor the zone to make sure compliance. They. state the effect has actually been mainly positive, with the reef growing. and fish stocks improving.
Rushing over streams and paths of broken coral, Rochette. informs the story of a spiritual rock and its role in ancestral. fishing routines, states battles that turned the lagoon red. with blood and information how surfing was introduced here by twin. brothers.
While the cultural aspects have been considerable, ascribing. an economic value to the environment has likewise been essential.
Cliff Kapono, a Hawaiian coral researcher, web surfer and. Polynesian activist, worked with locals to map and value the. economic effect that works around the Olympics might have on the. reef and lagoon utilizing a recognized formula.
Kapono's MEGA Laboratory approximated a direct economic impact of. $ 170,000 for disturbing and destroying corals at the judging. tower website and $1.3 million in total for the larger reef. interruption around Teahupo'o from digging up and other works.
Beyond the economics, the idea of being guardians of the. ocean was intrinsic to the Polynesian viewpoint, Kapono stated.
There are individuals and neighborhoods throughout Polynesia that are. safeguarding their reefs. Whether they get struck by the Olympic. individuals, or over-fishing, or nuclear testing, there are people. that are going to stand up in these communities.
For us in Polynesia, that's who we are, that's our roots,. says Kapono. This is now the war we fight. We fight for our. environment..
(source: Reuters)