Latest News
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French jet on NATO missions shoots down drones in Latvian airspace
On?Monday a French Rafale fighter shot down a drone which entered NATO member Latvia's?airspace from Russia, the latest of a series such security incidents in Europe's eastern border areas. The Latvian Army, without revealing who launched the drones, stated that it was "as a consequence of Russian electromagnetic warfare" that they entered from Russia. In a blog post on X the Latvian Prime Minister Andris Kulbergs praised "swift decisions and professional actions" in relation to this incident. A French army spokeswoman confirmed that French warplanes shot down an unknown?drone. An official from NATO said: "It shows NATO's ability to deter, defend and show its determination." Raivis Melnis, Latvian Defence Minister, told reporters that NATO took the final decision on whether to shoot down the drone. Latvia claimed that Russia was identified as using electronic warfare before the drone enter the country. The drone was shot down near the village Berzgale at 0705 GMT, about 30 km (18miles) from the border. Melnis reported that no one was injured and there was no damage to property. Melnis said that no one was injured and no property damage occurred. On Monday afternoon, a number of military vehicles were seen driving on rural roads in Berzekne as well as the surrounding villages looking for drone debris. Concerns about spillovers from the war in Ukraine have been stoked by military drones that are straying across NATO borders. On Monday, fragments of a Ukrainian-made drone were discovered in a Moldovan field after it entered the country from Ukraine. Chisinau blamed Russia for this incident because of their war with Ukraine. Margus Tsahkna, the Estonian foreign minister, said that incidents in Latvia or Moldova "confirmed that Russia's aggression against Ukraine is a threat outside Ukraine's borders." In May, an army official said that Latvia was increasing its anti-drone defenses. Ukraine has increased its long-range drone attack on Russia. This includes in the Baltic Sea region, where several Ukrainian military.drones have strayed.into the.airspace of Finland. Ukraine blamed Russia for the incidents, claiming that it was using electromagnetic warfare to disrupt the drone paths. The French jet that downed the drone on Sunday is part of NATO Baltic Air Police, which has been patrolling the skies over Latvia, Lithuania and Estonia since 2004 when they joined NATO. Currently, the?mission includes Romanian F-16 and Portuguese F-16 aircraft. A Romanian military plane on the Baltic Air Police Mission shot down an suspected Ukrainian drone in Estonia last month. (Additional reporting and editing by John Irish, Andrew Gray and Timothy Heritage.
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Italian study finds antibiotic resistance genes in the world's oceans
According to a?research project led by Italy that analyzed?seawater samples worldwide, the presence of genes?linked to resistance to antibiotics is present in multiple 'ocean basins including remote waters. The SeA Care project found antibiotic-resistance genes in the Mediterranean, Atlantic, Arctic and other regions, with higher concentrations detected near busy shipping routes and densely populated coastal areas. Researchers said that the results showed oceans as a global repository for pollution coming?from land. They also found genetic traces from antibiotic use and urban discharges far beyond their sources. Researchers added that this could facilitate their spread to remote communities. The study was presented Monday in Rome at a forum hosted by the National Health Institute of Italy (ISS) on ocean and human healthcare. It detected microplastics and traces containing?PFAS, "forever chemicals", and?SARS CoV-2 genetic material, even in remote areas and open ocean waters. Andrea Piccioli, ISS Director-General, said that protecting human health today inevitably meant taking care of seas and oceans. She added that pollutants released in the environment are distributed globally via water, food, and climate systems. SeA Care, an initiative led by Italy, links environmental health and human wellbeing. It brings together institutions such as ISS, 'the Italian Navy' and international research centers to create a global 'ocean monitoring /system. The project collects samples using existing scientific and naval networks during routine missions. This reduces costs?and the environmental impact. Over 140 sites in the Mediterranean, Atlantic and Pacific oceans, as well as the Arctic Ocean, were sampled during its first three-year period. Scientists claim that the project shows how oceans are a good early warning system of global health risks. It supports policies to combat pollution, climate changes and emerging threats. (Reporting and editing by Crispian B. Balmer, Emilio Parodi)
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Copper prices boosted by falling stocks at LME warehouses
Prices rose for copper on Monday as stocks in London Metal Exchange-approved warehouses fell. The market is now looking forward to the U.S.'s decision on tariffs at the end of June. Benchmark copper on the LME was 1.1% higher, at $13,665 per metric ton. Sources in the industry said that traders and funds continue to take copper from the LME into the U.S., before any import duties are imposed. This would increase shipping costs significantly. The U.S. has flagged that 15% levies could be applied to copper imports starting in 2027 and 30% beginning in 2028. Copper stocks, which stood at 376 775, have fallen 6% in the last month. Around 39% of cancelled warrants and metal earmarked to be delivered indicate that another 145.800 are due to leave the LME. The discount for the cash copper contract has also been reduced due to lower LME inventories. The traders also cited the strong interest in buying copper from Chinese companies, following Friday's 3% decline to one-week lows. Copper's upside is capped by the 21-day moving average, currently $13,730. Support on the downside comes in at the 50-day average, $13,260. Aluminium prices in other parts of the world are expected to remain stable due to limited supplies coming from Middle East – which houses?9% global capacity – as a result of the U.S. - Iran war and the closing of the Strait?of?Hormuz. Aluminium prices are expected to rise due to higher energy costs, which is a major component of the aluminium production process. Industrial metals have been under pressure due to concerns about growth caused by?high oil price and the conflict in Middle East. The base metals complex is also affected by a higher U.S. dollar, which makes metals priced in dollars more expensive for holders of other currencies. Aluminium increased 0.2% at $3,600 per ton. Zinc rose by 0.1% to 3,533, while lead fell 0.4% to 1,997. Tin dropped 1.5% to $52,125, and nickel declined 0.3% to 18,530. (Reporting by Pratima Dasai; Editing and re-reporting by Jan Harvey & David Holmes)
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Consumer prices in Chile rose less than expected, by 0.2%, in May.
?Consumer Prices in Chile rose by 0.2% from a month earlier, according to data released on Monday by the statistics agency INE. This was below the 0.4% predicted in a poll conducted among economists. Inflation slowed down in the month following a 1.3% rise recorded previously. Nine out of the 13 sectors studied recorded a price decline in the past month, with food and non-alcoholic drinks leading the way with a?decline of 0.8%. In a press release, INE said that "the price increases?in housing and basic service sectors as well as the increase in transport stood out." INE reported that the annual inflation rate in the largest copper-producing country in the world was 3.9% in the month of May. This is a slight decrease from the 4% registered in the previous months. The central bank set a target rate of 2% to 4% for the annual rate. In April, the institution kept borrowing?costs at 4.5% amid concerns over fuel?prices as well as uncertainty caused by?the extension of?the U.S. and Israeli war against Iran. Reporting by Aida Pea-Fernandez, Natalia Ramos and Emelia Sithole Matarise; editing by Aidan Lewis.
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Campbell's maintains annual target as US consumer spending remains tight
Campbell's Co, a packaged?food manufacturer, stuck to its annual forecast on Monday after months of trimming it. Demand for packaged?foods was impacted by consumer spending, which continued to be a factor. In recent months, consumer?sentiment? has reached record lows as rising gas prices tied to the Iran War have squeezed household finances already stretched by stubborn inflation. Pressure is pushing lower-income consumers to private-label and cheaper brands. This puts pressure on companies like Campbell's, which raised their prices in order to protect margins and offset rising tariff and commodity costs. Goldfish Cracker shares rose 1.5% on premarket trading after it exceeded quarterly profit expectations. According to LSEG, Campbell's adjusted earnings per share were 50 cents during the 'third quarter', beating analyst's average estimates of 48 cents. This was due to supply-chain improvements and the cost-saving program. The company has said that it has reached its target of saving $375 million in cost savings for FY28. CEO Mick Beekhuizen stated, "We are focused primarily on simplifying our business and accelerating productivity. We also want to reduce costs." However, its quarterly net sales fell 4%, to $2.37 Billion, slightly below the analysts' estimates. The packaged food industry is changing to adapt to a shift in consumer dietary preferences towards healthier foods. This trend has been accelerated by the rapid adoption of "weight-loss" drugs. Campbell's unit for meals and drinks saw quarterly sales fall 2% compared to an increase of 15% a year earlier. Its snack business saw a 7% decline, compared to an 8% drop a year ago. The company anticipates that organic net sales will fall between 1% to 2% in fiscal 2026, with adjusted profit per share ranging from $2.15 to 2.25. Campbell's will be removed from the S&P 500 index at the beginning of trading on Tuesday, June 22. Reporting by Neil J Kanatt, Bengaluru. Editing by Shilpa Majumdar
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Campbell's confirms its annual forecast due to weak consumer spending
Campbell's Co, a packaged foods manufacturer, stuck to its 'annual outlook' on Monday after months of trimming it, as the cautious U.S. consumers continued to 'weigh 'on demand. In recent months, consumer?sentiment has plummeted to record lows as the rising cost of gasoline linked to Iran's war squeezes household budgets that are already stretched by stubborn inflation. Lower-income consumers are increasingly turning to private-label and cheaper brands. This is putting pressure on companies like Campbell's, which have raised their prices in order to maintain margins and offset rising costs. LSEG data shows that Campbell's third-quarter net sales dropped 4%, to $2.37billion, compared to the analysts' average estimate of $2.38billion. It earned 50 cents a share on an adjusted basis. This was better than the estimated 48 cents a share. The supply-chain optimization program and cost-savings benefits helped. The packaged food?industry has also evolved to cope with the change in dietary preference towards healthier foods. This is accelerated by the rapid adoption of weight loss drugs. Sales at 'Campbells' meals and drinks unit dropped 2% in the third quarter, down from a 15% rise a year ago. Its snack business saw a 7% drop, compared to an 8% decrease a year ago. (Reporting by Neil J Kanatt in Bengaluru; Editing by Shilpa Majumdar) (Reporting and editing by Shilpi Mahumdar in Bengaluru)
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Sources say that Sumitomo funds the Ambatovy stake sales to exit the project.
Three sources with knowledge of the matter said that Sumitomo Corp provided financing to buyers of its 54% stake in Madagascar’s Ambatovy Nickel operation. This helped the company exit the losing project. Three sources familiar with the matter said that Sumitomo Corp, which invested $3 billion over 20 years in Ambatovy and has incurred $2.5 billion cumulative losses, provided financing to buyers of its 54% stake in Madagascar's Ambatovy nickel operation, smoothing their exit from the loss-making project. Sumitomo funded this transaction, while still retaining certain nickel offtake rights. "It needed someone to solve the problem for them," said one source. The source stated that some of the money would be used to repair the damage caused by the cyclone to Ambatovy facilities. The source said that production has been suspended since the beginning of February, and will resume by June. Sources did not give any other details about the funding. Jason Kluk, former Glencore nickel trader, and South Africa’s Zungu Investments are acquiring a 54% stake, subject to the transaction closing by September 30. Korea Mine Rehabilitation and Mineral Resources Corporation holds the remaining 46%. Sumitomo declined comment on any financial arrangements but stated that the deal is intended to ensure "the continuation and sustainability of Ambatovy's operation under new ownership". The $418 million hit was a result of "a comprehensive economic evaluation of the transaction". Kluk and Zungu Investments did not respond to any requests for comments. A second source stated that the deal structure is similar to vendor financing where a seller funds a buyer. The?source said that Ambatovy will face a challenge in becoming profitable, pointing out that Sumitomo has struggled to improve margins and stabilise production for years despite having the resources. The surge in sulphur costs since the beginning of the Iran War three months ago has put pressure on margins. Ambatovy will produce 28,000 metric tonnes of nickel, and approximately 2,500 tons cobalt by 2024. (Reporting and editing by Polina Devtt and Pratima Dasai. Mark Potter edited the story.
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Italian study finds antibiotic resistance genes in the world's oceans
According to the findings of an Italian-led project that analysed seawater samples from around the world, genes linked to resistance to antibiotics are present in multiple?ocean areas, including remote waters. The SeA ?Care project found ?antibiotic-resistance ?genes in the Mediterranean, Atlantic, Arctic and other regions, with higher concentrations detected near busy shipping routes and densely populated coastal areas. Researchers said that the results show oceans are a global reservoir of pollution from land. They carry genetic traces of antibiotic use and urban discharge far away from their source. Researchers added that this could facilitate their spread to remote communities. The study was presented on Monday in Rome at a forum hosted by the Italian?National Health Institute. (ISS) on ocean and human healthcare. It also detected microplastics and PFAS "forever chemical" as well as traces of 'SARS-CoV-2 DNA in remote areas and open ocean waters. Andrea Piccioli, ISS Director-General, said that protecting human health in the 21st century means protecting the oceans and seas. She added that pollution released into the atmosphere is redistributed worldwide through the water, food, and climate systems. SeA 'Care, an initiative led by Italy, links the environment and human health. The system brings together institutions such as the Italian Navy, ISS and international research centres in order to create a global monitoring?system. The project uses existing routes for collecting samples and scientific networks during routine missions to reduce costs and impact on the environment. In the first three years of its existence, over 4,000 samples of?seawater were collected in 140 locations across the Mediterranean Sea, Atlantic Ocean, Pacific Ocean, Arctic Ocean and Indian Ocean. Scientists claim that the project shows 'how oceans can be used as an early warning system to detect global health risks. It supports policies aimed at combating pollution, climate changes and emerging threats for human health. (Reporting and editing by Crispian B. Balmer, with Emilio Parodi)
In changing environment, merchants turning to weather techniques
Bigname sellers such as Walmart are increasingly using analytics to blunt the impact of among the most unforeseeable performance variables of shopping: weather condition.
Weather condition information, when utilized strictly for inventory planning, is now assisting retailers localize advertising and decide when to discount seasonal items such as sweatshirts.
Walmart, whose inventory preparation with artificial-intelligence software includes weather analysis, reduced sun block costs a couple weeks earlier than normal this year in parts of the U.S. Weather data forecasting a. wetter-than-usual autumn in some U.S. areas was a factor in. its choice, whereas numerous years back, it likely would not. have been, said Kirby Doyle, a skin-care category replenishment. advisor to the world's biggest retailer.
In the start, (weather information) was just a projection design. for high-level preparation, stated Doyle, who works for Beiersdorf. , that makes personal-care items. Now we're. infusing it into pre-season planning and throughout the season. to detect the effect of weather, and for things like. scheduling promos.
Walmart decreased to comment.
A niche group of weather condition consultants-- from Germany's. Meteonomiqs to U.S. firms Planalytics and Weather Trends. International-- is utilizing developments such as cloud computing. to process once-unimaginable amounts of information.
Demand for such information is growing amid heightened weather. volatility due to environment change. The National Retail. Federation, which is chaired by a Walmart executive, issued a. report with Planalytics in July, advising sellers pay more. attention to weather analysis.
New weather-data tools, fixated pricing, may quickly be. hitting the market. Planalytics and BearingPoint, a management. consultancy, are partnering to develop software application merchants can. integrate into their analytical designs for setting prices.
Weather is something you can't manage, BearingPoint. handling specialist Ryan Orabone stated at a market workshop. last month to unveil the brand-new effort. But you can control. the analytics. And rates, you definitely manage.
It is natural for a warm October, like this year's in the. U.S., to trigger merchants to sweat ahead of the holidays. It. needs to get cold for our organization to actually carry out well in. Q4, Tractor Supply CEO Hal Lawton stated last month on a. quarterly call.
The company, which uses weather condition analytics, sells. cold-weather items like heating pellets and outerwear.
Weather analytics can help companies like Tractor Supply. choose whether to mark down winter items, stated Planalytics CEO. Fred Fox, whose customers include Dick's Sporting Item. and Ross Stores.
If November temperatures in the U.S. drop below 2023 levels. - which forecasts recommend is most likely - a discount rate now might indicate. a missed out on chance later, Fox said.
As instinctive as that might seem to a seller, they do not. constantly get it right.
In August, Lowe's Chief Financial Officer Brandon. Sink cited cold, damp weather condition in May as the reason for weaker. sales in the prior quarter.
However that description is unreliable, stated Bill Kirk, creator. of Weather Trends, whose clients include Target, Gap. , and Tractor Supply.
May was indeed wet, Kirk's data shows, however not cold. It was. the hottest May in six years for the U.S., he stated, and. third-hottest in 4 decades. Welcome to the world of retail. reasons not based upon realities, he said.
Lowe's did not respond to an ask for remark.
INCREASING TEMPERATURES, INCREASING NEED
About every three weeks in the U.S., a natural catastrophe. triggers $1 billion or more in damages, according to the U.S. National Oceanic and Atmospheric Administration, up from once. every three months in the 1980s.
Planalytics, which uses computer system designs to help retailers. understand how weather condition affects sales, is on rate to offer. customers with twice as numerous designs in 2024 as it did last year,. said Evan Gold, the company's executive vice president of. collaborations. Since 2019, that figure has actually soared ninefold.
Merchants generally see weather's effect in foot traffic and. sales, stated Stefan Bornemann, head of Meteonomiqs, whose clients. include merchants using the e-commerce platform Shopify . The effect might grow, provided more severe. weather condition patterns, he stated.
Kirk has examined how sales for an offered item increase or fall. with each degree of temperature change. Sales of horse blankets. rise 7% per degree chillier and Starbucks coffee sales. climb 2%, he said.
Starbucks did not respond to an ask for remark.
Some clients use Kirk's data for so-called dynamic prices,. the practice of adjusting rates to require. If a sales season. looks particularly weak, clients might carry out little markdowns. early, rather than be forced to enforce bigger ones later on to. clear excess stock, Kirk stated.
The days of retailers using weather condition as an excuse for a bad. revenues season need to be over, he added.
Wall Street hates that reason, Kirk said. What you're. stating to your financiers is, 'We can't manage our service.'.
(source: Reuters)