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Antofagasta CEO: Trump's copper tariffs may help the project in the US that has been stalled.
Ivan Arriagada, CEO of Antofagasta Chilean Copper Mines, said that the Trump Administration's decision to impose a 50% tariff on copper imports has created an opportunity for the copper project which had been stalled in the United States. Antofagasta, a London-listed company, operates four copper mines and is developing Twin Metals Copper and Nickel Mine in Minnesota. However the project was halted after the previous Biden administration refused to grant permits due to environmental concerns. "We have a new project, and we see a chance to develop it in this context," Arriagada said at an event. He noted that it would be years before the final decision on investment could be taken. "We must continue to work with a longer-term perspective." He added that the miner had maintained its mid-term and longer-term contracts. There were no additional copper shipments for now to the United States. Since President Donald Trump opened an investigation into possible tariffs on imports of copper in February, U.S. firms have been stocking up on the metal. Chile is the largest copper producer in the world. Speaking alongside Arriagada in Chile, Mining Minister Aurora Williams said that the government has not received any precise information on how copper tariffs will be implemented. Reporting by Fabian Cambero; Writing by Daina-Beth Solomon; Editing and Marguerita Chy.
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Nine more suspects named in Pertamina corruption probe
The Indonesia Attorney General's Office named nine new suspects on Thursday in a corruption probe involving the state energy company PT Pertamina. Indonesia previously named several former Pertamina executives in an investigation of alleged corruption between 2018 and 2023. The state and economy suffered losses of 285 trillion Rupiah (17.58 billion dollars) as a result of the criminal activities, according to prosecutors. Abdul Qohar is a director of the AGO. He said that the nine people named by the AGO were six former executives from Pertamina or its subsidiaries, a manager who worked at Trafigura trading company, a manager for Mahameru Kencana Abadi shipping company, and a beneficiary owner at PT Orbit Terminal Merak fuel terminal. Abdul, a reporter, said that the suspects had been involved in improper imports crude oil and fuels, incorrect shipping leases, and leases for fuel terminals. Pertamina's spokesperson stated on Thursday that they respect the legal process in place and are cooperating. Trafigura didn't respond immediately to an e-mail sent to the address on their website asking for a comment. PT Mahameru couldn't be reached after office hours. PT Orbit was not accessible and could not be reached immediately. In May, Indonesian investigators approached several trading firms in Singapore to conduct an investigation. Reporting by Fransiska Naangoy, editing by Philippa Feletcher.
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Argentina appeals U.S. Court Order to Transfer 51% YPF Share
According to a Thursday court filing, Argentina has filed notice of its appeal against a U.S. ruling ordering the country to surrender the 51% stake in the state energy company YPF. The notice was filed at the U.S. District Court for the Southern District of New York and appeals a Judge Loretta Preska's decision requiring Argentina hand over shares in partial satisfaction of a $16.1 billion judgment over the state takeover in 2012 of YPF. The case revolves around Argentina's seizure by Repsol of a 51 percent stake in YPF without making a bid to minority shareholders Petersen Energia Inversora or Eton Park Capital Management. Preska ordered Argentina in September 2023 to pay $14,39 billion to Petersen, and $1.71 to Eton Park. Argentina is appealing the ruling. The Argentine Government did not respond immediately to a comment request from. Preska's move is a blow to President Javier Milei. His administration has been trying to boost foreign currency reserves, rein in inflation and manage a heavy debt load. (Reporting and Writing by Eliana Razewski. Editing by Aida Pelaez-Fernandez.)
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Documents show that EU countries want to keep Russian gas withdrawal plans secret.
A document internal to the EU, seen by, shows that European Union governments would like Brussels to keep secret their plans to stop using Russian oil and natural gas by 2027. Last month, the European Commission proposed legislation to phase-out EU imports from Russia. A part of this would require countries produce national plans outlining measures and timelines on how they will achieve this. A draft document of the negotiations showed that EU governments are currently negotiating this proposal and have requested the Commission to keep these plans secret. The document was drafted by Denmark, which currently holds the rotating EU Presidency and is leading negotiations between EU countries. The plan should also include "an explanation of the intended national or regional measures to reduce demand and encourage renewable energy production, as well as any technical, contractual, or regulatory barriers that may hinder diversification." Some countries may not want to share sensitive information about their plans for sourcing fuel from non-Russian sources or information that could impact gas prices. The document stated that while countries would still have to submit their plans for approval to Brussels, they would be required to maintain "professional secrecy", which would prevent the information from being disclosed to anyone else or any authority. The Commission's proposal did not confirm whether the plans will be kept secret. A spokesperson for the Danish EU presidency declined comment on the talks. Diplomats from EU countries will review the document in the coming week. EU diplomats say that the negotiations are still in their early stages and haven't yet addressed issues such as potential legal risks to companies who break their Russian gas contract. Slovakia and Hungary continue to import Russian gas by pipeline. They opposed the Russian Gas Ban, which Brussels designed to be passed legally without their support. Slovakia, however, has stated that it will not approve new EU sanctions against Russia for its war in Ukraine (which require unanimous approval by all 27 EU member states) unless the concerns about gas supplies are addressed. The ambassadors of EU countries are expected to discuss the package of sanctions on Friday. Robert Fico, the Prime Minister of Slovakia, said that on Thursday it was still unclear whether or not the EU has addressed Slovakia's concerns over high gas prices and its demands for compensation due to a halt in Russian gas imports. Last week, European Commission officials visited Bratislava to discuss the concerns of the government. Fico stated, "At this time, we refuse vote for the 18th set of sanctions." Kate Abnett is the reporter. Jan Lopatka contributed additional reporting. Mark Potter (Editor)
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Trump's tariffs - What is in effect now and what might be coming?
Donald Trump, the U.S. president, has started a global war of trade with a variety of tariffs targeting individual products and nations. Trump has set an initial tariff of 10% for all imports into the United States. He also imposed additional duties on specific products or countries. Here is a listing of the targeted tariffs that he has implemented, or has threatened to implement. TARIFFS ON PRODUCTS ARE IN EFFECT Steel and Aluminum - 50% Automobiles and auto parts: 25% TARIFFS ON PRODUCTS - A THREAT Copper - 50% will take effect on August 1 Pharmacies - Up to 200% Semiconductors with a 25% or greater content Movies – 100% Timber and lumber Critical Minerals Aircraft, engines, and parts COUNTRY Tariffs in Effect Canada - 10% for energy products and 25% for all other products that are not covered by the U.S. Canada-Mexico Agreement Mexico - 25% on products that are not covered by USMCA China: 30% with some additional tariffs United Kingdom – 10% with certain auto and metal imports excluded from the higher global rates Vietnam - 20% on certain products and 40% on transshipments of third country products COUNTRY TARIFFS TO TAKE EFFECT ON AUGUST 1, Algeria 30% Bangladesh 35% Bosnia and Herzegovina 30% Brazil 50% Brunei 25% Cambodia 36% Indonesia 32% Iraq 30% Japan 25% Kazakhstan 25% Laos 40% Libya 30% Malaysia 25% Moldova 25% Myanmar 40% Philippines 20% Serbia 35% Sri Lanka 30% South Africa 30% South Korea 25% Thailand 36% Tunisia 25%
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Climate Prediction Center predicts ENSO neutral conditions for August to October with a 56% chance.
The U.S. Climate Prediction Center said that El Nino and Southern Oscillation neutral conditions will be likely in summer 2025 in the Northern Hemisphere, with 56% of the chance occurring in August to October. Climate Prediction Center stated that neither El Nino nor La Nina is likely. The CPC stated on Thursday that the chances of La Nina conditions increasing into the fall and Winter 2025-2026 are comparable to ENSO neutral, but will remain similar. Why it's important El Nino is the warming of ocean temperatures on the surface in eastern and central Pacific. This can cause crop damage, fires, or flash floods. La Nina is a part of El Nino and the Southern Oscillation, which affects the water temperatures in central and eastern Pacific Ocean. La Nina causes cooler water temperatures which increases the risk of droughts and floods. This can have an impact on crops. When ENSO neutral, water temperature stays around average, leading to better weather and possibly higher crop yields. CONTEXT The Japan weather bureau stated that the normal weather patterns continue and that the La Nina phenomena is likely to emerge in autumn of the Northern Hemisphere. The National Weather Service of the National Oceanic and Atmospheric Administration has forecast above-normal activity for hurricanes in the Atlantic basin during the 2025 season. KEY QUOTES The neutral ENSO will continue until at least the end the year. The odds of transitioning to El Nino or La Nina is rather low. However, the odds of La Nina being slightly higher than El Nina, as we move closer to fall and winter, said Donald Keeney. The ENSO neutral conditions will increase planting and yields for corn/soybeans, both in the U.S. and South America. However, they may lower expectations for wheat in Australia.
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Gold firms as safe-havens amid rising trade tensions
The gold price edged higher on Thursday, as traders flocked to bullion in response to rising trade tensions. However, gains were capped by a rise in the dollar. By 1307 GMT, spot gold had risen 0.4% to $3326.48 an ounce. U.S. Gold Futures rose 0.4% to $3335.10. Daniel Pavilonis is a senior market strategist with RJO Futures. He said, "I believe that the entire metals complex has gone up due to the knock-on effect of the tariffs on copper." "However there are limited upsides unless a geopolitical escalate occurs." On Wednesday, U.S. president Donald Trump launched another tariff attack, announcing new tariffs of 50% on U.S. imports of copper and 50% on Brazilian goods, both starting on August 1. In a recent note, Paul Wong, Market Strategist, Sprott Asset Management, said that gold is "gaining in popularity among emerging economies, who see its counterparty-free properties as appealing in a world weighed down by geopolitical risks." Minutes of the Federal Reserve meeting in June showed that only "a few" officials felt rates could be cut as early as this month. Most policymakers are still worried about the inflationary impact they expect from tariffs. The U.S. Dollar index rose 0.2%, limiting the price increase. When the U.S. Dollar strengthens, gold tends to lose its appeal as it becomes more costly for investors who hold other currencies. The number of Americans who applied for unemployment benefits dropped unexpectedly last week. This suggests that employers are holding onto workers despite signs of a cooling of the labor market. Silver spot rose by 1.4%, to $36.62 per ounce. Wong said that if you break above $35, it increases your chances of reaching $40. Palladium rose 3.5%, to $1144.40, while platinum gained 0.3%, to $1350.95.
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Rivers in southwest China exceed warning levels and thousands are evacuated
State media reported that 25 rivers in southwest China were above safe levels after the remnants from former typhoon Danas combined with East Asian Monsoon Rains. More than 10,000 people had been evacuated. Meteorologists attribute extreme rainfall and severe floods to climate change. They pose a major challenge as they threaten to overwhelm the ageing flood defences and displace millions. Beijing Daily, a state-run publication, reported that heavy rains hit the capital as well. One area of the Chaoyang district received 68.2mm (2.7") in just one hour, on Thursday morning. The water ministry warned that ten rivers in the southwest, including Longyan which flows through densely populated Chongqing region, could rupture their levees and embankments at any moment, according to broadcaster CCTV. It added that the remaining 15 were above the level at which their banks could be blown up, but still posed a lower risk. The broadcaster reported that more than 24 hours torrential rainfall had pushed the Chishui River in Guizhou Province to its highest level since records began in 1952, and the Xiaocao River, in Sichuan Province, was at its highest for 29 years. State media reported that more than 10,000 people had been evacuated from cities of Sichuan province and Yunnan province on Wednesday, as monsoon rains from East Asia pushed northward from India. Xinhua reported on Thursday that two people were killed by torrential rainfall in Yunnan’s Zhaotong City. Beijing's health authorities have warned that the combination between frequent downpours and high temperatures, as well as humidity, increases the risk of food and water contamination. Reporting by Joe Cash & Ethan Wang. Clarence Fernandez, Mark Potter and Clarence Fernandez edited the report.
Extreme heat can be dangerous to public health
Authorities and public health specialists in the United States issued warnings about heat to keep people safe as tens of thousand people prepared for even more extreme heat on Monday. The Midwest and East Coast of the United States, as well as much of Southern Europe, experienced temperatures in the 90s Fahrenheit this week.
What are the health risks from extreme heat?
Heat can have a variety of effects on health.
Heat exhaustion can cause a person to feel dizzy, shaken, thirsty, or get a headache. Heat exhaustion is usually not serious, unless a person cannot cool down in 30 minutes.
Heatstroke is a medical emergency that occurs when the core body temperature rises above 40 degrees Celsius.
Heatstroke can cause rapid breathing, confusion or nausea. Heatstroke, if not treated immediately, can cause organ damage or death. Heatstroke is especially dangerous when combined high humidity. This makes it difficult for people to sweat and cool themselves down. Climate change is expected to increase both, since warmer air can hold a greater amount of moisture.
Who is at Risk?
Some populations are more susceptible to extreme heat than others.
Experts are concerned most about the elderly, babies and those who are socially excluded. Also, they are concerned about people who struggle economically and outdoor workers.
Pre-existing conditions such as diabetes, lung disease or heart problems should also make you extra cautious.
Experts believe that more deaths happen earlier in the summer, when bodies haven't had time to acclimatize.
Many countries don't record extreme heat as a cause of death, so statistics on heat-related mortality are considered to be an underestimation.
LESS OBVIOUS RISKS FROM EXTREME HEAT
Extreme heat poses a number of secondary risks. It can test the body's capacity to regulate temperature.
Temperatures that are warmer encourage bacteria and algae growth. Heatwaves increase the risk that water will be contaminated by diseases like cholera or lakes and rivers may become choked with toxic algal growth.
Heat can also cause damage to crops, roads or transport systems.
Air pollution can be dangerously high when wildfires are fueled by trees and shrubs that have dried out.
Heat stress and sleep disturbances caused by heat can also affect mental health.
Climate change will allow disease-carrying insect to spread into new areas, according to medical experts.
Scientists have also mapped out the expansion of Aedes mosquitoes that carry Zika, dengue and chikungunya.
As temperatures rise in California's Central Valley the fungal spores which cause Valley fever, which love deserts, could thrive.
What You Can Do
All across the United States, public health advisories urge people to keep cool, hydrate themselves, and avoid excessive exercise.
Many cities offer free air-conditioned public transportation or public cooling centers.
Employers must ensure that workers are hydrated and have enough breaks. They should also make sure they do not work outdoors in dangerous heat. (Reporting and editing by Kevin Liffey; reporting by Katy Daigle)
(source: Reuters)