Latest News
-
Mali military helicopter transports gold from Barrick's Loulo Gounkoto
Three sources confirmed that on Thursday a Malian military helicopter transported gold from Barrick's Loulo-Gounkoto mining complex. This comes days after reports claimed that a court-appointed administrator intended to sell the bullion at the site to fund operations. Last month, a Bamako Court appointed a temporary administrator to resume operations at the largest gold mine in the West African nation. This comes nearly six months after Barrick Mining had suspended the site's operations amid tensions over the implementation of the new mining code. Barrick has said that it had to suspend its operations at the beginning of January after Mali’s military-led Government blocked its exports and detained its executives for two months. They also seized three tonnes of bullion. The World Bank was also contacted to help resolve the dispute. A brown and green helicopter landed on the tree-lined runway of the mine site Thursday morning. The mine's security team escorted its passengers to the plant where the gold is stored, according to the first source. Five hours later, the helicopter took off with the bullion aboard. The first source reported that one ton of gold, worth approximately $107 million, had been in the storeroom of the site since January. Three tons of gold were taken out and stored in a vault by a Malian Judge. Second source: The entire tonnage was taken Thursday. First and third sources, as well as a fourth source, said that the provisional administrator and former health minister Soumana Maadji plans to fund the mine operations by selling the gold. Three sources have said that the gold airlifted will be sold to this end. While drilling and other extraction activities have yet to begin, operations at the plant, which processes ore into gold, resumed on Monday, according to the third, fourth and another source. According to estimates, it takes between 11 and thirteen days to produce the first gold bars after the plant restarts. Barrick's and Mali's Mines Ministry spokespeople did not respond immediately to requests for comments. Makadji was not available for comment. Barrick and Mali’s government are in talks since 2023 about the implementation of a mining code which increases taxes and gives the Mali government a larger share of the gold mines. Reporting by Portia Crowe in Dakar, and Divya Raagagopal in Toronto. Mark Potter edited the story.
-
As investors digest Trump's latest trade tariffs, stocks edge higher and the Brazilian real rises.
Investors weighed the latest trade announcements by U.S. president Donald Trump on Thursday. The Brazilian real recovered from its losses after Trump announced a 50% tariff for goods coming from Brazil. Trump confirmed late Wednesday that a 50% copper tariff will be implemented, with effect from August 1. The last time U.S. Copper prices rose on the day was late Wednesday. On Wednesday, the Brazilian real's volatility gauges reached their highest level since late April and the real fell as much as 2,3%. The dollar fell by 0.4% last Thursday against the real while Brazilian stocks dropped about 0.7%. Brazilian President Luiz inacio Lula da silva vowed to retaliate against unilateral tariff increases and called for a ministerial meeting on Thursday. The market's reaction to Trump's recent moves has been milder than it was in April. This could be because investors are hoping that the ongoing trade negotiations between Washington, D.C. and its trading partners will result in an agreement before the deadline. Investors are also preparing for the second-quarter earnings and looking for any signs of impact from Trump's Trade War launched on April 2. Bruce Zaro of Granite Wealth Management, Plymouth, Massachusetts said that the market appeared to be in a hold pattern before the S&P 500 company reports. JPMorgan Chase will release its results on Tuesday, which is essentially the start of the reporting period. He said that there was a lot of skepticism among the analysts who follow the S&P 500. They've all been reducing their estimations based on tariffs and the uncertainty surrounding that. "But, we believe, after all, that those tech companies and growth companies will come up with fantastic earnings." I believe the market is still in a period of waiting. The Dow Jones Industrial Average rose by 203.80 or 0.46% to 44,664.09; the S&P 500 gained 6.51 or 0.11% to 6,270.16; and the Nasdaq Composite dropped 50.94 or 0.25% to 20,560.39. The MSCI index of global stocks rose by 0.64 points or 0.07% to 924.94. The pan-European STOXX 600 Index rose 0.5%. Investors digested the upbeat quarterly results of TSMC, which showed strong interest in artificial-intelligence applications, fuelled by the demand for products from the world's largest chipmaker. TSMC released its report a day after Nvidia, the AI chip giant, became the first publicly traded company in history to reach $4 trillion market value. However, it closed at that level. The dollar index (which measures the U.S. Dollar against a basket currencies including the yen, euro and others) rose by 0.4% to reach 97.77. Bitcoin gained 0.46%, reaching $111,289.21. The yields on 30-year U.S. Treasury bonds increased after U.S. figures showed that unemployment claims in the United States unexpectedly dropped last week. This was before the U.S. Treasury Department planned to sell $22 Billion of 30-year Treasury bonds. The yield on U.S. benchmark 10-year notes last rose 1.4 basis points for the day to 4.356%. U.S. crude dropped 1.86%, to $67.11 per barrel. Brent was down to $69.09 a barrel, a 1.55% drop on the day.
-
US again stops cattle imports from Mexico due to flesh-eating screwsworms
The U.S. Department of Agriculture reported that the New World Screwworm, a livestock pest that eats flesh, has moved closer to the U.S.-Mexico border. Washington blocked imports of Mexican calves just days after allowing them to resume at an Arizona port of entry. Screwworms are parasitic fly larvae that lay their eggs in the wounds of warm-blooded mammals, such as livestock and wild animals. The larvae of the screwworm burrow into living flesh with their sharp teeth once they hatch. If left untreated, these larvae can kill their hosts. The USDA announced late Wednesday that Mexico reported a case of screwworm on Tuesday in Ixhuatlan de Madero in Veracruz. This is about 370 miles from the U.S. Border. The USDA ordered that all livestock trade be stopped through southern ports of entrance, effective immediately. Bill Bullard is the CEO of R-CALF USA, a group of cattle producers in the United States. He said that closing down border was not only justified but essential. Mexican President Claudia Sheinbaum criticized the decision as "exaggerated" and said it was motivated by one new case. Sheinbaum told her morning press conference Thursday that "it is an overreaction to a situation which is already under control." Mexico recorded 480 cases at its peak, in late June. According to the most recent data from the Agriculture Ministry this number has fallen below 400, as Mexico continues its campaign against the pest. Sheinbaum said, "We hope they will be reopening very soon." United States Concerns expressed by the Mexican government about the threat of the disease nearing its northern border. A US infestation could cause further shortages of cattle in the United States, already at their lowest level in decades. It would also threaten other livestock, including household pets. In May, the USDA suspended Mexican beef imports after screwworm was found on farms in Oaxaca or Veracruz in Mexico. The agency announced last week that imports would resume on Monday in Douglas, Arizona as part of a gradual reopening the border, because screwworms were not moving north from Mexico. Secretary Brooke Rollins stated that the USDA must see progress in fighting the pest in Veracruz, and other nearby Mexican states, before it will reopen the livestock ports along the southern border. In the 1960s, researchers introduced sterile male screwworm flies to mate with female screwworms in order to produce infertile egg. Last month, the USDA announced that it was building a sterile flies dispersal facility and considering a sterile flies production facility in Hidalgo county, Texas. Colin Woodall, CEO for the National Cattlemen's Beef Association, said that work should begin immediately on a U.S. facility to produce sterile flies. He said that the New World Screwworm's movement northwards jeopardizes American agriculture. "We can't wait any longer." In a press release, the Mexican Beef Producers Association expressed regret for the suspension of the program. Meanwhile, the Mexican government indicated that they were working to release sterile fly. Reporting by Tom Polansek, Aida Pelaez Fernandez and Mark Porter; editing by Chizu Nomiyama & Mark Porter
-
Brazil's stocks fall, but real rebound after Trump's tariffs of 50%
Brazil's stock exchange fell on Thursday. However, the real recovered the next day, after U.S. president Donald Trump shocked the world by imposing 50% tariffs instead of the 10% originally indicated. Trump cited political disagreements as the reason for his shock decision. The currency volatility gauges reached their highest level since April's tariff announcements. After the real fell as much as 2,8% on Wednesday, in response to what Deutsche Bank called an escalation in tensions. The currency fell 2.3% on Wednesday, but rebounded on Thursday to be up 0.5% against the dollar. U.S. listed shares of Brazilian companies dropped, with an ETF that is widely followed in Brazil falling by nearly 2%. Itau Unibanco dropped 3.8%, Banco Santander fell 3.5%, and Petrobras, the state oil company lost 0.4%. The local benchmark fell by 0.6%. Citibank's analysis indicates that the impact of the tariffs is uncertain, but this announcement is a blow to Brazil's external accounts. Citibank said that further escalation of the tariff could lead to financial account outflows and potentially damage asset prices. Brazil's bonds are among the best performers in emerging markets, with bonds denominated in dollars returning almost 8% while local bonds returned a staggering 20%. Local stock markets have reached record highs this month, and are among the most affordable in terms of dollar value for expected earnings. The dollar-denominated Brazil Stock Index is also up by nearly 25%. This is due to the 13% real surge this year. Graham Stock, RBC BlueBay Asset Management, said Trump's reasons for the tariffs were based on his dissatisfaction with a court case involving former Brazilian right-wing president Jair Bolsonaro as well as legal actions against U.S. Social Media firms. Stock stated that "the economic implications of this are still fairly modest" as only a little over 10% of Brazil’s exports were going to the U.S. and represented just 1% of Brazil's GDP. He said that the risk was that Lula would use his defiance against U.S. intervention as a badge in the lead-up to October 2026's elections. In this case, de-escalation is less likely. Experts and traders said that the U.S. consumer will face steep price increases on staples such as coffee and orange juice, if the tariffs of 50% are implemented. Brazil is the source of a third the coffee that the U.S. consumes, making it the largest consumer of this beverage in the world. More than half the orange juice consumed in the U.S. comes from Brazil, too. Trump's decision on Wednesday followed his threat to impose a 10% additional tariff on the BRICS developing nation group - Brazil being the 'B.' - that he called "anti American."
-
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.
-
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.
-
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.)
-
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)
Trump signss order raising national park fees for foreign tourists
The President Donald Trump signed a directive on Thursday that will increase the entrance fees for foreign visitors to U.S. National Parks, even though his administration is trying to reduce national park spending by over a third.
The White House announced in a press release that the additional revenue from higher fees for foreign tourists would raise hundreds of millions to fund conservation and maintenance projects.
The order does not specify how much the fee will increase or when it will be implemented.
The agency did not specify how many of its 433 park units will be affected. Admission fees are charged at only 100 of the Park Service's sites.
The order also directs that the Park Service give priority to U.S. citizens in its reservation or permit systems.
The statement stated that U.S. citizens pay more to visit scenic natural wonders, historic landmarks, and other national parks than foreign tourists because they are required to pay admission fees, as well as contribute a portion of the tax revenue from the U.S.
The statement continued, "International tourists are charged higher fees for entrance to national parks around the world."
The Trump administration proposed to cut more than $1 billion in the Park Service's budget for fiscal 2026. This would be a reduction of over a third from the previous year.
Cuts to federal employees have already worsened the staffing shortage in national park across the nation.
The National Parks Conservation Association (a watchdog and advocacy group) released an analysis Wednesday that showed the permanent staffing of the Park Service has decreased by 24% since Trump's January inauguration. Only 4,500 out of the 8,000 season workers the administration had promised for this summer were hired.
The NCPA stated that reduced staff levels in some national parks including Yosemite National Park in California and Big Bend National Park in Texas have led to closures, reduced programs and hindered emergency response activities.
In recent years, visitors have continued to flood into national parks at record numbers. Admissions last year reached a new high, a whopping 331 million, an increase of 6 million since 2023.
(source: Reuters)