Latest News
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PMI: Saudi Arabia's private non-oil sector has grown the most in six months.
A survey revealed that the non-oil sector of Saudi Arabia expanded at its fastest rate in six months during September. This was due to a surge in orders and an increase in output. The Riyad Bank Saudi Arabia Purchasing Managers' Index climbed from 56.4 to 57.8 (seasonally adjusted) in September, the highest improvement in operating conditions seen since March. Firms saw an increase in new orders, as they benefited from a strong market, new customers, and competitive pricing. For the second month in a row, new orders from overseas clients increased. The new order subindex jumped to 63.3 from 60.1 in August due to a robust domestic and international demand. The output growth rate has increased at the fastest pace since February. Naif Al Ghaith is the chief economist at Riyad Bank. He said, "Overall, the September survey shows a resilient, private sector which is navigating through cost pressures and benefiting from a firm demand, as well as steady hiring." According to a statement released before the budget, Saudi Arabia's government forecasts a real GDP growth rate of 4.4% by 2025. The non-oil sectors are expected to grow at 5%. This growth is supported by an increase in domestic demand and better employment rates. The employment growth in September was driven by a higher demand, and the need to efficiently manage workloads. The hiring rate was steady, but the subindex for this measure showed a slight decline from the previous month. Input price inflation has dropped to its lowest level in six months, mainly due to higher wages and costs of suppliers. The optimism for the future improved as firms became more confident in increased demand and large-scale infrastructure project. (Reporting and Editing by Hugh Lawson).
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As protesters confront immigration officials, Border Patrol agents in Chicago shoot a woman as she is protesting.
The Department of Homeland Security reported that U.S. Border Patrol agents shot an armed Chicago woman on Saturday as protesters and federal immigration agents clashed on the southwest side of the city. A spokesperson for the Department of Homeland Security said that no law enforcement officers were injured seriously in the incident where a group, including the woman, rammed vehicles into those used by U.S. Immigration and Customs Enforcement. According to the statement, the woman, an unidentified U.S. national, drove herself to hospital. The woman's condition was not immediately known. ICE agents used rubber bullets and pepper spray to disperse protesters during a heated exchange on Saturday. Kristi Noem, U.S. Homeland Security Secretary, said in a posting on X she would be sending more "special operations" in order to control the situation in Chicago's Brighton Park neighbourhood. Illinois Governor JB Pratt, a Democrat from Illinois, stated on Saturday that he received an ultimatum from Republican President Donald Trump requiring him to deploy his state's National Guard. Pritzker stated in a press release that it was "absolutely outrageous and unAmerican" to ask a governor to send military forces within our borders, against our will. ? Chicagoans have protested against the increased federal presence. Police clashed with hundreds protesters on Friday outside an ICE facility located in Broadview, a Chicago suburb. ICE agents have used rubber bullets and chemical munitions to repel demonstrators who were attempting on several occasions to block ICE vehicles that carried detainees in the facility. Protesters have condemned what they describe as similar heavy-handed police tactics in other Democratic cities including New York City, Los Angeles Washington D.C. and Portland, Oregon.
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Ecuador revokes environmental license for Canada's DPM to develop gold project
The government of Ecuador has revoked an environmental license that was granted to Canadian company DPM Metals in order to develop Loma Larga - a gold mine project located in a sensitive environment. Residents and authorities from the Azuay Province, where the Loma Larga Project is located, have been strongly opposed to the project. They claim that the development of this project would have a negative impact on Quimsacocha, which poses significant health risks for local communities. The Environment and Energy Ministry of Ecuador said that the decision was based on technical reports provided by local authorities from Cuenca and Azuay, which are responsible for the local drinking water and irrigation system. The statement said that the national government "reaffirms" its commitment to nature rights, water protection, and the protection of health and wellbeing of people in Cuenca and Azuay, under the precautionary principles. DPM, who acquired the project in 2020, did not respond immediately to a comment request. DPM estimated that the Loma Larga gold project would receive an investment of $419m for an annual average production of 200,000 ounces during its first five operating years. The Ecuadorean government suspended all activities related to this project in August until the company submitted an environmental management plan. This was despite the fact that it had granted the company a construction license one month earlier. Ecuador has significant gold and cobalt deposits but recent rulings by the courts and opposition from locals have often stopped mining projects. Only two mining companies are currently operating in the country. The Quimsacocha Reserve covers more than 3200 hectares, and includes the Andean Paramo ecosystem. The country's springs are one of its main sources of water. The company pledged to implement responsible and efficient environmental management in the region. (Reporting and writing by Alexandra Valencia, Sarah Morland and Gabriel Araujo, Editing and proofreading by Alistair Bell and Aurora Ellis).
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Document shows that German coalition partner wants protection for European steel
A document viewed by us on Saturday revealed that the Social Democrats in Germany, junior partners of Chancellor Friedrich Merz’s coalition, would push for a protectionist approach to Europe’s steel industry and urge the EU adopt a “buy European” strategy. Next week, the SPD under Finance Minister Lars Klingbeil is expected to adopt these proposals. The SPD calls on the European Commission adopt a "robust" trade protection strategy to protect against foreign competitors who are subsidised. The SPD stated that "at its core, a tariff-quota system is required to limit excessive import volumes and keep the market open while controlling it." These proposals will likely feed into the steel summit that the conservative chancellor has called for this month, where steel producers, German States and Trade Unions can discuss proposals to support the industry. It is unclear how far the SPD's proposal will be implemented. Most German parties were against protectionism in the past, as Germany has been a major beneficiary of low trade barriers for the last 20 years. German regulators and manufacturers are increasingly concerned about the impact of U.S. and Chinese tariffs and competition. The SPD stated in a document that "we cannot allow the domestic value creation to disappear just because international rules no longer work." It said: "This isn't about protectionism, but about enforcing rules of fair competition and European strategic interest." The SPD has also called for stricter controls to be placed on imports of Russian steel and measures to stop it from entering the European market through Turkey. De-industrialization has eroded the vote share of the SPD, especially in its former industrial heartlands. (Written by Thomas Escritt, edited by Susan Fenton).
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After radioactive contamination, the US FDA has imposed new restrictions on Indonesian shrimp and spices
The U.S. Food and Drug Administration announced new guidelines for the FDA. Import certification After radioactive contamination was detected, there are now restrictions on the importation of shrimp and spices from Indonesia. The agency announced on its website, Saturday morning, Indonesian Time, that the certification requirements for imports from certain areas of Indonesia will be implemented starting October 31, 2025. A third-party accredited auditor must verify that the firms listed on the Red List with Caesium137 contamination are in compliance. The firms will continue to be restricted and must provide the information listed under the yellow list. The FDA requires that all companies on the yellow list, which covers certain foods contaminated with Caesium-137, obtain a shipment certification from a designated entity. This must be an Indonesian agency or representative. According to the FDA website, Caesium-137 is a radionuclide that has been found in the environment as a result of nuclear accidents and testing such as Chernobyl. Indonesia has no nuclear weapons nor nuclear power plants. In August, the FDA issued an advisory informing consumers, sellers, and distributors in the U.S. that frozen shrimp produced by PT Bahari Makmur Sejati was contaminated with Caesium 137. The shrimp were processed in an industrial estate close to Jakarta, which was later found contaminated by the radioactive element. Indonesia's Nuclear Agency is now seeking to clean up this area. The size of the affected area. Bara Hasibuan is a spokesperson in charge of the investigation. She said: "We only received the report a few hours ago. We need time to determine what actions are needed.
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SHI’s 15MW Floating Wind Platform Gets ABS Approval
American Bureau of Shipping (ABS) has issued an approval in principle (AIP) to Samsung Heavy Industries (SHI) for its SnapWind Float, a new design of a semi-submersible-type floating offshore wind turbine.The SnapWind Float is designed for next-generation 15 MW offshore wind turbines. It incorporates a passive ballast system and optimized mooring lines to support stable performance in harsh offshore conditions while minimizing operational risks.The concept features an execution-oriented design optimized for the development of floating offshore wind farms in regions with limited skilled labor, heavy lifting equipment and workspace. ABS completed design reviews based on class and industry requirements.“Floating offshore wind platforms represent a significant opportunity in renewable offshore energy development in various parts of the world. ABS is actively at the forefront of this sector, bringing global expertise in certifying and verifying new designs,” said Miguel Hernandez, ABS Senior Vice President, Global Offshore.“The SnapWind Float, which obtained AIP from ABS, is a next-generation solution developed by combining SHI’s EPC capabilities with innovative design. Moreover, it addresses both technical and commercial challenges faced by offshore wind developers seeking efficient and commercially viable solutions,” added Hae-Ki Jang, SHI’s Chief Technology Officer.
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Trump Administration eyes stake in Greenland Rare Earths Mine Company
Four people with knowledge of the talks said that Trump administration officials had discussed taking a stake Critical Metals Corp. This would give Washington an interest in the biggest rare earths project on Greenland - the Arctic territory President Donald Trump suggested purchasing. The deal, if finalized, would be the latest political twist in the Tanbreez rare-earths deposit. Former President Joe Biden successfully lobbyed for it to be sold to New York based Critical Metals at a much lower price than the Chinese firm offered. Washington recently acquired stakes in Lithium American and MP Materials. This shows Trump's desire to see the U.S. benefit from the growing production of minerals that are used throughout the global economy. Washington's interest to own a stake in Critical Metals has not been previously reported. Four sources declined to give their names, citing that the negotiations were sensitive. In response to a comment request, a senior Trump Administration official said: "Hundreds of businesses are approaching us to try to get the government to invest in their crucial minerals projects." "At this point, there is nothing imminent with this company." Critical Metals has not responded to multiple requests for comments via phone and email. Greenland is part of Denmark, but it has a semi-autonomous status. The Danish Embassy in Washington didn't immediately respond to an inquiry for comment. Rare earths are used in high-tech industries, from electric cars to missile systems. They have strong magnetic properties. Western countries are clamoring for new supplies to reduce their dependency on China, which controls the extraction and processing of rare earths. Critical Metals applied for a grant of $50 million through the Defense Production Act in June. The Defense Production Act is a Cold War legislation that aims to boost production of goods and services for national security. Three sources confirmed that the administration began discussions with the company in the last six-weeks about converting the grant to an equity stake. The same sources stated that if the deal is completed, a $50m conversion would represent a roughly 8.0% stake in the company. However, negotiations are still ongoing and the stake size could end up being higher, or the entire deal could fall through. Reports in August stated that administration officials were considering reallocating $2 billion of the CHIPS Act for funding critical mineral projects. The CHIPS and Science Act was signed by President Joe Biden into law in 2022. Its goal is to divert chip production from Asia. Two sources reported that the recent negotiations by the Administration for a 5% share in Lithium Americas delayed the Critical Metals Investment discussions. Two sources stated that the U.S. shutdown will not affect negotiations because the high-level government employees involved in the talks are considered essential workers. One source said that part of the discussion revolves around how warrants will be issued in order to give Washington its stake. Warrants allow their holders to purchase stock at a predetermined price. According to two sources, the equity stake is separate from a $120,000,000 loan that the U.S. Export-Import Bank will consider to assist Tanbreez in developing its product. A spokesperson for EXIM was not available to comment immediately. GREENLANDS APPEAL Washington's economic interests in Greenland predated Trump's interest. Biden officials visited Greenland’s capital Nuuk in November last year to try and entice additional private investment into the island’s mining sector. Trump sent JD Vance, Vice President of the United States, to Greenland in March. In northern Greenland, the U.S. Air Force has one of its largest bases. Tanbreez's commercialization is estimated to cost $290 Million, according to the company. The EXIM loan will be used to fund the technical work to get the mine up and running by 2026. The mine will produce 85,000 tons of rare earths per year once it is fully operational. Site also contains tantalum and gallium, both of which China restricted exports last year. Greenland’s mining industry has grown slowly over the past few years due to a lack of investor interest, bureaucratic issues and environmental concerns. At the moment, there are only two small mining operations. Tanbreez's remote and cold location is proving to be a challenge for its development, despite the fact that it is near a major river. (Reporting and writing by Jarrett Renshaw and Ernest Scheyder, and editing by Veronica Brown and Jason Neely; Edmund Klamann, Jason Neely, and Edmund Klamann.)
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BlackRock's infrastructure bet gets a boost after Minnesota approves the buyout
Minnesota power regulators approved on Friday a $6.2 billion deal for a BlackRock subsidiary and Canada Pension Plan (CPP) to purchase utility owner Allete - parent of Minnesota Power - saying that recent modifications made by the parties will address concerns over rates and clean energy investments. The Minnesota Public Utilities Commission's 5-0 vote may assure investors that BlackRock can address regulatory and antitrust issues as it pushes its Global Infrastructure Partners division, which was purchased last year, to pursue more deals. People familiar with the situation said earlier this week that the infrastructure unit is in negotiations to purchase utility group AES. Separately, two people told me on Friday that the unit is in talks to purchase a Macquarie-backed data center business. Allete's executives have said that the Minnesota deal announced in 2011 will help Allete transition to clean energy. The environmental group Sierra Club and business customers, as well as State Attorney General Keith Ellison had expressed concern that the agreement would lead to higher prices and not guarantee Minnesota Power's ability to meet the state requirement to have carbon-free electricity by 2040. In a webcast meeting on Friday, the commissioners stated that recent changes had helped them to overcome their skepticism about the deal. According to a filing by the companies, recent changes in terms will result in benefits of up to $258,000,000 for utility stakeholders. This includes bill credits and a clean-technology fund. In comments before the decision was made, Commissioner Hwikwon said that these modifications had given him confidence in this agreement. He also stated that the commission would review the company rates "if the companies misbehave." Commission Chair Katie Sieben stated that Minnesota Power requires massive new investments in order to fund projects like a new transmission pipeline to bring hydropower from Manitoba. Leaders of BlackRock, Canada Pension Plan Investment Board and other companies praised this decision in a filing with the Securities and Exchange Commission. They also stated that the transition should be completed by the end of 2025, as all regulatory approvals have been obtained. In the filing, Global Infrastructure Partners founding partner Jonathan Bram stated that "We are dedicated to preserving Allete’s legacy of intense focus on community as it continues to offer safe, reliable and affordable energy, which is increasingly free from carbon, for Northeastern Minnesota." Allete CEO Bethany Owen stated that the agreement allows the company to "meet the significant infrastructure needs of the clean energy transition" without compromising on service, reliability or affordability. The Private Equity Stakeholder Project, the Sierra Club and other groups have all expressed their disapproval of the decision. They are concerned with the rates and doubt that investors will provide the capital to invest in less polluting energy. (Reporting and editing by Edmund Klamann; Reporting by Ross Kerber)
Heavy rains in Nepal kill 22 people, cause road blockages
Officials said that heavy rains in Nepal caused landslides, flash floods, and bridges to be washed away. At least 22 people died in the past 36 hours.
Binod Ghimire, the police spokesperson, said that 18 people died in separate landslides on the border of India in the Ilam District. He said that three people died from lightning strikes in southern Nepal and another person was killed by floods in Udayapur District, which is in eastern Nepal.
Authorities reported that 11 people have been missing and washed out by floods since Saturday.
Shanti Mahat is a spokesperson for the National Disaster Risk Reduction and Management Authority.
Authorities reported that several highways were blocked by landslides, and washed out by floods. This left hundreds of passengers stranded.
Rinji Sherpa is a spokesperson at Kathmandu Airport. He said that domestic flights were largely affected, but international flights continued to operate normally.
A district official reported that the Koshi River in southeastern Nepal was flowing at a level above danger. The river, which is responsible for deadly floods almost every year in eastern Indian state Bihar, flows over the danger threshold.
Dharmendra Mishra said that water flow in the Koshi River was more than twice normal.
Mishra stated that all 56 sluice gate of the Koshi Barrage were opened to drain water, compared to about 10 to 12. During a normal situation. He added that authorities "are preparing to ban heavy vehicle from its bridge."
Kathmandu's hilly terrain has seen several rivers flood roads and many homes, cutting off the capital from the rest the country.
Every year, hundreds of people are killed in Nepal's mostly mountainous areas by landslides or flash floods. These events occur during the monsoon period which starts normally in mid-June.
Officials from the weather service say that rains will likely lash the Himalayan country until Monday. Authorities say they're taking "maximum precautions and care" to assist those affected by this disaster. (Reporting and editing by Lincoln Feast; Gopal Sharma).
(source: Reuters)