Latest News
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Greenland refuses to renew the mining licence of Australian Energy Transition Minerals
Greenland Minerals (a unit of Australia’s Energy Transition Minerals) has been refused a renewal application for its exploration licence by the Kuannersuit project. The government issued a statement saying that further exploration of the area was unlikely to result in deposits that could be exploited according to the Uranium Act. The then ruling left-wing Inuit Ataqatigiit Party in Greenland, banned uranium mines in 2021. This effectively stopped the development of the Kuannersuit Rare-Earths Project, also known by its other name, Kvanefjeld. It has uranium produced as a 'by-product. Energy Transition Minerals announced in April that it had received from the Greenland Government a draft decision indicating the Mineral Resources Ministry intended to recommend the application be denied. When contacted outside of regular office hours, the Australian miner failed to respond immediately when contacted. Mute Egede is the Greenlandic Minister of Foreign Affairs and Mineral Resources. In a Facebook post, he said that the government had made this decision on the basis of legislation passed by the parliament. "At the sam time, we are listening to people in South Greenland who have been voicing their concerns for years. "We are committed to the course Greenland chose," said Egede. He was Prime Minister when the ban on uranium was implemented in 2021. (Reporting and editing by Paul Simao; Louise Rasmussen)
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US court rejects EPA's bid to relax regulations for coal-fired electricity plants
A?U.S. A federal appeals court rejected Friday the bid by the Environmental Protection Agency to remove Biden-era pollution limits for soot from coal-fired factories and power plants. This was a "setback" for the Trump administrations efforts at deregulatory. Last year, the EPA under Donald Trump asked the court to invalidate its 2024 rule. The agency claimed that it had acted unreasonable by not taking into account costs when setting the standard. The court rejected the petition and left in place the annual limit for fine particulate matter (PM 2.5) of 9 micrograms/cubic meter. The EPA, after initially defending its new rule, now wants to void it on the grounds that the EPA exceeded its statutory powers and acted unreasonable by not considering costs. We reject the petitions for review and motions for vacatur because these arguments are 'feasible. Under Biden, the EPA had stated that tighter limits could prevent more than 800,000. This included 2,000 hospitalizations and 4,500 premature death. The Trump EPA, however, has stated that the '2024 rule would cost "hundreds of million dollars if not billions" to American citizens if it were to be implemented and is based 'not on a complete review of the available science. The EPA said on Friday that it was reviewing the decision. Environmental groups called Trump's attempt to rollback the rule an egregious?retreat away from important public health protections. The Natural Resources Defence Council praised the court's decision. The environmental group stated that while the Trump EPA dragged their feet, millions of Americans continued to breathe unhealthy?levels soot - pollution which'science shows there is no safe level. This decision eliminates all doubt: The science has been clear for a long time, and the law now reflects that. (Reporting and editing by Sanjeev Mglani; Valerie Volcovici and David Shepardson)
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Stocks in the world are falling as a tech sell-off drags down markets
The global equities markets fell on Friday, and are set to decline for the week, as profit-taking drove a saleoff in chip stocks and technology companies, while crude oil dropped?as more tankers left Strait of Hormuz. Wall Street saw all three indexes trade higher, despite choppy trading, as gains in consumer discretionary and healthcare stocks were offset by losses in technology, industrials and energy. S&P 500, Nasdaq and Dow were all on course for weekly losses, while Nasdaq was heading for a gain. The chip stocks fell 4.5%, and they were expected to lose 7% this week. This is the biggest weekly drop since March. The Dow Jones Industrial Average gained 0.31%. The S&P 500 rose by 0.28%. And the Nasdaq Composite grew by 0.24%. Mark Hackett is the chief market strategist for Nationwide. He said, "It is a combination between a necessary and healthy period after the historic run since March and a drastic rotation away from tech and other things." "Overall, this selloff is modest in the context of things, and I expect that we will resume higher once consolidation ends, since investors are still buying dips, and fundamentals remain strong." Apple's price hikes fueled fears of structural inflation due to AI giants' massive spending and the limited availability of key components. European stocks dropped by nearly 0.9% and technology stocks by 1.54%. MSCI's Asian stock index outside Japan dropped by almost 3%. South Korea's KOSPI dropped as much as 5,8%. The MSCI index of global stocks fell by 0.34%, and the loss was expected to be 2% for the week. OIL PRICES DROP SHARPLY Oil?prices fell sharply on Friday as supply concerns eased. This was despite a cargo ship being hit in Oman, on Thursday. Shipping data from LSEG shows that Saudi Aramco, the world's largest refiner, resumed oil -loading at its Ras Tanura Terminal in the Gulf on Friday after a nearly 4-month pause. Brent crude futures dropped 4.24% to 72.07 per barrel. WEAKNESS OF THE YEN The yen was near its lowest level in 40 years against the dollar at 161.62. This is above the 160?level, which many consider to be a line drawn in the sand by Japanese authorities. The euro rose 0.33% to $1.1407, but it was on track for its second consecutive loss against the US dollar. The dollar index slowed but was on track for a second consecutive weekly gain versus peers. The index dropped?0.3% at 101.20. Bond yields were lower in Europe than the U.S. The yield of benchmark U.S. 10 year notes dropped 1.75 basis points, to 4.375%. Meanwhile, the yield of benchmark German Bunds 10-years fell by 0.76 basis point to 2.852%. Spot gold increased 1.5%, to $4.086.29 per ounce. Reporting by Chibuike OGOH in New York, editing by Chizu OMIYA
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UAE calls Iran to discuss Hormuz Security in Rare Visit after War Tensions
In a phone call with his Iranian counterpart Abbas Araqchi, UAE Foreign Minister Sheikh Abdullah bin Zayed stressed the importance of protecting maritime corridors as well as ensuring freedom of navigation through the Strait of Hormuz. The state news agency WAM reported the exchange. It marks a rare contact between Abu Dhabi, and Tehran, following tensions related to the U.S.-Israeli War on Iran. The two ministers had their first official conversation since the U.S.-Israeli strikes on Iran, followed by Iranian attacks in the Gulf region, including the United Arab Emirates, where U.S. military bases are located. Sheikh?Abdullah stressed the?need to comply fully with a U.S.Iran memorandum-of-understanding in order to achieve an "immediate, comprehensive cessation" of hostilities. He also emphasized respect for sovereignty, compliance with international law and an uninterrupted flow of maritime traffic through Hormuz. The call indicates an effort to move beyond strains in UAE and Iran relations. During the conflict, Iranian attacks disrupted Dubai’s hotel sector, prompted some expatriates leave, and harmed perceptions of stability within a country which?markets itself? as a regional?business?hub. Sheikh Abdullah stated that diplomacy was the best method to resolve crises. He expressed the hope that ongoing efforts will?lead? to lasting security and stability in the region. Reporting by Muhammad Al Gebaly in Cairo and Enas Allashray; Editing by Alison Williams & Ros Russell
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The falling energy prices will not deter the rising risks of civil unrest and violence in emerging markets
Analysts say that a drop in oil prices following a fragile U.S. - Iran truce helped to 'ease immediate inflationary tension in many emerging markets. However, 'cheaper oil will not be enough to defuse civil unrest, as the damage done by household finances is already done. Energy price increases and rising costs of living have been blamed for protests from Kenya to Indonesia to Bolivia in the last few weeks. Verisk Maplecroft, a global risk consultancy based in the UK, said that civil unrest worldwide reached a six-year-high in the second quarter 2026. It creates a quarterly index that tracks recorded protest events worldwide over a rolling 12 month period. The index measures their frequency, size and severity. Brent oil prices are nearing $70 per barrel, a return to pre-conflict values after an agreement?last weekend between Washington and Tehran allowed shipping through the Strait of Hormuz. The high energy prices have taken a toll on consumers. Oil prices are volatile, and any drop in the price of oil or other commodities when trade resumes through the Strait of Hormuz will take some time to reach consumers. Torbjorn Sltvedt is the head of EMEA for Verisk Maplecroft. He said that inflationary pressures from disruptions to shipping and damage in energy infrastructure will continue into the second half 2026. According to Verisk Maplecroft’s civil unrest Index, which measures protest sizes, deaths and commercial property damages, Iraq saw the largest proportional increase in protest activity of emerging markets during the last year. According to the index, India has seen a significant increase in protests since the second quarter of last year. In the last 12 months, several major emerging markets' risk scores have deteriorated. Brazil's risk score has deteriorated significantly. Iran's score, which was impacted by massive anti-government demonstrations and a crackdown in the first half of this year, also has deteriorated dramatically. DIFFICULT DECISIONS Not all governments are faced with the same decisions. According to Carmen Altenkirch of Aviva Investors, countries with fiscal buffers that are relatively stronger, such as Indonesia and Philippines, they can absorb some of the shock by subsidizing. The fiscally weaker face a difficult choice: either pass on higher prices to the consumers and risk unrest or absorb the costs and slow down fiscal consolidation. Soltvedt, Verisk Maplecroft, said that tighter public finances contributed to increasing inequality and poverty. Both are important risk drivers. A few emerging economies, including Bangladesh, Pakistan and Kenya, have seen a slight improvement in their level of civil unrest over the last year. However, all of them remain in high-risk terrain. Verisk Maplecroft identifies India, Mexico and Brazil as the most vulnerable countries. Jervin Niaidoo is a political analyst with Oxford Economics. He flags Ethiopia as a country to watch, along with Tanzania, Rwanda and the Democratic Republic of Congo. Naidoo stated that "early signs of fuel protests are a kind of foreshadowing of what is to come on the rest of Africa." The rating agency Moody's stated that the risk of negative actions is dependent on whether or not a government's response weakens fiscal trajectory. The International Monetary Fund's programme can be complex, since the Fund has encouraged governments to avoid large subsidies. Naidoo stated, "This is the place where you need to balance what you want to do with your domestic politics and what international lenders want you to." Kenya and Mozambique are among the countries that want to renew their IMF programme. Nicholas Sauer, Robeco, says that bond investors are likely to tolerate temporary and targeted fiscal measures. Some say that the direction in which fuel subsidy reform has progressed in emerging markets is generally correct. Carlos de Sousa, Vontobel, said: "When you compare the fuel subsidies today with those in 2022, it is clear that there will be a reduction of fuel subsidies." The ceasefire is fragile and pressure may increase.
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Gold increases as the dollar weakens, but still on course for a fourth consecutive weekly loss
Gold prices remained on course for a fourth straight weekly decline, despite a slight increase on Friday as the dollar declined and expectations of U.S. rate hikes were eased following inflation data. By 9:39 am EDT (1339 GMT), spot gold had risen 0.51%, to $4 046.70 an ounce. U.S. Gold Futures for August Delivery rose by 0.35%, to $4.061.40 an ounce. The U.S. Dollar eased off recent highs following the release of the Fed's preferred index on Thursday. The U.S. The Personal Consumption Spending Price Index? grew 4.1% over the past 12 months, which is in line with economists' predictions in a survey. According to CME Group’s FedWatch Tool, traders are pricing in a?60% chance of an increase in U.S. interest rates in September. This is lower than the?64% expectation earlier. Jim Wyckoff is a market analyst with American Gold Exchange. He said that gold has seen a modest recovery after being under pressure to sell earlier in the week. The appeal of non-yielding gold is reduced by higher interest rates and tighter policy, which tend to increase bond yields?and increase returns from interest-bearing investments. Gold prices fell by 2.6% this week, and spot gold reached a record low of more than seven months. TD Securities stated in a report that sustained strength in the energy markets may put downward pressure on gold in the months to come. This week, gold?traded at a premium for the first time since a month-and-a-half, after a price adjustment?boosted buying. Meanwhile, demand in China, the largest consumer, remained subdued. Silver spot rose by 0.42%, to $58.1109 an ounce. Palladium rose 1.25%, or 1.21%, to $1199.25, while platinum gained 0.21%, or $1604.45.
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After deadly earthquake, international aid is heading to Venezuela
Venezuela is receiving cash, emergency aid and rescuers after two powerful earthquakes that shook the area around Caracas left thousands of people missing. Details of foreign aid are listed below: UNITED NATIONS U.N. humanitarian?body reported that 25 international teams with 1,000 personnel total had been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort would be needed in order to support a government-led response. UNITED STATES The U.S. State Department announced that it is?mobilizing? $150 million in assistance. The U.S. State Department said it is mobilizing $150 million in aid. Washington will also send a disaster response unit with two urban search and rescue units and provide airlift, logistic and coordination support for moving personnel and lifesaving supplies to affected areas, according to the State Department. The U.S. Military is also supporting other relief efforts, including the transport of supplies and personnel. DOMINICAN RUBRIC The Dominican Republic sent a rescue team to La Guaira in order to join the Venezuelan forces. A senior officer from the Dominican Air Force said that rescue workers were using flashlights, sound equipment, and specialized gear in order to search for people inside collapsed buildings. EL SALVADOR El Salvador's President Nayib Bukale pledged 300 rescue workers, paramedics and 50 tons of medical supply to Venezuela in the early morning hours of Friday. MEXICO Venezuelan interim president Delcy Rodrguez posted video footage of Mexican soldiers arriving with sniffer dogs. Mexico will initially send 250 military rescue personnel and five rescue dogs. It will also provide four aircraft, a Drone, medical supplies, equipment for rescue, and rescue equipment. The government of Venezuela has allocated EUR1,000,000 ($1.14million) for emergency aid. The Ministry of Defense said that "canine units trained in search-and-rescue are expected to play an important role in the hardest hit areas by the twin earthquakes." SWITZERLAND Eighty rescue workers from Switzerland and 18 tons of supplies have arrived in Aragua. RED CROSS On Friday, the first 17 tons of humanitarian aid will leave the regional humanitarian hub of the International Federation of the Red Cross in Panama and head to Venezuela. Loyce Pace is the Americas Regional Director of the IFRC. She said that the cargo included kitchen sets, hygiene kit, mosquito nets and other essentials. Subrahmanyam Jishankar, Indian Minister of Foreign Affairs, said that two air force planes left for Venezuela with a field-hospital and 35 tons worth of medical supplies, relief materials, and medicines. GERMANY On Friday, a 48-member federal German disaster relief team will be deployed to Venezuela?to help with rescue and recovery efforts. POPE LEO VIII Vatican media reported that Pope Leo sent EUR100,000.00 to Venezuela as relief for the quake, from the Vatican charity fund. WORLD CENTRAL KITCHENER Chef Jose Andres said that his team has begun to distribute meals in Caracas. He said that his Longer Tables Fund would immediately donate $1 million to Venezuela. COLOMBIA Colombia's National Unit of Disaster Risk Management said that it had mobilized a urban search and rescue team of over 60 people, with four dog teams and 12 metric tonnes of?equipment to Venezuela. The mayor announced that nine firefighters from Cali would be assisting in search and rescue efforts. ECUADOR Ecuador will send a team of rescuers to Venezuela on Wednesday, which includes 46 urban search and rescue specialists, two dogs, and six tons of equipment. PANAMA Panama has said that it will send a rescue team to Venezuela, and organize humanitarian aid. FRANCE France has announced that it will be sending a unit of urban search and rescue to Venezuela, including medical teams and engineers as well as dogs to locate and remove survivors from collapsed building. Italian Foreign Minister Antonio Tajani stated that firefighters, the Ministry of Defense and the Air Force were mobilized to offer assistance.
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The Louis Vuitton waterfall show is a hot topic in Paris
LVMH, the luxury group, said that no water was wasted when its flagship Louis Vuitton opened Paris Fashion Week Tuesday. The French capital is currently experiencing a heatwave of record proportions. The eight-metre high wave, set against a runway covered in sand, was the backdrop for Pharrell's spring-summer 2027 show. The structure was placed outside Cite Universitaire in southern Paris, a 20th century residential complex that houses more than 12,000 students a school year. Images of the installation, which was installed in France when temperatures soared above 104 degrees Fahrenheit, quickly attracted the attention of local politicians and residents. This rekindled the debate over the way fashion brands exploit the city's landmarks and use them for commercial purposes. The water that was used to create this wave came from the Paris water system. It was pumped there and then redirected into the sewer system of Paris via a closed loop system, according to a LVMH spokesman. She said the sand will be recycled in the Cite Universitaire beach-volleyball court and by a recycling partner. The event 'had been adapted for heatwave regulations. Jerome Duplan, the Cite Universitaire’s director of communications, also stated that water was pumped through a closed loop system. "A VERY UNFORTUNATE MESSAGE" Fashion Week supporters say that staging runway shows on public buildings will enhance Paris' reputation as the fashion capital of the world. However, some of the ambitious projects of the industry have been met with resistance by locals. Williams' debut show in 2023, which closed off Paris' 'oldest bridge' near the Louvre and Notre Dame Cathedral, was accused by French politicians of appropriating space. Melody Tonolli is the Paris deputy mayor responsible for the living conditions of students. She said, "I can understand the public's response to poorly explained privatisations with access restrictions and a display in the middle?of a?heatwave that sends an unfortunate message." LVMH stated that the six-week duration of the installation was agreed with its host. Duplan, from Cite Universitaire, said that Louis Vuitton’s sponsorship had helped to fund the structure. The Cite Universitaire is facing financial pressure due to a decline in public funding and rising costs. However, some of its residents claimed that they were treated unfairly, and that they couldn't use certain facilities despite paying rent and had to?adjust their daily routines due to?the event. The show highlighted a stark difference between the 'extreme wealth' of those on display and their own living standards. Emma Keller, a student at the University of Pennsylvania said: "When you look at where we live, how we live, and what Louis Vuitton just created, it's a complete contradiction." Reporting by Alessandro Parodi, Tassilo Humble and Elissa Darrah in Paris. Editing by Ros Russell.
What is the "Omega Block" causing Europe's intense summer heatwave?
A weather pattern called an 'omega block' is sustaining the intense heatwave that has engulfed Western Europe and caused more than 50 deaths in France.
What you need to understand about Omega blocks and whether climate change could make them more frequent in future years.
What is an 'Omega?Block'?
The Greek letter O is the shape of an omega block. It has a bulge between two low pressure systems that are cooler and warmer.
The "blocking element" refers to the way in which warm, high-pressure air becomes stuck. In normal conditions, the Jet Stream carries weather systems from west to east.
This flow can be disrupted during an Omega Block and can buckle north and south dramatically, isolating pressure systems. These patterns are slowed down by weaker steering winds, and by temperature contrasts in the atmosphere.
This causes a hot, still air to be trapped in the same place. Omega blocks can last for up to 10 days.
WHAT HAPPENS WHEN AN OMEGA BLOCKS?
Conditions become 'hot and dry' in the area of high pressure. High pressure suppresses the formation of clouds, which results in clear skies and sunny skies.
Conditions like this are baking France, and Spain where temperatures have exceeded 40° Celsius (104° Fahrenheit).
Low-pressure zones flanking the hotspot are likely to experience cooler and rainier conditions.
According to the UK Met Office, Britain is on the boundary of the high-pressure systems and cooler air in the northwest, causing intense heat in south and east and cooler and wetter conditions to be found in north and west.
Is climate change responsible?
Scientists are not yet in agreement on how climate change affects the frequency of blockage events, although some research suggests that global warming increased their frequency this century in northern and western Europe.
The global scientific consensus, however, is that climate change increases the 'frequency and intensity' of heatwaves.
Since pre-industrial times, greenhouse gas emissions, mostly from burning coal and oil, have warmed the earth by approximately 1.4 C.
Heatwaves are more intense when temperatures are higher.
Scientists stated on June 26 that the European heatwave was "virtually unavoidable" without?climate changes caused by humans. This has made this week’s oppressively hot temperatures at night 100 times more probable than it would have even been two decades ago.
World Weather Attribution, a group of climate scientists, said that a similar heatwave in the same month fifty years ago would have been around 3.5° Celsius cooler than this one.
The heat that results from patterns such as omega blocks can be much more intense because of the way climate change has increased global temperatures. (Reporting and editing by Richard Lough, Ros Russell, and Kate Abnett)
(source: Reuters)