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Egypt increases most household electricity tariffs by an average of 12%
The Electricity and Renewable Energy Ministry in Egypt announced on Friday that the rates would remain unchanged for households within the first consumption category, but increase them by an average of 12 percent for all other residential customers. The ministry stated that it had approved the new accounting rate "in order to ensure the stability and financial sustainability" for Egypt's electricity and renewable energy network. This includes production, transmission, and distribution. Egypt spends about 100 billion pounds ($1.9 billion) a year to bridge the gap in production costs and consumer tariffs. The state subsidy is shrinking with increasing household consumption. Customers pay 25% at 50 kWh per month, increasing to 50% at 300kWh, 60% at 500-600kWh and 88% at 700-1,000kWh. According to the ministry, households that consume 2,000 kWh are required to pay for their entire bill without any subsidy. Egypt raised electricity prices in April for commercial and residential users who use more energy. The increase was attributed to a global energy crisis caused by the Gulf War, which had doubled Egypt's import bill. A drone attack, which caused damage to Egypt's Floating Store Regasification Units (FSRU), prompted the government to increase prices.
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Exxon and Chevron warn that fuel prices will continue to rise due to the Iran war
ExxonMobil, Chevron and other top U.S. oil companies warn that global supplies of refined products and diesel will remain tight and lead to high prices for the rest of the year. The Iran war is causing major disruptions in energy supply. The two companies both reported huge increases in their second-quarter profits for refining on Friday, as they saw an increase in margins due to declining fuel stocks combined with reduced exports from China and refinery problems in Russia. Mike Wirth, CEO of Chevron, said in an earnings call that "we'll see some upward pressure on product pricing... into the third and possibly beyond that." He also added that the demand for distillates such as diesel and heating oils is unlikely to decrease over the long-term. As U.S. gas prices continue to rise, the margins and resulting?profits will increase. This is a challenge for President Donald Trump as well as the Republican Party who are battling to keep their majority in Congress during the November midterms. The largest?U.S. The oil majors claim that they are doing all they can to maintain output. HIGH PRODUCTION Exxon reported that it operated its U.S. refining plants at full capacity, and had a second quarter record for diesel production. Chevron also said that it had achieved a record throughput of over 1 million barrels / day at its U.S. refining facilities. Exxon CEO Darren Woods still said that it was critical to resume shipping through the Strait of Hormuz in order to?supply crude oil to the market. "The usage that we have seen cannot be sustained on a long-term basis." "I think that this refining problem will be with us for a long time," he told CNBC. Woods said that the company's largest refining footprint outside of China is in the United States, and that disruptions to crude supply have made it difficult for the downstream business. Chevron estimated that downtime during the third quarter would cost downstream earnings between $175 and $225 million. Exxon said scheduled maintenance will be lower in the third quarter than the previous three month period. RBC Capital Markets' Biraj Borkhataria, an analyst at RBC Capital Markets, said that some investors might have expected Exxon, given its large refinery footprint, to report even stronger results in refining. Exxon's second-quarter earnings were just below consensus expectations, but Chevron exceeded them. Exxon's shares fell 1% while Chevron rose about 2%. Sheila Dang, reporting from Houston; Nathan Crooks & Rod Nickel, editing.
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Stocks are boosted by earnings from the tech sector; bond yields reach multi-year highs
U.S. stock prices rose on Friday, as investors re-entered the AI market after?strong earnings by Amazon and Microsoft. Meanwhile, longer-dated Treasury rates hit multi-year highs amid fears that rising oil prices could fuel inflation. A source said that currency markets were also on high alert for any further intervention a day after the Japanese authorities intervened to support the yen. Microsoft forecasted strong cash generation for the fiscal year 2027. Amazon's cloud revenue grew at its fastest rate in over four years a day after that, assuring investors who were eager to see proof that AI investments are paying off. Andy Jassy, CEO of Longbow Asset Management, Tulsa Oklahoma, said: "There was concern that Amazon's expenditures were moonshots, or irresponsible." The Dow Jones Industrial Average increased 0.53%, to 52,485.74, while the S&P 500 rose 0.70%, to 7,489.81, and the Nasdaq Composite gained 1.00%, to?25,373.85. Apple's shares dropped by more than 7% after a disappointing report showed that it was having difficulty securing enough components due to the AI-driven boom in data centers. South Korea's KOSPI, which had suffered heavy losses this week, jumped 17.91%. It was a record-breaking comeback. The tech-heavy stock exchange, which is still around 30% below its all-time peak, has become a symbol of investor sentiment towards AI-related shares. The MSCI index of global stocks rose by 1.22% to 1,120.59. The pan-European STOXX 600 fell by 0.12% while Europe's FTSEurofirst 300 fell by 0.09%. HAWKISH FED SPEAK SENSES BOND YIELDS HIGHER Three Fed policymakers, who had dissented for a rate increase at the meeting this week, made their case on Friday in public. The Fed held rates steady, a result that was expected and in line with the market's pricing which indicated a roughly one-in-three probability of a rate hike. The decision was met with unusually high uncertainty, however, due to traders' adjustment to Fed Chairman Kevin Warsh’s preference for less guidance. The yield on the benchmark U.S. 10 year notes increased by 4.51 basis points, reaching 4.747%. This is the highest level since January 2025. The 30-year yield increased by 4.39 basis points, to 5.259%. This is the highest level since mid-2007. The odds are 69% that the Fed will raise rates at its September meeting. The oil prices ended July with a $1 increase per barrel, their largest monthly gain since March. This was due to concerns about global crude flow after Iranian reports said that some tankers had been forced to return in the Strait?Hormuz. Teddy Bunzel is the head of Lazard Geopolitical Advisory, Lazard Asset Management. He wrote: "The shock-absorbing capacity of oil markets is rapidly diminishing, and a failure to deescalate will be more costly than previous tensions." The crucial Strait of Hormuz remains blocked. Houthi-backed Iran has also attacked the alternative route through Bab el-Mandeb Strait, worsening the situation. BOJ HOLDS RATE DAY AFTER INVESTMENT The yen gained 0.22% against greenbacks?to 159.16 each, after sharp gains on Thursday, when Japan carried out yen-buying and dollar-selling interventions, according to market sources. A source familiar with this matter said that the U.S. Treasury told banks to "stand by" for any future intervention in the yen markets on Friday. The BOJ held interest rates at the same level on Friday but indicated its determination to increase borrowing costs. BOJ Governor Kazuo Ueda stated at a press briefing that inflation risks are skewed upwards and the central banks is prepared to accelerate rate increases if monetary conditions are accommodative. Analysts say that the BOJ's rate hikes are unlikely to improve the outlook of the yen. "The fundamentals and technicals of the yen are very poor." Lauren van Biljon is senior portfolio manager for rates and FX at Allspring Global Investments. She said that intervention was not a long-term, credible solution. The dollar index fell by 0.12%, to $99.95. The euro rose 0.02%, at $1.1529. Spot gold dropped 1.26%, to $4.050.69 per ounce.
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France and Spain help Greece to fight fires near Athens
Greece fought?wildfires in multiple locations on Friday, from the outskirts and central parts of Athens all the way to Crete. France and Spain gained some relief after bringing the major fires under control. Wildfires have ravaged Europe this summer, following a series of record-breaking heatwaves. This has left 'vast' stretches of parched vegetation ready to burn and forced hundreds of thousands to flee. As smoke billowed out of densely forested hills surrounding Athens, authorities scrambled a formation water-bombing planes to put out the fire. Boeotia is a small coastal town located north-west from Athens. Residents and visitors were evacuated by coast guard boats, fishing vessels and helicopters as thick orange smoke covered the area. Images from live images showed olive trees on fire in the rolling hills. As the night fell, the red glow of flames could be seen on an inaccessible hilly terrain?above Porto Germeno a seaside town that is a popular getaway for Athenians. Residents were warned to leave the area. The winds may have died down. That's the good news for today. The intensity of the fire seems to be down, but there is still a large, uncontrolled front," Georgios dasiotis said, vice-prefect of Boeotia Prefecture. Dasiotis, a Greek SKAI TV reporter, said that most of the fire was located in an area that was difficult to access. On Friday, there were more than 70 fires across the country. The Greek fire brigade warned that it was on maximum alert and that fires were particularly frequent in Evia, a small island east of Athens, where the Attica peninsula is located. IMPROVEMENTS ON THE LANDSCAPE IN FRANCE & SPAIN Authorities in southwestern France began allowing residents to return home after declaring a major fire, which had been burning for over a week, as?contained. In a press release, Gironde Prefect Sophie Brocas announced that evacuation orders had been lifted in 12 districts to the west and south of Bordeaux. This allowed 144,000 people out of 220,000 who were displaced, to return home. Recent scientific studies confirm that climate change caused by humans is responsible for the extreme heat and drought experienced in Europe over the past few months. This has left no respite to emergency crews. Climate Monitor data showed that Europe's average temperature was predicted to be 24.9% Celsius (76.8% Fahrenheit) on Friday, 3.3 C (5.4 F) higher than the norm from 1961-1990. This makes it the continent farthest away from its historical norm. In recent weeks, the plumes of smoke ash that were blown into the air have exposed millions to harmful air pollution. Scientists are concerned about fine particulate pollution, also known as PM2.5. This is linked to cardiovascular disease, lung cancer, and respiratory problems. Tourists evicted Crews on the Greek island Crete were still fighting persistent hotspots along a 15 km (9.3 mile) front, and preventing new outbreaks. The fire in central Crete forced hundreds of tourists to evacuate, both by land and sea. Giorgos tsapakos, the deputy regional governor of Civil Protection of Crete said: "We are fighting an enormous battle to contain the fire and hope to have it under control by the end of?day." Tsapakos stated that the firefighters were having a difficult time due to strong winds predicted until Saturday night with gusts up to 115 km/h (71mph). The International Federation of Red Cross and Red Crescent Societies based at?Geneva estimates that 2,000 tourists have been evacuated due to fires in Crete. They also claim that homes, farmland and olive groves, as well as livestock, were destroyed. Spain lifted its national emergencies in Avila and Madrid on Thursday, returning control back to the regional authorities when conditions improved. Fire crews were on high alert on Friday for any flare-ups, and nearly 1,000 residents from seven housing developments in Pelayos de la Presa & San Martin de Valdeiglesias (capital region)?were unable to go home. A fire in the province of Castellon, further east, was still active for 48 hours but did not spread. About?7,000 people are still displaced. However, about 1,000 of them have returned to their homes. Firefighters in Zamora, near the Portuguese border's Arribes del Duero Natural Park were hampered by strong winds. Flames spread through canyons of the Duero River and Tormes River. Fourteen villages have been evacuated, and two more were told to stay indoors.
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Amazon sued by customers over claims of seafood sustainability
Amazon.com was sued by consumers on Friday who accused it of misrepresenting the benefits to the environment?of the seafood that is sold on its platform, a practice called greenwashing. In a proposed federal class action, consumers claimed that labels with phrases like "dolphin-safe," "responsibly source," "sustainable," and "wild caught" led them to believe Amazon's seafood sources cause minimal harm to the oceans and environment. Consumers called these?representations unsubstantiated, or materially incorrect because most fishing boats are not tracked publicly and some vessels obscure their location by disabling transponders. The consumers also claimed that at least a fifth of imported wild-caught fish is not responsibly sourced. The complaint stated that Amazon "markets the greenwashed products with broad sustainability messages, but without providing disclosures needed to prevent consumer misinformation." Andy Jassy, the Chief Executive Officer of the Seattle-based company, said in a conference call with analysts on April 29, that it is aiming to be the second largest U.S. retailer with gross sales exceeding $150 billion by 2025. Amazon and the lawyers that represent it in consumer class actions have not responded to comments immediately. The company is frequently sued over the products that are sold through its platform, even by third-party sellers. BUMBLE BEES, CHICKEN FROM THE SEA, STARKIST The lawsuit targets dozens of products including tuna, salmon, and other seafood under brands such as Bumble Bee and StarKist, and Amazon's "365 by Whole Foods Market". Madeleine Rogow from Los Angeles and Adam Sorkin from Chicago, who led the plaintiffs, said that they would not have purchased or paid less for their fish if Amazon had disclosed its "true sustainability nature." Amazon is accused of violating Washington consumer protection laws. The lawsuit seeks punitive and compensatory damages as well as restitution from the people in?the United States. In the Friday lawsuit, the respective?parents of Bumblebee, Chicken of the Sea, and StarKist -- Taiwanese FCF, Thai Union Group, and South Korea's Dongwon Industries - are not defendants.
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Gold prices are down but on track to finish the best month since February
Gold fell 2% on Friday as the U.S. Dollar rebounded from a session low of more than a month. However, the metal is still on course for its first gain in five months as weaker inflation numbers reduced expectations of future rate hikes in the U.S. At 1:40 pm EDT (1740 GMT), spot gold fell 1.3% to $4,049.83 an ounce after dropping 2% earlier. U.S. gold futures for August delivered fell 1.3% to $4107. This is the biggest monthly increase in gold since February. Oil prices have fallen to levels seen before the Iran war and traders are now reducing their expectations of Federal Reserve rate hikes this year. Han Tan, Bybit's chief market analyst, said that "although gold is about to end a four-month loss streak, it has struggled to create a larger gap above the psychological level of $4,000". Tan said that the metal's price remains above $4,000 due to expectations that Fed chair Kevin Warsh will broaden his central bank's focus from its preferred inflation and rate increases. The data released on Thursday shows that U.S. inflation rates slowed down in June. However, the slowdown was only temporary as renewed hostilities across the Middle East pushed up oil prices. Warsh pledged this week to be unwavering in his commitment to reduce inflation without indicating a willingness to raise interest rates. The dollar was stable after dropping 2.4% on Friday, its biggest one-day decline since January 2023. The dollar's strength makes gold more expensive for those who hold other currencies. According to the CME FedWatch Tool, traders see a 65% probability of a rate hike in September compared to a higher than 80% likelihood a week earlier. A statement revealed that China's market regulator also urged solar companies in another meeting to resist a "vicious" competition of prices. Silver is an important industrial metal that's used in solar photovoltaic panel manufacturing. Spot silver dropped 2.1% to $57.76 an ounce. Palladium fell 1.8%, to $1281.18, while platinum dropped 0.6%, to $1650.14. Both metals are still on track for gains this month. Noel John in Bengaluru and Swati verma reporting. Mark Potter edited the article.
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Trump claims that the 'weaponization fund' is dead, despite his wishes. Blanche's nomination also stalls.
?U.S. Donald Trump said on Friday that his "anti-weaponization fund" was dead, despite his fondness for it. This is despite a standoff between Republicans in the Senate which has slowed his bid to get Todd Blanche appointed as acting U.S. attorney general permanently. To be honest, I would rather it wasn't dead. He said, "I think people were horribly mistreated, horribly abused", during a cabinet discussion, a day after threatening not to nominate the candidate until next year, after two important senators opposing him leave office. "I would like to see compensation for their pain." He warned Republican senators that "they will never get anyone like him" and urged them to confirm Blanche. He also criticised Senator John Cornyn, saying that he held up Blanche’s nomination until Trump endorsed Cornyn’s primary opponent. Trump added, "I would be angry too." "I can totally understand." He shouldn't act that way. "I shouldn't act that way." Cornyn, along with fellow Republican Senator Thom Tillis, have "held up" Blanche's nominee while seeking written assurances from the Justice Department that it will not establish the $1.8 billion program to combat weaponization. Trump critics have criticized it as a slush-fund to reward supporters with taxpayer money. Blanche told senators previously that the fund is dead but she has not yet agreed to write it down. In a post on social media, Trump had defended Blanche earlier in the day. He asked for his confirmation and spoke of the fund using the present tense. Tillis claimed that Trump's tweet indicated that he believed the fund was still operational. Tillis wrote in a X post that Trump had made it clear "that the Anti-Weaponization Fund was still alive." This is why we're trying to formally terminate it. The office of Tillis did not respond immediately to a comment request about Trump's claim that the fund is dead. Tillis stated that he would continue to work to resolve the impasse, and blamed Trump's "incompetent advisor" for the lack of progress. Cornyn, Tillis and their Senate terms will end early in January. According to a source familiar with the situation who spoke under the condition of anonymity, Cornyn, Tillis and their Senate term ends at the beginning of the month. Blanche, Trump’s former personal lawyer, who was appointed acting attorney general in early April, also met with Republican senator John Curtis. Blanche does not have to be confirmed in order to serve as Trump's attorney general during the remainder of his term. This is because acting officials are allowed to serve while their nominations are pending before the Senate, and as long as they do not get formally rejected or withdrawn. The "anti weaponization" fund, which was created as part of the legal settlement between Trump's Justice Department and his $10 billion lawsuit with the Internal Revenue Service for allegedly mishandling tax records, was halted by?congressional Republicans. The fund may benefit Trump's allies, who claim they have been unfairly targeted by federal authorities for their participation?in an attack on the U.S. Capitol in January 2021 after Trump lost his 2020 reelection bid. Cornyn said on Thursday that he was awaiting formal assurances from the Justice Department that it would not "implement" the fund. Cornyn, Tillis and others are also against a 'deal with the IRS that prevents tax audits for Trump and his associates. Trump said that the fund would "not benefit me but the great American Patriots whose lives have been unfairly and illegally ruined and who were hunted like dogs." Tillis said that those who have attacked law enforcement agencies should be still in prison, and not receive a federal check.
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Wall Street gains from tech earnings, bond yields reach multi-year highs
U.S. stock prices rose on Friday, as investors re-entered the AI market after strong earnings from Amazon.com and Microsoft. Meanwhile, longer-dated Treasury rates hit multi-year highs amid fears of inflation due to rising oil prices. A day after the Japanese authorities intervened to support yens, currency markets remained?on high alert for any further intervention. Microsoft?forecast?strong cash generation until fiscal 2027. Amazon's cloud revenue grew at its fastest rate in over four years a day after that, assuring investors who were eager to see proof that AI investments are paying off. Art Hogan is the chief market strategist for B. Riley Wealth. He said that there have been significant declines in the past month, especially when it comes to artificial intelligence. "Now that the hyperscalers and in particular Amazon are coming out and discussing the amount of demand and revenue for their cloud services which is in general a lot of small and medium business, this has put a significant back in the neocloud companies and their offering as it pertains rollout of AI strategy." The Dow Jones Industrial Average rose by 0.47%, to 52452.14, while the S&P 500 grew by 0.43%, to 7,469.60. Nasdaq Composite gained 0.55% to 25,261.38. Apple's shares dropped by nearly 10% after a disappointing report?showed the iPhone maker struggling to secure sufficient components in the face of the AI-driven boom in data centers. South Korea's KOSPI, which had suffered heavy losses this week, jumped 17.91%. This was a record-breaking comeback. The tech-heavy stock exchange, which is still around?30% from its high, has become a symbol of investor sentiments towards AI-related shares. The MSCI index of global stocks rose by 11.73 points or 1.06% to 1,118.77. The pan-European STOXX 600 fell by 0.12% while Europe's FTSEurofirst 300 fell by 0.09%. HAWKISH FED?SPEAK SENSES BOND YIELDS HIGHER Three Fed policymakers, who dissented from a rate increase at the meeting this week, made their case for higher rates public on Friday. The Fed held rates at the same level, a widely anticipated?outcome which was in line with market expectations. These prices indicated a one-in three chance of an increase. Dallas Federal Reserve President Lorie Logan said that the U.S. Central Bank will not be in a position to bring inflation back to its 2% goal without "modest actions in the near-term," given the solid labor market and the upside risks of price pressures. This was similar to comments made by Cleveland Fed president Beth Hammack and Minneapolis Fed president Neel Kazhkari. The yield on the benchmark U.S. 10 year notes increased 7.58 basis points, to 4.739%. This is the highest level since January 2025. The 30-year bond rate increased by 6.43 basis points, to 5.2713%. This is the highest level since mid-2007. Traders have now priced in 69% of the odds that the Fed will increase rates at its September meeting. The oil prices rose on Friday, and are expected to make a significant monthly gain. Reports that some tankers had to turn back in the Strait of Hormuz caused traders to reassess the shipping flow through this key waterway. Teddy Bunzel is the head of Lazard Geopolitical Advisory, Lazard Asset Management. He wrote: "The shock-absorbers in oil markets have dwindled fast. Failure to de-escalate will be more costly than previous 'rounds of tension. The crucial Strait of Hormuz remains blocked. Houthi-backed Iran has also attacked the alternative route through?Bab el-Mandeb Strait, worsening the situation. BOJ HOLDS RATE DAY AFTER INTERVENTION According to a source in the market, after Japan's intervention on Thursday, which involved yen buying and dollar selling, the yen gained 0.17% to reach 159.27 against the dollar. A source familiar with this matter said that the U.S. Treasury also informed?several financial institutions it could intervene on the yen exchange market on Friday. They should be "prepared for future action". The BOJ kept interest rates at the same level on Friday but indicated its determination to increase borrowing costs. BOJ Governor Kazuo ueda stated at a press briefing that inflation risks are skewed upwards and the central banks is prepared to accelerate rate increases if monetary conditions become more accommodative. Analysts say that the BOJ's intervention has not been a?successful way to provide durable support for yen and the outlook of the currency is unlikely to improve unless it raises interest rates. "The fundamentals and technicals of the yen are very poor." Lauren van Biljon is senior portfolio manager for rates and FX at Allspring Global Investments. She said that intervention was not a long-term, credible solution. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) fell by 0.03%, to 100.04; the euro dropped 0.1%, to $1.1515. Spot gold dropped 1.45% to $4.043.12 per ounce.
Caribbean Bets on biofuel, boats and barriers as sargassum piles up
Each day, hundreds of Mexican hotel employees, tractor operators, and Navy personnel with specialized training head out to the beach at dawn to remove massive amounts of rotting seaweed from Caribbean beaches near popular tourist resorts.
Hotels in the Caribbean have slashed rates and invested millions of dollars to remove the foul-smelling algal blooms from their beaches. Governments and businesses are also looking for solutions.
How it all began
Sargassum, a brown seaweed which forms floating'mats' on the ocean surface, was previously confined to the 'Sargasso Sea in?the North Atlantic. However, unusually strong winds in 2010 blew sargassum out into the nutrient rich tropical waters of West Africa where it thrived.
The seaweed that was displaced became a belt of self-sustaining algae, which travelled on ocean currents through the Caribbean and north Brazil, bringing a mass of algae to Caribbean island nations and the Riviera Maya, as well as the Gulf of Mexico.
Sargassum is a tropical Atlantic sargassum that feeds off nutrients from rivers like the Amazon, Orinoco, and Congo, upswells of the deep oceans, Saharan dust, and rising sea temperatures.
WHERE IS IT GOING?
The University of South Florida’s?Optical Oceanography Lab anticipates that 2026 will be the second largest year in terms of sargassum, and more seaweed is likely to accumulate around the Caribbean region and southeastern Florida over the coming months.
Brian Barnes, a research assistant professor at the University's College of Marine Science who works in the laboratory, said that the novelty of this phenomenon and its seasonality make it difficult to predict its future course.
He said that the seaweed's mass could double every five years.
MEXICO RECORD NUMBERS
Mexico is looking to protect the tourist attractions along its Riviera Maya, including Cancun and Tulum, by purchasing more boats for picking up sargassum, and deploying larger barriers off of the coast.
According to data from the government, Mexico has collected 96,151 tons of sargassum this year. This is up from 92783 tons in 2012.
Mara Lezama said at a Thursday press conference that the best way to combat sargassum was to intercept it before it reaches our coastlines.
Federal Mexican officials expect a new open sea sargassum ship to arrive in a month. They are also looking for more ships to be sourced from Japan, and to supply smaller Mexican vessels to Dominican Republic.
CREDITS FOR CARBON
Some companies are attempting to get carbon credits by sending out boats that make bales from sargassum, which releases methane when it decomposes. They then sink these to the ocean floor. However, this practice has raised concern about possible abuses, impacts to deep-sea eco-systems and over-harvesting of offshore clusters.
Barnes explained that it's important to strike a balance, because the sargassum off-shore is a habitat for turtles and other fish. If you want to clean up the Caribbean, you will have many collateral damages.
Barnes stated that many companies contacted him to ask for his advice on carbon credits projects. However, he wasn't convinced they would produce positive results.
When life gives you a sargassum
Sargassum's abundance has prompted a number entrepreneurs to attempt to transform the seaweed into lucrative commercial products or new energy sources. They have overcome challenges, such as safely removing the toxic metals that are absorbed by the algae.
Alicia Barcena, the Environment Minister, said that out of 200 projects, at least 11 could be industrialized and 39 are already producing products. These include fuel, bioplastics, laminates, and fertilizers.
Felix Navarrete is an executive with sargassum refiner Carbonwave. He said that his company already sold fertilizer overseas and after receiving regulatory approval from Mexico's sanitation watchdog was now looking to market to local farmers.
Carbonwave is also interested in supplying materials to the textile and cosmetic sectors. Quintana Roo's state government plans to expand a Cancun biofuel?plant.
What's Next?
The Caribbean Government and Industry Leaders have warned about the severity of the crisis. They also encourage tourists to continue visiting their beaches, make the most out of their vacations and stay up-to-date by choosing less affected areas.
Mexico will host a conference in Cancun in early October, which is a joint European Union and Caribbean conference on Sargassum. Representatives from both regions will discuss ways to increase sargassum collections while protecting coral reefs and beaches. (Reporting and editing by Tom Hogue; Sarah Morland)
(source: Reuters)