Latest News
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Major underground and tunnel rescue operations
Rescuers pulled out two survivors on Friday from a tunnel connected to a hydropower plant on Nepal's Trishuli River, nine days after the glacier collapse that caused a torrent of ice and mud. Here is a list with some of the most important rescue operations. Rescuers in 2023, who used drills to remove debris such as rock, earth and concrete, rescued 41 workers trapped inside a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char Dham highway, which connected four Hindu pilgrimage locations in northern India. 2018 - A group of 12 boys, their soccer coach and the Tham Luang cave complex in Thailand were trapped after sudden monsoon rains blocked out the exit. Divers located the group alive after a multi-day search. They rescued all thirteen. In 2010, 33 miners who were trapped underground for two months by a collapse in the San Jose mine?in Chile's Atacama desert, were rescued. In October 2007, all 54 trapped miners at a goldmine in Western Australia were rescued after a fire. Fire broke out in a 'caterpillar truck that was working underground at the Kanowna Belle Gold Mine. Sixteen miners were trapped in the collapsed 'Beaconsfield Gold Mine' on Tasmania, a southern Australian island. Fourteen miners escaped immediately, one died, and two were rescued after spending a total of?two weeks?about one kilometre underground. In July 2002, nine miners were rescued after spending more than 77-hours underground in the Quecreek Mine of Pennsylvania.
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Turkey, AIIB sign cooperation deal, first focus on marine cleaning, minister says
Murat Kurum, the Environment Minister, announced on Friday that Turkey had signed a collaboration agreement with the Asian Infrastructure Investment Bank. The AIIB will help support environmental investments, urban infrastructure, and climate change initiatives. Kurum stated that the first phase of the agreement will focus on environmental projects within the Marmara Region through an investment package valued at around EUR400million ($465million). Kurum stated that "we aim to provide significant assistance for the cleaning up of the Marmara Sea?and our battle against sea snot by investing a package worth approximately EUR400 million. This investment will be primarily used for advanced biological wastewater-treatment facilities." He didn't say how much total investment could be, or what the next phases of the agreement would look like. In the past, Turkey faced a "plague of sea snot" in the Sea of Marmara. This was a thick, slimy organic layer known as marine muclage that threatened marine life and fishing. The inner Sea of Marmara connects the Black Sea via the 'Bosporus' to the Aegean Sea via the Dardanelles. It is located in the heart of Turkey, the region most industrialised. Kurum stated that increasing wastewater treatment capacity and expanding advanced 'biological treatment' facilities, as well as strengthening environmental infrastructure are among the most important efforts Turkey is making to combat pollution in the sea. Kurum and AIIB vice president?Ajay bhushan pandey signed a cooperation agreement at the Climate 'Finance Summit held in Istanbul ahead of the COP31 U.N. - climate conference in November. Pandey said that Turkey is the AIIB’s most popular investment destination.
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Waller calms the bond markets after Waller's Fed announcement. Traders are now preparing for US employment data.
The world's shares tipped higher on Friday ahead of U.S. employment data, while the bond market received some much-needed relief after a Federal Reserve official reduced expectations for rate hikes and drove down the dollar. The dollar's decline had run its course, as the normal pre-payrolls patterns?played themselves out. But it left the Japanese yen poised for a weekly increase of nearly 2,5% -- its highest since late July when Japan and the United States?joined forces. The yen has seen its best weekly rise since late July, when Japan and the?U.S. conducted a rare joint effort to stop a downward spiral in the Japanese currency. The main European stock exchanges spent their mornings going nowhere. Meanwhile, renewed increases in oil prices and gas prices across the region continued to boost bets on the European Central Bank raising its interest rates next Thursday. Nasdaq and S&P futures both rose by 0.4%. Traders prepare for the U.S. August payrolls report, which is due at 8:30 am ET/12:30 GMT. The consensus is for a gain of 56,000 positions after a shocking drop of 23,000 in the previous month. The unemployment rate will remain at 4.1%. The announcement comes after Federal Reserve governor Christopher Waller stated at an?NEXT Newsmaker's event on Thursday, that recent data showed some signs of deflation, and that if future reports confirmed that trend, then he would prefer to hold rates steady at the policy meeting this month. Money markets immediately reduced the chances of a Fed rate increase this month from 63% to 50%. This is a dramatic drop. These expectations surged as global bond yields reached multi-year highs this week, fueled by fears over persistent inflation, swelling debt, and geopolitical tensions. John Hardy is the head of global macro-strategy at Saxo Bank. He said that Waller's comments, that they finally see some disinflation, suggest that there was not much coordination within the FOMC, given what Kevin Warsh, (Fed Chair) said last week. The market has marked down the chances of a September move, but if the jobs data is a surprise, particularly on the downside, then we may see a lot more volatility. In Asia, MSCI’s broadest index of regional shares closed the day with a 0.8% gain and was little changed for the week. Japan's Nikkei rose 1.3% but fell 1.9% in the last week. The blue-chips in China gave up their early gains to end the week down by 0.1%, while South Korea's KOSPI, which is a tech-heavy index, rose 1.6%. The Korean won, KRW=KFTC> also hit a new 14-month high. U.S. JOBS DATA LOOMS Traders are preparing for the U.S. Payrolls report, ahead of the U.S. Inflation data that is expected to be closely watched next week due to the mixed signals from the Fed. The economic data released on Thursday showed that the U.S. service sector was gaining momentum last month, with prices paid reaching a record high. Fed's "Beige Book", a survey of economic activity, also indicated that it had increased in recent weeks. Treasuries rose after Waller's dovish remarks, with the short end leading the way, as the yield-curve bull steepened due to fading bets about imminent rate hikes. Waller said "recent data suggests we are finally experiencing some signs of deinflation" and that, if this continued, he was "willing to hold" rates. He also said that he thought underlying inflation was "doing better than the core figures suggest." The yield on two-year bonds remained at 4.33%, after dropping 5 basis points overnight. This is a further move away from the 20-month high of 4.41% reached Wednesday. The 10-year yields remained at 4.75% after dropping 3 basis points overnight, and the 30-year yields remained at 5.23% following a 2-basis point drop. Germany's 10-year Bund Yield climbed 0.5 points to 3.36% in Europe, marking the fourth consecutive weekly increase and largest since mid-July. WARNED OF INFLATION RISE Investors who hold longer-dated bonds are still wary of inflation risk despite the lack of progress made by the U.S. to end its war with Iran and reopening the Strait of Hormuz. Brent crude futures rose 7% to $95.52 per barrel this week, a six-week high. This week, European natural gas prices also rose 7% ( TFMBMc1>) to a record high of three years. Energy companies are growing increasingly concerned about entering winter with their stores at the lowest levels in more than a decade. Mark Dowding, Chief Investment Officer at RBC BlueBay Asset Management, said that the ECB would likely'remain on a hike path' if TTF gas futures pushed towards 100 over the coming weeks. After a 0.6% drop overnight, the dollar was trading at 99 cents against major counterparts. The dollar is expected to drop by 0.7% in the coming week. This helped the yen build on its gains as investors increased bets that Bank of Japan will raise rates this month. The dollar rose 0.3% last to 156.32yen after losing 1.8% overnight. Gold held steady at $4,477 per ounce on the commodity markets after a 2% increase overnight. The week was expected to be little changed.
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Sources say that Nigeria's Dangote plans on raising $1.5 billion through the IPO of its refinery.
Two people who have direct knowledge of this deal said that the Dangote Group plans to price its initial public offering (IPO) of its refinery unit in Nigeria at 525 naira per share ($0.40), a potential amount of $1.5 billion. One?of our sources and another person, who spoke on condition of anonymity, said that the company plans to sell 4.1 Billion shares. The terms are still confidential. The sources did not specify what percentage of the refinery they would be selling. One source said that the order book for this offer, which will be the largest in Africa, is scheduled to open September 14. Dangote Refinery has declined to comment. One source said that there will be a 15% green shoe option, which would allow the company to raise more money if the offer was oversubscribed. The Dangote Group, which owns the refinery in Lagos, is raising cash to fund the doubling of the facility's capacity, up to 1.4million barrels of oil per day. Aliko Dangote, a majority shareholder of the group, announced at a Botswana business meeting late 'on Thursday night that the IPO would open within the next 10-12 days.
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Wildfires near Indonesia's capital prompt calls for action
Officials said that wildfires are spreading near Indonesia's new capital city, which is currently under construction. Project authorities have urged the disaster mitigation agency to conduct cloud-seeding, water-bombing, and other operations. Indonesia has intensified its efforts to control haze, particularly in six provinces that have been hardest hit by the forest and landfires on Borneo and Sumatra Islands, which total 73,311 ha. Wildfires are raging on Borneo Island in several spots, but in the eastern portion, which is home to the new capital Nusantara (Nusantara), the situation has been relatively calm in recent weeks, since the fires started to worsen in July, when the dry season began. Agus Riyanto is the director of emergency response for the disaster mitigation agency. The disaster response and mitigation teams of the archipelago in Southeast Asia are currently facing their most difficult dry season for a decade. This is exacerbated by the "super El Nino". Agus stated that the largest fire in the new capital territory was in a forest at Bukit Suharto or Suharto Hill. The hill is named after an autocratic ex-president. Around 300 hectares of land have been burned. Bukit Suharto is located around 50 km (31 miles), from the city center, where a number major projects have been built in the last few year for the new capital. As of September 2, around 400 hectares of land had been affected by fires in the Nusantara area. NEW CAPITAL PLAN HAS FACED DELAYS Joko Widodo announced that the predecessor of President Prabowo Subito, Joko Subianto, had plans to build Nusantara, a $32 billion capital city, in 2019. This project will replace Jakarta on Java Island, which is plagued by?chronic traffic congestion, flooding and land subsidence. Since Prabowo's election in 2024, the project has been delayed and its budget cut. Wisnubroto, an expert in urban planning, says Nusantara is not the best location for the new capital because it's surrounded by forest and has limited water supply. However, the fire risk there is lower than the provinces on the west and central coasts of the island that Indonesia shares with Malaysia or Brunei. Indonesia currently has 53 aircraft that are involved in water bombing, seeding, and other activities. Authorities have confirmed that Japan has sent aircraft and personnel over to help. A helicopter from South Kalimantan, a neighbouring province, will be dispatched to Nusantara for water bombing. Agus stated that the clouds in the area are still not sufficient to seed, but the disaster agency will do so as soon as it is possible. On Friday, hundreds of Muslims performed "Istisqo", or rain prayers, in front of Nusantara's state palace. The preacher Rusdi Abdallah said, "We need to ask God for forgiveness. If it is granted, Allah will send rain in abundance."
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Copper rebounds on falling stocks and targets 10-week winning streak
Copper rose on Friday, and was set to record a 10th consecutive weekly gain. As of 0900 GMT the benchmark three-month copper price on the London Metal Exchange?was?up?0.3% to $14,373 per metric ton, moving towards its all-time high of $14,527.50. This week, the metal is expected to gain 0.5%. The metal has been rising every week since the beginning of June, as a result of soaring inventories in the U.S. In anticipation of possible import tariffs, tighten the market in other places. Shanghai Futures Exchange data released on Friday showed that copper inventories were at their highest levels ever. The weekly total fell by 13% to 63,000 tonnes, the lowest level since January 2024. LME Copper Stocks The?drop?was 475 tons and orders were given to remove another 1,550 tonnes. Copper prices will continue to rise, but the already high prices "are likely to limit gains in the near term," BMI, an Fitch Solutions unit, stated in a report. Christopher Waller, the Federal Reserve governor, made dovish remarks that led to a decline in the dollar overnight. A cheaper dollar can support greenback-denominated commodities by making ?them more affordable for buyers using other currencies. Aluminum fell 0.5% to $3.295 but is still on course to end the week at 1.6% higher. The cash-to-3-month aluminium spread The arrow has reversed into a slight backwardation. This indicates a tightening of availability. Citi stated in a note on aluminium that "we remain neutral to positive near-term due to low visible inventories, and a tight physical market." They added that the balance will become more difficult?overthe next six-12months as the growth of ex-China's supply accelerates. Zinc increased by 0.5%, to $3,932.50 with the three-month range Still?in steep reversal at $140 per?ton. After orders to remove 8,450 tons of lead stock, the price of lead increased by 0.5% to $1,912.50 Nickel grew 0.2%, to $16,825; tin fell 0.4%, to $54,700.
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Oil refiners may need to catch their breathe.
Shares of global oil refiners are up this year. This is due in part to supply disruptions caused by the U.S. - Iran and Russia - Ukraine conflicts. Technical analysis suggests that the rally may need to take a pause before the next chapter of the oil sector unfolds. Click here to see a more detailed table. VanEck Oil Refiners ETF CRAK spent the majority of the past decade confined within a clearly defined trading channel spanning approximately $17 from top-to-bottom. Early in the year, the ETF decisively broke above the channel ceiling near $43. It quickly reached the first logical chart goal: a move that was equal to the height of the channel, or $60. CRAK's price has risen modestly since then, but it appears overextended at $63 levels. The RSI, a widely-used gauge of market movement, flashes overbought signs on daily, weekly, and monthly 'timeframes. This suggests that the ETF may need to cool off its 66% surge year-to date. Fibonacci projections - percentage-based calculations that technical analysts use to forecast possible price targets – indicate that $70.5 and $77 are the next levels of interest if the uptrend resumes following a consolidation. But caution is advised. If the price falls below the high of July, $56.85, according to LSEG, it could lead to a drop towards the peak in May, near $52. If CRAK breaks below that level, it would increase the likelihood that CRAK will retreat back to its old trading range of $43 or less. What does the chart show? * CRAK has broken above its decade-long range of trading early this year. *?RSI across all timeframes signals the ETF as overbought and pointing towards possible consolidation Fibonacci targets are $70.5 and $77. A fall below $56.85 could lead to a decline towards $52 or lower.
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Sources say that Baowu, a top Chinese steelmaker, is interested in acquiring a stake in BHP's iron ore mine.
According to two sources briefed about the matter, China Baowu Steel Group is interested in a minority stake at BHP's Jimblebar iron ore mine located in Western Australia. Sources say that Baowu may seek a stake between 15% and 25 percent of BHP's project. They did not provide any other information or a possible valuation, but spoke anonymously due to commercial sensitivities. BHP, in a filing to the stock exchange after publication of the article, said that it has a history of partnerships with its assets and explores options that could create value for its shareholders. BHP also stated that its Western Australian Iron Ore Business remained central to BHP’s portfolio, and that the company remained fully committed both to Western Australia and to this business. Baowu has not responded to a comment request. There has not been a decision made, and it is not certain that Baowu will be able to complete a deal. BHP holds a majority stake in the mine. Minority shareholders Itochu and Mitsui are Japanese trading houses. BHP said its share was worth $3.2 billion at the time of mine opening in 2014. BHP produced 62.5 million tonnes of iron ore in fiscal 2026. At current prices, that's worth $6.2 billion. This accounted for about a quarter BHP's production of the main steelmaking ingredient. Australia is a top destination for Chinese investors Bankers who are familiar with BHP's operations questioned whether a deal like this would be in line with BHP’s strategy to maximize the value of its ore by selling it to Chinese buyers. This was evident from recent deals between BHP and the state-owned China Mineral Resources Group. CMRG has been negotiating with miners for steel mills and has banned them from purchasing certain products in order to win concessions during contract negotiations. BHP and CMRG settled a dispute that lasted more than six months in April. This 'opened the door' for steel mills to buy certain cargoes including Jimblebar Fines which had been blacklisted. To spread risk, miners tend to sell stakes to new projects as opposed to well-established mines like Jimblebar. Baowu had previously partnered with Australian miner Rio Tinto, for example in a deal signed with Rio Tinto dated 2022 to develop a 2 billion dollar iron ore mining project also in the Pilbara area of Western Australia. Australia used to be a popular destination for Chinese investors. However, investment has been declining?for many years due to national security concerns. Canberra has also blocked Chinese purchases of lithium and rare Earths. China no longer ranks among the top 10 foreign investment countries in Australia.
Firefighter entrapments in the US have reached a 20-year record high.
Federal data shows that U.S. firefighters are facing the most wildfires in 20 years, with six deaths and?dozens of injuries. This grim statistic comes during an unprecedented fire season for the United States.
According to the Wildland Fire Lessons Learned Center (a federal agency), there have been 12 entrapments in 2026. This is already'more than the average full-year number of nine over the past 20 years and the highest year-to date?number? since 2006. Wildfire entrapments can be life-threatening situations where fire behavior compromises escape routes or safety zones for firefighting personnel.
Firefighting personnel are at greater risk due to the sheer scale and number of wildfires that have occurred this year. Experts attribute these fires in part to climate changes caused by fossil fuel burning.
Seven retired and active firefighters expressed concern that firefighters took unusual risks due to the Trump administration's all-out effort to stop fires. They questioned also the impact of U.S. Forest Service cuts in staffing as part of federal downsizing.
Firefighter safety is the highest priority for the U.S. Forest Service. The agency, which is part of the Department of Agriculture, has traditionally taken the lead in fighting wildfires.
USFS didn't immediately respond to requests about the impact of aggressive firefighting tactics and staff cuts.
The newly formed U.S. Wildland Fire Service is reviewing entrapments in order to improve the safety of firefighter.
INTENSE FIRE SESSION
The U.S. West is experiencing a fire season that will be intense after a record-low winter snowpack and temperatures, as well as decades of drought.
According to the National Interagency?Center, 6.4 million acres (about 2.5 million hectares), or about five times as much land has burned in Europe so far this year. U.S. firefighters had to deal with 46,500 fires in the last decade, which is a record.
Wesley Page of the U.S. Forest Service, who has studied entrapments, explained that this means they are in danger for longer periods under drier and more extreme conditions.
According to data from the National Interagency Fire Center (NIFC) and USFS, entrapment deaths account for four out of an average of 17 wildland firefighters who die each year in the US. Wildland Fire Lessons Learned Center statistics show that six out of 13 firefighter deaths in 2026 have been entrapped.
In 2026, a quarter (25%) of entrapments were caused by helicopter-borne firefighters. These crews are often dropped close to fires in order to create firebreaks. After an entrapment on June 27, four helitack crews died and another was severely burnt in Colorado's Knowles Fire. This is the deadliest entrapment for 13 years.
The U.S. Wildland Fire Service issued a statement saying that the fact that Helitack crews may have been involved in three incidents does not mean Helitack operations are more dangerous.
In Washington and Oregon, bulldozer operators were entrapped by fires as they were scraping fire breaks.
Former and current firefighters expressed concern that fire personnel were taking greater risks than usual, after officials in the administration of President Donald Trump stressed the importance of putting out all fires immediately. This approach is known as "full suppression".
In an April letter, Agriculture Secretary Brooke Rollins (who is responsible for the Forest Service) said that her priority was "to accelerate initial attacks and use a complete suppression strategy."
Riva Duncan, President of Grassroots Wildland Firefighters and advocate for firefighter groups, said this was not always appropriate given the conditions on the ground, which were "insanely volatile" with extreme drying and strong winds.
Duncan, a fire duty officer who was assigned to fires in the U.S. Southwest in this year, said, "We just can't" put people in front.
U.S. Wildland Fire Service director Brian Fennessy said on the Hotshot Wake Up Podcast earlier this month he was confused about 2025 policies that encourage firefighters to be aggressive in the initial attack of a wildfire. He added their?procedures are already aggressive.
He said that "aggressive" does not mean to take extra or extraordinary risks of harming people.
COLORADO DEATHS
Page, a U.S. Forest Service specialist who works in Colorado said that the agency's emphasis upon full suppression could have caused firefighters to act more aggressively on the Knowles Fire than they normally would.
Page, who was assigned to firefighting duty in the same area two days after the entrapment said that a blaze such as the Knowles Fire will die on its own once the wind drops due to the rough terrain and sparse vegetation of the area.
Scott Fitzwilliams is a former supervisor at Colorado's White River National Forest. He said that full suppression was a return of failed policies of the '20th century, which led to the accumulation of forest fuel, now driving the wildfire crisis in the United States.
He said that over 6,000 USFS jobs were cut in 2025 as part of federal downsizing, destroying the support system for the agency's 11300 firefighters. This also caused increased fatigue.
Fitzwilliams said that the pressure to extinguish all fires at once, even if they are small, puts firefighters in danger. He retired last year, and knew Emily Barker who was one of the Rifle Helitack team members who died in Knowles Fire, and who worked in his forest. Andrew Hay reported from New Mexico, and Donna Bryson edited the story.
(source: Reuters)