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Carney, Canada's Carney, says the US must be serious about trade negotiations before they can resume.
Mark Carney, Prime Minister of Canada, told reporters that the U.S. must be serious and stop trying to be hard before negotiations on a potential trade agreement with Canada can resume. Canada withdrew from an agreement on August 21 to avoid additional U.S. Tariffs, saying that the American side made inacceptable last-minute requests. Since then, U.S. president Donald Trump has repeatedly claimed that Canada has been ripping off the U.S., called Canada's leaders "the worst" that he has ever dealt with, and renamed Lake Ontario Lake America. He also posted a meme created by AI showing Canadian geese sporting Trump's distinct hairstyle, marching under the U.S. Flag. Carney said that there is still time to strike a mutually-beneficial trade deal which respects Canadian sovereignty. Carney added that the recent U.S. action was "not constructive." U.S. officials have questioned a part of the Canadian narrative about why the talks failed, stating that there was a "good deal" on the table. Carney stated that Ottawa had "never" felt the terms proposed would be adequate. This was especially true when it came to auto industry, which is highly integrated. He said that "the attitude of the United States... was a one where the core Canadian industries would either be subsidiaries of the United States' industries or (Washington would) put in place terms?where these industries would be?gradually wound down and wiped out in Canada," he stated. "Of Course, we won't accept those terms."
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Sibanye continues to move forward with its first copper project, as profits for the half-year triple.
Sibanye-Stillwater announced on Tuesday that its Australian copper project has been?approved'. This comes after the company reported a rise in profit for the first half of this year due to higher prices for gold and platinum group (PGM). Johannesburg-based miner, Johannesburg-based miner, said that the Mt Lyell Copper-Gold Project execution will commence in the first six months of 2027 with the first production expected to begin in early 2029. Mt.?Lyell is Sibanye's first experience in copper mining. It is estimated that the annual output of copper will be?26,000 tons by 2032. Sibanye said that the total cost of this project will be around $340 million. Richard Stewart, CEO of Sibanye, said that the copper mine, idled since 2014, met Sibanye's investment criteria. Stewart said: "That should be within certain jurisdictions in which we operate and certain metals that have a future-facing outlook." "Copper is a metal that's?future-facing." LITHIUM VENTURE Sibanye also diversified into battery metals via its Keliber Lithium project in Finland to gain exposure to the growing demand for electric cars. Keliber, Europe's largest lithium mining and processing company, is looking for concessions from the European Union in order to protect it from price volatility. Stewart stated that the talks with the EU have been constructive. There's been much discussion about what the models might look like, and how they could be implemented, as well as whether or not there should be?local content. "We haven't yet seen any sort of hard?decisions" coming from the EU in this regard," he continued. Earnings Rise Sibanye’s headline earnings per share tripled from 1.90 rand to 6.01 Rand ($0.3721) during the six months ending June 30 compared to the same period last year. The company said that it would pay an interim dividend per share of 2.01 rand, which is 5.7 billion Rands to shareholders. Sibanye has reported an increase of 67% and 70% in the average realized prices for its PGMs respectively in Southern Africa and the United States. Gold prices also increased by 35% during this period.
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US construction spending falls to a nearly three-year low.
U.S. Construction spending fell unexpectedly in July. It reached the lowest level in almost three years, as mortgage rates increased. Census Bureau of the Commerce Department?said Tuesday that construction spending dropped by 0.5%, to $2.158 trillion. This is the lowest level since October 20, 2023. The June data was revised to reflect that construction spending remained unchanged, not falling 0.1% as reported previously. The economists surveyed by predicted that construction spending in July would remain unchanged. In July, construction spending fell 3.8% year-over-year. Private construction spending fell 0.5% in July after falling?0.1% a month earlier. Residential construction investment fell by 1.3%. The spending on single-family homes fell?3.2%. In July, the number of housing projects fell 6.5% on an annual basis. The glut of unsold single family houses is also putting pressure on the homebuilding industry. Mortgage finance agency Freddie Mac reported that the average rate for a popular 30-year fixed-rate'mortgage' is near a year-high of 6.66%. The rate has risen by 70 basis points in the last month since the U.S. and Israel war against Iran began. The spending on multi-family units, which make up a tiny part of the housing market, increased by 0.2% in July. In July, investment in non-residential private structures such as factories and power plants increased by 0.4%. Spending on power plants increased by 0.5%. Outlays for factory projects fell 0.8% in July and 21.7% year-over-year as the CHIPS and Science Act of 2022 fades. This fading momentum has more or less offset the boost from an artificial-intelligence buildout. The second quarter saw a decline in investment in non-residential structures, the 10th consecutive quarterly decline. After a 0.1% increase in June, investment in public construction projects dropped?0.2%. The state and local governments' construction expenditures were unchanged while federal government spending declined by 3.5%.
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FOREX Dollar gains as oil and yield increases raise inflation fears
The dollar gained on Tuesday, as renewed U.S. - Iran hostilities sent the oil prices higher. This fueled?inflation fears and sparked a global 'bond saleoff. After the first direct attack in a week, U.S. president Donald Trump has threatened to strike again against?Iran?. This has pushed oil prices over 2% higher. The yield on the 10-year Treasury note reached its highest level since January 2025. Karl Schamotta is the chief market strategist for Corpay. He said that the dollar was rising as a result of the hostilities between Iran and the U.S., which increased inflation risks and raised the possibility of rate hikes. Federal Reserve Chairman Kevin Warsh had been seen as adopting a hawkish tone in his monetary policy. Warsh's first speech at the Jackson Hole Symposium was his strongest hint to date that more rate hikes may be necessary to control price pressures. Fed funds futures trader now price in 68% odds that a rate hike will occur this September, up from 35% prior to Warsh's Friday comments. The Fed's meeting on September 15-16 will be largely determined by the August jobs and inflation data. Central bank increases next month. According to economists polled, the median estimate for Friday's employment report is that employers added 56,000 new jobs in January. Fed Governor Michael Barr stated on Tuesday that the U.S. Central Bank will have to raise interest rates if inflation doesn't cool down quickly. U.S. Treasury secretary Scott Bessent said, on the other hand, that U.S. Bond yields show that inflation expectations have "flattened to down", and that they reflect an accelerating U.S. economic growth. The dollar index (which measures the greenback against a basket including the yen, the euro and other currencies) rose by 0.16%, to 99.57. Meanwhile, the euro fell 0.15%, to $1.1599. The dollar fell 0.07%, to $1.3538. The Yen WEAKENS The Japanese yen dropped 0.22%, to 160.08 dollars. Bessent, who believes that the Japanese government and central banks will take actions to make the yen stronger, said on Monday that he would support the Japanese currency. Bessent's remarks could effectively lock in the BOJ to raise rates this September. The dollar is still favored by the large?interest rate difference between the U.S. Joel Kruger is a market strategist with LMAX Group, London. He said that investors are still focused on Japan's "still-unfavorable" rate differential with the United States. They also have doubts about how aggressively Bank of Japan policy will be tightened. The rare joint 'intervention' by the U.S., Japan and other countries at the end of July was a short-lived boost for the fragile yen. It pushed it away from its 40-year-low of 163,99, but since then, the currency has lost around half of what it gained from this joint action. When asked by journalists about the increase in bond yields, Japanese Finance Minister Satsuki Catayama stated that the government would continue to have a close dialogue with the markets.
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Bessent: U.S. to announce Iran banking sanctions this week
Treasury Secretary Scott Bessent stated on Tuesday that the United States will likely announce sanctions against a bank in this week as part of its economic campaign against Iran. "We will probably announce a sanction against a bank this week and another the following week." Bessent stated that he was speaking with our allies in the area, who had all expressed their support. The treasury secretary said that the United States was targeting airline leasing companies and other entities who did business with the Islamic?Revolutionary Guard Corps (IRGC) at an event held on the sidelines of a meeting of 20 finance leaders hosted by the U.S. in Asheville, North Carolina. The treasury secretary said that the 'U.S. was also targeting airlines leasing companies and entities who did business with Islamic 'Revolutionary Guard Corp (IRGC). It could be entities. We'll be checking out airline leasing companies. Anyone who has done business with the IRGC could be a suspect. Bessent stated that they were tracking down the IRGC assets. "We have zero tolerance. "We will economically asphyxiate the regime." Bessent said on Sunday that the U.S. Treasury would likely?unveil new secondary sanctions every week aimed at increasing economic tension on Iran with an initial emphasis on banks. He said that the next step could be to cut off an institution from the dollar-based financial system. Bessent, in a message aimed at the IRGC on Tuesday, said: "We know the locations of your trust companies accounts in the British Virgin Islands." We know where you keep your 100-million dollar homes around the globe, and we're going to freeze them. Bessent stated that the United States and China have privately discussed how to prevent Iran from obtaining a nuclear weapon, as well as how to ensure freedom of navigation through the Strait of Hormuz.
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UN official warns that the Himalayas are at risk of severe glacial flooding in the years to come
A senior U.N. official has warned that the Himalayan region is at risk of future 'glacial floods'. This comes as the death toll in Nepal's 'last' week's' flood, which was triggered by an iceberg's collapse, exceeded 1,000. Hydroelectric power is not the only thing at risk. Riverbanks, where millions of people live, could become uninhabitable. Kanni Wignaraja is an assistant secretary general at the U.N. She told?prenezzeugsprach?sprachhnen in an interview, "Technology cannot keep up to date with the U. or the U.N. In an interview, Kanni Wignaraja, assistant secretary-general at the U.N. said: "Technology cannot move fast enough to prevent loss along these massive river systems that catch the overflow of glacier lakes." Researchers found 47 glacial lakes that could be dangerous in Nepal, China, and India by 2020. Since then, the real number has been estimated to have been significantly higher. Wignaraja who is also regional director for Asia and the Pacific of the United Nations Development Programme, said that the population at risk "goes up into the millions". She cited the latest data collected by UNDP and its partner organisations in June. The devastating flood in Nepal last week was caused by a glacier that collapsed near the Langtang Lirung peak and fell to the valley's floor. This triggered a landslide which sent a wave of water down the Trishuli River. Outbursts of glacier lakes are a different phenomenon. They occur when melting glacier waters build up behind a barrier. The pressure builds until it eventually causes a rupture or overflow, causing a flash flooding downstream. U.N. officials warn that both threats are increasing as climate change accelerates the melting of glaciers in the region. This loosens rocks and puts a greater pressure on the glacier lake barriers. Wignaraja added that the region's mountain ranges are relatively young and more susceptible to tectonic movements, which can cause sudden glacier or?lake?barrier collapses. NEPAL IS HIGHLY DEPENDENT UPON GLACIERS Researchers have discovered potentially dangerous glacial ponds in large areas of the?Hindu Kush?region. Wignaraja stated that no country in this region relies more on the glaciers to provide water and generate income than Nepal. The country is now facing "some very,?hard decisions". Many people who live near rivers may find it difficult to move higher up. The critical infrastructure will remain vulnerable. Nepal's power loss could be greater than some estimates suggest. UNDP reported that the flood had 'taken out 15 major power plants?underconstruction, in addition those already in operation. Wignaraja said that new technology could make electrical networks and hydropower stations more resistant to flooding. The "mud and ice tsunami" of last week would have overcome all defences. She said that no amount of construction could have prevented this.
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Met Office reports that the UK summer was the hottest ever recorded, following severe heat and drought
Met Office statistics released on Tuesday show that Britain experienced its hottest summer in recorded history. This follows a year of extreme heat and drought, which has put infrastructure, food production, and wildfire fighting capacity to the test. According to the agency, Britain experienced record heat for the second consecutive summer, according to statistics dating back to 1884. Since 2003, the country has experienced five of its warmest summers. The Met Office stated that the human-induced climate changes "made it around 130 times more probable" for this summer's 16.5 degree Celsius (61.7 degree Fahrenheit) average temperature. Mark McCarthy, head of climate attribution at the agency, stated that the UK would only experience a summer similar to 2026 once every 1,000 years in a climate without human-generated greenhouse gases. In a recent statement, he said that "in our current climate which is changing due to the burning of fossil fuels," we can expect it to happen roughly once every nine years. SEVERE HEAT IS NOW COMMONPLACE The consequences of heatwaves in Britain, when compared to those in Europe where they have caused hundreds of deaths and disrupted electricity supplies as well as shut down schools, are mild. In Britain, wildfires have been raging for years, and in some cases, homes were destroyed. Heat and drought has also affected agriculture, with Britain's?cereal harvest on track to become the worst since similar records began in 1984. Met Office said extreme weather is becoming more common in July. The peak temperature in London of 38.1 C (100.58 F), on August 13, this year, was the fifth-hottest ever recorded day for the UK.
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Groupa Azoty informs the prosecutor of safety violations during the launch of its flagship project in 2023
The Polish chemicals group Grupa Azoty announced on Tuesday that it had informed prosecutors of alleged safety violations during the launch in 2023 of its flagship Polimery Police Project. State-controlled chemicals manufacturer said in a press release that the Polimery Police Plant, operated by an Azoty Unit, was built without the necessary permits and under conditions that could have put employees and residents at risk. The documentation cited by the company alleged that there were a number of defects, and that permits had only been issued in 2024 - months after the plant’s?ceremonial opening. Malgorzata Crolak, Deputy CEO, said: "Our opinion is that an irresponsible test was conducted, in which?the lives and health?of residents and employees... were at risk." The project was plagued with cost overruns, delays and other issues. This was just one of many investigations that the new management at Poland’s state-controlled companies launched into their predecessors’ activities. Azoty had notified the prosecutors of alleged damages related to gas procurement contracts in February. Today, we are not judging the responsibility of any particular individual. Krolak stated that the assessment was up to prosecutor's offices. Azoty is facing financial difficulties since?late 2022 due to high gas prices and competition from cheaper imports. In November 2025, it filed its first notification regarding the history of the investment. In April, the state-owned refiner Orlen signed a preliminary agreement to take over this project.
Chile's economy falls unexpectedly in the month of July, dragged down by the mining sector
The central bank of Chile released data on Tuesday showing that the economic activity in Chile declined in July. This was below market expectations because of a slowdown within the mining sector.
Chile's economy declined by 1.5% in July compared to the same month a year ago. This was a decline of 0.4% from the economists polled and an improvement from last month, when it registered a revised annual growth rate of 2%.
The sharpest drop in production was the goods, which fell 3.2% over the past year. The central bank stated that the result was "driven by the performance in the mining sector. Copper was particularly affected by low ore grades, maintenance and adverse weather conditions."
In July, the mining sector of the world's biggest copper producer experienced a decline of 9.3% on a year-on-year basis.
After a brief hiatus, the IMACEC Index, which represents about 90% of Andean countries' gross domestic product (GDP), returned to a negative state in June.
The adverse weather conditions affected the manufacturing industry, too. It fell by 3.1% over the past year and saw a decrease in fuels and chemicals produced.
Jorge Selaive is the chief economist of Scotiabank Chile. He said on X: "The stage is now set for a further seasonally adjusted decline in Q3 2026. August's performance is expected to be weak, and everything will depend on September."
REVISIONS DOWNWARD
Analysts revised their economic forecasts downwards after the release of the sluggish manufacturing data and copper production figures on Monday. The levels are now well below what the market had previously predicted.
Analysts at Santander projected a drop of about 2% compared to the same month last year. However, analysts from Coopeuch and ClapesUC were a little less pessimistic. They predicted a?decline in IMACEC by around 1% or 0.9%.
The central bank said that the IMACEC Index registered a decrease of 1.7% on a monthly basis.
(source: Reuters)