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Swiss court admits Indonesian islanders climate claim against Holcim
Parties to the case announced on Monday that a court in Switzerland had decided to accept a legal complaint against Swiss cement manufacturer Holcim, which alleged the company was doing too little to reduce carbon emissions. Four residents from the low-lying Indonesian Island of Pari, whose sea level has been rising due to warmer temperatures, filed a complaint with the cantonal court in Zug, Switzerland, on January 20, 2023. Swiss Church Aid, a non-profit organization that is supporting the Pari 'case, announced the court had accepted the complaint. Holcim acknowledged in a press release that the court had accepted the case and said it intended to appeal. The court did not respond to a request for comment immediately. Swiss Church Aid claims that this is the first case in which a Swiss court has accepted a climate lawsuit brought against a large company. Holcim stated that it is 'fully committed to reaching net zero in 2050, and follows a rigorous science-based approach to achieve this goal. The company says that it has reduced its direct CO2 emissions by over 50% since 2015. Holcim is being sued by the?plaintiffs? for climate damage, flood protection and a reduction in CO2 emissions. Global Cement and Concrete Association reports that cement production is responsible for about 7% CO2 emissions worldwide. (Reporting and editing by Denis Balibouse, Dave Graham)
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Asia shares continue to gain, but bonds and yen are no longer friends
Asian shares rose broadly on Monday, tracking Wall Street's tech-driven gains. Meanwhile, the yen fell to new lows against the Euro and Swiss Franc due to higher interest rates. Even though it was a holiday-shortened weekend for most of the world, momentum funds continued to flow to commodities, precious metals, and equities ahead of delayed data which is expected to show that the U.S. economic growth has been strong in the third quarter. Median estimates predict an annualised increase of 3.2%. This is due to a sharp drop in imports following a surge earlier in the year before the introduction of tariffs. Analysts at BofA cautioned that their measure of investor confidence had moved to extreme bullish territory, at?8.5. This is often the prelude to an eventual reversal. In a note, they noted that "readings above 8.0 often precede pullbacks." Global equities declined a median 2.7% in the two months following, with a 63%?hit rate. Fund Manager Survey data shows the most positive sentiment in three-and-a half years. This is due to expectations of tariff and rate cuts, as well as a rise in the number of fund managers. S&P futures are up 0.3% and Nasdaq Futures are up 0.5%. Japan's Nikkei rose 1.9% on Friday, continuing the bounce that began last week. A steep drop in the yen is expected to boost Japanese export earnings. The Bank of Japan increased rates to a 30-year high of 0.75%, and warned that more would be coming. This impacted government debt. The yields on 10-year government bonds soared by 8 basis points, to levels not seen since the year 1999. The minutes of the BOJ's meeting are due Wednesday. On Christmas Day, the head of Japan's central bank will speak to a Japanese Business Lobby. On Interception Watch The yen reached a new record low against the euro, at 184.90 and the Swiss franc, at 198.08. Investors were wary about testing the November high of 157.90, in case Tokyo intervened. Japanese officials have expressed their concern about one-way movements and warned against excessive decline. If the dollar breaks 158.00 above, it will target the 2025 high of 158.88 and then the 2024 top at 161.96. The dollar was stable on a basket currency at?98.725, after gaining 0.3% on Friday. South Korea's AI-related earnings optimism boosted the South Korean stock market by 1.7%, and MSCI's broadest Asia-Pacific index outside Japan gained 0.8%. The blue chips in China gained?0.8% while Singapore's main stock index rose 1%, reaching a new record high. The European equities market was quieter with the EUROSTOXX Futures, FTSE Futures, and DAX Futures all down 0.1%. Analysts at TD Securities reported that equity?markets experienced their highest weekly inflows ever at $98 billion, led by U.S. Equity funds. Chinese equity funds saw their third largest weekly inflow since 2025. Emerging markets also saw their biggest inflows in recent months. The flow of money into bonds slowed for the fourth week in a row. U.S. 10 year yields rose by 2 basis points to 4.169%. Silver, the star commodity in the commodities market, reached a new record of $69.44 an ounce. This brought the gains for the entire year to nearly 140%. Gold rose 1.3% to $4,394 per ounce on the same day. Oil prices increased after the U.S. intercepted and pursued another Venezuelan oil tanker on the weekend. This would be the third operation of this kind in less than two week. Brent crude oil rose 0.8%, to $60.96 per barrel. U.S. crude oil rose 0.8%, to $56.99 a barrel. (Reporting and editing by Stephen Coates; Reporting by Wayne Cole)
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The US has intercepted a tanker of oil off Venezuela
Oil prices increased on Monday, after the U.S. announced that it had intercepted a tanker of oil in international waters near the Venezuelan coast. This has caused new supply uncertainty. Brent crude futures rose by 46 cents or 0.8% to $60.93 a barrel at 0400 GMT, while U.S. West Texas Intermediate crude gained 46 cents or 0.8% to $56.98. The market is now recognizing that the Trump Administration is taking a tough stance on the Venezuelan oil industry, said June Goh. She is the senior oil analyst at Sparta Commodities. Goh said that the geopolitical news, along with the simmering tensions between Russia and Ukraine in the background, had supported oil prices in a market which was otherwise fundamentally very bearish. Officials said on Sunday that the U.S. Coast Guard is pursuing a tanker near Venezuela in international waters. If successful, this would be the second operation of its kind?overthe weekend, and the third one in less than two week if it was successful. The White House didn't immediately respond to our request for a comment. The geopolitical events that began with the?U.S. Tony Sycamore, IG analyst, said that President Donald Trump announced a "total, complete" blockade of sanctioned Venezuelan tankers, and the subsequent developments in Venezuela. He said: "The market has lost hope that the U.S. mediated Russia-Ukraine talks will result in a lasting peace agreement anytime soon." The balance of risk is close to shifting to the upside for crude oil, given the recent developments that have helped to offset the ongoing concerns about oversupply. Brent and WTI both fell by about 1% in the last week, after falling about 4% during the week ending December 8. Steve Witkoff, the U.S. Special Envoy for Ukraine, said that on Sunday the talks held between U.S. officials and European and Ukrainian officials in Florida over three days aimed at ending Russia’s war in Ukraine focused on aligning position. He said that the meetings, as well as separate discussions with Russian negotiators, were productive. The top foreign policy adviser to Russian President Vladimir Putin, however, said that the changes made by Europe and Ukraine to the U.S. proposals have not improved the prospects for peace. Reporting by Jeslyn Leh in Singapore and Sam Li and Lewis Jackson, Beijing; Editing and rewriting by Sonali and Neil Fullick
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Dalian Iron Ore's gains continue as steel mill profits recover and demand increases
Dalian iron ore prices increased for the fifth consecutive session on Monday as a recovery in profitability at steelmills boosted demand, and a shortage of Pilbara Blend Fines tightened supply. By 0249 GMT, the most-traded contract for?May?iron ore on China's Dalian Commodity Exchange gained 0.26%. It was now worth 779 yuan (US$110.65) per metric ton. The benchmark January Iron Ore at the Singapore Exchange fell by 0.38% to $104.3 per ton. Everbright Futures, a Chinese broker, reported that steel mill profitability had?recovered slowly, with some mills having resumed production. Galaxy Futures analysts said that the structural shortage of Pilbara Blend Fines is still unresolved and continues to support iron ore prices, as well as providing cost support for steel. China, which is the largest consumer and producer of steel in the world, has announced plans to implement a licensing system to regulate the export of the metal from 2026, due to the increased protectionist reaction worldwide. Galaxy expects exports to remain high until the license system is implemented. According to consultancy Mysteel, the increased iron ore price in recent years has accelerated investment in new mining capacities, pushing global iron ore markets into a decisive expansion phase. SteelHome data shows that total iron ore stocks across Chinese ports?grew 1.19% on a week-to-week basis to 145.5 million tonnes as of December 19. China's benchmark loan prime rate remained unchanged in December for the seventh month running, indicating that authorities are not in a hurry to introduce new monetary easing. Coking coal and coke, which are used to make steel, also lost ground. The benchmarks for steel on the Shanghai Futures Exchange rose. The price of rebar increased by 0.16%. Hot-rolled coils gained 0.18%. Wire rods climbed 0.53%. Stainless steels rose by 1.39%. ($1 = 7.0405 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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Oil prices rise after US intercepts Venezuelan oil tanker at weekend
The oil prices rose in the early hours of Monday morning after the U.S. intercepted an?oil-tanker from Venezuela over the weekend. Brent crude futures rose by 44 cents (or 0.73%) to $60.91 per barrel at 0141 GMT. West Texas Intermediate (WTI), crude oil, rose by 40 cents or 0.71% to $56.92. Officials told Sunday that the U.S. Coast Guard was also pursuing a tanker near Venezuela in international waters. If successful, this would be the second operation of the weekend, and the third within less than two weeks, if it is successful. Tony Sycamore, IG analyst, said that the rebound in oil prices was sparked by geopolitical events, starting with U.S. president Donald Trump's announcement about a "total" and complete?blockade of sanctioned Venezuelan tankers, and developments in Venezuela. This was followed by reports on a Ukrainian drone attack on a Russian shadow fleet vessel on the Mediterranean Sea. Sycamore said that "the market has lost hope" in the U.S.-brokered Russia/Ukraine talks reaching a lasting deal any time soon. The balance of risk is very close to moving back to the upside for crude oil. This is due to the fact that these developments help to offset the ongoing concerns about oversupply. Brent and WTI fell by about 1% in the last week, after both crude benchmarks had fallen about 4% during the week ending December 8. Steve?Witkoff, the U.S. Special Envoy for Ukraine, said that Sunday's talks between U.S. officials and European officials in Florida to end Russia's conflict in Ukraine focused on aligning positions. He said that the meetings, as well as separate discussions with Russian negotiators, were productive. The top foreign policy adviser to Russian President Vladimir Putin said that Sunday, the changes made by Europe and Ukraine to U.S. plans to end the war in Ukraine do not improve the prospects for peace. (Reporting and editing by Lewis Jackson and Sam Li)
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Asia shares extend Tech rally, yen is under pressure
The Asian stock markets rose Monday, tracking tech-driven gains in Wall Street. Meanwhile, the yen sank to all-time lows versus the euro and Swiss Franc due to higher interest rates domestically not deterring speculative buyers. The week was shortened by holidays for most of the world, but the path that was least resistant was to go higher in anticipation of delayed data which is expected to show that the U.S. economic growth continued strongly in the third-quarter. Median forecasts point to an annualised growth rate of 3.2%. This is due, in part, to a sharp drop in imports following a surge earlier in the year before the introduction of tariffs. Analysts at BofA cautioned that their measure of "investor sentiment" had moved to extreme bullish territory, at 8.5. This is often the prelude to an eventual reversal. In a note, they noted that "readings above 8.0 often preceded pullbacks. Global equities declined?a median 2,7% over the next two months with a 63% success rate." Fund Manager Survey: "Most bullish sentiment for 3-1/2 years driven by expectations of tariff and tax reductions." S&P futures rose?0.2% and Nasdaq Futures gained 0.3%. Japan's Nikkei rose 1.5% on Friday, continuing the bounce that began last Friday. A steep drop in the yen is expected to boost corporate export earnings for Japanese companies. The Bank of Japan increased rates to the highest level in 30 years, which was 0.75%. This put heavy pressure on government bonds. The minutes of the BOJ's meeting are due Wednesday. On Christmas Day, the head of Japan's central bank will speak to a Japanese Business Lobby. On Interception Watch The yen reached a new record low against the euro, at 184.90 and the Swiss franc, at 198.08. Dollar was up at 157.67. Investors were cautious about testing the November high of 157.90, in case it triggered an intervention by?Tokyo. Japan's currency chief has expressed concern over one-way movements and warned against excessive declines. If the dollar breaks 158.00, it will target the 2025 high of 158.88 and then the 2016 high of 161.96. The dollar was stable on a basket currency at 98.725, after gaining 0.3% on Friday. South Korea's stock market jumped by 1.8% due to optimism about AI-related earnings. Analysts at TD Securities reported that equity markets saw their largest weekly inflows ever at $98 billion, with U.S. equity fund leading the way. Chinese equity funds experienced their third-largest weekly inflow since 2025. Emerging markets also saw their biggest inflows in recent months. The fourth consecutive week saw a slowdown in the flow of?to bonds. The yield on Japanese 10-year bonds rose by another 2.5 basis points, reaching the highest level since 1999. Meanwhile, U.S. 10 year yields increased to?4,157%. Silver, the star commodity in commodities again, reached a new record of $67.48 an ounce. This brings gains for the entire year to nearly 134%. Gold rose 0.6% to $4,362 per ounce on the same day. Oil prices rose after the U.S. intercepted and pursued another Venezuelan oil tanker on the weekend. This would be the third operation of this kind in less than two week. Brent crude oil rose 0.7%, to $60.88 per barrel. U.S. crude oil also increased 0.7%, to $56.89 a barrel. (Editing by Stephen Coates).
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China's rare earth magnet exports reached their second highest level ever in November
China's rare-earth exports reached the second highest level ever in November, the first month following the U.S. and China agreement to streamline the exports?of?the elements. Customs data published on Saturday shows that exports reached 6,150 metric tonnes in November. This is up 12% over October, and the highest level since January's record 6,357 tons. China restricted exports of specialised magnets that are used in cars, phones, and weapons in April, during the trade conflict started by U.S. President Donald Trump. This brought parts of the global supply chains to a standstill. Trump?said that he and Xi Jinping, the Chinese leader at a recent summit in South Korea, had agreed to maintain rare earths exports in a deal where he lowered tariffs on Chinese products. China's exports have recovered steadily after a slew of diplomatic agreements culminating in the Trump - Xi summit. This included a special classification meant?to accelerate shipments. China's rare earth magnet exports to America totaled 582 metric tonnes in November. This is down 11% compared to the previous month, but still within the range of the average since July. Exports to Japan, which is embroiled in diplomatic disputes with Beijing, increased by 35%, reaching 305 metric tonnes, the highest amount this year. The exports of rare-earth magnetic materials fell by 2% in the first 11 month of this year to 51.440 tons. Reporting by William Mallard; Editing by William Mallard
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ERG signs long-term supply agreement with Mitsubishi
The Eurasian Resources Group, a mining group, announced on Saturday that it had signed a long-term agreement to supply gallium for Mitsubishi Corporation?RtM Japan Ltd., a subsidiary company of Japanese trading house Mitsubishi?Corp. Kazakhstan, which currently produces no gallium, will become the second largest producer in the world after China when ERG begins production in the third-quarter of 2026. Gallium is a critical mineral for the United States and European Union. It is used to manufacture semiconductors and radar systems for aerospace and defence. In a recent statement, Shukhrat?Ibragimov (CEO and board chairman of ERG) said that gallium was a crucial element. By developing domestic operations, we can?transform strategic resources into competitive products and strengthen Kazakhstan’s position in the market for high technology materials." China announced last month that it had lifted a ban on the export of gallium and antimony to the United States after a meeting between Donald Trump and Xi Jinping. However, the metals are still subject to broader controls, which require shippers to obtain licenses from Beijing. Luxembourg-headquartered ERG will ?be producing 15 metric tons of gallium per year from the bauxite ?ore it processes to produce alumina in Kazakhstan. These two products are part the aluminium production chain. ERG has not disclosed the amount of gallium that it plans to supply Mitsubishi. In June, it said that the product was going to OECD countries. According to the U.S. Geological Survey, global gallium production reached 760 tonnes last year. China produced the majority of this gallium, with only very small amounts coming from Japan and Korea. (Reporting and editing by Rosalba o'Brien; Polina Devlin)
INSIGHT-Britain's creaking power grid leaves green energy transformation adrift
British ferry operator Wightlink wants to purchase a $60 million, stateoftheart electrical ferry to make its crossings cleaner and greener. However it can't commission the vessel until it gets a. power upgrade.
The company carries 4 million islanders, holidaymakers and. festival goers every year on a 5 nautical mile crossing. in between England's attractive southern coast and the Island of. Wight. The strait, known as the Solent, is popular with private yachts. and leisure craft, while much of the shoreline is secured.
Wightlink has funding in location for a electric-powered vehicle. ferry that would decrease emissions both at sea and in port,. following in the course of leader Norway, which introduced the. world's first in 2015.
The federal government has said decarbonising maritime transport. is necessary to accomplishing Britain's net absolutely no target by 2050. Domestic maritime vessels represented around 5% of Britain's. greenhouse gas emissions from transportation in 2020, more than rail. and buses integrated, the federal government said in a 2022 report.
And the long typical life-span of vessels suggests that greener. ships need to begin being released by next year to attain a green. fleet by the 2050 due date.
But interviews with 22 individuals - consisting of financiers, power. company staff members, government authorities, Wightlink staff and. countryside campaigners - exposed that long waits for grid. connections combined with preparing challenges are putting. millions of pounds of green transport financial investment at danger.
We want to go electric. We think it's the ideal thing,. Wightlink Chief Executive Keith Greenfield told onboard. a hybrid ferry, which uses diesel to charge electrical batteries,. conserving around 20% in emissions. We're kept back by a lack of. coast power.
Wightlink needs to order its next ship within 12-18 months. to change an ageing vessel, but can not dedicate to go entirely. electric without a legally binding power contract, Greenfield. stated.
Regional network operator Scottish & & Southern Electricity. Networks (SSEN) told Wightlink 2 years ago that a brand-new. connection at its Portsmouth terminal would require. infrastructure upgrades, consisting of at a nearby substation on the. national high-voltage network, according to a file evaluated. and ferry business executives.
The substation improvements by National Grid were not. arranged to be completed till 2037.
After spoke with Wightlink executives, SSEN said. this month enough power might be offered without the National. Grid work, and it would hold new talks with the ferry business.
If Wightlink accepts a new quote from SSEN, it will be able. to guarantee the capacity and confirm its location in the. connections queue.
We eagerly anticipate meeting them early next month to. progress proposals, a SSEN spokesperson informed , adding. that there might be more network capacity offered than. formerly anticipated so the company had prospective to advance. with Wightlink's request.
Britain will hold a general election on July 4 with. surveys predicting a triumph for the opposition Labour party after. 14 years of Conservative rule.
Wightlink's problem underscores the challenge Britain's next. federal government will face in providing the renewable resource and grid. infrastructure required to power a shift to electric ferries, cars. and domestic heating in Europe's second-largest economy.
Britain was the very first significant economy to produce a lawfully. binding 2050 net absolutely no target. It's a leader in offshore wind and. it has actually cut in half emissions since 1990 after closing coal power. plants.
Central to the net no target is a strategy to decarbonise the. electrical power system by 2035. But the state advisor, the Climate. Change Committee, said in a progress report in June 2023 that. the government did not have a complete strategy to arrive.
CHANGING DATES
How to attain net no, and at what cost, has become a. battlefield both nationally and locally.
Britons support the policy of net absolutely no however they frequently baulk. at the expenses and infrastructure that might be needed to get. there, surveys show. Prime Minister Rishi Sunak ditched some. targets in 2015, stating he needed to keep public assistance in. the face of unacceptable costs.
Labour has actually promised to decarbonise the electrical power grid by. 2030, five years ahead of the Conservatives' target of 2035. Reforming grid connections is one part of its enthusiastic strategy.
To strike net absolutely no, Britain requires to broaden the high-voltage. network in England and Wales carried overhead on big pylons,. which then link to local circulation networks.
The grid, owned and operated by London-listed National Grid. Plc, was constructed to transfer power generated from. coalfields in areas like Yorkshire and Nottinghamshire across. the nation.
Today more electricity is originating from wind farms in. Scotland and off Britain's east coast, and brand-new infrastructure is. needed to transfer it to London and the south.
Presently wind farms are being paid to switch off in strong. winds, when the grid can not absorb all the generated power, data. from the nation's electricity system operator shows.
The government has stated supports needed to increase. capacity, consisting of new substations, power lines or supergrid. transformers, could use up to 13 years to finish, in part due. to regulatory and preparation approval.
It wants to halve that time, and is working with the. regulator, Ofgem, network operators and the market to. speed up connections.
National Grid said in May it would spend more than 30. billion pounds ($ 38 billion) on the grid over the next 5. years.
We're driving forward the biggest reforms to our. electricity grid since the 1950s, the Department for Energy. Security & & Internet Zero told .
It set a target in November to cut the average hold-up dealt with. by practical net zero-aligned jobs like Wightlink for. connections from around 5 years to six months, saying a. much faster system needed to be in place by 2025.
INFRASTRUCTURE V PRESERVATION
One issue that stands in the method of developing the grid and. the renewable energy jobs needed to power it are Britain's. preparing laws.
Approval times have ballooned in recent years, as regional. councils struggle to process applications and rural neighborhoods. bring legal obstacles to oppose major works.
The time it takes to protect approval for massive jobs. like wind farms has increased by 65% considering that 2012, stretching to. 4.2 years, according to a government-requested report by the. National Infrastructure Commission in 2023.
The rate of plans based on lengthy judicial evaluations has. jumped to 58%, from a long-lasting average of 10%, it said.
That rises job costs, threatening investment.
Fiera Infrastructure, the Canadian co-owner of Wightlink,. warned that investors can always invest their capital somewhere else.
Global investors are not yet at the point of turning their. backs on UK infrastructure, however bad moves around policy have. eroded financier confidence, President Alina Osorio informed. .
The belief was echoed by other facilities investors,. consisting of among the greatest in Britain, which has backed a. company building electric vehicle battery chargers at freeways.
The fund supervisor, who asked not to be called, stated an absence of. brand-new power had forced the company to adapt a few of its tasks.
Minal Patel, a partner at Schroders Greencoat, a. renewable investment manager, stated strong financier need for. renewable assets revealed Britain remained attractive, but sluggish. grid connections were a challenge.
CONNECTION
For Wightlink, the hunt for a connection has been stuffed.
In 2022, SSEN priced estimate Wightlink 4.6 million pounds for 12MW. connections to power the battery chargers it requires to install in. Portsmouth and Fishbourne, according to documents seen by. . The units should charge the electric ferry in the 20. minutes it has in between sailings.
Work could be finished in around 12 months in Fishbourne -. one of Wightlink's terminals on the Isle of Wight - however there. was no timeline provided for the Portsmouth connection.
Under the rules, a job like Wightlink's must accept a. quote from the distribution network company to protect a location. in the connections queue.
But Wightlink's Greenfield stated it could not buy a 50. million pound ferry without a warranty of power.
In the last week, SSEN said there might be enough capacity. to deliver more than the power Wightlink initially desired.
Wightlink's Head of Engineering & & Estates Charlie Field is. hoping that an agreement can finally be concurred.
A few weeks back, all offers were off as far as we were. concerned. We needed to wait till 2037, said. Now that might. not be the case..
(source: Reuters)