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EU retaliation plans intensify as prospects for a US tariff deal dim
According to EU diplomats, the European Union is looking at a wider range of countermeasures that could be taken against the United States. This comes as the prospects for a trade agreement between Washington and Brussels are fading. Diplomats report that a growing number of EU member states, including Germany are considering the use of wide-ranging anti-coercion measures, which would allow the bloc to target U.S. service providers or restrict access to public procurements in the event of no deal. The European Commission (which negotiates trade deals on behalf of 27 member countries) had seemed to be on track for an agreement where the EU would have still faced a 10% U.S. duty on most of its exported goods, but with some concessions. These hopes seem to have been dashed following President Donald Trump’s threat to impose 30% tariffs by August 1 and the talks between EU Trade Commissar Maros SEFCIOVIC and U.S. counterparts last week in Washington. Sefcovic has stated that a 30% tariff will "practically prevent" transatlantic trade. He delivered a sobering report to EU envoys about the current situation on Friday. The EU diplomats said that the U.S. counterparts came up with different solutions during their meetings, such as a base rate of well over 10%. Each interlocutor had a different idea. One diplomat stated that no one could tell what (Sefcovic), would work with Trump. The chances of the United States reducing or eliminating their 50% tariffs on aluminum and steel, and their 25% tariffs on cars and auto parts are limited. 'NUCLEAR OPTION' Washington also rejected the EU demand for a "standstill", whereby no tariffs will be imposed following a deal. Diplomats claim that Trump cannot be restrained on national security issues, which is the basis for Section 232 investigations into timber, semiconductors and pharmaceuticals. EU diplomats report that the mood among EU member states has shifted, and that they are now more prepared to react - even though a negotiated resolution is their preferred solution. The EU currently has a package of tariffs that are suspended until the 6th of August. It is based on goods from the United States worth 24.5 billion dollars or 21 billion euros. The EU still has to decide on another set of countermeasures for 72 billion euro of U.S. imports. The EU has also been discussing the use of its "anti-coercion instrument" (ACI), which allows it to take retaliatory action against third-country countries who put economic pressure on their member states to alter their policies. If the EU were to focus more on China, this would allow it to target the trade of U.S. financial services and public tenders, where the U.S. enjoys a surplus in trade with the EU. The EU's public procurement is valued at around 2 trillion euro per year. Other possible measures include restricting U.S. investments, limiting protection of intellectual properties rights and imposing restrictions on the sale of U.S. food or chemicals in Europe. France has always backed the ACI. Others have resisted what they see as a nuclear alternative. Trump has threatened to retaliate against other countries who take action against the United States. Ursula von der Leyen, President of the European Commission, said last week that ACI was designed for situations beyond normal. She added: "We're not there yet." It would require a majority of 15 EU countries, which represents 65% of its population, to be able to use it. Diplomats in the EU say that it would only do this if it were confident it could pass it. However, there are signs that support is growing, and Germany is one of those countries who have said it should be taken into consideration. Reporting by Philip Blenkinsop & Andrew Gray. Andrew Heavens, Mark Potter and Andrew Heavens edited the article.
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Les Echos reports that Canada's CDPQ and Amber Infrastructure will invest in Britain's Sizewell C.
The French newspaper Les Echos reported that the Canadian investment fund Caisse de depot et de placement du Quebec will partner with Britain's Amber Infrastructure in order to become Britain's largest private investor in Sizewell C's nuclear project. Unnamed sources told the business paper that if everything went smoothly, final decisions would be taken on Tuesday. Les Echos reported that the two private investors would contribute 25-30% to the project's capital. The cost has risen since the initial announcements. The British government has pledged 17.8 billion pounds for the project, but continues to seek investors. It was reported previously that the U.S. investment fund Brookfield, which is listed on the New York Stock Exchange, would acquire a stake in the plant of over 20% in exchange for funding to develop the plant. British utility Centrica may also have a role. EDF, a French nuclear energy company, will invest around 1.1 billion pound ($1.48 billion) in the project and take a 12.5% share. CDPQ Amber Infrastructure Brookfield and Brookfield have not responded to our requests for comments. EDF and UK government declined comment. Britain wants to build more nuclear power plants in order to improve energy security and meet climate goals. When operational, the Sizewell C nuclear plant in Southeast England is expected to generate enough electricity to power six million homes. ($1 = 0.7419 pound) (reporting by Makini Brice; additional reporting from Forrest Crellin and Susanna Twdale in London and Paris)
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Zambia plans to build a 60,000 barrels-per-day oil refinery on the Copperbelt
The Zambian government announced on Monday that it had signed an agreement paving the way for a crude oil refinery complex and energy facility worth $1.1 billion to be built in Ndola, in the copperbelt region of the country. A government statement stated that the planned facility would process around 60,000 barrels of crude oil per day, supplying enough refined products to meet all of Southern Africa's current fuel needs and possibly allowing future exports to neighboring countries. The statement also added that the project will save millions of dollars in fuel imports annually once it is completed. Construction is expected to begin in the third quarter 2025. The first phase of commercial operation will be planned for 2026. The agreement was signed between Zambia's Industrial Development Corporation (ZIDAC) and Fujian Xiang Xin Corporation from China. A spokesperson for IDC said that the refinery will source crude oil from the Middle East, and it will be imported via the port of Dar es Salaam in Tanzania. The government of Zambia said that the energy complex would include units for fuel production as well as liquefied gas bottling and bitumen production. It will also have a 130 megawatt power plant. Reporting by Chris Mfula. Alexander Winning is the writer. Mark Potter (editing)
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Zinc reaches peak in 4 months as LME availability declines
The London Metal Exchange reported that more than half the stocks stored in their approved warehouses were marked for removal. Benchmark zinc traded on the LME 0.7% higher, at $2,838 per metric ton. It had previously reached $2,876 per ton, its highest level since March 28. The total stocks of zinc at the LME are 118,225 tonnes . Metal earmarked at 50% or cancelled warrants suggest that another 59.900 tons are waiting to be unloaded. Traders say that there are concerns about how much zinc will be removed from the LME's warehouses, as most of it is stored in Singapore. Rent deals are agreements that allow warehouses registered on the LME to share their fees or rental revenue with companies who deliver metal. Natalie Scott-Gray is a senior metals analyst with StoneX. She said: "It's unclear whether this latest volatility in stocks was driven by pure physical demands or market players who benefited from rent deals." If we don't see the same quantity of material return to the market in the next 3 to 4 weeks, we can assume this latest order will at least partially satisfy the physical consumption needs in Europe. The focus is also on large holdings of 0#LMEWHI> zinc warrants, which are title documents that confer ownership. Additional cancellations will add to the tightness that has been created. Premium for the LME Cash Contract over the Three-Month Forward. The announcement by China that the construction of what is expected to be the largest hydropower project in the world, located on the eastern edge of the Tibetan Plateau at a cost estimated at at least $170 billion has begun, traders reported, provided a boost to zinc. The plans of China, the world's largest consumer, to stabilize growth in the sectors of machinery, automobiles, and electrical equipment, have helped industrial metals grow. Lead fell 0.3% and aluminium rose 0.5%. Tin was up 0.9% to $33,750. Nickel climbed 1.4% to $16,430 per ton. (Reporting and editing by Jan Harvey, Louise Heavens and Pratima Dasai)
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Bessent: US will not rush trade deals before August deadline. We will speak with China.
Scott Bessent, U.S. Treasury secretary, said that the Trump administration was more concerned about the quality of trade deals than their timing. The deadline to secure a deal by August 1 or face steep tariffs is approaching. Bessent said in an interview with CNBC that "we're not going rush to do deals just for the sake doing them." Bessent responded that the decision would be made by Donald Trump, U.S. president. "We'll wait and see what the President wants to do." "But again, if somehow we boomerang to the August 1, tariff, I'd think that a high tariff level would put more pressure on these countries to come up with better agreements," said he. Bessent stated that "talks will be held in the very near term" about China. "I believe trade is on a good track and I think we can now start to talk about other issues." He said that the Chinese are "very large purchasers" of Iranian and Russian oil which has been sanctioned. We could also talk about the elephant in the living room, namely the great rebalancing the Chinese must do. Bessent said to CNBC that he would encourage Europe, if they implement secondary tariffs against Russia, to follow suit. Bessent stated that the administration's focus on Japan was not its internal politics, but rather the best possible deal for Americans. Reporting by Susan Heavey, Andrea Shalal and Bernadettebaum.
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Saudi Arabian crude exports reached a three-month high during May
Data from the Joint Organizations Data Initiative showed that Saudi Arabian crude oil exports rose in May to their highest level in three months. Crude oil exports by the world's biggest oil exporter increased to 6.191 millions barrels per day from 6.166 in April. Saudi Arabia's crude production for May increased to 9.184 million barrels per day (bpd) from 9.005 in April. The data revealed that the crude throughput of Saudi refineries was 2.721 millions bpd. This is up by 0.017 million from April's figure of 2.704million bpd. Direct crude burning also increased, rising 112,000 bpd. JODI publishes monthly export data from Saudi Arabia and other OPEC members. OPEC+, a group that includes OPEC, Russia and other allies, agreed this month to increase production by 548,000 bpd for August. This was the first time since oil prices soared and then fell after Israeli and U.S. attack on Iran, they had increased output. Five sources with knowledge of the discussions have said that OPEC+ will likely approve a new increase for September at its meeting on August 3. OPEC+ started to unwind the cuts of 2,17 million bpd with a boost in April of 138,000 bpd. This was followed by more increases in May and June despite falling prices. Saudi Arabia's Energy Ministry said that the country had met its voluntary OPEC+ production target. It also stated that Saudi Arabian crude oil supply was 9.352 millions bpd in June, which is in line with agreed quota. (Reporting by Anushree Mukherjee in Bengaluru Editing by David Goodman)
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Zinc reaches peak in 4 months as LME availability declines
The London Metal Exchange reported that more than half the stocks stored in their approved warehouses were marked for removal. Benchmark zinc prices on the LME were up 1.2% to $2,851 per metric ton by 1030 GMT. They had earlier reached $2,876 per ton, their highest level since March 28. The total stocks of zinc at the LME are 118,225 tonnes . Metal earmarked at 50% or cancelled warrants suggest that another 59.900 tons are waiting to be loaded. Traders say that there are concerns about how much zinc will be removed from the LME's warehouses, as most of it is stored in Singapore. Rent deals are agreements that allow warehouses registered on the LME to share their fees or rental revenue with companies who deliver metal. Natalie Scott-Gray is a senior metals analyst with StoneX. She said: "It's unclear whether this latest volatility in stocks was driven by pure physical demands or market players who benefited from rent deals." If we don't see the same quantity of material return to the market in the next 3 to 4 weeks, we can assume this latest order will at least partially satisfy the physical consumption needs in Europe. The focus is also on large holdings of 0#LMEWHI> zinc warrants, which are title documents that confer ownership. Additional cancellations will add to the tightness that has already created a small Premium for the LME Cash Contract over the Three-Month Forward. The announcement by China that the construction of what is expected to be the largest hydropower project in the world, located on the eastern edge of the Tibetan Plateau at a cost estimated at at least $170 billion has begun, traders reported, provided a boost to zinc. The plans of China, the world's largest consumer, to stabilize growth in the sectors of machinery, automobiles, and electrical equipment, have helped industrial metals grow. Lead fell 0.1%, copper rose 0.7%, aluminium 0.5%, nickel 1.1%, and tin 0.8%. (Reporting and editing by Jan Harvey; Reporting by Pratima Dasai)
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AVZ Minerals claims that the Congo deal with KoBold violates arbitration order
AVZ Minerals, based in Australia, holds a major stake in the contested Manono Lithium Project in the Democratic Republic of Congo. On Monday, AVZ Minerals said that a new agreement between Kinshasa, and U.S. backed KoBold Metals, to develop a part of the project, violates an existing international arbitral order. The DRC Government announced on July 18, that it had signed a joint development agreement with KoBold for the southern section Manono Lithium and Tin Deposit, one of world's biggest untapped sources of battery metal. The agreement commits Congolese Government to support KoBold’s plan to purchase and develop Roche Dure Deposit at Manono. This effectively positions the Californian firm as Kinshasa’s preferred partner in order to unlock the project. AVZ's stake in the Manono Project is held by its subsidiary Dathcom Mining. The dispute is being arbitrated with Congo at the International Centre for Settlement of Investment Disputes due to the government not granting a mining license. The company claimed that Congo's agreement with KoBold Metals was in violation of interim orders issued by ICSID's tribunal on January 20, 2024. These required Congo to acknowledge Dathcom as holder the disputed mining licence and to protect AVZ rights during the proceedings. KoBold Metals and the Congolese authorities did not respond immediately to comments. The company stated that "On 18th July 2025 (AVZ) notified the ICSID Tribunal about the KoBold Agreement which is a violation (of their orders)." AVZ, which is not a part of the KoBold deal, said that it was open to a "constructive dialog" with all parties, including KoBold to find a commercial solution that respected its contractual and legal rights. Maxwell Akalaare Adombila, Maxwell Akalaare Adombila and Jan Harvey contributed to this report.
Chinese business bullish on Cuban solar drive, executive says
Hangzhou Duojia Innovation, which disperses solar technology to Cuba, called a Cuban plan to dramatically boost solar generation a win for both nations, promoting China's manufacturing heft and the island's warm climate.
Cuba is desperate to produce electrical power on an island where demand is rising but generation by antiquated oil-fired power plants has actually dropped.
The country's grid collapsed last month, leaving 10 million people without power.
Much of Cuba continues to face hours-long blackouts daily, as generation falls 50% except peak demand.
We believe solar panels are the definitive service in this nation where there is ample sun, said Qiaoming Huang, president of Hangzhou Duojia Innovation, on the sidelines of Havana's International Trade Fair.
As we say in China, with crisis comes opportunity, Huang informed Reuters in an interview.
He stated his company, which sources solar technology from China for small-scale commercial tasks of up to 20 kilowatts in Cuba, had 10 containers of solar panels and lithium batteries on their way from China.
Cuba concurred in April for China to assist it increase solar power's role in its grid, though neither federal government elaborated on financing information.
Right after, Cuban authorities announced they would build 2,000 megawatts of solar power by 2028, with the first 1,000 MW coming online by the summer of 2025 and the second tranche by 2028.
After the October nationwide blackout, Cuba's top leadership appeared to double down on the strategy, a minimum of partly funded with Chinese development credits, according to state-run media.
Currently less than 5% of Cuban energy originates from alternative sources. Cuba's objective for 2030 is 24%.
(source: Reuters)