Latest News
-
EU is "moving slowly" to combat the rapid rise in censorship of LGBTQ+
Anti-LGBTQ+ legislation spreading throughout Europe Hungary's Pride ban latest rollback of rights The European Commission is moving too slowly, say activists Lucy Middleton Hungary is leading the charge on LGBTQ+ censorship under Premier Victor Organ. In 2021, a law was passed restricting LGBTQ+ content in schools and media. Since then, similar laws to Hungary's were proposed or passed in five other EU member states - Italy. Bulgaria, Poland. Romania. In mid-2022, the European Commission sent Hungary to the EU Court of Justice over its antilog+ laws. This was the first time that the CJEU had taken an EU member state to court over LGBTQ+ rights. Early June is when a decision is expected on whether or not the law violates EU regulations. However, activists claim that it is far too late. It means that many things could go wrong before we act. Hungary, which refused to revoke the 2021 law it passed, went one step further and banned Pride events in March on grounds that they were harmful to children. The European Commission stated that it "closely monitors" the developments and added that equality, non-discrimination and solidarity are core values for the EU. A spokesperson for the Commission said that a new LGBTQ+ equal rights strategy is expected to be presented by the end the year. The spokesperson stated in an email that "the Commission will... not hesitate to utilize all of the instruments available to it to protect the EU values and take the necessary action, as it has in the past." Ester Polaris is a human-rights lawyer at the Hatter Society in Hungary, an LGBTQ+ group. She said that the Commission has delayed taking action on Hungary's new censorship laws and refused to ask for interim measures. This, she says, has led to a "chilling effect". Polaris said that the law of 2021 is the basis for the Pride march ban, but there has been little response or willingness to seek measures. RUSSIAN INFLUE Activists claim that antilog+ laws are often modeled on Russia's "LGBTQ+ propaganda" law, which was first passed in 2013, and then expanded by Vladimir Putin in 2022. The Russian law prohibits any LGBTQ+ content from being spread online, through films, books, advertising or educational settings. In August 2024 Bulgaria banned "propaganda or incitement of LGBTQ+ issues in schools", while Georgia implemented a ban on "LGBTQ+ propagandists" in October. Many of these bills were passed in a short time and without warning. Bulgaria's bill was passed in two readings and became law one week later. Organ also submitted and signed Hungary’s 2021 law expeditedly. Stan Iliev is the campaign manager for global rights group All Out. He said that once these censorship legislations are in place, (the country) can implement further bans and strip away queer rights. They're all copy-pasted, and they're one attack. Why is there no unified harmony answer? All Out wants to see the European Commission launch infringement proceedings against countries that have LGBTQ+ censorship legislation, and make EU membership conditional on "full compliance" with EU standards regarding LGBT+ rights. A WEAKER APPROACH Some experts believe that political considerations could influence the Commission's attitude towards antilog+ legislation. Alessandro Marcia is a lecturer in EU law at Maastricht University. He said, "The current Commission's majority is more fragmented, it has a smaller majority and includes parties who support antilog+ legislation. Therefore, the Commission seems to be more quiet." Rights groups criticised the Commission last year for expanding the duties and responsibilities of the Commissioner for Equality to include crisis planning and management. They said that this diluted the focus of the role. Ursula von derv Leyden, the President of the European Commission, also faced criticism in the European Parliament for appointing one of six vice presidents of the Commission from the far-right Italian ruling party. Giorgio Melon, the Italian Prime Minister, has promised to fight what she calls the "LGBT Lobby". Marcia says that even if the infringement proceedings do not result in a change of law, they can still help to boost support for affected countries.
-
Kodal: Mali lithium exports are blocked because of delays in obtaining permits
Kodal Minerals' chief executive Bernard Aylward said that regulatory hurdles in Mali had prevented the British miner from exporting more than 20,000 tons of lithium concentrate. Kodal's blockade of shipments comes as global lithium production will drop by as much as 228,000 tons this year, as miners reduce operations due to the plummeting price for the metal used in electric vehicles batteries. Aylward reported that Kodal has agreed to sell the entire production to China's Hainan Mining. He said, "We spend money on a product we want to sell... Our buyer wants to buy it and we can't even export." The mining and trade ministry of Mali did not reply to our requests for comment. The West African nation, which has been a major producer of gold for many years, is now looking to develop its lithium reserves. At the same time its military government is asserting greater control over the mining industry in an effort to increase revenues. Malian authorities arrested foreign executives, seized gold and confiscated gold stocks while they were negotiating with multinational gold miner companies. Aylward stated that in Kodal’s case, officials were examining a pricing system to ensure that the spodumene concentrated produced at the Bougouni Project is sold at current market rates. He said that the company had been in final approval negotiations since last year, and now is finalising its export license in hopes of sending out its first shipment by mid-June. Other operations in Mali also face delays with export permits. "It's not just the Kodal team," said he. Ganfeng Lithium in China, which operates Mali’s only other lithium-based mine, has not responded to a comment request. Maxwell Akalaare Adombila, Portia Crowe and Robbie Corey Boulet edited the article.
-
Havana's capital is experiencing a rise in temperatures and blackouts
The daily blackouts of four hours or longer have become the norm in Cuba's capital, Havana. This is a disturbing sign that the energy crisis has not been resolved as the hot Caribbean summer approaches. Havana's plight follows a series of blackouts that lasted for several months. The most recent one occurred in March. Fuel shortages, natural disasters and economic crises all contributed to the near total disarray. Havana, the main commercial hub of the island and the top tourist destination on the island, has suffered occasional blackouts for years but was largely protected from the worst outages until this year by the grid operator. Aramis Bubeno, 47, a resident of Central Havana's densely-populated neighborhood Dragones said, "People are stressed," as he sat at his front door during a blackout in the evening this week. It's hard to live like this. Check the time. "We haven't had power to shower or eat because of blackouts." As the United States tightens its sanctions against Cuba, the power outages are getting worse in Havana. The island nation is now on the list of states that sponsor terrorism, and restrictions have been increased on tourism, remittances and trade. The blackouts that occur in the capital are much shorter and planned than those in rural and outlying provinces where they can last up to 15 hours per day. Havana is abuzz with talk about them. "It's terrible, it's terrible. "The electricity system is not working in this country at the moment," said Dayami Cherie, 52, who lives in Old Havana. No one can survive in this heat without electricity. The recent outages have led to the closure of schools and offices, causing a further drop in the economy's output. This dropped by 1.9% in 2023. In 2024, the economy shrank when blackouts became more severe, although government figures for last year have not been released yet. However, there are some glimmers. Cuba has made progress in this year's plan, backed by China, to install over 50 solar parks that can generate more than 1,000 Megawatts of power. Since February, 11 solar parks were installed, promising a brighter future. However, most Habaneros are still bracing themselves for a long, hot summer. Yasunay Pérez, 46, from central Havana, said: "I was born in a world of blackouts." This is not a new phenomenon. Reporting by Nelson Acosta, Additional reporting by Anett and Mario Fuentes. Editing by Dave Sherwood, Sonali Paul and Dave Sherwood.
-
Massive icefalls at Argentina's Perito Moreno Glacier cause awe and alarm
A deep cracking noise from the ice foretells the imminent dramatic fall. A block of ice 70 meters tall (230 feet) - about the height of a 20 story building - falls from the Perito-Moreno glacier face into the aquamarine waters below. Visitors to Argentina's most famous Glacier have been drawn by the sight for many years. They wait on platforms in front of the ice for the next crack that will split the cool Patagonian atmosphere. The size of ice fragments that are breaking off, a process known as "calving", has recently begun to alarm local glaciologists and guides, who were already concerned about the prolonged retreat of Perito Moreno. This glacier had defied the trend by maintaining its mass despite warmer climates causing glacial melt worldwide. Pablo Quinteros is an official guide for Los Glaciares National Park, located in Santa Cruz province's southern part. "Icebergs of this size have only been visible in the past four to six year," he said during a trip in April. For decades, the face of the glacier that flows from Andean mountains to the waters of Lake Argentina had been more or less stable, with some years seeing an advance and others a retreat. In the last five decades, however, there has been a more pronounced retreat. It had been in the same position or a similar one for the last 80 years. "That's unusual," said Argentine iceologist Lucas Ruiz, with the state science organisation CONICET. His research focuses on the future of Patagonian ice in the face climate change. The Perito Moreno Glacier's face has begun to show signs of retreat since 2020. He said the glacier would rebound, as it had done in the past, but for now it is losing between one to two meters of water per year. If this trend continues, the loss could accelerate. Ruiz, a co-author of the 2024 state-sponsored report and a member of Argentina's Congress at the time, presented it to Congress. The report showed that, while Perito's mass was stable over the past half-century, the loss in mass since 2015 is the most rapid and prolonged in 47 years. It averages 0.85 meters per annum. According to a UNESCO study published in March, glaciers are disappearing more quickly than ever. The last three years saw the greatest loss of mass on record. You can't grasp the enormity of it Ruiz stated that instruments used by his research team to monitor the glacier showed an increase in air temperatures in the area of 0.06 degrees Celsius every decade, and precipitation declining, indicating less accumulation of snow or ice. Ruiz explained that "the thing about Perito Moreno was that it took some time to feel the climate change effects." Currently, however, melting and calving of the glacier's bottom is outpacing the accumulation of ice on the glacier's top. The changes we see today show that the balance of forces has been upset, and today's glacier is losing in both thickness and area." The glacier is still a popular attraction among tourists who take boats to witness the calving of the icebergs and their movement around the lake. "It's insane. "It's insane," said Brazilian Giovanna Macado, on the deck of a boat that has to be cautious of sudden icefalls. It's amazing. You can't even imagine the size of it in pictures. It's amazing. "I think everyone should visit here at least once during their lifetime." (Reporting and writing by Adam Jourdan, with additional reporting by Nicolas Cortes, Juan Bustamante and Bernan Parera. Editing and proofreading by Katy Daigle & Rosalba o'Brien).
-
Fading optimism over US-China tariff pause drives copper down
Copper and other base materials fell on Thursday, as the optimism over a 90 day pause on most retaliatory duties agreed between Beijing and Washington began to fade. By 0949 GMT, the benchmark copper price on London Metal Exchange (LME), fell by 1.1% to $9.502.50 per metric ton. On Wednesday, the metal used in construction and power had grown five times before, and reached $9,664, which was its highest price since April 2. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that industrial metals are now aware of the damage done to both the U.S. and the Chinese economies. This has renewed concern about the future demand outlook. "We must remember that this is a temporary truce on trade tariffs and not an agreement final. There are still many obstacles to overcome." Citi analysts said that they expected the average copper price to drop to $8,800 from $9,300 during the current quarter, as the frontloading in trade and manufacturing sparked by the 90-day reprieve will fade. Citi said that "trade tariffs are still higher than they were before April, despite recent bilateral agreements and possible future ones. We expect to see an impact on the growth of physical metals consumption and the payback from front-loaded goods trade by the third quarter." Demand for copper supplies from the U.S. is currently supporting the price of copper outside the U.S. Where the premium on COMEX Copper Futures over the LME Benchmark is elevated because Washington's investigation into possible new import tariffs on metal. Citi said that an announcement of tariff implementation would likely trigger a de-winding through the drawdown of U.S. copper inventories, causing a temporary drop in U.S. imported demand. Aluminium fell 1.4% to $2.493.50 per ton. Zinc dropped 1.8% to 2.713.50. Lead fell 0.5% at $1.987.50. Tin was unchanged at $32,805 while nickel slipped 1.6% to 15.615. (Reporting and editing by Louise Heavens; Polina Devitt)
-
Stellantis Chairman says less EU regulations will reduce car costs
John Elkann, chairman of Stellantis, said in a joint interview with Renault CEO Luca de Meo on Thursday that the European Union must cut down regulations that make cars, particularly smaller models, expensive. Elkann appeared via video link at the FT Future of the Car Summit, London. The two leaders made their joint appearance just over a month after the European parliament voted for a faster implementation of EU CO2 emission targets for cars, vans and trucks. This will give automakers more time and allow them to reduce fines. Renault's de Meo stated that the French automaker "doesn’t make money" with some small cars. He added that regulations between 2015 and 2030 will increase the cost of medium-sized Renault cars by 20%, and small cars by 40%. De Meo stated that "small cars have a purpose, and could even reboost Europe's automotive market." Reporting by Giulio Pieovaccari, Nick Carey and Tomaszjanowski.
-
China's production cap will support aluminium despite trade disputes
Analysts said that a weakening in demand for aluminium due to trade tensions could weigh on prices. However, a long-standing Chinese production cap may limit the losses. After tariffs imposed by President Trump, the prices of aluminum have dropped 2% at the London Metal Exchange so far this season. China produces about 60% of the aluminium used for construction, transport and green energy. The government has set a cap on its output of 45 million tonnes per year to reduce overcapacity. "We're already very close to the 45 million mark, and we don’t see much additional capacity globally." The price increase is a good thing (this year), said HSBC analyst Howard Lau. An April poll showed that aluminium supplies were around 76,000,000 tons, which is a market analysts believe to be balanced. This small surplus could be turned into a deficit if there are any disruptions, such as the loss of hydropower, in China's Yunnan Province, where much of China's aluminum smelting capability is located. Morgan Stanley stated that a tightening of the market due to China's capacity limit, would see prices around $2,600. This is just above current levels. However, recession risks could drive it below $2,000, if demand decreases. This would be the lowest price since 2021. Ewa Mnthey, ING commodities analyst, said that demand for aluminum is likely to fall as the U.S. economy slows down due to tariffs. China's economy has already been struggling to recover. The trade relations between China & the U.S. are thawing a bit, as both sides have agreed to reduce reciprocal tariffs temporarily for 90 days. After 90 days, however, there are still uncertainties, such as the possibility of a recession. David Wilson, senior commodities analyst at BNPParibas, believes that aluminium will outperform the copper market this year. He said that while copper has a lot of growth potential in the long-term, aluminium does not have enough.
-
IEA predicts a slowdown in the growth of global oil demand for the remainder of 2025
The International Energy Agency (IEA), said Thursday that economic headwinds and record sales of electric cars will reduce global oil consumption growth to 650,000 barrels a day for the rest of 2025. This is a significant drop from the 990 000 bpd that the IEA estimated for the demand growth between January and March. In its oil market report for May, the IEA stated that "increased trade uncertainties are expected to have a negative impact on the global economy, and by extension, the oil demand." IEA expects the global demand to grow by 740,000 bpd this year. This is an increase of 20,000 bpd from last month due to higher economic growth expectations and lower oil prices that support consumption. The demand is expected to grow by 760,000 bpd on average in 2026. The Paris-based watchdog increased its forecast for supply growth by almost 400,000 barrels per day (bpd) on the month, to 1.6million bpd by 2025. This was due to higher production from Saudi Arabia offsetting a predicted decline in U.S. oil production in a lower price environment. The IEA says that Saudi Arabia is responsible for the majority of the increase in its 2025 forecast supply growth, since it is the only nation with the capacity to add barrels to the market based upon current production levels. At its last meeting, the OPEC+ Group agreed to a second monthly accelerated production increase for June. The IEA has cut its U.S. shale production forecasts by 40,000 bpd in 2025 and 190,000. The Organisation of Petroleum Exporting Countries lowered its 2025 oil supply forecasts for the U.S. The IEA reported that a sharp increase in oil supply will push storage levels up by 720,000 bpd on average this year. Last year, stocks had declined by an average 140,000 bpd. (Reporting and editing by Tomasz Janowski, Jan Harvey and Alex Lawler from London)
CEZ proposes a dividend above the range and first-quarter profits are higher than estimates
CEZ, the Czech electric company, proposed a dividend of 47 crowns ($2.11) for each share on Thursday. This is 80% less than last year's profit. It was also lower than a previous payout 52 crowns.
Dividends are paid out at a rate of 60 to 80 percent of net profit, which is the typical payout for the company. CEZ's shares closed at 1,194 crowns on Wednesday and are up 30% over the last year.
CEZ reported earlier this year a 9% decline in the 2024 adjusted net profits to 31.8 billion crowns.
It confirmed on Thursday its outlook for the year 2025, and is expecting a net profit adjusted between 25 billion crowns to 29 billion crowns.
CEZ reported that its adjusted net profit for the first quarter fell by 6%, to 12.7 billion crowns. This was due to higher depreciation. A poll showed that the average estimate was for adjusted profit to be 10.4 billion crowns.
Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA), which is a measure of earnings before interest, taxes, depreciation, and amortization, rose by 7% on an annual basis in the third quarter, to 43 billion crowns.
CEZ's EBITDA forecast for 2025 was slightly raised to 127-132 billion crowns, up from 137.5 billion crowns, due to lower electricity prices.
CEZ is unlikely to pay the windfall tax this year. The tax was introduced in response to energy price spikes after Russia invaded Ukraine in 2022.
CEZ has pre-sold two-thirds or its anticipated 2026 generation at a price of 94 euros on average per MWh. This compares to an assumed average realized price of 120-125 euros for 2025.
(source: Reuters)