Latest News
-
Canada's Indigenous Challenge accelerates mine and energy projects
Indigenous groups say laws undermine consultation right The government says it needs to change in response to U.S. tariffs The U.S. tariffs are just an excuse for the Indigenous leaders By Michael Koy The tensions between government and Indigenous communities are a reflection of long-standing concerns about consultation and environmental impacts of mining projects. Canada's leaders have said that the threat of U.S. tariffs against Canadian goods should prompt the country to accelerate its economic development so as to prepare for potential economic shocks. A group of Canada's First Nations launched this week a constitutional challenge against two laws passed by the government in June. One was in Ontario, and the other at the federal level. A notice filed with the Ontario Superior Court stated that the laws "represent an obvious and present danger to Applicant First Nations’ self-determination right". Last month, the Canadian parliament passed a bill to expedite approval of projects that are deemed in the national interest. This includes mines and oil pipes, as well as removing some trade barriers among provinces. The Ontario cabinet was given broader powers by a similar measure, and British Columbia passed a bill last month to speed up infrastructure projects. Sol Mamakwa was expelled from the Toronto assembly for accusing Ontario's Premier of "falsehoods" to First Nations about Bill 5, the provincial legislation. Ontario Premier Doug Ford, in response to Indigenous protests that took place in Toronto added a clause at the last minute to the law requiring consultation with First Nation groups prior to any mining or development projects. The details of the plan, and the way in which First Nations will consult with each other are still not clear. Ontario's new legislation allows the government declare "special economic areas" which exempt certain projects from provincial laws. It would be easier for mining and infrastructure companies to bypass state laws and environmental restrictions and accelerate development projects in a nation that is the fourth largest oil exporter in the world and a mining superpower. Gord Miller is the current chairperson of Earthroots in Toronto, an organization that promotes conservation. He was previously Ontario's environmental commissioner and former Ontario environment commissioner. "Although these zones are sparsely populated, what stops them from using the bill to affect more densely-populated areas in southern Ontario?" He asked. Canadian law says that the government is required to consult First Nations regarding projects which could have an impact on their environment and rights. Sayers, however, is sceptical about the government's promises of consultation. Fast-tracking approval of projects, say indigenous groups, sidesteps this obligation and denies the group a real voice. "Consultation is not enough." Sayers stated that "Consultation is their way of asking what we think and then doing it regardless," without listening to what we have to say. We reserve the right not to approve or reject any development. "You don't have the right to say no or yes to development in our backyards," said he. TRUMP FACTOR Ford said that the tariffs imposed by the United States on Canadian goods means it can no longer do business as usual. Ford stated in a press release that "we are cutting redtape to unlock our essential minerals and unleash our economic to create new opportunities and jobs in the North and across the Province." Indigenous leaders and environmentalists, however, say that U.S. Tariffs are an excuse. Trump announced last week that the United States will impose a tariff of 35% on Canadian imports next month. "Relating Bill 5 with Trump's Tariffs is nonsense. Miller said that American companies pay tariffs to American Government. We Canadians do not pay these. Chief Taynar Simpson of Alderville First Nation stated that governments, "no mater what colors or stripes they wear", have always sought to undermine and bypass environmental protection laws. Simpson said that citing Trump as the cause of the bill was self-serving and an attempt to hide the true reasons and causes. RISE IN TENSIONS Some Indigenous leaders say they will fight back with blockades and strikes, reminiscent of the Idle No More Movement in 2012 that saw nationwide demonstrations against a federal law aimed at allowing corporations to more easily extract resources from Indigenous lands. In 2020, Indigenous protesters in Canada shut down major roads and railways for several weeks in solidarity with a British Columbian Indigenous group that was fighting to stop the construction of a pipeline across their land. Indigenous and environmental groups are threatening protests this time, along with their legal actions. Sayer stated that Indigenous Peoples are "looking at all the options necessary to force the government to back off." "We won't be jailed like we used to in the past. We can get educated now. Sayer replied, "We can hire attorneys now."
-
Petrobras CEO: US tariffs on Brazil may cause Petrobras to redirect oil to Asia
Petrobras, the Brazilian state-owned oil company, may redirect oil sold to the United States to Asia and Pacific due to increased tariffs announced by the United States on Brazil, the chief executive said on Thursday. Magda Chambriard, CEO of Petrobras, said that although oil and gas exports account for a large share of Brazil's trade with the United States it is not a vital market for the company. "We don't export much (to the U.S.). She said, "In general, we're not too worried" in her first comments to the public about the 50% tariff announced by President Donald Trump last week. In the first quarter of 2018, exports to the U.S. accounted for about 4% Petrobras total oil shipments. According to StoneX, the U.S. will also not feel any major effects if Brazil stops exporting, since the South American nation has only supplied less than 3 percent of the oil that the U.S. has consumed in 2025. Chambriard made his remarks amid Brazilian uncertainty over the impact of the new tariffs that will take effect August 1. The commodity was exempted from Trump's 10% tariffs. Petrobras exported 37% of its 209,000 barrels of oil per day to the U.S. in the first quarter. Analysts said that this volume could be easily redirected into other countries. (Reporting and writing by Rodrigo Viga Gaier, Fabio Teixeira, Editing by Gabriel Araujo Brad Haynes Lisa Shumaker).
-
EU opens the door to nuclear energy funding in next budget
The European Commission is proposing to allocate a part of the proposed budget for nuclear energy in 2028-2034, which will likely divide member states. Germany rejected this move immediately, as it would cause divisions among the members. The Commission published an annex of its mammoth proposal on Wednesday that listed nuclear energy as a project countries could fund with their national budget - "new or increased fission power capacity installed in GW". These national spending plans will have access to around 865 billion Euros of EU funding. This would represent a major shift for the EU whose budget currently does not include funding conventional nuclear power plants. It reflects a long-running dispute between traditionally anti-nuclear EU countries such as Germany and Austria and pro-nuclear EU member states like France and Sweden. Carsten Schneider, the German environment minister, said that Berlin respects the decision of other countries in building reactors. Schneider stated that "respecting national sovereignty on energy matters means also not claiming EU funding for this costly path, of which a quarter comes from German taxpayers money." The French energy ministry didn't immediately respond to an inquiry for comment. Ebba busch, the Swedish energy minister, declined to comment. The budget proposal from the Commission marks the beginning of years of intense negotiation among EU nations. They must all approve of the final budget. The EU has been in a long-running dispute over whether to use atomic energy to reduce CO2 emission. This disagreement has delayed the development of policies on climate change and energies within the bloc. This dynamic appeared to be on the verge of a change earlier this year when German Chancellor Friedrich Merz announced Berlin would not object to the EU treating nuclear energy on par with renewable energies. Denmark and Italy have also indicated a change in their previous opposition to nuclear energy. Some EU diplomats, however, said that the softening in positions did not extend to support for EU financing. One EU country diplomat stated that there was no way EU money would go to nuclear new reactors. The EU budget for the current year explicitly prohibits member states from using their share in hundreds of billions euros of regional development funds to build nuclear power plants. However, it offers limited funding for nuclear research and the decommissioning old reactors.
-
Gold extends decline after solid US economic data
Gold prices continued to decline and fell by nearly 1% Thursday, after positive U.S. data helped the Federal Reserve maintain its cautious stance about resuming monetary ease this year. Gold spot fell by 0.9%, to $3,315.15 an ounce at 0936 am EDT (1336 GMT), after reaching a session-low of $3,309.59. U.S. Gold Futures dropped 1.2% to $3320.80. According to the latest U.S. statistics, "there has been a slight rise in the dollar. Also, U.S. Treasury rates are higher." Bob Haberkorn is a senior market strategist with RJO Futures. Gold prices could remain high due to a strong central bank demand and ongoing geopolitical tensions. Dollars gained 0.3% making gold priced in greenbacks more expensive for holders of foreign currencies. The number of Americans who filed new claims for unemployment benefits dropped last week. This indicates that there was a steady increase in jobs in July. Retail sales in the United States rose more than expected last month, with an increase of 0.6% after a 0.9% decline in May that was not revised, but some of this increase is likely due to higher prices of some goods subjected to tariffs. Fed Governor Adriana Kulgler stated that the Fed shouldn't cut rates for "some time" because the tariffs of the Trump administration are beginning to affect consumer prices. Gold is a popular hedge against inflation and uncertainty, but its appeal has been diminished by higher interest rates. Ryosei Acazawa, Japan's chief trade negotiator, met with U.S. Secretary of Commerce Howard Lutnick to discuss U.S. Tariffs. Tokyo is racing to avoid a 25% tax that will be levied if a deal cannot be reached by the August 1 deadline. Palladium increased by 0.1%, to $1,232.02 after reaching its highest price since October 2023. Haberkorn stated that fears of an escalating conflict in Russia, which is a major exporter of palladium, fuel supply concerns, driving prices up. Silver fell 0.8%, to $37.64 an ounce, and platinum dropped 0.6%, to $1,408.00. (Reporting by Sarah Qureshi in Bengaluru; Editing by Tasim Zahid)
-
The oldest climate fund in the world targets wildlife bonds to every country in Africa
Global Environment Facility (GEF), the oldest multilateral climate change fund in the world, plans to issue a new round of wildlife conservation bonds as a way to assist African countries with saving endangered species and eco-systems. In 2022, the World Bank backed rhino bond was the first of many wildlife bonds that provide low-cost funding in exchange for reducing poaching and other measures. Last month, the GEF approved a conservation plan for lemurs in Madagascar. Fred Boltz is the head of programming for the GEF which is affiliated with the World Bank. He told African environment ministers on the sidelines a meeting that the GEF aims to provide one project per 54 African countries. He said that such a move would need an investment of 150 million dollars from GEF. This would be leveraged ten times, providing a total amount of $1.5 billion through borrowing. Climate finance experts claim that because wildlife bonds do not usually go into the government's books, they can provide much needed financing to developing countries. The payouts are directly related to the conservation of the species. The better the results, the less money the government is required to pay. Boltz stated that GEF hopes to expand the program so as to cover entire ecosystems, such as wetlands. Funding cuts from the United States, other major economies, and international aid agencies are threatening some conservation projects. Boltz stated that "many countries ask, suggest that it may be difficult to maintain the last level (of species) replenishment in this challenging official development assistance environment" and that we could need to do more with a smaller budget. The GEF invested $7.7 billion total in Africa for various projects. One of these was an $85million effort to combat desertification in Sahel. The organisation is currently asking donors to replenish their cash reserves for the next four-year programme cycle, which will begin next year. The last fundraising campaign for the current cycle raised $5.3billion, an increase of over 30% from its previous operating period. This is due to a rise in support for international efforts aimed at meeting nature and climate goals. The U.S. was the largest donor, with $700 million. Reporting by Duncan Miriri, Editing by Marc Jones and Alison Williams
-
Wall Street watches Netflix as Dollar recovers after Fed fear
The European stock market recovered from a four-day loss streak thanks to a healthy earnings report. Wall Street watched Netflix, and the dollar rose after U.S. president Donald Trump denied rumors that he would fire Fed chief Jerome Powell. Traders also had just seen a good batch of U.S. Retail Sales and Jobless Claims numbers, which provided more insight into how tariffs impact the economy. This gave a bit more energy to the S&P 500 and greenback futures. The STOXX 600 index of Europe was already enjoying a successful day, after records orders from Swiss engineering giant ABB and profits of $13.5 billion at Taiwanese semiconductor giant TSMC added to the growing optimism over a potential EU-US trade agreement. GE Aerospace also raised its profit forecast ahead of the U.S. open bell, although the currency markets remained the broader focal point. Kit Juckes, of Societe Generale, described the Wednesday "madness" that was sparked by the reports that Trump would be removing the Fed chief as "madness". The dollar is now trading below $1.16 per euro. The yen strengthened further as the polls showed that Prime Minister Shigeru Shiba's government was at risk of losing the majority in the upper chamber in upcoming elections. It fell to its lowest level since April, 148.73 per dollar. The data also showed that the Asian nation was starting to feel the effects of tariffs, with exports down for the second consecutive month. Meanwhile, the Australian dollar fell 1% over night after the weak employment figures there. Juckes stated that "the market is now solidly short of the dollar, and as we enter high summer people are beginning to buy back some." Watching NETFLIX Netflix also owed earnings in the future. Chris Weston said that the broker Pepperstone's head of research, Chris Weston, stated the company has outperformed S&P 500 by 33 percentage points year-to date. Analysts are still bullish and the firm "will have to blow out the lights with a solid raise and beat," he added. Wall Street futures pointed to a modestly higher start in the second half of the year, with Nasdaq expected to continue its recent streak of record highs. TSMC shares listed in the United States gained 4% after its impressive results. Advanced Micro Devices gained 1.2% while Nvidia, worth $4 trillion, rose 0.7%. After a four-day slide, European stocks rose by a comfortable 0.7%. Nikkei in Japan and bluechips in Taiwan and China all saw overnight gains of 0.3% to 0.6%. Alimentation Couche-Tard, a Canadian retailer, withdrew a $47 billion bid to take over Seven & i Holdings. The company cited a lack constructive engagement from the operator of 7-Eleven convenient stores. Seven & i Holdings shares fell to a low of three months and finished down by over 9%. Trump's denial of Powell's speculation helped calm volatile markets. However, he left the door open for the possibility of removing him. He also renewed his criticism of Powell as the U.S. central bank chief who has not cut interest rates. Francesco Pesole, an ING analyst, said that "after yesterday's panic, markets are probably even more resistant to headlines about this topic." In that hour, however, we saw what we expected: the steepening of the U.S. Yield Curve and a sharp drop in the dollar. The benchmark 10-year Treasury rate barely moved on U.S. Retail numbers, sitting just below 4.47%. German Bund yields remained steady at 2.695% after reaching their highest level since late March this week. Brent oil prices lost their initial momentum and stalled at $68.46 per barrel. The safe-haven gold price dropped almost 1%, to $3,314 per ounce.
-
Argentina's mining exports will top $5 billion by 2025, despite lithium struggles. Industry body claims
The president of the Argentine Chamber of Mining Companies, CAEM, predicted that Argentina's mining exports would exceed $5 billion by 2025. This is up from $4.6 in 2024. Roberto Cacciola, in an interview with he said that the main mining exports of Argentina, gold and silver, would remain the same or even decline slightly by 2025, due to the maturation process for mining projects. However, the rising prices would make up the volume decrease. Cacciola stated that the mining exports could reach $5 or $5.2 billion this year. He said that he expected the opposite for lithium. He expects a rise in production when prices are falling. He added: "In terms volume, there are no significant changes for gold or silver. There may be a slight reduction. In lithium, volume is increasing, but the price has dropped, which will keep exports of lithium at a level similar to that in 2024." According to the National Mining Secretariat, in 2024 gold contributed $3.14billion, or 68%, silver $641m, or 14%, and lithium $631m, or 13.6%. The libertarian government of Argentine president Javier Milei is trying to boost the promising mine sector in order to increase income, which it desperately needs to maintain macroeconomic stability. It created the Large Investment Incentive Regime, which offers tax, exchange rate, and customs benefits to investments exceeding $200 million. The government has approved only the Anglo-Australian company Rio Tinto's Rincon Project, a $2.7billion investment in Salta, a northern province, for construction of a Lithium Carbonate Plant. Cacciola stated that the fall in lithium prices caused by an excess of supply and a lower demand for electric cars has delayed investments. In the last two years, China's oversupply has caused prices to fall more than 90%. "Lithium firms are working hard to break even or may be running a deficit. He said that this is a temporary situation, but a reality. He said, "Everyone thought about expanding and growing. Now they are thinking about survival." "Some expansions were delayed. "We're not going to be able to recreate the same euphoria as in 2022-2023 because of the sharp drop (in prices)." Argentina, along with Chile and Bolivia is part of "the lithium triangle", which contains the largest reserves in the world. The country also has world class copper projects. However, none of them are currently in production. Cacciola estimates that the government would extend by an additional year the deadline for submitting projects to the RIGI, which expires on July 8, 2026. This is because many projects – especially copper – have expressed interest in participating in the incentive scheme. McEwen Copper, a Canadian company, has only applied for Los Azules to be included in the RIGI. The RIGI is operating. It's planned, I believe. Cacciola stated that he did not see any obstacles to the extension of the program. He added that the copper projects were "all set to be submitted, they just need some definitions." (Report by Lucila SIGAL; edited by Nicolas Misculin & Jamie Freed).
-
US retail sales exceeded expectations in June
Retail sales in the United States increased more than anticipated in June. However, some of this increase was likely due to higher prices on some goods that were subjected to tariffs. The Commerce Department's Census Bureau reported on Thursday that retail sales rose 0.6% in June after a 0.9% decline unrevised in May. Retail sales, which are mainly goods and not adjusted for inflation but are a major part of retail sales, were expected to increase by 0.1%, according to economists polled. The rise in retail sales could have been due to price increases driven by tariffs rather than volume. Inflation data released this week shows that the prices of goods affected by tariffs, such as household goods, appliances, sporting equipment, and toys, rose significantly in June. Retail sales, excluding automobiles and gasoline, building supplies, food services, and building materials, increased by 0.5% in June after a downwardly-revised 0.2% increase in May. The core retail sales component, which is closest to the consumer spending component in the gross domestic product, was previously reported as having increased by 0.4%. Sam Bullard is a senior economist with Wells Fargo. He said: "The household sector appears to still be holding up but there appears to have been a moderated in consumer spending." (Reporting and editing by Nick Zieminski, Lucia Mutikani)
The wife of a Russian oligarch has asked the UK court to jail her husband for unpaid legal fees
The wife of an oil tycoon from Russia asked a London judge on Wednesday for a jail sentence against her husband. She claimed that he repeatedly refused to pay the legal fees she incurred in their multimillion-dollar divorce case.
Elena Kroupeeva, Mikhail Kroupeev's wife, accuses him of refusing numerous court orders after their 36-year-old marriage ended.
The legal team of Kroupeeva told the court that the couple split in "tempestuous circumstances" after Kroupeeva learned in 2023 that her husband was living a double-life with a second secret family in Russia for the majority of the past 20 years.
Kroupeev began her proceedings in July 2024 for a financial settlement. In February, she was ordered to pay a little over 195,000 pounds toward her legal fees.
Her lawyers claimed that he failed to comply with this and subsequent orders demanding that he reveal the full extent of his wealth from his business empire.
They said he owed her over 837,000 pounds and that a freezing order was also made for his assets worth 38 million pounds (about $51 million). Her lawyers said that the judge should issue an order to imprison him for contempt.
In their submission to the court, her lawyers stated that "nothing less than a period imprisonment would be an effective punishment."
Michael Glaser, Kroupeev’s lawyer, said that the accusations about their marriage and an alleged affair should never have been made.
He told the court that the court order in dispute was appealable.
The judge, however, rejected his request to adjourn the case.
The couple, both Russian citizens with British citizenship, moved from Russia to Britain in the year 1993. Justin Warshaw, Kroupeeva’s lawyer, said Kroupeev made his fortune from his connections with Yuri Shafranik - a former Russian Energy Minister.
Along with Gulfsands - which Kroupeeva’s lawyers claimed had a contract for the export of oil from Syria - his other business interests include Jupiter Energy which exports oil and gas to Kazakhstan and Waterford Finance, which specialises on oil, gas, and other energy projects.
Justin Warshaw told the court that Kroupeeva and her family had lived an "opulent life" for many years.
Her lawyers stated that the couple had a large portfolio of assets, including a house worth 15 million pounds in north London and luxury homes in Portugal, Turkey and Russia. They also claimed that the couple took luxury holidays, which included flying on a private jet.
In their submission, her legal team stated that a large part of the reason for traveling privately is to allow the family dog to go on vacation with the family.
Videolink allowed Kroupeeva's husband in Cyprus to attend the hearing remotely. The hearing continues. The hearing continues.
(source: Reuters)