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Antofagasta CEO: Trump's copper tariffs may help the project in the US that has been stalled.
Ivan Arriagada, CEO of Antofagasta Chilean Copper Mines, said that the Trump Administration's decision to impose a 50% tariff on copper imports has created an opportunity for the copper project which had been stalled in the United States. Antofagasta, a London-listed company, operates four copper mines and is developing Twin Metals Copper and Nickel Mine in Minnesota. However the project was halted after the previous Biden administration refused to grant permits due to environmental concerns. "We have a new project, and we see a chance to develop it in this context," Arriagada said at an event. He noted that it would be years before the final decision on investment could be taken. "We must continue to work with a longer-term perspective." He added that the miner had maintained its mid-term and longer-term contracts. There were no additional copper shipments for now to the United States. Since President Donald Trump opened an investigation into possible tariffs on imports of copper in February, U.S. firms have been stocking up on the metal. Chile is the largest copper producer in the world. Speaking alongside Arriagada in Chile, Mining Minister Aurora Williams said that the government has not received any precise information on how copper tariffs will be implemented. Reporting by Fabian Cambero; Writing by Daina-Beth Solomon; Editing and Marguerita Chy.
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Nine more suspects named in Pertamina corruption probe
The Indonesia Attorney General's Office named nine new suspects on Thursday in a corruption probe involving the state energy company PT Pertamina. Indonesia previously named several former Pertamina executives in an investigation of alleged corruption between 2018 and 2023. The state and economy suffered losses of 285 trillion Rupiah (17.58 billion dollars) as a result of the criminal activities, according to prosecutors. Abdul Qohar is a director of the AGO. He said that the nine people named by the AGO were six former executives from Pertamina or its subsidiaries, a manager who worked at Trafigura trading company, a manager for Mahameru Kencana Abadi shipping company, and a beneficiary owner at PT Orbit Terminal Merak fuel terminal. Abdul, a reporter, said that the suspects had been involved in improper imports crude oil and fuels, incorrect shipping leases, and leases for fuel terminals. Pertamina's spokesperson stated on Thursday that they respect the legal process in place and are cooperating. Trafigura didn't respond immediately to an e-mail sent to the address on their website asking for a comment. PT Mahameru couldn't be reached after office hours. PT Orbit was not accessible and could not be reached immediately. In May, Indonesian investigators approached several trading firms in Singapore to conduct an investigation. Reporting by Fransiska Naangoy, editing by Philippa Feletcher.
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Argentina appeals U.S. Court Order to Transfer 51% YPF Share
According to a Thursday court filing, Argentina has filed notice of its appeal against a U.S. ruling ordering the country to surrender the 51% stake in the state energy company YPF. The notice was filed at the U.S. District Court for the Southern District of New York and appeals a Judge Loretta Preska's decision requiring Argentina hand over shares in partial satisfaction of a $16.1 billion judgment over the state takeover in 2012 of YPF. The case revolves around Argentina's seizure by Repsol of a 51 percent stake in YPF without making a bid to minority shareholders Petersen Energia Inversora or Eton Park Capital Management. Preska ordered Argentina in September 2023 to pay $14,39 billion to Petersen, and $1.71 to Eton Park. Argentina is appealing the ruling. The Argentine Government did not respond immediately to a comment request from. Preska's move is a blow to President Javier Milei. His administration has been trying to boost foreign currency reserves, rein in inflation and manage a heavy debt load. (Reporting and Writing by Eliana Razewski. Editing by Aida Pelaez-Fernandez.)
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Documents show that EU countries want to keep Russian gas withdrawal plans secret.
A document internal to the EU, seen by, shows that European Union governments would like Brussels to keep secret their plans to stop using Russian oil and natural gas by 2027. Last month, the European Commission proposed legislation to phase-out EU imports from Russia. A part of this would require countries produce national plans outlining measures and timelines on how they will achieve this. A draft document of the negotiations showed that EU governments are currently negotiating this proposal and have requested the Commission to keep these plans secret. The document was drafted by Denmark, which currently holds the rotating EU Presidency and is leading negotiations between EU countries. The plan should also include "an explanation of the intended national or regional measures to reduce demand and encourage renewable energy production, as well as any technical, contractual, or regulatory barriers that may hinder diversification." Some countries may not want to share sensitive information about their plans for sourcing fuel from non-Russian sources or information that could impact gas prices. The document stated that while countries would still have to submit their plans for approval to Brussels, they would be required to maintain "professional secrecy", which would prevent the information from being disclosed to anyone else or any authority. The Commission's proposal did not confirm whether the plans will be kept secret. A spokesperson for the Danish EU presidency declined comment on the talks. Diplomats from EU countries will review the document in the coming week. EU diplomats say that the negotiations are still in their early stages and haven't yet addressed issues such as potential legal risks to companies who break their Russian gas contract. Slovakia and Hungary continue to import Russian gas by pipeline. They opposed the Russian Gas Ban, which Brussels designed to be passed legally without their support. Slovakia, however, has stated that it will not approve new EU sanctions against Russia for its war in Ukraine (which require unanimous approval by all 27 EU member states) unless the concerns about gas supplies are addressed. The ambassadors of EU countries are expected to discuss the package of sanctions on Friday. Robert Fico, the Prime Minister of Slovakia, said that on Thursday it was still unclear whether or not the EU has addressed Slovakia's concerns over high gas prices and its demands for compensation due to a halt in Russian gas imports. Last week, European Commission officials visited Bratislava to discuss the concerns of the government. Fico stated, "At this time, we refuse vote for the 18th set of sanctions." Kate Abnett is the reporter. Jan Lopatka contributed additional reporting. Mark Potter (Editor)
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Trump's tariffs - What is in effect now and what might be coming?
Donald Trump, the U.S. president, has started a global war of trade with a variety of tariffs targeting individual products and nations. Trump has set an initial tariff of 10% for all imports into the United States. He also imposed additional duties on specific products or countries. Here is a listing of the targeted tariffs that he has implemented, or has threatened to implement. TARIFFS ON PRODUCTS ARE IN EFFECT Steel and Aluminum - 50% Automobiles and auto parts: 25% TARIFFS ON PRODUCTS - A THREAT Copper - 50% will take effect on August 1 Pharmacies - Up to 200% Semiconductors with a 25% or greater content Movies – 100% Timber and lumber Critical Minerals Aircraft, engines, and parts COUNTRY Tariffs in Effect Canada - 10% for energy products and 25% for all other products that are not covered by the U.S. Canada-Mexico Agreement Mexico - 25% on products that are not covered by USMCA China: 30% with some additional tariffs United Kingdom – 10% with certain auto and metal imports excluded from the higher global rates Vietnam - 20% on certain products and 40% on transshipments of third country products COUNTRY TARIFFS TO TAKE EFFECT ON AUGUST 1, Algeria 30% Bangladesh 35% Bosnia and Herzegovina 30% Brazil 50% Brunei 25% Cambodia 36% Indonesia 32% Iraq 30% Japan 25% Kazakhstan 25% Laos 40% Libya 30% Malaysia 25% Moldova 25% Myanmar 40% Philippines 20% Serbia 35% Sri Lanka 30% South Africa 30% South Korea 25% Thailand 36% Tunisia 25%
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Climate Prediction Center predicts ENSO neutral conditions for August to October with a 56% chance.
The U.S. Climate Prediction Center said that El Nino and Southern Oscillation neutral conditions will be likely in summer 2025 in the Northern Hemisphere, with 56% of the chance occurring in August to October. Climate Prediction Center stated that neither El Nino nor La Nina is likely. The CPC stated on Thursday that the chances of La Nina conditions increasing into the fall and Winter 2025-2026 are comparable to ENSO neutral, but will remain similar. Why it's important El Nino is the warming of ocean temperatures on the surface in eastern and central Pacific. This can cause crop damage, fires, or flash floods. La Nina is a part of El Nino and the Southern Oscillation, which affects the water temperatures in central and eastern Pacific Ocean. La Nina causes cooler water temperatures which increases the risk of droughts and floods. This can have an impact on crops. When ENSO neutral, water temperature stays around average, leading to better weather and possibly higher crop yields. CONTEXT The Japan weather bureau stated that the normal weather patterns continue and that the La Nina phenomena is likely to emerge in autumn of the Northern Hemisphere. The National Weather Service of the National Oceanic and Atmospheric Administration has forecast above-normal activity for hurricanes in the Atlantic basin during the 2025 season. KEY QUOTES The neutral ENSO will continue until at least the end the year. The odds of transitioning to El Nino or La Nina is rather low. However, the odds of La Nina being slightly higher than El Nina, as we move closer to fall and winter, said Donald Keeney. The ENSO neutral conditions will increase planting and yields for corn/soybeans, both in the U.S. and South America. However, they may lower expectations for wheat in Australia.
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Gold firms as safe-havens amid rising trade tensions
The gold price edged higher on Thursday, as traders flocked to bullion in response to rising trade tensions. However, gains were capped by a rise in the dollar. By 1307 GMT, spot gold had risen 0.4% to $3326.48 an ounce. U.S. Gold Futures rose 0.4% to $3335.10. Daniel Pavilonis is a senior market strategist with RJO Futures. He said, "I believe that the entire metals complex has gone up due to the knock-on effect of the tariffs on copper." "However there are limited upsides unless a geopolitical escalate occurs." On Wednesday, U.S. president Donald Trump launched another tariff attack, announcing new tariffs of 50% on U.S. imports of copper and 50% on Brazilian goods, both starting on August 1. In a recent note, Paul Wong, Market Strategist, Sprott Asset Management, said that gold is "gaining in popularity among emerging economies, who see its counterparty-free properties as appealing in a world weighed down by geopolitical risks." Minutes of the Federal Reserve meeting in June showed that only "a few" officials felt rates could be cut as early as this month. Most policymakers are still worried about the inflationary impact they expect from tariffs. The U.S. Dollar index rose 0.2%, limiting the price increase. When the U.S. Dollar strengthens, gold tends to lose its appeal as it becomes more costly for investors who hold other currencies. The number of Americans who applied for unemployment benefits dropped unexpectedly last week. This suggests that employers are holding onto workers despite signs of a cooling of the labor market. Silver spot rose by 1.4%, to $36.62 per ounce. Wong said that if you break above $35, it increases your chances of reaching $40. Palladium rose 3.5%, to $1144.40, while platinum gained 0.3%, to $1350.95.
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Rivers in southwest China exceed warning levels and thousands are evacuated
State media reported that 25 rivers in southwest China were above safe levels after the remnants from former typhoon Danas combined with East Asian Monsoon Rains. More than 10,000 people had been evacuated. Meteorologists attribute extreme rainfall and severe floods to climate change. They pose a major challenge as they threaten to overwhelm the ageing flood defences and displace millions. Beijing Daily, a state-run publication, reported that heavy rains hit the capital as well. One area of the Chaoyang district received 68.2mm (2.7") in just one hour, on Thursday morning. The water ministry warned that ten rivers in the southwest, including Longyan which flows through densely populated Chongqing region, could rupture their levees and embankments at any moment, according to broadcaster CCTV. It added that the remaining 15 were above the level at which their banks could be blown up, but still posed a lower risk. The broadcaster reported that more than 24 hours torrential rainfall had pushed the Chishui River in Guizhou Province to its highest level since records began in 1952, and the Xiaocao River, in Sichuan Province, was at its highest for 29 years. State media reported that more than 10,000 people had been evacuated from cities of Sichuan province and Yunnan province on Wednesday, as monsoon rains from East Asia pushed northward from India. Xinhua reported on Thursday that two people were killed by torrential rainfall in Yunnan’s Zhaotong City. Beijing's health authorities have warned that the combination between frequent downpours and high temperatures, as well as humidity, increases the risk of food and water contamination. Reporting by Joe Cash & Ethan Wang. Clarence Fernandez, Mark Potter and Clarence Fernandez edited the report.
US strikes on Iran shattered hopes for nuclear diplomacy

Foreign ministers of Europe's three largest powers met their Iranian counterparts in Geneva on Friday to try to diffuse the tensions over Iran's nuclear program.
These hopes were dashed Saturday, when U.S. president Donald Trump ordered airstrikes against Iran's main nuclear sites in support of Israel’s military campaign.
Abbas Araqchi - Iran's Foreign Minister - told reporters in Istanbul, Sunday, that it was "inappropriate" to ask Iran to resume diplomacy. He promised a "response", to the U.S. strike. It's not the time for diplomacy.
Trump warned that the U.S. would attack other Iranian targets if a peace agreement was not reached in his televised address on Saturday. He also urged Tehran to come back to the negotiation table.
Seven Western diplomats and analysts said that the prospects of negotiations were negligible for now. Washington's demands for Iran to stop enriching its nuclear fuel and Tehran's refusal abandon its nuclear program are not able to be bridged.
James Acton is co-director of Carnegie Endowment for International Peace's Nuclear Policy Program, a Washington-based think tank.
"I am more concerned about the escalation of the situation, both on the short-term and long-term."
According to European Diplomats, Trump's decision not to strike Iran was not communicated to the three European Allies, Britain, France, and Germany, in advance. Emmanuel Macron, the French president, had promised to speed up the nuclear talks on Saturday - before the U.S. strike - after a phone call with his Iranian counterpart.
Unidentified European diplomats acknowledged that a second planned meeting with Iran could not be held in the next week.
After the U.S.'s military action, it appears that any diplomatic role played by Europe will be secondary. Trump dismissed Europe's efforts to resolve the crisis on Friday, saying Iran wanted only to talk to the United States.
Analysts and three diplomats said that any future talks between Iran, and Washington, would most likely take place through Oman or Qatar as regional intermediaries, after Tehran decides what to do in response to U.S. strikes on its nuclear sites of Fordow, Natanz, and Isfahan. Iran has few options left after the attacks. Some in Tehran have suggested that since Israel launched its military campaign against Iran, on June 13, Iran could withdraw from the Nuclear Non-Proliferation Treaty to show their determination to speed up enrichment. However, experts warn this would be a significant escalation which would likely draw a strong response from Washington.
Acton of the Carnegie Endowment said that Iran's short-range missiles are the most obvious way to retaliate. These could be used against U.S. assets and forces in the region. He said that any military response from Iran would be fraught with danger.
"On one hand, the Americans want a response strong enough to make them feel that the U.S. paid a real price. He said that on the other hand they do not want to encourage a further escalation.
Three diplomats say that the European effort ended in failure. Even before the U.S. strike, the talks on Friday in Geneva were a complete failure. There was a huge gulf between the two parties and no concrete proposals were made. Diplomats believe that their mixed messages may have undermined the efforts of both sides.
The European position on Iran's enrichment programme has hardened over the last 10 days, as a result of the Israeli airstrikes and the threat of U.S. aerial bombardment.
Three years later, during Trump's first term, the three European powers (known as E3) were party to a nuclear agreement signed in 2015.
The Europeans and Tehran both believed that they understood how to reach a realistic agreement, given that the E3 has been dealing with Iran’s nuclear program since 2003.
The Europeans had a difficult relationship in the last few months with Iran, as they tried to exert pressure on it regarding its ballistic missile programme, its support for Russia and the detention of Europeans.
Two European diplomats say that France, the country most eager to negotiate, has suggested in recent days that Iran should move toward zero enrichment. This was not a demand of the E3 until recently, given Iran's redline on this issue.
Diplomats reported that Britain also took a more aggressive stance in Geneva. This was in line with Washington. The new German government also appeared to be moving in the same general direction, albeit with more nuance.
One EU official said that Iran will eventually have to accept the zero enrichment policy.
On Saturday, a senior Iranian official expressed disappointment with the Europeans’ new stance. He said that their demands were “unrealistic”, without giving any further details.
In a short joint statement issued on Sunday that acknowledged the U.S. airstrikes, the European countries stated they would continue to pursue their diplomatic efforts.
The Europeans said they were ready to help "in coordination with other parties" and called on Iran to enter into negotiations that would lead to an agreement that addressed all concerns related to its nuclear program.
David Khalfa is the co-founder of Atlantic Middle East Forum in Paris, which is a think tank. He said that the government of Supreme Leader Ali Khamenei had abused the Europeans to gain time while developing its nuclear program and missile capabilities.
He said, "The European effort ended in failure."
The Europeans have one more important card. As parties to the nuclear agreement, they are the only ones that can use the "snapback" mechanism, which will reimpose previous UN sanctions against Iran if the deal is violated.
Diplomats reported that, before the U.S. strike, the three countries discussed a deadline of the end of August to activate the system as part a "maximum-pressure" campaign against Tehran.
The U.S. has "MULTIPLE CHANNELS" for its talks
Officials from the United States said that the U.S. had launched 75 precision-guided weapons, including over two dozen Tomahawk missiles and more than one hundred and fifty military aircraft, in their operation against three nuclear sites.
US Defense Secretary Pete Hegseth warned Iran on Sunday against retaliation, and said that both public and personal messages were sent to Iran through "multiple channels" to give them the opportunity to negotiate.
Five rounds of indirect talks between the United States, and Iran have failed after the U.S. proposed at the end May that Iran abandon its uranium-enrichment program. Tehran rejected it, and Israel launched its attack against Iran after Trump's deadline of 60 days for talks expired.
Iran has said repeatedly since then that it will not negotiate during a war.
Two European diplomats and a senior Iranian official claim that Washington reached out to Iran even after Israel's strike to restart negotiations. It offered a meeting in Istanbul between Trump and Iranian president Masoud Pesekhkian. Three diplomats said that Iran rejected the offer, but Araqchi continued to maintain direct contact with US Special Envoy Steve Witkoff. Experts say that one of the biggest challenges of engaging with Iran is the fact that it's impossible to know the full extent of damage done to the country's nuclear program. The IAEA is severely restricted in accessing Iranian sites. It's unclear whether Tehran has hidden any enrichment facilities.
According to a senior Iranian source, most of the highly-enriched uranium from Fordow, which produces the majority of Iran's uranium that is refined up to 60%, was moved to an unnamed location prior to the U.S. strike there.
Acton of the Carnegie Endowment said that, despite the physical damage to Iran's installations, thousands of scientists, technicians, and engineers were involved in its enrichment program. Most of them had survived U.S.
Acton said, "You can't blow up knowledge." (Additional reporting in Brussels by Lili Bayer, Andrew Gray and Tom Perry; editing by Daniel Flynn.)
(source: Reuters)