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Thungela South Africa flags profit drop on weak thermal coal Prices
The coal miner Thungela Resources in South Africa expects to see its half-year profits fall by up to 85% due to the lower prices of thermal coal as global economic uncertainty affects energy demand. Thungela expects its headline earnings per share to range between 0.0789 and $0.0118 rand in the six-month period ending June 30 compared to 9.52 rand during the same time last year. Thungela, South Africa's largest thermal coal exporter, has been forced along with its peers to limit output in order to match the limited freight rail and ports provided by South Africa’s struggling state-owned logistic firm Transnet. After increases in coal production in South Africa, thermal coal demand in China and India has also decreased. The average coal price through Richards Bay (South Africa's main coal-export terminal) was 14% lower than last year during the same period, due to tariff-induced instabilities in global trade that impact major economies and energy demands. It said that the average export price to Australia, where Thungela's Ensham mine is located, was 11% less than the same period in the previous year. Thungela also said that it incurred 285 millions rand of restructuring costs in relation to its Goedehoop, and Isibonelo businesses which are reaching the end of life this year. The company will announce its half-year results August 18.
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Italy approves new subsidies of nearly $700 Million for EVs
The Environment and Energy Ministry announced on Friday that Italy approved new subsidies for electric vehicles worth nearly 600 million euros (698 million dollars) as sales are lagging. The Ministry will cover up to 30% of total cost of new electric cars or commercial vehicles by offering up to 10,000 Euros to individuals, and up to 20000 Euros to small businesses. Subsidies, funded by the European Union's post COVID recovery fund, will only be available to companies or individuals located in large urban areas. The goal is to reduce pollution and improve air quality. The ministry stated that to qualify for the program, recipients will need to scrap a vehicle with an emission rating of Euro 5 or lower, and that is older than 2015. The EU has been implementing regulations to reduce carbon emissions and phase out combustion engines cars, but EV sales in Europe are still struggling. High prices and a lack of charging stations are the main reasons for this. Battery electric vehicles only accounted for 6% of all new car sales in Italy in June. This compares to over 15% throughout the European Union. The bloc will review its ban on new petrol and diesel vehicles from 2035 next year under pressure from the automobile industry and some national government to slow down the transition. Reporting by Alvise Armillini, Editing by Joe Bavier. $1 = 0.8596 Euros
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Indian textiles and jewellery are at risk of tariffs of up to 50%; phones, pharmaceutics, and pharmaca, however, are exempt.
Donald Trump, the president of the United States, increased tariffs on Indian goods by 25% this week. He cited New Delhi's continued purchases of Russian oil. The new import tax will take effect 21 days after the 7th of August and raise duties on certain Indian goods up to 50%. This is among the highest tariffs imposed on U.S. trading partners. Some sectors, such as smartphones, pharmaceuticals, and energy, are exempted from reciprocal tariffs. However, others, like gems, jewellery, textiles, and auto components that make up the bulk of Indian exports into the U.S. will be hit. Here are the top exports from India to the United States. SMARTPHONES In 2024, the top exporters of smartphones and other products from India to the U.S. were Apple Inc. suppliers Foxconn Hon Hai and Tata Electronics. Commercially available data on customs showed that the companies had already exported goods valued at $11 billion in the first half of 2025. Smartphones are exempted from tariffs at the moment, which is a big win for Apple. The company is preparing to launch iPhone 17 in one month and has increased its manufacturing in India in order to diversify from China. The majority of iPhones sold in America are now manufactured in India. PHARMACEUTICALS Top exporters of active pharmaceutical ingredients and drugs to the U.S. include Dr Reddy's Laboratories, Zydus Lifesciences, Hetero Labs, Lupin, Aurobindo Pharma, and Sun Pharmaceutical. They exported goods worth $3.6 Billion in 2024 and drugs worth $3.7 Billion to the U.S. from January to June of 2025. Tariffs are currently not applicable to the sector, as generic drugs are essential for affordable healthcare. GEMS & JEWELLERY India's Gems and Jewellery sector is India's largest export market, with sales of $10 billion in 2010 representing nearly 30%. The U.S. is the biggest market for diamond and gem exports. India's Gem & Jewellery Export Promotion Council warned that tariffs would bring the industry to a halt, particularly since other manufacturing hubs like Turkey, Vietnam, and Thailand are taxed lower. TEXTILES India’s textile industry has already received panicked calls from customers since Trump announced the 25% additional tariff. Top exporters of apparel and textiles like Shahi Exports, Welspun. Indo Count Industries, Trident. and Gokaldas Exports will likely be hit by tariffs increasing to 50%. The companies will export goods worth more than $2 billion in 2024 and ship products worth about $1 billion during the first half 2025 to clients such as Walmart, Target, Costco, and Gap. AUTO COMPONENTS India's auto component sector has experienced rapid growth over the past few years. It is also one of the few industries to record a trade surplus. Its largest export market is the U.S., which accounts for close to one-third of its global trade. India will export components to the U.S. worth $6.6 billion in 2024. Over $3.5 billion of this amount is made up of parts for small cars and trucks, which are currently exempted from the 50% tariff, and only pay 25%. Sona Comstar, Samvardhan Mutterson and other exporters are the main players. Exports of commercial vehicles, such as large trucks and agricultural equipment, valued at about $3 billion will be subject to a tariff of 50%. Bharat Forge is the biggest exporter of these parts. Customers include Caterpillar, Volvo, and John Deere. ENERGY & RENEWABLES Solar equipment manufacturers, such as wind turbines, solar cells and modules and other energy products export a lot to the U.S. They have little to fear because they are exempted from tariffs. Companies such as Mukesh Ambani’s Reliance Industries and Mundra Solar (a unit of the conglomerate Adani Group), Waaree Energy, LM Wind Power and Schneider Electric, along with GE Power and GE Power, are amongst the top exporters of renewable energy equipment. (Reporting and editing by Raju Gopalakrishnan; Aditi Shah)
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South Korea delays decision on Google's request for map data exports
The South Korean transport ministry reported that the decision was delayed on Friday due to pressure from the United States to resolve what Washington views as a nontariff barrier in recent trade negotiations. South Korea and the United States have agreed to a trade agreement in late July. However, it is not known if the map issue will come up at the summit. In 2016 and 2007 South Korea rejected Google's requests, which is owned by Alphabet (Google), for permission to store map data outside of the country. The reason given was security concerns. In a press release, the South Korean Ministry of Land, Infrastructure and Transport stated that its National Geographic Information Institute decided to delay the decision by 60 days in order to give Google more time to develop measures to address its concerns about security. Google said that its South Korea mapping data was not a concern for security. The data is publicly available and has been used by several companies after undergoing a security assessment by a government agency. The company stated that it was in close contact with the South Korean Government about any additional security measures required by the authorities. It is also considering plans to buy blurred images through local partners who have been approved by government. South Korea's 1950-53 conflict with North Korea ended in a war that did not end with a peace agreement. The country argues, however, that if such data were allowed to leave, it could reveal the location of sensitive sites and military installations. The U.S. has said that restrictions on data flow across borders have been a barrier to the operation of navigation services via Google Maps and Apple Maps for years, which resulted in U.S. firms losing out in South Korea. Kim Yong Beom, the presidential advisor, said that South Korea did not make concessions in relation to the map issue or on agriculture despite intensive bilateral discussions and early talks. Google Maps in Korea is restricted by a lack of data, which causes major inconveniences for foreign tourists. Last month, Kim Yoon-duk, South Korea's Transport Minister, said that the country should be "very careful" when it comes to granting map access. He added that defence and public security were given priority over trade. Reporting by Hyunjoo Ji and Joyce Lee, Editing by Alex Richardson & David Holmes
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Gold jumps as investors look to the Fed for a revamped policy; stocks nudge upwards
The dollar and global shares both rose on Friday as investors held on to the belief that U.S. interest rates could fall even further this year. Gold futures also rallied following reports of tariffs on U.S. imports, which are mainly made up of Swiss bullion bars. The world stock index traded at record highs on Friday, despite overnight weakness on Wall Street. In Europe, the shares were boosted by a series of strong earnings and optimism about the negotiation of U.S. tariffs. A series of changes in leadership at the Federal Reserve have further cast doubt on the outlook for the United States' monetary policy, which is a key component of global markets. Policymakers are divided over the impact of inflation, and the Federal Reserve's leadership has shifted. U.S. president Donald Trump Stephen Miran, Chairman of the Council of Economic Advisers, will be nominated to fill the vacancy. vacant seat The White House is still searching for a permanent member to join the Fed's governing council and will continue its search for the new Fed chair. Miran shares the same views as Trump who criticised Jerome Powell, Chair of the Federal Reserve, for cutting rates "too late", despite the fact that growth has been stable and inflation is on an upward trend. Ray Attrill of National Australia Bank, Sydney's head of FX Strategy said: "It locks-in a vote in favor of rate cuts for all meetings from now until the end of the month." He added that "markets are already traveling with a very high expectation of a rate reduction." There is a question over whether he will be able to ratify the agreement in time for September's meeting. The MSCI All-Country Index was up by 0.12% for the day. This was just below record-highs reached two weeks ago. It was on track to rise 2% this week and achieve its best performance since June. STOXX Europe 600 gained 0.25% on Friday, with gains led by pharma and tech shares. Zurich's SMI Index, which had shrugged off the Swiss tariff of 39% that came into effect on Thursday, gained another 0.25% in the morning. In Asia, Japan’s Nikkei rose by 2%, and the Topix Index climbed over 1%, reaching a new record. It traded above 3,000 dollars for the first. Bloomberg News reported that Fed Governor Christopher Waller was the leading candidate to succeed Chair Jerome Powell whose term expires on May 15, 2026. U.S. Gold Futures reached a record after a Financial Times report that the United States had placed tariffs on imports for 1-kg gold bars. These represent the bulk of Switzerland’s bullion exported to the U.S. Gold futures reached a record high of $3 477, up 2.3% from $3 400. Spot gold rose 0.1%, to $3 400 an ounce. Both U.S. Stock Futures were up 0.2% and pointed to a modest increase at the opening bell. Tony Sycamore is a market analyst with IG, Sydney. He said that the rally in stocks came "against... an emerging titanic dovish shift at the Federal Reserve." The yield on 10-year Treasury bills rose to 4.2442% - unchanged from Thursday's U.S. closing - after weak demand for 30-year bonds. This is the latest in a series of disappointing sales this week. The dollar increased 0.1% to 147.24 yen. Tokyo's chief trade negotiator noted that the U.S. government had promised to adjust some of the overlapping tariffs it imposed on Japanese products in order to avoid paying duties twice. The dollar index, which measures the greenback's value against the currencies of major trading partners around the world, rose 0.2%, to 98.21.
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China's auto sales growth slows down in July due to weak hybrid demand
China's auto sales growth in July slowed partly due to a weaker demand for Hybrids as regulators crackdown on a price battle that has harmed the industry. The China Passenger Car Association reported on Friday that sales rose 6.9% between July 2024 and 1,85 million vehicles, compared to an increase of 18.6% from June. The growth in sales of new energy cars, such as pure electrics and hybrid plug-ins, has slowed from 29.7% to 12%, but they still outsold gas cars for a fifth consecutive month. Sales of hybrids, including plug-ins and extended-range models, fell 3.6% compared to July 2012 as advances in battery technology and charging infrastructure reduced range anxiety for pure EVs. This trend benefited EV manufacturers such as Leapmotor and Xiaomi who reported record sales for July. However, it weighed down on BYD, Li Auto and other companies that rely on hybrids to make their profits and sales. BYD's vehicle sales in China fell for the third month in a row in July. The drop was 12% on an annual basis, and its share in China's segment of new energy vehicles dropped to 27,8%, down from 35,4%. Last month, its global deliveries increased, thanks to a surge of overseas shipments, which accounted for more than 20% of the total sales. BYD's production fell in July, the first time since 17 months. It is China's largest rival to Tesla, and it's the leader in the industry's drive for price cuts. Li Auto, along with BYD, is one of only two Chinese EV makers to report a profit for the entire year. Last month, Li Auto reported a 40% drop in sales compared to last year. The pioneer of extended-range hybrids has recently redesigned its pure electric SUV line, adding premium specifications at competitive pricing. Beijing has made the auto industry a focal point of its campaign against excessive competition, especially in industries that are struggling with overcapacity or price wars. An official from the Ministry of Industry said that China would take steps to stabilize growth in the auto sector and other sectors. CPCA data shows that the growth in car exports accelerated from 23.8% to 25% in July, up from June. The association had upgraded its forecasts of car sales and exports for this coming year, citing better-than-expected shipments on both the domestic and international markets. Reporting by Qiaoyi Li and Brenda Goh. Emelia Sithole Matarise and Mark Potter edited the report.
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Copper to gain weekly on dollar weakness and China demand
The copper price rose on Friday, and was on track to gain a week-long increase. This was due to a lower dollar and the expectation of higher demand from China, which is a major consumer. As of 0750 GMT, the London Metal Exchange reported that three-month copper was up 0.3%, at $9,714 metric tons. The Shanghai Futures Exchange's most-traded copper contract rose by 0.1%, to 78 490 yuan per ton ($10 929.02). Data released Thursday showed that China’s exports exceeded forecasts in July as manufacturers took advantage of the fragile tariff truce, between Beijing and Washington, to ship goods. China's imports of copper rose by 3.4% compared to a month ago, according to data released Thursday. Copper concentrate imports also increased by 9%, as the smelting industry snapped up supplies during a record-breaking run. Meanwhile, the dollar index was down 0.4% against its rivals, making greenback-denominated assets more affordable to holders of other currencies. Investors were watching closely the developments around the El Teniente Copper Mine in Chile, the top copper producer after a fatal incident last week affected production. Two sources familiar with the matter confirmed that Codelco, the mine owner, has asked Chile's mining regulator for permission to reopen part of its flagship gold mine. In the short-term, spot prices could rise as disruptions in mine supply bite. The treatment fees will also be pushed down. China's imports of refined copper will probably grow," ANZ analysts wrote in a Friday note. Other metals in London rose by 0.3%, to $2.617.50 per ton. Nickel fell by 0.1%, to $15,100. Lead dropped 0.4%, to $2.001.50. Tin gained 0.4%, to $33,805. And zinc climbed 0.4%, to $2.825. SHFE aluminium dropped 0.4% to 20685 yuan. Nickel eased 0.1%, to 121180 yuan. Lead fell by 0.1%, to 16,845 Yuan. Tin was up 0.1%, at 267 780 Yuan. Zinc was stable at 22,515 Yuan. Click or to see the latest news in metals, and other related stories.
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Iron ore gains weekly as China's exports of steel reach record high
Iron ore futures dipped on Friday, but posted a weekly gain. This was largely due to China's record steel exports, strong mill margins and low inventories. The September contract for iron ore on China's Dalian Commodity Exchange traded at 790 Yuan ($109.99) per metric ton, down 0.19%. The contract still rose by 0.7% last week. As of 0707 GMT, the benchmark September iron ore traded on Singapore Exchange was down 0.15% at $102.1 per ton but had gained 2.1% this week. After reporting lower half-year profits, major miners have paid out the lowest dividends they've ever paid in order to keep cash on hand for their major projects. BHP plans to invest up to $7.4billion in its Jansen Potash Mine in Canada. Rio Tinto will invest more than $13billion in the next 3 years in developing new iron ore mining in Western Australia, as reserves are declining. China's exports of steel continued to rise in July. They increased by 1.7% from month-to-month. The year-to date total is the highest since 1990. The move comes despite countries introducing more trade barriers because they are worried about cheap Chinese steel undercutting domestic manufacturers. Analysts from ANZ said that iron ore imports in July increased by 2% on an annual basis, which is well above the average monthly imports of the year. This was due to healthy mill margins, and low inventories, motivating mills restock. S&P Global, a global ratings agency, has maintained China's credit rating at A+. It noted that the country's fiscal stimulus measures will support its economic growth even though it faces challenges in the property sector and from tariff pressures. Coking coal and coke both increased in price, but the other steelmaking ingredients were mixed. The benchmarks for steel on the Shanghai Futures Exchange have mostly fallen. The price of rebar fell 0.71%. Hot-rolled coil dropped 0.55%. Wire rod slipped 0.23%. Stainless steel rose 0.19%. ($1 = 7.1822 Chinese yuan). (Reporting and editing by Rashmi Liew)
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)