Latest News
-
US corn stocks drop before record-large harvest
U.S. grain handlers and farmers had 13% less corn stored ahead of the fall harvest than they did a year ago, according to data released by the U.S. Department of Agriculture on Tuesday. However, a record crop is expected to replenish stocks. Low prices have boosted exports this year in the top corn-supplying country in the world, reducing stocks in storage but also making it hard for farmers to make a profit, at a time where costs for fertilizer and seed, among other things, are increasing. In a quarterly report, the USDA stated that as of September 1 there were 1,532 billion bushels in storage. This is down from 1.763 million bushels one year ago. Analysts expected an average of 1.337 billion bushels. After the USDA released its data, corn futures fell as Midwest farmers began to ramp up harvesting. The market dropped below $4 last month and was close to a 4-year low, set in August 2024 due to forecasts of a record crop. The United States livestock industry likely used less corn than expected despite low prices because Washington has blocked the import of Mexican cattle to keep them out. New World Screwworm is a parasite that can be harmful. Analysts said that the disease has spread to Mexico. Don Roose is the president of U.S. Commodities, a brokerage. China, the world's largest importer of soybeans, has also seen its prices fall. No supplies purchased A rare delay occurred in the fall harvest of the United States during Washington's trade war. Chinese importers turned instead to South America for their soy. Analysts said that despite the decline in U.S. stocks, they were still able to reduce them due to strong domestic demand. As of September 1, there were 316,000,000 bushels of soybeans stored, compared to 342,000,000 a year earlier. Analysts expected 323 million bushels. According to USDA, wheat stocks were at a five-year record high of 2,120 billion bushels as of September 1. This is up from 1.992 million bushels one year ago. Analysts expected 2.043 billion bushels. Wheat futures fell after the USDA increased its estimate of U.S. production from 1.927 to 1.985 million bushels. Terry Reilly is the senior agricultural strategist at Marex.
-
In India, Chennai, nine people have been killed in an accident at a power station
Officials in Chennai, southern India said that nine workers died in an accident on Tuesday at a thermal plant under construction. J. Radhakrishnan is the secretary of the Tamil Nadu Electricity Board and the chairman of the plant owner, Tamil Nadu Generation and Distribution Corporation. Radhakrishnan stated that one person was also injured, on top of the nine fatalities. Radhakrishnan, a reporter, told reporters that officials from BHEL (the contractor for the project) were present at the site of the accident. ANI has a minor stake in BHEL. Tamil Nadu Chief Minister M.K. Stalin confirmed that the nine workers died in an X-post and stated they were from Assam, a state located to the east. In a recent post, Prime Minister Narendra Modi expressed his sadness over the incident caused by the collapse of a structure in Chennai, Tamil Nadu. (Reporting from Shubham and Yazhini M.V. in Bengaluru and Chris Thomas in Mexico City. Additional reporting by Surbhi misra in Bengaluru. Editing and production by David Goodman, Gareth Jones and David Goodman)
-
France's Orano claims 1,500 tons of uranium is stored at the seized Niger site
Orano, a French nuclear company, has announced that 1,500 metric tonnes of uranium is stored at the SOMAIR mine it expropriated in northern Niger. It will pursue compensation and criminal charges if this material is taken or sold without authorization. Sources at the mine confirmed that Niger has not sold any uranium yet, despite "potential customers including Iranians Russians and Turkey". Orano initiated arbitration at the World Bank’s International Center for the Settlement of International Disputes (ICSID) in January, after Niger’s military government had blocked operations at SOMAIR and then nationalised it. INTERNATIONAL COURT BANS NIGER URANIUM TRANSFERS Niger was the seventh largest producer of nuclear fuels and cancer treatment materials in the world when Orano mines were fully operational. It accounted for 15 percent of Orano uranium supply. Niger's expropriation Orano's stake of 63.4% reflects a regional shift in which military-led governments are asserting greater control over resources. On September 23, a World Bank tribunal ordered Niger not to sell or transfer uranium Orano claimed had been mined prior to the suspension of operations by the military government. Orano, in response to questions by e-mail, said that the company had no information on future production at the mine. It added: "To our best knowledge, the uranium remains at the SOMAIR facility." Orano’s stockpile in the Somair Mine is valued at about $270 Million at $82 per lb. The prices have risen by around 30% since the middle of March, but remain below the peak price of $106 in February 2024. Orano refused to comment about prospective buyers approaching Niger citing the focus of its attention on arbitration. The Niger government did not respond immediately to a comment request. NIGER TAKES CONTROL OF URANIUM PRODUCTION Sources at SOMAIR said that the mine has 1,570 tonnes of uranium. The SOPAMIN (Societe du patrimoine des mines du Niger) is in charge of the production, they said. The source, who asked not to be identified due to the sensitive nature of the matter, said: "To my knowledge there haven't been any official sales." There is a high demand for purchasing. Since the 1970s, the Somair Mine has produced more than 70,000 tons uranium in the vicinity of Arlit. The Niger military government has tightened its control over gold, coal and oil. Ali Lamine Zeine, the Prime Minister of Niger, accused foreign companies of exploitation for decades, claiming that uranium brought Nigeriens "misery and pollution, rebellion and corruption, as well as desolation," while enriching France.
-
Vale Base Metals increases Onca Puma's capacity with new nickel-based furnace
Vale Base Metals began operating a new Nickel furnace at its Onca Puma Complex in northern Brazil. The company claimed that this would increase the nominal production capacity of the asset by 60%, and allow them to produce more for lower costs. Shaun Usmar, Vale Base Metals' CEO, said on Tuesday that the new furnace would help the company deal with the current low nickel prices. The firm attributes the low nickel price to an oversupply of nickel from Indonesia. It will also put Vale Base Metals in a very strong position for when the market recovers. Usmar stated that the company would generate "reasonable" cash flow with this expansion. He estimated it would increase Onca Puma’s production capacity to 40 metric tons per year. Vale Base Metals anticipates producing between 165,000 and 175,000 tonnes of nickel globally this year. The new furnace and output from Voisey's Bay in Canada should boost output to 210,000-250,000 tons by 2030. Onca Puma says that the second Onca Puma furnace took around three years to build and cost $480 million less than the $555 million originally planned. Vale Base Metals, a Brazilian company majority-owned by Vale is a joint venture of Saudi Arabia's Public Investment Fund and Saudi miner Ma'aden. Manara Minerals, a joint-venture between Saudi miner Ma'aden & Saudi Arabia's miner Vale - owns 10%. Usmar stated that Vale Base Metals would continue to invest in order to expand their presence in Brazil, and to strengthen their critical minerals portfolio. ($1 = 5,3231 reais). (Reporting and writing by Marta Nogueira, Editing by Gabriel Araujo, Chris Reese).
-
Sources: Sinochem could sell its Pirelli stake in a governance dispute.
Sinochem, a Chinese company, is willing to sell its Pirelli shares - but only if they are offered at a premium. This comes after the Italian government announced this week that Sinochem had not violated the rules protecting the autonomy of the tyre manufacturer. Rome is trying to resolve a dispute over governance that has affected Pirelli for years. Sinochem, Pirelli’s largest shareholder, is at odds with Camfin, another investor. Pirelli and Camfin complained that the fact that a Chinese company was its largest shareholder was preventing the tyre manufacturer from expanding in the U.S., because Washington is tightening restrictions on Chinese automotive technology. Marco Tronchetti Provera is the Italian businessman behind Camfin. He has been Pirelli's executive vice-chairman since 1992. It owns a stake of 27.4%. Sinochem was offered an olive branch by the Italian government on Monday. The group had not violated the special "golden powers" measures that were imposed in the year 2023, to protect the independence and strategic importance of the company. In a press release, the government stated that it was in "constant dialogue" with the company to ensure "its full competitiveness across all areas of operation and to adapt its instruments to new regulatory requirements in its reference markets." Sinochem and Camfin have been unable to reach an agreement for more than a year. The Chinese group is now willing to concentrate its efforts in talks with the Government and explore arrangements that are in Pirelli's best interest, including the sale of its 37% share, according to one source. Source: Sinochem will assess market premiums offered by bidders, even though it sees itself as a potential long-term investor. The source said that other options could be explored, including those not involving the sale of a majority stake. One source and a third party said that Pirelli has been working informally with banking advisors on a possible deal where Sinochem would reduce its stake. It could be some time before any real progress is made. Pirelli and Sinochem have declined to comment. Banking sources say that selling its entire shareholding in Pirelli wouldn't be easy for Sinochem. Industrial investors may not want to invest money in a company led by a local shareholder. In order to protect strategic assets, the government of Prime Minster Giorgia Melons intervened in Pirelli two years ago. The so-called golden powers rules were designed to protect management autonomy and limit Chinese influence. In accordance with that ruling, Pirelli’s Italian shareholder is entitled to nominate the top management of the group and steer its strategic decisions.
-
Saudi Arabia's finance ministry expects a fiscal deficit of 3,3% of GDP by 2026.
Saudi Arabia projected a fiscal surplus of 3.3% for 2026. This is higher than the previous estimate in the budget for 2025, which predicted a deficit of 2.9% for next year. The 2026 deficit equals 165 billion Riyals ($44.00 billion). The Ministry Estimated Value The 2025 deficit is projected to be 245 billion riyals (65.33 billion dollars), or 5.3%, which is higher than the 101 billion riyals that were originally forecast in the budget released last November. The latest pre-budget announcement on Tuesday by the Finance Ministry puts the total expenditures for 2026 at 1,31 trillion riyals (349 billion dollars) and the revenue at 1,14 trillion riyals (304 billion dollars). Saudi Arabia has embarked on a massive overhaul of its economy known as Vision 2030. It aims to reduce reliance upon oil and develop more sustainable revenue streams. This requires hundreds of billions in investment. The Ministry of Finance forecasts a real GDP growth rate of 4.4% by 2025, fueled by non-oil activity growth, and 4.6% by 2026. According to a July poll, 20 economists surveyed between July 15 and 28 predicted that Saudi Arabia's economy would grow by 3.8% in this year. This is nearly three times faster than the 1.3% recorded growth in 2024. The International Monetary Fund increased its GDP growth forecast of Saudi Arabia for 2025 to 3.5%, from 3%. This was partly due to the demand for government-led initiatives and the OPEC+ plan to gradually end oil production cuts. $1 = 3.7501 Riyals (Reporting and writing by Elwelly Elwelly; editing by Alex Richardson).
-
Bangladeshi textile firms use technology to sort out waste
Software tracks waste from factories to recyclers Export growth could be boosted by more recycling The key to increasing recycling is visibility of waste streams Tahmid Zami Tahmid Zami Cloud-hosted software enables manufacturers to segregate and label waste, register it on a digital platform, and track its movement between factories, handlers, and recyclers. Rizvan hasan is the country leader of Reverse Resources. This company produces software. He said: "Reverse Resources bridges Bangladesh's waste streams to international recycling markets. This ensures that waste handlers enjoy greater business opportunities and fairer prices." According to a report published last year by GIZ, the German development agency and H&M, the Swedish fashion retailer, Bangladesh is only able to recycle between 5 and 7 percent of its cotton and cotton-elastene pre-consumer waste. The report said that less than 5% was recycled into products like rag dolls, blankets and rag rugs. More than 55% of the waste is exported to developed recycling hubs, such as Vietnam. Finland, Sweden. India and China. The report stated that the rest is used to stuff cushions and mattresses. It is also incinerated for electricity. A small amount of it is disposed to landfill. The report states that recycling more textiles at home could lead to exports worth up to $5 billion. This month, the European Parliament passed a law that requires textile producers in the EU who sell textiles to cover the costs of collection, sorting and recycle the waste textiles. Fashion brands such as H&M require the use of recycled materials in their products, reducing the amount of waste that is buried or burned. The apparel industry in Bangladesh must use more recycled fiber. However, much of this waste is currently handled by informal handlers. These include local influencers known as "musclemen" and small workshops Ayub Khan, the pro-vice chancellor of BGMEA University of Fashion and Technology, stated that the lack of standardised data and transparency on the way waste is recycled and handled has been a major obstacle to the sustainability goals of the fashion industry. "Digital tracking using verified data allows us not only streamline textile waste but also capture a larger share of its value," said he. Waste - A Higher Price Reverse Resources is a European Company based in Dhaka that provides data on waste streams to brands, suppliers, handlers and recyclers. By comparing the waste sent by factories to that received by formal waste recyclers and handlers, leaks can be detected," Hasan of Reverse Resources said. He said that textile factories can get more money from their waste if they segregate and trace their scraps and yarns, and brands can follow the life cycle of the waste generated by their suppliers. Reverse Resources covers currently 410 factories, and 60+ global brands. This is about 1% market share. Katrin Lee, the Managing Director of Fashion for Good, an alliance of businesses and non profits promoting green technology, explained that in order to scale up digitalised waste tracking by such platforms, they must be adopted and integrated into existing business practices. She added, "By demonstrating a clear business case, such as efficiency gains, verified feedstock, and data for reporting, they can position their technology to scale." Bangladeshi recyclers said that digital tracing will be crucial for their business growth. Reverse Resources has been working with Recycle Raw since 2019. Abdur Razzaque, managing director of Recycle Raw, said that the platform allowed him to not only build a direct relationship with factories, but also bypass informal handlers.
-
Eskom bailouts to wind down in 2028 will keep South Africa's Eskom off the bond markets.
Eskom, the state-owned electricity utility in South Africa, said it would not access international capital markets before 2028. This is because it's working through a plan to stabilize its finances, backed by the government. The utility that supplies almost all of South Africa’s electricity, and which employs over 40,000 people, reported earlier its first profit for the full year in eight years. Eskom's power outages have hindered South Africa's growth in economic terms for over a decade. Its repeated bailouts also drained the state's coffers. The company's presentation of results showed that it had reduced its gross debt from 412.2 billion rand to 327.7 milliards rand (19 billion dollars) in the year ending March, thanks to government debt relief. Eskom has raised 8,7 billion rand in development finance from export credit agencies and is planning to raise another 13,4 billion rand over the next five-year period. In the short term, borrowing will be limited to these facilities. Any additional financing is subject to approval by the South African finance minister in accordance with the conditions of debt relief. Eskom said it aims to return to capital markets from 2028, when it expects to raise about 25 billion rand annually through conventional debt, including sustainability-linked bonds to fund renewable energy projects, emission cuts and grid upgrades. The yield on Eskom's 2028 government-guaranteed dollar bonds has dropped 120 basis points this year to 5.34%. Electricity Minister Kgosientsho RAMOKGOPA said that Eskom would not receive any further bailouts. The government will now allocate funds to other priorities. Eskom received 140 billion rands in support by March 2025 since the Eskom Debt Relief Act was implemented in 2023. The term of the current board has been extended until 30 November 2025. Ramokgopa announced that announcements about a new board will be made next week.
Schwarzenegger in Vatican to 'terminate fossil fuels'
Arnold Schwarzenegger visited the Vatican on February 2 to lend his support to Pope Leo’s efforts to encourage leaders around the world to tackle global climate change, and to transition away from fossil-fuels.
The former California governor, bodybuilder, and actor said that "every single one (of) the 1.4 billion Catholics" can be a crusader to protect the environment, and help us end pollution. He was referring to one of his most famous film roles: the Terminator.
"God put us here to make this world better than what we inherited," said Schwarzenegger. Schwarzenegger is a Catholic Austrian born in Austria.
"I am so happy... that both the Catholic Church, and the Vatican are involved in this. We need their help."
Schwarzenegger spoke at a news conference before a three-day Vatican summit on climate change this week, where he'll deliver a keynote speech alongside Pope Leo.
The three-day festival is linked to the 10th anniversary a major document on the environment by late Pope Francis. It was the first papal document to endorse the scientific consensus regarding climate change, and to urge nations to reduce carbon emissions.
Leo, Leo the first American pope, has also stressed the Church's teachings on environmental issues.
Leo inaugurated a Vatican-run eco-training centre earlier this month on the expansive grounds of a Renaissance era papal Villa in Castel Gandolfo. The town is located near a lake and about an hour from Rome.
The Vatican event this week is expected to bring together 400 leaders from the faith community and civil society, including the Brazilian environment minister, director of the U.N. Faith for Earth Coalition, and CEO of the European Climate Foundation.
Maina Talia (climate change minister of the Pacific Island nation Tuvalu) told a Tuesday press conference that rising sea levels are already having a dramatic impact on his country.
He said, "Climate Change is not an improbable scenario." "We're already drowning." "Our survival depends on urgent international solidarity." (Reporting and editing by Gareth Jones. Editing by Joshua McElwee)
(source: Reuters)