Latest News
-
Officials say that Ghana has drafted wage and tender floors for mining contractors.
A senior official revealed on Thursday that Ghana's mining regulator was developing minimum wage?and?tender benchmarks to be used by contract mining companies. The goal is to reduce aggressive underbidding, as the country encourages its miners to subcontract more work to local contractors. Ghana, Africa's largest gold producer, ordered in January 2025 that surface operations (blasting, loading and hauling) be transferred to Ghanaian owned contractors, and underground operations, to joint ventures with a minimum of 50% local ownership, by December 31, or face sanctions. This is part of a larger push by Africa's resource-rich countries to retain the value of their mineral wealth. Ghanaian miners have spoken out against this directive. They claim that contractors offer lower wages and less job security. Ben Birch Mensah, Director of Local Content at the Minerals Commission, the national regulator said in an interview on Thursday that officials wanted to make sure that wages and conditions for workers would not be affected. Birch-Mensah stated, "The regulator does not want contract mining to make people worse off." We are creating a base so that contract miner's cannot pay their employees below a specific threshold. OFFICIALS TRY CURB UNDERBIDDING Birch-Mensah added that the commission is also preparing benchmarks for minimum bids in order to prevent contractors from submitting bids below levels which are sustainable. He stated that aggressive underbidding in some cases had left contractors unable meet operating costs. A committee will be formed to determine the details of this policy. Ghana's mining rules of January 2025 required that miners switch to contract mining. Birch-Mensah stated that the December 2026 compliance requirement for local contractors was "non-negotiable." He added that firms such as?Newmont?, Zijin? and Ghana Manganese Company?were still to meet this deadline. The companies didn't immediately respond to our requests for comments. Ghana Chamber of Mines criticised the policy and said that contract mining should not be mandatory but optional. The chamber, on the other hand, supported?efforts aimed at addressing underbidding and warned that unhealthy competition between contractors could impact worker welfare and safety. Ken Ashigbey, CEO of the Chamber, said that if people continue to undercut themselves, then they might not have the resources necessary to complete the job, or they might not pay workers correctly, or they wouldn't train them. Ashigbey added that the chamber is also looking at contractor classifications and thresholds for minimum bids in order to reduce underbidding. He noted that contractors are responsible for a large share of mining accidents.
-
Gold drops over 1% after US inflation data supports Fed hike bets
Gold prices dropped by over 1% after strong U.S. inflation figures and rising oil prices. This increased the odds of a Federal Reserve rate increase next week. By 01:42 pm EDT (1742 GMT), spot gold had fallen 1% per ounce to $4,355.85. Bullion had fallen by about 1.7% earlier to $4,323.78, the lowest point of the session. U.S. Gold Futures fell by 1.2% to $4,407.30. According to Kyle Rodda of Capital.com, the Producer?Price index (PPI) data shows that there is a slight increase in underlying inflation within the U.S. The Bureau of Labor Statistics of the Labor Department reported on Thursday that PPI for Final Demand rose 0.4% in August after a?0.1% increase upwardly revised in July. According to CME FedWatch Tool, traders now price in a 70% probability of an increase in U.S. rates next week. This is up from 62% prior to the data. The majority of economists surveyed by the Fed expect that the Fed will hold rates at the September 15-16 meeting, and throughout the remainder of the year. Gold prices were further impacted by the U.S. dollar's rise, as it made greenback-priced gold more expensive in other currency. Rodda said that bonds must reflect a higher level of inflation due to the steeper rise in oil prices. Gold is typically pressured by rising bond yields because they increase the cost of holding non-yielding assets. Brent crude, the benchmark oil price, hit $105 per barrel on Thursday after the largest spike in 'attacks against shipping since the beginning of the U.S. - Iran war prompted supply disruption fears. The European Central Bank raised interest rates for the second time this year on Thursday, in an effort to curb the rise in inflation caused by war-related energy costs. Silver spot fell 4.6% per ounce to $64.19, platinum was down 5.5% at $1,791.13, and palladium dropped 5.1% at $1,283.52.
-
UK retailers stock charcoal that is linked to Paraguay's deforestation.
According to a report published on Thursday by the advocacy group Global Witness, major British retailers such as B&Q, Waitrose and others are selling charcoal made from trees that have been cleared in Paraguay’s Gran Chaco to make more farmland. The report links charcoal sold by UK supermarkets and hardware shops to the Paraguayan forest company Taruma. Global Witness claims that Taruma, the biggest international supplier for British barbecue brand Big K whose products are distributed across the country, is Taruma. Gran Chaco is the subtropical forest region of South America, second largest after Amazon. It stretches over Paraguay and Argentina. A Waitrose spokesperson responded that all charcoal sold by the company complies with the standards of the Forest Stewardship Council (an independent forest certification system). B&Q has not responded to any requests for comments. Paraguay is seeking to strengthen its?trade ties? with Europe via the EU-Mercosur Agreement, as the environmental impact of imported goods from South America, which includes Paraguay and?Argentina?, Brazil, and Uruguay, has become increasingly scrutinized. According to the report, satellite analysis found that Taruma sourced its wood from ranches which have since 2012 cleared more than 28 hectares (69 acres) of forest. The report stated that a second supplier, Paben SA, who worked with Big K up until 2023 has cleared approximately 2,700 hectares in the Paraguayan Chaco forest since 2021. Paben SA has not responded to requests for comments. Taruma, in a letter to?, denied any wrongdoing. Taruma doesn't clear forests and does not hold clearing permits. Our operations don't add to the deforestation of the region or its effect on climate. Rahmeen Farudi, Chief Executive of Taruma, said that the sustainability team closely follows research on Chaco Land-Use Change. Scientists, including NASA scientists have stated that Paraguay is one of the countries with the highest rates of deforestation relative to forest coverage, primarily due to farming and cattle ranching. Paraguay is a major grain and meat exporter. In July, it unveiled its first national forest policy. It acknowledged decades of deforestation by the state for agricultural purposes. The government has pledged to increase environmental monitoring in order to meet EU standards. The sale of charcoal to Britain may harm Paraguay’s plans to sell other goods to the EU as part of a future?trade agreement with Mercosur. The National Forestry Institute of Paraguay did not respond when contacted for comment. DEFORESTATION LEGISLATION, TRADE AND DEFORESTATION Global Witness stated that the UK's flawed environmental legislation and Paraguay’s permissive environment laws allow deforestation linked charcoal to reach the British Market. The '2021 Environment Act in Britain bans imports that are linked to illegal deforestation. The ban only applies to imports originating from land that has been illegally deforested and excludes charcoal products. Paraguayan products produced on legally cleared lands can still enter the UK. Beginning December 30, the EU's stricter rules will prohibit?all products that are linked to cleared land, regardless of whether or not?the clearing?was legal. The UK Department for Food, Environment and Rural Affairs (Defra) did not respond immediately to a comment request. Environmental groups, as well as several EU governments including France, Austria, and Poland have warned that the expansion of Mercosur agricultural exports into Europe could speed up deforestation.
-
Alcoa: Cutting Canada tariffs will not be enough to reduce the US aluminum premium.
Alcoa's chief financial officer said that the steep price of aluminum in the U.S. would not?drop much even if Washington halved the tariffs on metals imported from Canada because other countries are still needed. The price that U.S. The price?U.S. Molly Beerman, Alcoa's Chief financial officer, said that the U.S. needs to import around 4 million tonnes of aluminum each year. Canada can only provide 3 million tonnes of this. Beerman stated that Midwest would not drop significantly, even if the U.S. were to receive a favorable rate from Canada. "It may come down a bit, but it won't return to the pre-tariff level." Beerman stated that if there are tariff waivers or relief for other trading partners, such as Japan, Europe, or South Korea, and the last million tons of grain is covered, then "you can expect the Midwest Premium to be reduced in response?to essentially eliminate the tariff benefit." Beerman stated that Pittsburgh-based Alcoa, which produces?around 900,00 tons of aluminum per year in Canada, is paying over $1 billion in tariffs in order to import the majority of this aluminum into the U.S. The Midwest compensates us for this, and also returns as margin due to the tightness of?tons. Customers in North America and Europe "actively seek our supply" because Middle East aluminum is "constrained," Beerman noted, adding that Alcoa’s order book "is almost completely sold out until 2026."
-
Sources say that Dangote Oil refinery will buy 16 million barrels Nigerian crude in October.
According to four sources in the industry, Nigeria's Dangote Refinery has purchased at least 16,000,000 barrels of Nigerian crude oil for arrival in October. This is consistent with previous months, and significantly higher than average last year as Africa's biggest refinery ramps-up processing. Dangote has 16 million barrels of?oil, which is a combination of monthly allocations by Nigerian National Petroleum Company, and volumes purchased in a tender. This amounts to around 520,000 barrels / day. This is the majority of the refinery's?700,000.bpd monthly intake. Investors are focusing on the feedstock in preparation for an initial public offer. The purchases will reduce the amount of Nigerian crude that is 'available for export during a period of high demand as a result of the Iran War, which has drastically reduced Middle East supply. If Dangote purchases more crude, the final total could increase. Dangote has not responded to a comment request. According to Kpler, the Lagos-based refiner processed 565,000 bpd in Nigerian crude during August. This is nearly twice as much as last year's 280,000 bpd average. Sources familiar with the matter said that NNPC would supply Dangote eight of its 'October Nigerian cargoes' and one U.S. WTI Midland shipment. Kpler data shows that this would be the same as the previous monthly record of NNPC's supply to the refinery. It had provided a similar -volume in April May and August. Two traders said that the refinery purchased a second WTI shipment for October in a spot auction from a different provider, along with the additional Nigerian cargoes, to bring the total up to 16 million barrels. Dangote has purchased many grades of crude oil from countries other than Nigeria, such as Libya and Guyana.
-
Solorz family reaches settlement ending fight over Polish media empire
According to a letter sent by TiVi Foundation, the controlling shareholder, Zygmunt 'Solorz, has settled all legal disputes regarding his 'business empire. The settlement, according to the family, outlines rules for how it will manage its assets in the future, including those of Polsat Plus Group headed by Cyfrowy Polsat and power producer ZE PAK. The family said the settlement was confidential and did not reveal any details. * 'Solorz will step down from an active role in the?companies owned by TiVi and Solkomtel and take on a advisory role. The settlement was reached after the Liechtenstein Constitutional Court upheld a lower court's?decision? that Solorz legitimately gave joint control of TiVi to his children. * The conflict was made public in late 2024, after Solorz’s children wrote to the management of his companies expressing their concern for?his health. * Solorz’s son Piotr zak is still the chief executive?of Cyfrowy Polsat, ZE PAK and?Tobias Solorz. Aleksandra and Tobias Zak are on the supervisory board.
-
Gold drops over 1% after U.S. data on inflation boosts Fed rate hike bets
Gold prices dropped by over 1% on Thursday, after strong U.S. inflation data and higher oil prices increased the odds of a Federal Reserve rate increase next week. Spot gold fell 1%, to $4.358.09 an ounce, by 11:14 am EDT (1514 GMT), whereas U.S. Gold Futures dropped 1.4%, to $4.400.60. According to Kyle Rodda of Capital.com, a senior financial analyst, the Producer Price Index data "sort of shows that there's been a?bit? of a pick-up in underlying inflation" in the U.S. The Bureau of Labor Statistics of the Labor Department reported that PPI for final demands rose by 0.4% in August after a 0.1% increase, which was upwardly revised. CME FedWatch Tool shows that traders now price in a 70% chance of an interest rate increase next week. This is up from 62% prior to the release of the data. The majority of economists surveyed by the Fed expect that the Fed will hold rates at the September 15-16 meeting, and throughout the remainder of the year. Gold prices were further impacted by the U.S. dollar's rise, which made greenback-priced gold?expensive in other currencies. Rodda said that bonds must reflect a higher and more persistent?inflation due to the steeper oil price, which causes gold prices to drop. Typically, rising bond yields pressure gold by increasing the opportunity costs of holding non-yielding assets. Brent crude, the benchmark oil price, jumped by 4% to $105 per barrel on Thursday after the largest spike in 'attacks against shipping since the beginning of the U.S. - Iran war prompted supply disruption fears. The European Central Bank raised interest rates on Thursday for the second time this year to combat a rise in inflation caused by war-related energy costs. Silver spot fell 4.2% per ounce to $64.47, while platinum fell 4.6% to 1,808.42, and palladium dropped 3.9% to $1,000.75.
-
The opposition warns that Finland's power supply could be affected by the Google AI deal.
Finland should implement a national permitting system for data centres to prevent power shortages and soaring energy costs, the opposition parties said Thursday after Google announced a major new investment. Nordic data centres have been popular for many years due to the region's cool climate, low-carbon electricity, and reliable power grids. However, AI developers are now under greater scrutiny from politicians and consumers. Alphabet’s Google announced on Wednesday that it would spend at least EUR13 Billion ($15.1 Billion) over the next two-years on?AI Infrastructure in Finland, its largest European investment. This includes a deal to supply nuclear power. Centre Party leader Antti Kaikoen said that while data centres were welcome in Finland, Finland must ensure there was enough electricity to power them. A national permitting system for data centres would be required. No one is looking at the big picture right now," said Kaikkonen. His party is Finland's largest opposition group. The Social Democratic Party (SDP), which leads in the polls in advance of the April election, has said that it welcomes data centre investments but is concerned about their implications for power demand. Niina Malm, a Social Democratic lawmaker said: "It's important to examine the availability of energy as an issue that affects internal security. This will ensure that people are able to afford it and have enough electricity." Google's deal included an agreement to purchase up to 50% energy from Finland's Loviisa Nuclear Plant over a period of 22 years. This will help extend the life expectancy of the plant from 2030, when it was originally scheduled for shutdown, until 2050. Together with utility Fortum, the companies said they would explore the development and production of nuclear energy and renewable energies in Finland. Finland's prime minister Petteri Orpo?has stated that the Google deal would boost the country's economic growth and that electricity rates will remain in control. The government didn't immediately respond to an inquiry for comment.
Who is Trump's target?
Donald Trump, the U.S. president, has continued to criticize and take action against corporate executives, institutions and corporations, even months after assuming office. His actions, from new export deals to freezing university grants, have changed the status quo in the United States between government, law and academia.
Trump has publicly criticised a number of influential individuals and entities.
The CEO of GUNVOR will step down
Torbjorn Tornqvist, CEO of global commodity trading company Gunvor, will be
step down
Sell his entire shareholding through a management buyout. This comes after the U.S. labeled the company the "Kremlin’s puppet" because of its previous Russian connections.
On Monday, the firm announced that Americas director Gary Pedersen will take over the role. Pedersen was hired just last year by the company.
Last month, the U.S. Treasury sank Gunvor's
biggest ever deal
The acquisition of international assets owned by the Russian oil giant Lukoil, sanctioned by the United States.
Pedersen’s promotion coincides Gunvor’s efforts to improve its relations with the U.S.
Hold active discussions
In recent weeks, investors have invested in U.S. oil-and-gas producing assets.
GOLDMAN SACHS
Goldman's Economic Research arm published a report in August that stated U.S. Consumers had absorbed 22 percent of tariff costs up to June. Their share could increase to 67%, if recent levies continue the same pattern.
Trump stated shortly after that "David Solomon, and Goldman Sachs, refuse to give credit when credit is due." In a post made on Truth Social.
Trump claimed that "mostly, companies and governments, some of which are foreign, pick up the tab". Solomon's former hobby of DJing was also criticized by Trump.
Trump asked Intel CEO Lip-Bu Tang to resign in early August because of China ties. In April, it was reported that Tan had invested $200 million into hundreds of Chinese chip and advanced manufacturing firms, including some linked to the Chinese military.
"The CEO at INTEL has a great deal of CONFLICT and must resign immediately." Trump stated in a Truth Social post that there is no solution to the problem.
Tan replied to Trump by saying that he shared Trump's commitment to advance U.S. economic and national security, and that the Intel Board was "fully supportive" of the transformation work our company is doing.
After a meeting with Tan, Trump praised him and the U.S. Government decided to buy a stake in this chipmaker.
MICROSOFT
Trump said in September that the tech company should fire Lisa Monaco, its global affairs director who has served in previous Democratic administrations.
Trump stated on Truth Social that "She is a threat to U.S. National Security" due to the large contracts Microsoft has with the United States Government. "In my opinion, Microsoft should terminate Lisa Monaco's employment immediately."
Trump stated that Monaco's position at Microsoft would allow her to access highly sensitive information. "This kind of access cannot stand," said Trump.
Monaco, who joined Microsoft in July, worked as a security adviser in the former president Barack Obama’s administration. He also served as deputy attorney general under former president Joe Biden.
Elon Musk, the billionaire CEO of Tesla's electric car company, spent hundreds of million dollars to support Trump's reelection. Investors who bid up Tesla's stock anticipated that this move would benefit Musk's empire.
Musk and Trump fell out, however, in June, after Musk criticised Trump's tax-cutting and spending bill, claiming that it would increase the federal debt.
Musk responded to Trump's comments on Truth Social by threatening to cut off federal contracts and subsidies to Musk's businesses. Trump also said that the billionaire had "gone CRAZY", after the bill was amended to remove the mandate for electric vehicles.
JAGUAR LAND RIDER
Trump criticised Jaguar's rebranding campaign in August. He called the campaign "woke", "stupid" and linked it to the departure from the CEO of the company.
Trump's remarks came at the same time that Tata Motors announced the retirement from the British automaker of Adrian Mardell who had spent over three decades with the company.
Jaguar unveiled last year a new visual identity and logo as part of its brand refresh to reposition itself as an electrical automaker. This move sparked a backlash online and was criticized by brand loyalists.
Trump has threatened tariffs on Apple and Tim Cook for selling iPhones in the U.S. outside of the country.
After a meeting with Cook in Doha, Qatar in May, Trump said that he confronted him about Apple's plans to manufacture the majority of iPhones sold in America in factories in India by 2026.
In a post on social media, Trump said he had told Cook "long time ago" "I expect that their iPhones will be sold in America, and not in India or anywhere else".
Early in August, Trump announced that Apple would invest another $100 billion dollars in the U.S. This will bring its total commitment domestically to $600 billion within the next four-year period. Cook gave Trump an American souvenir made with 24-karat-gold base.
AMAZON.COM
Trump complained to Jeff Bezos, former CEO of Amazon.com in April about a report that stated the company would display the prices to show the impact tariffs have on the ecommerce retailer Amazon.com.
Amazon, however, said that it only briefly considered charging import fees for certain goods following Trump's announcement of tariffs in April, but abandoned the plan after the White House accused Amazon of a hostile political act.
Trump told reporters later that Bezos "very quickly" solved the problem and was "very nice".
BANK OF AMERICA & JPMORGAN CHASE
In August, Trump claimed that JPMorgan CEO Jamie Dimon and BofA CEO Brian Moynihan discriminated against him. He had earlier said that they didn't provide banking services for conservatives.
In a video speech at the World Economic Forum, Trump stated, "What you are doing is wrong." In a question and answer session with CEOs and corporate leaders assembled on stage, Trump did not provide any evidence of wrongdoing.
Dimon, the CEO of JPMorgan Chase was also mentioned. "You, Jamie and everyone, I hope you are going to open your bank up to conservatives." Both lenders have repeatedly denied allegations of "debanking."
WALMART
Trump stated in May that Walmart, China and other retailers should "eat tariffs" to avoid burdening American consumers. This was after Doug McMillon had said the retailer couldn't absorb all tariff-related cost due to narrow retail margins.
Walmart should STOP blaming tariffs for the price increases across the chain. Walmart made BILLIONS of DOLLARS in the last year. This was far more than anticipated, Trump wrote on social media.
Trump didn't call McMillon out personally but he did publicly criticize Walmart for attributing the price increases in May to the tariffs his administration imposed.
CRACKER BAREL
A retail chain was blindsided by an unexpected reaction when it changed its logo to remove the image of a man in overalls known as "Uncle Herschel", leaning on a barrel.
Cracker Barrel announced in late August that it would stick with its decades old logo. Plans for a brand new one were scrapped after social media backlash from the U.S. president Donald Trump, among others.
"Congratulations Cracker Barrel on restoring your original logo. "All of your fans are very appreciative," Trump said after the company reversed its decision on Truth Social.
COMCAST
Trump criticised Comcast's cable news network MSNBC over its coverage of his government. Trump told reporters that MSNBC was changing its name to MS NOW because the network's owners were ashamed.
Trump called Comcast "weak, ineffective and headed by Brian Roberts" last week.
SMITHSONIAN INSTITUTION
In anticipation of the U.S. 250th Anniversary, the White House announced that it would lead an internal review for some Smithsonian Museums and Exhibitions. Declaration of Independence.
In an executive directive issued in March, Trump stated that the institution was under the influence of "divisive and race-centered ideologies" over the past few years.
HARVARD UNIVERSITY
Trump has targeted the oldest and wealthiest university in the United States, canceling federal grants worth $2.5 billion and mounting efforts to stop research funding for Harvard. This is part of an overall campaign to change U.S. Universities, which Trump claims are dominated by antisemitic, "radical-left" ideologies.
We are going to take away Harvard's tax exempt status. "It's what they deserved!" In May, Trump posted a message on his social media platform.
Trump announced on September 30, that after months of negotiation over school policies, his administration is close to an agreement with Harvard University. The deal would include a payment of $500 million by the Ivy League university.
COLUMBIA UNIVERSITY
The Trump administration announced in March that it would cancel $400 million of federal funding to Columbia University for how it handled the protests last year.
This is just the beginning of many arrests to come. "We know that there are many more students at Columbia University and other Universities in the Country who have engaged pro-terrorists, antisemitic and anti-American activities, and the Trump Administration won't tolerate it," Trump wrote in a post on social media.
These comments were made after the arrest Mahmoud Khalil, a Palestinian graduate who was a major participant in the protests.
In July, the University announced that it would pay more than $200 million in settlement to the U.S. Government as part of a deal with Trump's Administration.
LAW FIRMS
Trump issued an executive order in March that restricted access to federal facilities and suspended security clearances of its employees due to their ties with Hillary Clinton and DEI policy.
Trump said that it was an "absolute honor" to sign the order. Trump had also issued a similar order in March against the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison, which he subsequently retracted after reaching a settlement.
In February, the law firm Covington & Burling was confronted with Trump's Presidential Memorandum, which suspended all security clearances of Peter Koski, and Covington employees, who had assisted former Special Counsel Jack Smith in prosecuting Trump.
Covington has said that it will continue to represent Jack Smith in spite of these measures.
Trump said, "We will continue to hold those who are responsible for weaponizing government and who supported this accountable."
THE NEW YORK TIMES PENGUIN RANDOM HOUSE
Trump has filed a $15 Billion lawsuit
defamation lawsuit
In September, he filed a lawsuit against the New York Times as well as book publisher Penguin Random House. He accuses these major media companies of unfairly treating him.
THE WALL STREET JOURNAL
Trump sued
The Wall Street Journal, its owners and employees
Rupert Murdoch was sued in July by the New York Times for $10 billion over a report that revealed that his name appeared on a 2003 greeting to Jeffrey Epstein, which included a sexually explicit drawing and references to secrets that they shared. (Reporting by Deborah Sophia, Juveria Tabassum, Niket Nishant, Shivansh Tiwary, Savyata Mishra, Kritika Lamba, Arsheeya Bajwa, Zaheer Kachwala, Puyaan Singh, Pooja Menon and Dharna Bafna in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Arun Koyyur)
(source: Reuters)