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EU proposes a ban on exports of waste, including aluminum scrap, to non OECD countries
Sejourne’s 'cabinet' released a statement on Friday stating that the EU's Industry Chief Stephane 'Sejourne decided to propose a 'broad ban' on the export of wastes, including aluminum scrap, 'to non-OECD nations'. Sejourne was expected to announce long-awaited measures for trade on September 23. These would only limit exports of aluminum scrap. In the internal discussion, it was revealed that the tool could only cover?around half of the scrap import. The Executive Vice President has withdrawn the proposal in order to look at a different proposal that is independent of trade instruments. We are currently working on a?act delegated under the Waste Shipment Regulation. This delegated act 'will ban the export of waste including aluminium scrap, to non-OECD nations with some exceptions. The Organisation for Economic Co-operation and Development, based in Paris, is a group that includes mostly wealthy nations. However, it excludes China, India and many other Asian countries, which are the major destinations for EU scrap metal and waste. Since the spring, Europe's aluminum industry has been waiting on?the Commission to implement trade restrictions such as export duties. The announcement was delayed from June to September. Scrap metal is an important?source of raw materials for EU smelters that are struggling to survive. It also plays a key role in decarbonisation efforts. Recycling aluminium consumes?95% fewer energy resources than mining bauxite to produce metal. The statement said that the proposal will first be opened to public consultation, before being adopted by the end of the year.
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Holiday schedule for US economic and other data
Labor Day, which falls on Monday, September 7, will impact the release of major economic, energy, and commodities reports in Washington for the week ending Sept. 6. The schedule is below. The times are in EDT/GMT. Treasury announcements are subject to change. Monday, September 7 Labor Day. Labor Day. Tuesday, September 8, National Federation of Independent Business releases Small Business Optimism Index, August 0600/1000 Conference Board releases Employment Trends for August 1000/1400 Treasury Dept. Treasury Dept. The U.S. Department of Agriculture releases weekly U.S. Export Inspections for Grains, Oilseeds at 1100/1500. Note: this week's inspections are delayed due to the holiday. Treasury Dept. Weekly sales of 6-week, 3-, and 6-month bills are held at 1130/1530. NOTE: Sales of 3- and 6-month bills delayed due to the holiday on Monday Treasury Dept. Treasury Dept. Federal Reserve Issues Consumer Credit for July, 1500/1900 USDA releases weekly Crop Progress for 1600/2000. NOTE: This is a delayed release from Monday, due to the holiday. Wednesday, September 9 Mortgage Bankers' Association releases weekly "Mortgage Applications Survey", 0700-1100 ADP releases weekly NER (National Employment Report), Pulse, 815/1215. Note: this report is delayed from Tuesday because of a holiday Redbook publishes weekly retail sales index, 0855/1255. Due to the holiday, Tuesday's sales will be delayed. Treasury Dept. Treasury Dept. Treasury Dept. Treasury Dept. The American Petroleum Institute releases the weekly National Petroleum Report, 1630/2030. Due to the holiday, Tuesday's report has been delayed. Thursday, September 10, Labor Dept. Labor Dept. Commerce Dept. Commerce Dept. releases Wholesale Inventories of July 1000/1400 The National Association of Realtors?issues U.S. Existing home sales for August, 1000/1400 Energy Information Administration (EIA), Weekly U.S. Underground Natural Gas Stocks, 1030/1430. Schedule is not affected by holidays Treasury Dept. Treasury Dept. Treasury Department holds weekly?sale of 4- and 8-week bills, 1130/1530 Weekly?sale 1130/1530 of 4- and 8 week bills EIA releases weekly petroleum stock and output data at 1200/1600. Note: time change on Wednesday. Freddie ?Mac issues weekly U.S. mortgage rates, 1200/1600 Treasury Dept. Treasury Dept. Weekly balance sheet of the Federal Reserve, 1630/2030 Friday, September 11, The Labor Department releases the Consumer Price Index for August; Real Earnings for August, 0830/1230. Labor Dept. USDA releases weekly?Export Sales at 0830/1230. Note: this report is delayed from Thursday due to the holiday. University of Michigan releases preliminary September survey of consumers, 1000/1400 Federal Reserve Bank of Cleveland releases Median CPI, August approx. 1100/1500 USDA releases monthly Crop Production and World Agricultural Supply and Demand estimates, 1200/1600 Federal Reserve releases quarterly Financial Accounts (Z.1) of the United States (1200/1600) Treasury Dept. Treasury Dept. releases Monthly Budget for August 1400/1800
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Drought affects Pilsner Brewers' prized Czech Hops
After a brutal summer, the growers of aromatic 'Czech Saaz' hops that are used in Pilsner Lagers around the world are looking for new varieties and irrigation methods to boost their faltering harvests. Jiri Smetana of the Hops Growers Union of the Czech Republic said that this year's rainfall was 60% lower than normal and temperatures of up to 40 degrees Celsius (104 Fahrenheit) were record highs, which damaged crops. Smetana, at a hopyard in Steknik, near Zatec (whose German name is Saaz), said that this season had been extremely hot and dry. He said that "we expect a decline in the yield of 25% to 30% compared with the long-term mean" for Saaz. The crop is less potent and less bitter Smetana stated that the average total harvest is 6,500 tons. This year, however, farmers will be "happy" if they get a 5. Brewers had to 'use more' of the reduced output because it was less bitter and potent. Smetana stated that the breweries would be able cope with the situation due to pre-stocking. However, a poor harvest in 2013 could cause serious problems. Around 80% of Czech hops is exported. China is the largest market, followed by Japan. The Saaz Shine, which is able to withstand dry climates, is a popular experimental variety. It is only being grown in a limited area, but growers hope it will take off. This year was a real test for the?varieties. Smetana stated that we will be able to see how the drought resistance works, but for now, the plantation looks good. The problem is that Saaz has become a tradition for many customers. Japanese and 'Chinese customers, who are the main export customers for Czech Hops, view new varieties with some suspicion." According to the latest estimates, growers are building small reservoirs near plantations and placing their hopes in plans for a "major" new dam that will not be completed for 15 years. Saaz will also be fine-tuned for temperature and drought resistance and genetic modification.
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Stocks mostly decline after a solid U.S. job report
Treasury yields, the dollar and S&P?500 all rose on Friday as U.S.?job creation?accelerated and unemployment rate remained steady. Investors are looking forward to the consumer inflation report next week as a key factor in this determination. The nonfarm payrolls increased by 162,000 positions last month, following a 21,000-job increase that was upwardly revised in July. Economists surveyed by predicted an increase of '56,000 following a previous reported decline of 23,000 jobs in July. Last week, the yield on 10-year benchmark U.S. notes increased by 1.21 basis points to 4.774%. Just after the report, it was 4.792%. The yields on two-year bonds reached their highest level since January 2025. Bret Kenwell is a U.S. Investment Analyst at eToro, New York. The Fed will make its interest rate decision in mid-September, so the CPI report next week will be closely monitored. The short-term interest rate futures indicate a probability of 65% for an increase at the Fed meeting on September 15-16, up from 55% prior to the report. OIL PRICES DROP, DOLLAR UP Prices of oil have dropped from their recent highs. The renewed attacks in the U.S. - Iran war this week caused a spike in oil prices. This has added to concerns about rising costs. U.S. crude fell 1.6% to $89.87 per barrel and Brent dropped 1.3% to $94.26. The Dow Jones Industrial Average dropped 98.46 points or 0.19% to?53.587.55, the S&P 500 declined 6.06 points or 0.08% to 7,741.65 while the Nasdaq Composite rose by 17.02 points or 0.06% to 26,601.08. MSCI's global index of stocks rose by 1.02 points or 0.09% to 1,155.76. The pan-European STOXX 600 Index rose by 0.04%. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) was up by 0.2% for the day. The Japanese yen temporarily weakened by 0.41% to 156.45 dollars. Last time, the dollar was near flat against yen. Spot gold dropped 1.2% to $4.418.09 per ounce.
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US sanctions on Turkey's entities targeting Iran
The?U.S. The 'U.S. Treasury Department released new Iran-related sanction?on Friday. It targeted three?Turkey based entities. Golden Global Portfoy Yonetimi Anonim Sirketi is the entity targeted. Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Yatirim Bankasi Anonim Sirketi are also included. The Treasury Department issued a license to allow the winding down of transactions. The Trump administration has been trying to put economic pressure on?Tehran for six months, since Washington's war against?Iran. This has led to a rise in energy prices worldwide. Treasury Secretary Scott Bessent has stated that Washington wants to bring Iran back to the table for negotiations. Last month, Bessent announced an "economic assault" on Iran's financial connections around the globe. Washington cut off the branches of Egyptian?lender Banque Misr in the United Arab Emirates? from U.S. Dollar transactions last week over their dealings to Iran. Bessent, in an interview with Sunday's? In an interview with?
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RPT-Major underground and tunnel rescue operations
Rescuers pulled two survivors out of a tunnel connected to a 'hydropower station' on Nepal’s Trishuli River, on Friday. This was nine days after a glacier collapse caused a torrential mud, rock and ice that killed over 1,300 and left more than 5,600 people missing. Here is a list with some of the major rescue operations. Rescuers drilled through rock, concrete, and earth to free 41 workers who were trapped in a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char-Dham highway, which connected four Hindu pilgrimage sites in northern India. After sudden monsoon rainfall blocked the exit, a group of 12 boys with their soccer coach went to explore the Tham Luang Cave Complex in Thailand. They became trapped deep within a flooded cave network. Divers located the group alive after a multi-day search. All thirteen were rescued safely. Rescue of 33 miners who were trapped underground for two months by an explosion at the San Jose mine in Chile’s Atacama desert. In October 2007, all 54 trapped miners at a gold mine in Western Australia by a fire were rescued. The fire broke out in a caterpillar underground truck at the Kanowna Belle Gold Mine. Sixteen miners were trapped in the Beaconsfield mine, located on Tasmania's southern Australian island. Fourteen miners escaped immediately, one died, and two were rescued after spending a couple of weeks?about one kilometre underground. In July 2002, nine trapped miners were rescued after 77 hours of underground work at the Quecreek Mine.
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Italy's deputy Prime Minister says energy and banks should assist with public finances
The deputy prime minister of Italy suggested that banks and energy companies be prepared to accelerate tax payments in order to boost the public finances, without an official tax increase. Antonio Tajani, a?also?Italy’s Foreign Minister, said that the additional support could help fund next year’s budget, as well as any other measures to shield consumers from high energy costs. Tajani told reporters at the annual TEHA business forum that any policy should be modeled after the agreement Italy reached with banks and insurance companies last year to advance taxes to the state. He said, "It's only fair to tax the profits of oil companies and that they lend a helping hand to Italians who are in a difficult situation." How can?they help? By putting taxes on them to make the markets shiver? ... "The winning strategy is that which the government has pursued with the banks and insurance companies," he continued. Tajani's Forza Italia has always opposed the League, a coalition partner, in its proposals to tax "windfall profits" of energy or financial firms. He also cited as a model an agreement Italy reached with large energy companies in recent weeks to advance tax payments in order to help the government fund a reduction in fuel excise duty. "Banks, insurers, and large oil firms all have a role to play in times of?need. He said that raiding banks was for bandits. "Agreed solutions are the best way to go." When we begin to work on the budget for next year, if there is an emergency we will talk to banks," Tajani said when asked if the measure from last year could be extended.
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Major underground and tunnel rescue operations
Rescuers pulled out two survivors on Friday from a tunnel connected to a hydropower plant on Nepal's Trishuli River, nine days after the glacier collapse that caused a torrent of ice and mud. Here is a list with some of the most important rescue operations. Rescuers in 2023, who used drills to remove debris such as rock, earth and concrete, rescued 41 workers trapped inside a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char Dham highway, which connected four Hindu pilgrimage locations in northern India. 2018 - A group of 12 boys, their soccer coach and the Tham Luang cave complex in Thailand were trapped after sudden monsoon rains blocked out the exit. Divers located the group alive after a multi-day search. They rescued all thirteen. In 2010, 33 miners who were trapped underground for two months by a collapse in the San Jose mine?in Chile's Atacama desert, were rescued. In October 2007, all 54 trapped miners at a goldmine in Western Australia were rescued after a fire. Fire broke out in a 'caterpillar truck that was working underground at the Kanowna Belle Gold Mine. Sixteen miners were trapped in the collapsed 'Beaconsfield Gold Mine' on Tasmania, a southern Australian island. Fourteen miners escaped immediately, one died, and two were rescued after spending a total of?two weeks?about one kilometre underground. In July 2002, nine miners were rescued after spending more than 77-hours underground in the Quecreek Mine of Pennsylvania.
Farage's Reform focuses on Scotland and Wales as part of the battle for Britain
James Buchan has swallowed up his animosity towards Nigel Farage, a former Peterhead fisherman.
The 38-year old's distrust for populist Reform UK leader, a Brexit campaigner, has been overshadowed by his concerns about the local economy. He said that the British government had destroyed the local economy through decades of disastrous policy.
He plans to vote Reform this week for the first-time, believing that the party's promises to maximize oil and gas production in North Sea, as well as to restrict access to European fishing boats, are the best way to revive the fortunes of the town.
Buchan said, "Some areas around here look like slums," as he sat on the high street getting his hair cut. He then rose to?point out boarded shops. As he was having his hair cut on the high-street, Buchan rose to point out boarded up shops. "We have to find a solution to get the money flowing again in our economy."
Voters such as Buchan are set to?drive a surge in support for Reform during this week's elections for the Scottish and Welsh Parliaments as well as local Councils throughout England.
Reform has a large lead in the national polls, with a significant advantage over both Labour and Conservatives. A general election is due to be held by 2029. After Brexit, the party's rise was largely driven primarily by English support. Now, it is making gains in Scotland and Wales. This reflects a rejection of UK's two-party traditional system.
Polls show that Reform will likely become the official opponent in Scotland and Wales of the local parties, Scottish National Party and Plaid Cymru. Polls indicate that Reform's vote share in Scotland will jump from 0.2% to almost 30%, and in Wales it is expected to increase from 1% to around 20%.
Labour will lose votes, while the Conservatives are reduced to just a few seats.
Both nations have a history of being left-leaning and have been fertile grounds for Reform's populist message. They should rip apart decades-old systems, expel "liberal establishment" elites, and clamp down on immigration in order to focus more on local issues.
Bargoed is a town located in the Welsh Valleys. The high street has many boarded up shops. According to the Welsh Government, the community was ruined by the closing of a mine in the 1970s.
In the shabby local pub, the supporters of the insurgents are vocal in private, if not in public. Wayne Hunt, 60 years old, a former stage builder, said that this is a Reform pub. He preferred Plaid, because it's more Welsh.
Conrad Ritchie is the Reform candidate for Banffshire & Buchan, in the north of Scotland, and he hopes to win a seat at Holyrood, the Scottish parliament. He said that the regional elections are a crucial part of the party's bid for national power.
He added, "This is yet another building block." "And, I think that, you know, when the general elections, which will not be too distant, then I reckon we have a good chance to become the next ruling party."
Labour spokespeople in Scotland and Wales said that Reform will divide communities and drag the politics "into a gutter", adding Labour is focused on bringing fair change. The Conservatives have not responded to a comment request.
Reform critics claim that the fledgling Reform Party, which was founded in 2018 as the Brexit Party before being rebranded 2021, is utterly unprepared to govern regionally or nationally.
Six Reform sources, who asked to remain anonymous due to the sensitive nature of the issue, said the party would be better served by a second-place finish in the Scottish or Welsh parliaments to familiarize itself with the workings of administrations and assemblies before the next national election.
VETTING WORSE: NAZI SALUTES, RACIST COMPLAINTS
Reform's vetting process for candidates has been one of its most scandalous and thorny problems. After the failures of the 2024 general election, where more than 100 candidates, including some for racist remarks, were removed from the race, Reform tightened up its procedures.
Llyr Powell of the Reform Party, who is running for the so-called "super constituency" in Blaenau Caerffili Rhymni in southern Wales, said that part of his vetting included mock interviews with Jeremy Kyle (a UK talkshow host from a UK tabloid).
The problem is still very large.
Since March when the party announced their slate of over 160 candidates in Scotland, and Wales, fifteen of them have withdrew due to the resurfacing or derogatory material on the internet, disagreements with the party or administrative errors.
In Wales, one candidate resigned when images of him giving a Nazi salute surfaced. Another candidate in Scotland resigned after publicly calling the country's new Muslim leader "not British" as well as an "Islamist idiot".
Powell acknowledges that there have been some "bumps" along the way, but insists that Reform is made up of people who "have real life experience", rather than polished career politicians.
He added, "You cannot vet for anything someone has not done here yet or if they are not being completely transparent in the process."
The charges of racism are not without resonance in Scotland and Wales. SNP and Plaid accuse Reform, who are both downplaying any independence push after the 7th May elections, of inflaming tensions over immigration. They also see that Farage could?help their cause.
Delyth Jewell said that she had lost track of the number of voters who said they voted for Plaid to keep Reform from winning in Blaenau Gwent Caerffili Rhymni.
She said, "They are resentful of the vitriol and the nasty rhetoric brought by Reform into our streets. They want to do everything they can to stop it." "So, in many ways, the leader of Reform has united so?many people against his vile vision for the UK's future."
Voters who are disillusioned turn to reform
Chris Hopkins, the political research director of polling firm Savanta said that British politics is seeing a breakdown in traditional voting patterns, polarised left and right, following the Brexit vote.
"To the voters of Britain, right now" The system is not working. Is it possible to change the system? "They are more willing to take a chance on the unknown."
Ritchie and Powell claim that Reform is attracting former Labour voters and Conservatives in Scotland and Wales as well as those who haven't cast a vote in years, thanks to policies like offering income tax cuts for the nation and promising to "sort out local issues, such as building road."
Powell, unlike most other candidates, had a test run in October when he lost the?by-election for a UK Parliament seat in Caerphilly, a southern Welsh town. However, the 36% of votes he received indicated Reform's appeal.
Powell denied that the party wanted second place, but he did admit it was difficult to get those who were disillusioned by 100 years of Labour rule to turn up on the day.
Powell said, "For Wales, a Reform Government is the best outcome." "We do not do this just to shout from the sidelines like the others do. You want to play rugby if you ever played it. "Sitting on the sidelines is not what you want to be doing." (Reporting and editing by Kate Holton, Pravin Char and Kate Holton; Reporting by Andrew MacAskill and Elizabeth Piper)
(source: Reuters)