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British media reports that an ex-Cambridge professor who was at the centre of a plagiarism scandal has been found dead.
British media reported that Jason Arday was found dead. He was the former University of Cambridge professor at the center of a plagiarism scandal. Arday resigned as a professor in sociology of education earlier this month after the allegations, which rocked "the world of academia". He was the university's youngest Black Professor. The 'ambulance service' found him unresponsive at a home in Battersea (South London). "Unfortunately, a 41 year old?man has been pronounced dead on the scene. The Metropolitan Police sent a press release to inform his next of kin. In keeping with usual police practice, the statement didn't name the man. The Telegraph, Times, and?Sky News all linked the statement referred?Arday. "At this time, his death is treated as unexpected but it is not suspected to be suspicious. Officers from the Central South Command Unit of the 'Met are investigating this case. The police have said that a?file' will be prepared for a coroner. (Reporting and editing by Rosalba o'Brien, Andy Bruce)
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Trump escalates Iran rhetoric as he urges Americans accept higher gas prices
On Friday, President Donald Trump urged Americans accept slightly higher gas prices as a 'cost of stopping Iran from obtaining a nuclear bomb. He also said that he would declare the Strait of Hormuz an American territory. These comments highlight the increasing political risk that Trump faces as higher fuel costs collide with the campaign promise he made to reduce energy costs. Democrats are already trying to make the economic fallout of the Iran 'war' an issue leading up to the midterm elections in November. In a Garden 'City speech, Trump said that Americans who "pay just a little bit more" for their gasoline should remember this is the price to ensure "a very 'evil country" cannot have a nuclear weapon. Trump said that he will never apologize for his attack on Iran. Around 20% of all global oil and LNG shipments pass through the Strait of Hormuz. The potential for a long-term disruption is what has driven up oil prices. Trump escalated his rhetoric about the waterway, saying: "After we defeat Iran... I will declare the 'Hormuz strait' a territory of the United States pretty soon." It wasn't clear how serious Trump meant the remark or if it was a new position. The remarks are made as the Strait of Hormuz "remains" a major pressure point on global energy markets. This week oil prices have increased, with Brent crude nearing $90 per barrel and U.S. gas prices rising to $4 per gallon. (Reporting by Humeyra Pamuk, Jarrett Renshaw and David Ljunggren; Editing by David Ljunggren).
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Sources say that Codelco has reshuffled its mine leadership.
Sources at the Chilean copper?miner Codelco confirmed on Friday that a new executive had been appointed to oversee its troubled El Teniente Mine, while also replacing two other mine heads. The changes are being made as the new Chief Executive Jorge Gomez reviews the operations of Codelco following an investigation into irregularities found in production numbers reported for 2025. Two?sources claim that Codelco's current head of mineral resource, development and innovation Julio Diaz will be transferred to El Teniente - the company's flagship mine. According to two sources, Mario Quinonez will replace Diaz, who worked with Gomez in the Collahuasi Mine. Diaz's appointment would give Codelco a senior executive to oversee El Teniente after a fatal accident that killed six workers in July 2025 and disrupted construction projects. Codelco announced in February that it would undergo a "radical reorganization" at El Teniente following an internal audit which found serious breaches of duties?related to a accident in 2023 and flaws with reporting to the mining regulatory. Codelco is also replacing the general managers at Ministro Hales and Chuquicamata mines, according to?sources?. Sources say that Lindor Quiroga - currently the interim head of operations - is expected to take charge of the northern?operations for the company, including Chuquicamata and Ministro Hales, as well as?Radomiro Tomic. Sources said that Francisco Carvajal would lead the southern operations of the company. Codelco is also evaluating how to reprioritize its projects, as delays in?key development weighs on the output and prevents the company from reaching its original production goals in the next years. (Reporting and editing by Daina Beth Solon)
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US SEC will not interfere with shareholder proposals, worry activists
Investor activists are worried about the loss of influence after the top U.S. financial regulatory agency made its decision permanent to "cease judging" whether companies can exclude shareholder resolutions at annual meetings. The Securities and Exchange Commission of the United States announced a change that extends the freeze put in place by the Securities and Exchange Commission last November to decide whether or not to approve corporate requests for voting to be skipped on shareholder proposals. These letters were referred to as "no action" letters, because they responded to corporate requests that the agency not take any action if executives refused votes on proposals which often dealt with hot-button topics like carbon emissions and?workforce diversification. Executives claimed that such measures could micromanage or focus on ordinary business not worthy of attention by investors. In a website statement, the SEC said that the latest'move' will allow the Division of Corporation Finance to focus its resources on a more comprehensive review of filings. The SEC said that it had created a "extensive set of guidelines" on whether shareholder proposals should be excluded or not. Nobody is happy with the change. It hasn't had much of an impact yet. Freshfields, a law firm, found that 66% of all known proposals had been placed on proxy votes as of 15 June. This compares to 59% of the previous year. Few people are happy with the current status quo. Paul Atkins, the SEC chairman, called CEOs in July "lackadaisical", for not using tools such as this new policy. Investor activists claim they have to sue to get votes on certain items. "Instead, investors will have to consider other options when a company unilaterally excludes a resolution that has inadequate arguments," Tim Smith, senior advisor for the Interfaith Center on Corporate Responsibility, which includes resolution filers, said. Marc Lindsay, managing director of corporate governance for consulting firm Jasper Street Partners said that while the change on Friday was expected, it increases the risk of litigation for companies who exclude?proposals. He said that five of six lawsuits brought over exclusions resulted in favorable outcomes for the proponents. Lindsay stated that "while litigation is not common, the distractions and costs it can cause are a real concern to companies who consider exclusions. And?it could be worse by 2027." Subscribe to our newsletter to stay informed about environmental, social, and corporate governance issues.
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US-Iran claim that the control of Hormuz is a major factor in oil prices after tanker attacks
Crude oil prices rose on Friday, mainly due to renewed attacks against tankers and a verbal war between the Trump administration and Iran's leaders. Brent futures rose 80 cents or 0.92% to $87.87 per barrel at 10:48 am CT (1548 GMT), whereas U.S. West Texas intermediate crude futures increased 43 cents or 0.53% to $81.69 per barrel. Brent and WTI are on track to gain 5.09% a week and 4.37% a week, respectively. Bjarne Shieldrop is the chief commodities analyst for SEB Research. He said that higher oil prices are a result of U.S. policy towards Iran. This latest approach 'implies little hope for a resolution in the near future,' he added. The U.S. announced on Thursday that it could maintain a blockade against Iran indefinitely, and put more economic pressure on Tehran as a result of the stalled ceasefire negotiations. "Watch this space because more announcements are coming next week," said Scott Bessent, Treasury Secretary on Newsmax's program "Rob Schmitt Tonight." Schieldrop stated that "a return to normal flow out of the Strait?of Hormuz" is no longer a near-term hope. TRAFFIC SLOWS DOWN THROUGH STRAIT. As the U.S. claimed control over the strait and Iran claimed the opposite, the shipping traffic in the channel dropped below the average for the month. The strait was responsible for about a fifth of the world's oil and liquefied gas before U.S./Israeli attacks began on Iran in late February. The state-owned Abu Dhabi National Oil Company's two vessels were attacked Thursday while they transited the strait, according to the United Arab Emirates' WAM state news agency. Phil Flynn is a senior analyst at Price Futures Group. He said, "That headline is what pushed prices up: Tankers were attacked." Three sources said that the?drone attack on the Sheskharis terminal in the Black Sea port Novorossiysk caused the suspension of crude oil exports. This was a major disruption at one of Russia's main export outlets. Flynn also said that the Ukrainian attack against?the Port of Novorossiysk boosted prices. OPEC forecasts indicated a weaker growth in demand, and U.S. crude inventory posted its largest weekly rise in over 3-1/2 years. The IEA's and?EIA's reports this week were very revealing. Norbert Rucker is the head of economics at Julius Baer. He said that storage has held up "much better" than expected, and this should help to lower oil prices. Reporting by Erwin Seba, Mohi Nrayan, and Helen Clark, in Houston; Editing by Mark Potter. Barbara Lewis, Paul Simao. Rod Nickel.
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Since 2021, the scarcity of copper and pre-expiry drives has increased.
Investors covering bearish positions drove 'prompt copper price into the most extreme reversal?since 2021, on Friday. This was ahead of a benchmark contracts expiration next week. Backwardation, a market structure in which?prices? for prompt delivery are higher that those further ahead, highlights a severe shortage of inventories. The cash LME copper contract premium is the difference between the forward three-month price and the cash LME copper contracts. The price of a metric tonne has risen to $434, from $45 just two weeks earlier. This is the highest since October 2021 when it was at more than $1100. Alastair Munro is a senior base-metals strategist with broker Marex. He said: "The curves for copper are tight, and trade shorts have no choice but to buy outright or roll over their positions." Investors who are short or bearish can buy back positions or roll them over before next Wednesday expiry. But physical metal is scarce. Stocks outside of the U.S. Since months, traders have been positioning for the threat of U.S. Tariffs. The situation has also been exacerbated by a breakdown at Freeport Indonesia’s Gresik smelter which processes copper from the Grasberg Mine. LME copper stock Since late May, the total weight of these products has decreased by almost 50% to 204 975 tons. LME's available copper stocks (those that are not earmarked for disposal) have fallen even further to 94,875 tonnes, which is slightly more than a day's global consumption. The LME has established procedures for managing low-stock situations, such as those currently seen on the copper market. COMEX stocks of copper are a large part of the exchange inventories in the United States The number of short tons has risen by 47%, reaching a record high of 733,653 (665,558?metric tons). The tightness in the market was only reflected by a 0.1% increase on Friday for the benchmark three-month contracts, as traders expected it to be a short-term issue before next week's expiration. (Reporting and editing by Barbara Lewis, Tom Daly, Polina Devitt)
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Fuel subsidies announced for the transport sector in Peru amid protests against rising prices
Keiko Fujimori, the Peruvian President, said that the government would 'implement short-term fuel subsidies for drivers working in the cargo and passenger transport sector. This is to help offset the cost increases which have sparked protests across the country. Fujimori stated that the subsidies would begin Saturday and last for three months. The levels will vary between 15% to 20%, depending on price fluctuations. Fujimori, in a joint press conference with Economy Minister Elmer Cuba, said: "This is a direct support, particularly to those who most need it." This is a temporary measure to offset the dramatic increase in fuel costs. This comes after protesters and transport workers blocked roads in Pucallpa and set tires ablaze on Wednesday, in response to the steep rise in fuel prices. Local groups have also gone on strike in the eastern region Ucayali to demand government action to'mitigate higher prices which?they claim are squeezing businesses and households far from Lima. (Reporting and editing by Kylie Madry; Marianna Hernandez and Marco Aquino)
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Britain may ease 2030 zero-emission car targets
Britain announced a number of options on Friday that could help ease pressure on automakers to switch new sales over to zero-emission cars. The review was launched of the 'existing targets' which gradually phase out new petrol and diesel vehicles. Introduced in 2024, the mandate requires automakers to increase their sales of zero-emission cars. EVs will account for 33% in 2026, 80% by 2030, and 100% in 2035. The policy is intended to speed up the transition of the industry to electric vehicles. Manufacturers who fail to meet the targets will be fined. The carmakers have argued that the supply-chain disruptions, and lack of consumer demand, make it difficult to meet these requirements. On Friday, the government launched a consultation to gather industry views on four different paths for achieving the targets. Three of the four options would keep the 2035 target but reduce the 2030 goal to as little as 50%. The fourth option would be to 'keep the current path, but introduce new flexibility for manufacturers in order to comply. In the context of complex and challenging global economic conditions including supply chain disruption, tariff and trade uncertainties, the UK is reviewing its targets to ensure that they are pro-business and grounded on the real world, according to a statement from the Department for Transport. The Society of Motor Manufacturers and Traders (SMMT) has argued previously for an urgent revision of the entire mandate. They said that higher energy 'prices, inadequate charging infrastructure and low consumer confidence held back a?demand despite manufacturers providing?substantial discounts? on EVs. Last year, the Labour government, who inherited the ZEV policies from the Conservative Party after it came to power in 2024 introduced a series of 'technical changes' that made it easier on manufacturers to reach the targets. New AutoMotive published data earlier this month showing that battery EVs made up 27.4% new car registrations. This showed that sales exceeded the required level for compliance when existing flexibility within the mandate was taken into consideration.
IMF reduces global growth forecast for 2026 to 3%; sees rebound in 2020
The International Monetary Fund lowered its forecast for global growth in 2026 to a slow 3.0% on Wednesday, warning about the ongoing risks associated with the Middle East war, trade fragmentation, and possible corrections to market expectations in AI. The 'global lender' said that the world economy avoided a sharper decline, as demand for AI and technology helped to offset the sharp fall in energy supplies due to the war. The growth rate should return to 3,4% by 2027. However, this is still lower than the 3.5% average seen between 2024 and 2025. The IMF forecasted 3.1% growth in April. The inflation outlook is less optimistic. IMF forecasts that headline inflation in 2026 will rise by 0.3 percentage point to 4.7%, up from April. It also said that it would drop to 3.9% the following year. The IMF said that energy prices are 25% higher than they were before the February 28 war started and will remain so. It was confirmed on June 10 that the Strait of Hormuz would begin to reopen by mid-July and traffic will gradually return to prewar levels by March 2027. It assumes that the average oil price is $89 per barrel. Petya Brooks, deputy head of the IMF research department, said to reporters that they expect a V shape recovery. This year's growth will be weaker than our pre-war projection, but it will rebound next year. The world economy has fared better than expected, and there are few signs of a second-round effect. IMF has raised their forecast for energy exporters, and countries closely linked to the technology sector. However, commodity importers who are not in a position to benefit from AI development have seen their growth predictions downgraded.
The projected growth in global trade is expected to drop sharply from 5% to 3.5% by 2026, following a year of heavy front-loading in anticipation of U.S. Tariffs. It will then rebound to 4.3% by 2027. Brooks stated that the spike in oil prices was limited during the war by the release and expansion of commercial and strategic oil inventories. He also cited the rise in energy efficiency, the increase in production outside the Gulf and the steady increase in renewable energy. Private sector also quickly adapted, finding "alternatives" to supply and routes. She said that there was still a great deal of uncertainty. "A new escalation of the conflict could reignite volatility in commodity prices, tighten financial circumstances, strain policy buffers and worsen food security in low-income nations." Another downside risk is a market correction in AI. She said that higher oil prices may also lead to a destabilization of inflation expectations. This would then trigger a correction in the financial situation. The U.S. Military launched a new round of attacks against Iran. Donald Trump, the U.S. president, said that a memorandum with Iran to end conflict had "ended", raising new concerns about the future a fragile ceasefire. Deniz Igan who heads the IMF’s economic updates said that a renewed conflict in the area would put the global economy into a worse situation than the first time. Igan said that many countries had exhausted their oil reserves and were left with little room for maneuver. Prices could rise if countries make a big push to replenish their reserves. The IMF officials noted that inflation and expectations of inflation had remained relatively well-anchored except in some cases. There was also little evidence to date that expectations would shift in the medium term.
SCENARIOS?CHANGE In its updated World Economic Outlook, the IMF dropped the three scenarios that it released in April before the U.S. reached a ceasefire agreement with Iran, and reverted to a traditional baseline 'forecast. The reference?forecast from April assumed a shorter conflict.
The IMF raised its forecast for 2027 by 0.1 percent points to 2.2%, compared with the April forecast.
The eurozone's growth forecast for 2026 was lowered to 0.9%, from the 1.1% forecast in April. Its 2027 forecast remained unchanged at 1.2%. The growth forecast in Japan for 2026 was revised down by 0.1 percentage points to 0.6%. In 2027, the forecast was raised by the equivalent amount to 0.7%. South Korea's growth rate was revised up by 0.7 percentage points to 2.6% due to strong growth in AI Hardware exports.
The growth forecast for emerging market and developing countries was also cut by 0.1 points, to 3.8%. However, the forecast for 2027 has been raised by 0.3 percentage points to 4.5%. China's growth is now expected to reach 4,6% in 2026, after a strong quarter. This is up from April's?forecast, which was 4.4%. In 2027, growth will reach 4,1%, up 0.3 points from April.
India, which is one of the fastest-growing economies in the world, was also downgraded to 6.4% from 6.5% for 2026, while the IMF raised its forecast for 2027 to 6.7%, up from 6.5%.
The IMF raised its forecast for 2027 by 1.9 percentage point to 6.5%. (Reporting and editing by Christian Schmollinger, David Gregorio, and Andrea Shalal)
(source: Reuters)