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The US is still in need of nuclear fuel, but the highly dangerous plutonium will not solve this problem.
The Trump administration has begun talks with companies about converting Cold War plutonium to fuel for new nuclear reactors. This is part of a multifaceted strategy to make sure there is enough electricity to power the U.S. boom in data centers. The scheme is at risk of extensive delays and exorbitant costs for security, to the point that it could be unfeasible. This is due to the fact that plutonium can be extremely dangerous. In the wrong hands, a grapefruit-sized piece of this?material? could be used to create an atomic bomb as powerful as the one that the United States dropped in World War Two on Nagasaki. The dust from the radioactive element has a half life of 24000 years and is deadly to inhale. Ross Matzkin Bridger, who was responsible for securing the plutonium material around the globe at the U.S. Department of Energy's National Nuclear Security Administration, said: "This is weapons usable plutonium." "I am very concerned about the fact that taxpayers will be taking on a large part of the risk." Last month, the Trump administration announced that it had selected five companies to begin advanced discussions about developing 19,7 metric tonnes of different forms of plutonium. This includes?from dismantled nuclear warheads into reactor fuel. The U.S. government has had a difficult time storing plutonium. Now, the industry is rushing to find new ways to meet President Donald Trump's ambitious goal of quadrupling the U.S. nuclear power capacity by the year 2050. This is due to the surge in power demand for data centers. U.S. Representative Bill Foster (an Illinois Democrat, and the only physicist serving in the U.S. Congress) said that "my brain goes into high alert" whenever he hears of the proposal. Foster stated that the program would likely have sky-high costs for security to keep it "robust" against terrorism and that stakeholders should carefully examine the economics of such plants before moving ahead. The U.S. DOE stated that it expects the majority of employees at an facility handling plutonium to require the highest level of security clearances. A spokesperson for the Office of Nuclear Energy stated that the companies would be required to submit plans on material safety and security for stabilization, packaging and transportation of plutonium. The spokesperson stated that "DOE doesn't expect to pay for specialized protections against proliferation, health and security required to process excess plutonium." Selected Companies Oklo is a company that wants to use plutonium as fuel. They believe the material will be useful until the U.S. increases its domestic uranium supply, which includes a type of uranium called HALEU. This is a more enriched fuel than the fuel currently used in U.S. nuclear reactors. Bonita Chester said that the Oklo spokesperson would not have to pay large costs to the taxpayers if the plutonium fuel was used. This would avoid the need for a costly and risky government program to dilute the material and dispose of it. When the Trump administration announced its fuel plan last year, it halted all disposal efforts. Chester said that Oklo would "invest in transportation, the associated fuel manufacturing infrastructure, as well all licensing requirements including safety, security and safeguards", as well as any license requirements. She didn't provide any estimate of the costs. Energy Secretary Chris Wright served on Oklo’s board before joining the administration. Wright did not participate in the selection process of Oklo. He forfeited his unvested shares and "recused" himself from any matters relating to Oklo. Carl Perez is the CEO of Exodys Energy. The company plans to build an industrial facility on federal land in order to process excess plutonium and turn it into nuclear fuel. He said that no facility could obtain U.S. licenses and authorizations without addressing worker safety, overall safety and material safeguards according recognized standards. Greg Piefer is the CEO and founder of SHINE Technologies. He said that SHINE Technologies has extensive experience in handling and processing nuclear materials. Once plutonium produces power, it's no longer dangerous. He said that burning weapons-grade Plutonium was one of the responsiblest things to do. Standard Nuclear and Flibe Energy - the two other companies involved in the advanced discussions - did not respond when asked for comments. ROCKY HISTORY The history of the United States in converting plutonium into fuel has been rocky. In 2000, the U.S. agreed to convert it into MOX fuel to be used in reactors. In 2018, Trump's first government canceled the MOX program, saying that it would have cost $48 billion extra than the $7.6 million already spent. Oklo intends to use plutonium for its so-called "fast reactors" that it has developed and which it claims are more efficient than reactors expected to run on MOX. Oklo's calculations show that 1 metric ton plutonium could power 1 million American households for an entire year. The U.S. has only used fast reactors for research and not power generation. Ernest Moniz was the U.S. Energy Secretary under former President Barack Obama. He said that it is cheaper and easier to dilute this material and dispose of it. "I expect that the government will be paying for much of this, including the security around weapons-grade Plutonium." (Reporting and editing by Richard Valdmanis, Nia Williams, and Timothy Gardner)
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Brazil's farm auctions explode in the face of rural debt spiraling due to a changing climate
According to data collected by, auctions of farms seized?by creditors have risen across Brazil as distressed rural loans has increased to almost a fifth of all outstanding loans. Producers and analysts have reported that weaker grain prices, rising input costs and a soaring?interest rate, along with?the ravages of unpredictable climate change and?the rage of unpredictable weather, has led to the bankruptcy and seizure of more farms in Brazil. Brazilian farmers have to prepare for the possibility of a "super El Nino", which will likely damage their crop yields, further reducing their income. The rising fertilizer costs during the war in Iran has also prompted many Brazilian farmers to reduce their planting plans. According to a January study in the "NPJ Natural Hazards" journal of "Nature", Rio Grande do Sul in southern Brazil, which is one of the states most affected by rising farmer defaults, will experience catastrophic flooding by 2024 due to climate change and El Nino. According to data from the central bank, debts that were issued under Brazil's rural lending rules have more than quadrupled over two years, reaching 171.2 billion reais (about 33 billion dollars) at the beginning of this year. The central bank's data shows that bad debts increased to 19,6% of all outstanding farm loans, up from only 5,5% two years ago. Guilherme Campos is the secretary of agriculture policy at Brazil's farm minister. He said that debt in the agricultural sector was "at an extremely delicate time". According to Leilao Imovel, an aggregator website, Brazilian lenders are more aggressively seizing farmland for collateral on bad loans. This has led to a rise in the number of rural properties being auctioned. In 2025, the number of rural properties sold at auction jumped 30% to 14,219, a volume that was up from just 12,219 in 2015. Property seized in quicker out-of court procedures and auctioned almost doubled last year to 2,398. Andre Figueiredo, co-founder of Leilao Imovel, explained that the data are not directly comparable because Leilao Imovel will have surveyed 7% more auctions in 2025. He said that the largest auctioneers had been sharing data with each other since 2019. There was a clear trend showing that Brazil's farmers have faced greater financial pressures in recent years. He said that the volume of rural property (at auction) had increased dramatically. The hardest-hit regions were those focused on soybeans and grains. According to Serasa Experian, bankruptcy filings in?farm sectors increased by 56% in 2020 after having more than doubled in 2024. Climate Change: A Problem? Marcelo Pimenta, Serasa Experian’s general director of agriculture, stated that producers are still struggling to recover from a number of shocks. He said that bad weather and lower prices for farm exports (especially soy) are also affecting farmers' ability pay their debts. He added, "The future outlook is not good." Interest rates are high, and commodity prices are uncertain. Climate problems can cause a big shock. After extreme weather destroyed their crops, a farmer from Rio Grande do Sul who requested not to be named said that it was difficult to pay "unpayable" interest rates. Recently, a credit agency seized over half of the family farm. Climate change is evident. The farmer explained that from one hour to another, we couldn't produce due to too much sun or rain. The climate factor put us in this situation. Reporting by Oliver Griffin Editing and design by Brad Haynes, David Gregorio
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The RV industry in America is feeling the effects of high gas prices and war.
Coley Brady, in late March, cut production on the majority of assembly lines in his sprawling complex in Elkhart (Indiana) from five to four days per week, when it became clear that spring sales had slowed. At the time of the U.S./Israeli war against Iran, the global energy market disruptions had already caused American gasoline and diesel fuel prices to rise by 33% and 43% respectively. "Clearly, the war and increased gas prices are the easiest things to blame," said Brady. He is co-founder at Alliance RV which manufactures high-end motorhomes and fifth-wheels. The RV industry, which is located in northern Indiana and produces over 80% of all RVs sold in the U.S., can be a good indicator of how the economy will develop. According to Commerce Department figures, consumer spending on recreational vehicles and goods fell for the fifth consecutive month in April. This is the biggest drop in real spending in this category since 2008, when the Great Recession was at its height. RVs are discretionary, expensive purchases that can be put off as uncertainty increases over the economy. According to University of Michigan Surveys of consumers, U.S. Consumer sentiment hit a new low in May, before improving slightly in early juin. Inflation, which is at its highest level in three years, continues to squeeze household budgets. Interest rates are still high, which doesn't help. According to LendingTree, most consumers finance RV purchases. The average interest rate for these loans is 7.53 percent. Jeff?Hirsch is CEO of Campers Inn. The company operates 50 RV dealerships across 22 states. He said that while more affluent boomers continue to buy, many more budget-conscious consumers do not feel it's the right time for an investment. RV sales usually increase in the spring as people plan their summer vacations. Statistical Surveys Inc. reports that registrations of RVs for consumers have been declining since last summer. This includes a 22% drop in March, and a 17% decline in April compared to the previous year. RV manufacturers shipped 13.5% less units to dealers during the first four month of this year than they did last year. This is according to the RV Industry Association. RVIA cut its "projection" for full-year shipments on June 1, to a range between?300,000.00 and 328.100 units. This is a far cry from last year's 342200 units. In a press release, Craig Kirby, RVIA president, stated that "economic headwinds and tightening budgets of households are contributing to a cautious outlook for RV shipment in 2026". Take it in stride In recent years, the RV industry has been struggling. Early in the COVID-19 epidemic, business boomed as people looked for ways to travel without having to fly or stay in hotels. In 2021, shipments reached a new record of 600,000. Sales collapsed after the crisis and the industry had to deal with an overhang of inventory. Gregg Fore is a former RV component manufacturer who now consults in the industry. He said that the war in Iran, and the high price of gas, "killed any speed?there was?" in the market heading into spring. Many manufacturers now have limited production schedules. Some manufacturers are consolidating their plants. Brady, from Alliance RV, is confident that business will improve in the second half of the year and possibly this summer, if the conflict in Iran is resolved. Analysts, however, believe that gasoline prices will remain high even if tensions ease. He said that the stock market is strong and that it will ultimately benefit business. Some trends could boost RV sales. The rising cost of airfares reminds us that road trips are still a cheaper and more attractive alternative, even if the cost to travel to Europe or other destinations starts to decrease. Brady says that "Mexico had problems with cartels, violence and other issues" while cruise lines were hurt by illness reports. He said: "You would think that all of this would lead back to RV usage." Brady stated that it "depends on market." Brady estimates that the reduction in production on certain lines has reduced his output by 10 percent since March. He said that although the production was scheduled to continue through July, if things go well in the summer, he could increase it. Michael Hicks is an economist who studies the RV industry at Ball State University. He said that there are many factors in favor of the industry. He pointed out that many RV buyers are in their 50s and 60s with retirement savings. He said that they had already experienced high gas prices and higher interest rates when buying homes. "Those are?the ones that the industry really relies on." Michael Provost, a Rhode Island retiree, is one of those people. The Rhode Island retiree, 69, has owned three RVs in the past 20 years and does not see any reason to reduce his usual pattern of traveling with his wife Cheryl to Cape Cod during the summer months and Florida during the winter. He dismisses the rise in gas prices. He said that this year we had been to Florida, and upon returning, the price of gas was $1 more per gallon. "You just take it in stride."
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Gold nears a one-week high following US-Iran Peace Deal
On Monday, gold prices reached a near-week-high as a tentative peace deal between the?U.S. Oil prices fell as a result of the Iran deal, which also eased concerns about a rate hike by the U.S. Federal Reserve. As of 0857 GMT spot gold was up 2.7% at $4,334.48 an ounce. This is its highest price since June 9. U.S. Gold Futures for August Delivery climbed 2.8%, to $4355.30. U.S. officials and Iranian officials announced that they had reached an agreement to end the war and reopen Strait of Hormuz. This preliminary pact sent oil prices down but left the fate of Tehran’s nuclear program up to future negotiations. Shehbaz sharif, the Pakistani prime minister, said on X that the pact would be officially'signed' on Friday in Switzerland. Giovanni Staunovo, a UBS analyst, said that "market participants are pricing in rate?hikes because of lower oil prices which is lifting yellow metal." "Near term, I'd expect some consolidation until we receive clarity from the Fed this week." The U.S. Dollar fell to its lowest level in 10 days, making bullion priced in greenbacks more affordable to other currency holders. Oil prices also dropped to their lowest point for over three months. Since the beginning of the U.S. and Israeli war against Iran, in late February of this year, gold prices have been under stress as the rising inflation risks fueled by oil has heightened expectations for higher interest rates. Gold is often seen as an inflation hedge, but it can lose its appeal when interest rates are high. The markets have lowered their?expectations of a 'U.S. According to CME FedWatch, the interest rate increase in December will be 53%, down from 69% the week before. Investors will be watching the Federal Reserve policy meeting, which is being led by Kevin Warsh for the first time. Rates are expected to stay unchanged. Singapore, meanwhile, will introduce an over-the counter gold clearing system, and a central bank gold vaulting service, according to the deputy prime minister. The city-state is looking to establish itself as a hub for gold trading. Silver rose by 3.7% per ounce to $70.51, platinum gained 3.4% at $1,776.83, and palladium increased 4.4% at $1,339.76. (Reporting from Pablo Sinha, Bengaluru. Editing by Louise Heavens.)
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Gold gains continue after US and Iran peace agreement
Gold rose by more than 2% on Monday, after U.S. officials and Iranian officials announced that they had reached a preliminary agreement to end the war. This lowered oil prices and eased concerns about inflation and rising interest rates. Gold spot rose 2.3%, to $4,316.03 an ounce, by 0730 GMT. This was its highest level since the 9th of June and extended gains for a 3rd straight session. U.S. Gold Futures for August Delivery rose?2.3% at $4,337.20. U.S. officials and Iranian officials announced on Sunday that they had reached an agreement on a framework for ending their war, stopping the U.S.'s blockade of Iran, and reopening the Strait of Hormuz. Shehbaz sharif, the Pakistani prime minister, said on X that the pact would be signed in Switzerland on?Friday. The U.S. Dollar fell to its lowest level in 10 days, making bullion priced in greenbacks?cheaper' for holders of other currencies, while oil prices dropped more than 4%. Tim Waterer is the chief market analyst for KCM Trade. He said that lower oil prices and a softer currency, resulting from reduced geopolitical risks, as well as the reopening of Strait of Hormuz are helping to reduce inflation expectations. The combination of the two has provided the precious metals with the best tailwinds in recent weeks. However, the sustainability will depend on the durability of the peace agreement. Since the start of the U.S./Israeli war on Iran, in late February, gold prices have dropped by about 20%. Global oil prices have risen sharply since the Strait of Hormuz was effectively closed. This has sparked inflation fears and raised expectations that interest rates will remain high for longer. Bullion is a non-yielding investment and therefore loses its appeal in a high interest rate environment. According to CME FedWatch, the market has reduced expectations of a U.S. interest rate increase in December from 69% to 51% following?the peace agreement. Investors are now awaiting the Federal Reserve's policy announcement and remarks on Wednesday. Rates are expected to remain the same. "Currency debasement fears, fiscal risks and the ongoing geopolitical fracture continue to support?long-term (demand for gold). OCBC stated in a report that a moderated energy-driven inflation could help these themes gain traction. Spot silver increased 3.3%, to $70.22 an ounce. Platinum gained 2.7%, to $1763.38. Palladium rose 2.7%, to $1317.22.
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WSJ reports that Australia's richest Rinehart has invested $1 billion in the SpaceX IPO.
The Wall Street Journal, citing an individual familiar with the situation, reported that Australia's richest person, mining baron Gina Rinehart has invested a total of more than $1 billion into the $75 billion SpaceX record-breaking IPO. Hancock Prospecting, Rinehart's company, did not confirm the size of their'stake' in Elon Musk SpaceX. She said, however, in a press release: "This investment is significant for Hancock and we are happy to have received a allocation in an IPO that has been extremely popular and well oversubscribed." She praised Musk because he built two of the top 10 companies in the world. "We view?SpaceX a rare business. It is led by an exceptional person and operates in sectors that are critical, with long-term prospects," said Rinehart. Her wealth was built from iron ore mined by her company, Hancock Prospecting. Hancock, an important investor in critical mineral projects, wants to supply SpaceX with its mineral needs. Hancock CEO Garry Korte stated that "we also see the potential of mutually-beneficial arrangements in the future between?SpaceX's critical investments and Hancock Prospecting’s significant critical minerals investments as demand increases for materials and infrastructure required to support advanced technologies." Hancock has a large stake in many rare earths firms, including MP Materials and Rare Earths Americas in the U.S., Australia's Lynas Rare Earths and lithium producer Liontown Resources, among others. Last month, it was revealed that the $3.3 billion U.S. Portfolio held by this company increased its gold, rare earths, and defence holdings. Rinehart’s investment in SpaceX proved to be a 'winner instantly. The shares soared 19% on their debut, sending the company's worth?past 2 trillion dollars, making it the 6th-largest U.S. firm. Investors were eager to own a piece in Musk's sprawling empire, which includes rockets, satellites, and AI. Rinehart praised Musk's entrepreneurial prowess while also calling him a patriot because he cut federal jobs in the United States through Donald Trump's Department of Government Efficiency. Rinehart stated that "SpaceX was a clear example?of?why we need more entrepreneurs, more builders and less bureaucracy in the world." Rinehart has also become more political. He encourages some of Australia's richest voters to switch their support from the opposition Liberal-National conservatives party to populist anti-migration One Nation.
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India's wholesale prices in May rose to 9.68% due to Middle East fuel price surge
Government data released 'Monday' showed that India’s wholesale price inflation increased to 9.68% compared to the previous year in May. The energy shock resulting from the Middle East conflict continued. The wholesale inflation rate, which is largely influenced by fuel prices, is significantly higher than India's May retail inflation of 3.93%. According to economists, however, the sudden rise in wholesale prices will not have an immediate impact on interest rates. Indian central bank kept rates the same at its June meeting, despite targeting 4% retail price inflation with a tolerance range of 2%-6%. It said it would wait to see if higher fuel prices have a second-round effect before tightening monetary policies. In a recent survey, economists predicted that wholesale inflation would rise to 9.05%. In April, the print was 8.26%. The first print of the revised series, with 2022-23 as the base year, shows that inflation has risen at its fastest rate in six months, compared to the comparable figures calculated by the government using the new series. Data showed that wholesale fuel and electricity prices rose by 30.33% on an annual basis in May, compared to a 24.89% increase in April. Prices of petroleum and natural gas rose by 61.51% in the month of May. Since the U.S. and Israel war against Iran began in late February, crude prices have risen by 27%. State-run oil marketing firms increased retail fuel prices in May four times. The U.S.-Iran agreement on a framework for ending their war, stopping the U.S. Blockade of Iran, and reopening the Strait of Hormuz - a preliminary agreement that sent global oil price falling - could provide some relief. The recent 'cooling' of global energy and commodity prices following the easing in tensions in West Asia will provide relief to the WPI inflation figure for June 2026, said Rahul Agrawal principal economist at ICRA. In May, wholesale food prices rose 3.60% compared to April's increase of 2.43%. Meanwhile, prices for manufactured goods increased 7.48% compared to April's rise of 6.68%. NEW INDEXES RELEASED The May release introduces new producer price indicators. These include an output PPI as well as a trial input PPI. There are also seven services PPIs covering banking, securities transactions and pension fund management. According to the calculation, producer prices rose by 9.38% in May. Reporting by Shubham Bátra and Shivangi Aarya from New Delhi, Editing by Janane Venkatraman
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Reports from Kommersant state that Russia has authorized refineries to reduce the environmental standards for gasoline to prevent fuel shortages.
Kommersant reported that the Russian government had authorized a few oil refineries to produce fuels at lower environmental standards for the domestic market. This is because the country has been experiencing fuel supply disruptions. According to data collected by, media reports and social media posts have indicated that there are supply disruptions in Russia in a dozen different regions. Only two regions of Siberia, besides the Russian-held Crimea have formally?confirmed these disruptions. Last week, Deputy Prime Minister Alexander Novak requested fuel market forecasts in order to avoid problems with fuel distribution and meet domestic demand. Ukraine has been targeting Russian refineries, fuel depots, and pipelines for several months in an attempt to curb Moscow's ability?to finance the war against its neighbor, which is now in its fifth-year. Kommersant reported Monday, citing an anonymous source, that in the fall, the government relaxed the rules allowing certain refineries to sell gasoline and Diesel fuel on the national market, even if it did not meet approved standards for sulphur and other indicators. Kommersant's?source? said that the measure was initially in place until May 1,?this year, but later extended. Separately on Monday, authorities in 'the Udmurtia Region east of Moscow announced that they had imposed a temporary 'limit on supplies of AI-92 or AI-95 gasoline to?petrol station operated by oil company Tatneft starting on June 12th. The regional authorities stated that "the restrictions are for passenger cars, and they are due to technical and logistical issues," adding that it is expected the problem to be resolved next week. (Reporting and Writing by Lucy Papachristou, Editing by Kirsten Doovan)
Australian business profits' decrease to accelerate this year, says UBS
Australian companies will likely post a steeper drop in profit this year than they did in 2015, as they struggle to match the 'abnormally high' earnings since the COVID19 pandemic, UBS stated on Tuesday.
The revenues at companies listed on the benchmark S&P ASX 200 index are most likely to decline 3.5% in fiscal 2024, steeper than the 2.9% decline in 2015, the brokerage estimated.
Agreement experts anticipate earnings to fall again this year as business continue to come off the high earnings base they set through the COVID years, UBS analysts wrote in a note.
Mining giant Rio Tinto is set to kick off the revenues season on July 31, while other bellwether stocks such as BHP Group and Fortescue will report during the last week of August.
UBS anticipates the biggest drag to come from the heavyweight banking, consumer staples and merchants sectors as they come off last year's profits peak.
The leaders, states UBS, are likely to emerge among insurers, due to improved profitability, and business with U.S. exposure, who must gain from a weaker Australian dollar.
The ASX 200 has risen 4.7% up until now this year and struck a record high in mid-July. It increased 7.8% over the entire of 2023.
UBS, however, stated that due to the stretched assessments of the business, broad-based share price upside will not be easy through this results season.
It said that the business projections for the rest of this will be crucial to setting the scene for stocks for the next six months.
(source: Reuters)