Latest News
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Trump's memo clearly states that Iran won't have nuclear weapons
Donald Trump, U.S. president, told reporters on Tuesday at the G7 meeting in France that Iran's memorandum with Iran clearly states that it will not possess a nuclear weapons. Trump announced that he would release the U.S. - Iran memorandum text in a 'formal' setting. President Trump also expressed his approval of the idea to send the Iran deal for review to Congress, as requested by some Republican legislators. Trump told reporters, "I've never sent it before, I never even considered it. But?I will," he said. "I'll send it to Congress." "I like the idea." Details of the U.S. agreement with Iran will be worked out in the next few weeks. Trump told reporters that he thought the next phase of negotiations with Iran would be completed within 60 days. "Iran is eager to make it happen. Trump said that he believes it will go quickly because they have to "get back to work" and their relationship has now been 'normalized. "It could go faster or a little longer, but it could also go quickly."
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Scientists find 64,000 sq. miles of coral reef that can survive climate crisis
Researchers found that scientists have discovered a coral reef area of nearly 166,000 sq km (64,00 sq miles) which is capable of recovering and surviving climate change. This was a?three-fold increase over what they had previously estimated. Scientists have identified a 'three-fold increase' in the area of coral reefs that are capable of surviving and recovering from climate change. A study of 45,000 coral surveys, along with decades of ocean and climate data, has revealed climate-resilient coral reefs in 71 countries. This includes parts of the Caribbean Ocean and Pacific Oceans. Emily Darling, director of the Wildlife Conservation Society's coral conservation and one of the report's authors, said that "coral reefs have often been framed as being beyond saving." This?research shows that it is not the case. We know where to look for hope and we only need political will. The countries are currently drafting action plans to protect 30% of their marine and land environments by the end of this decade. This target is known as "30 By 30". Darling stated at a press briefing that only 28% of reefs are currently protected or conserved. The opportunity and urgency is obvious, particularly as we prepare for a super El Nino. Stacy Jupiter, executive director and co-author of the WCS Global Marine Program said that the data would give governments the necessary information to determine where funds should be allocated and which reefs have the greatest chance of survival. She said that in certain cases where reefs fall below certain benchmarks of ecosystem function, we might need to triage and leave these places. (Reporting and editing by Lincoln Feast; Reporting by David Stanway)
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Russian exports of seaborne oil products down 15% m/m from June 1-15, according to data sources
According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted more than doubling since the beginning of the year. Alexander Novak, the Deputy Prime Minister, said that Russia's oil production was lower at the beginning of the year. He blamed unplanned refinery repairs. In May, the Kirishi refinery, owned by Lukoil, NORSI, and Rosneft’s Ryazan refinery all saw their crude processing and fuel production reduced. The traders also said that the increased domestic demand for agricultural products and holiday driving, as well as the increase in exports, has reduced export loads. Market sources predict that fuel exports will continue to drop by the end of June as drone strikes disrupt processing at TANECO Kuibyshev & Saratov refineries and other energy facilities. Novak said that a diesel export ban could be considered by Russia if it is necessary. Data from market sources revealed that Turkey, India and Saudi Arabia, as well as Singapore and other Asian countries, were the top buyers of Russian oil products by sea this month. Mark Potter, Mark Potter (Reporting in Moscow)
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First verdict of Milan urban planning investigation clears all defendants
Milan's court acquitted?eight defendants on Tuesday in the first of a dozen criminal cases into urban planning which slowed construction in Italy’s financial capital. The case concerned the construction of an 87 metre building, which was authorised based on a simple renovation permit. The approval was part a rapid-track process for building permits that the Milan municipality adopted in recent years, during a real estate bubble in the north city. Milan prosecutors sought convictions of all defendants with sentences up to?two years and four months in prison. The decision is a major win for developers and the Milan government. The prosecution argued that a full construction permit was needed, not just a renovation authorization. A permit of this kind would have meant a more lengthy approval process, and higher fees payable to the municipality. According to a statement from the Milan court, Judge?Paola?Braggion acquitted everyone on the basis that "the facts don't constitute a crime". The statement stated that the ruling meant the renovation permit had not been deemed illegal because "caselaw in criminal and administrative court, as well the Constitutional Court has offered different interpretations of the notion of renovation". FROZEN DEVELOPMENTS A committee representing families that bought homes on construction sites in Milan, which are still frozen because of the investigation by Milan prosecutors, welcomed the verdict. The committee issued a press release calling for a formal discussion with the government in order to establish a legal framework which would protect homeowners as well as their properties. Milan Mayor Giuseppe Sala who is being investigated in another case also welcomed this decision. He was "disappointed" by the tone of the prosecution in pressing charges. According to a judicial source, Milan prosecutors will wait until they have the full reasoning for the decision before deciding if they want to appeal. The acquittal of this case under Italian law does not affect any other proceedings. The final stages of two other?trials relating to construction sites are approaching, and verdicts should be expected by the end of summer. Around a dozen preliminary investigations are ongoing.
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Nordic Baseload Power asks for Swedish support in building nuclear plants near Denmark
The Swedish government announced on Tuesday that the energy company Nordic Baseload has applied for financial assistance to build two "full-scale" nuclear reactors in a region of southern Sweden near Malmo, just 22 km from Copenhagen. The application calls for two reactors that can produce 2,500 megawatts of electricity, which is equivalent to the annual power consumption of up to 2,000,000 households. "Sweden needs more stable electricity production." Niklas?Wykman, the Deputy Minister for Finance, stated that it is positive that there continues to be a high level of interest in investing in nuclear power. Sweden operated nuclear reactors in?Barseback between the mid-1970s and 2005. The location is controversial. Danish politicians have always been critical of Swedish nuclear energy so close to their border, and pushed for Sweden to shut down?Barseback. Greater Copenhagen, consisting of the Danish capital and Malmo in Sweden, is the most densely-populated area of the Nordics. It has 4.4 million people. This is the fourth application that the government has received for new nuclear plants. The government is planning 'four large-scale nuclear reactors with an installed capacity of?around 5,000 MW, or equivalent small modular reactors. The government plans to have half of them operational by 2035. (Reporting by Johan Ahlander; Editing by Alexandra Hudson)
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SpaceX shares set to surpass Amazon in terms of market value
Elon Musk’s SpaceX shares extended a 'post-IPO rally' and rose?more than 8% in Tuesday's premarket trading,?putting 'the company on track to surpass Amazon.com's market value in order to become the fifth largest company in the world. The stock rose 8.5% to $208.90. This is more than 54% higher than its $135 IPO and gives the company a total market capitalization of $2.75 trillion if these gains continue. Amazon is valued at $2.66 trillion and Microsoft at $2.95 trillion. The top three companies in the world are worth more than $4 trillion. "We can state with certainty that the valuation of this company today is completely absurd. "People are buying SpaceX with the expectation that other people will also buy and push up the price - this is speculation," said Ipek zkardeskaya senior market analyst at Swissquote Bank. The company posted sales of $18.67 Billion last year, and a loss of $4.94 Billion after combining with the money-losing xAI. This is in stark contrast to other big Wall Street technology companies who have reported bumper numbers. SpaceX's options activities are expected to start as early as Tuesday. The initial activity is expected to be volatile, heavy and expensive. Analysts and Portfolio Managers warned investors to expect volatility in the early days of SpaceX as a publicly traded company due to its small float and high valuation. SpaceX's inclusion on the Nasdaq 100 could lead to a further rally, as it will become a major holding of passive funds and ETFs that track the index. This would create a new source of demand for the company's shares. FTSE Russell, MSCI and other indexes are set to include the stock in their respective indices as of June 26?and 29?respectively. In a recent note, Zephirin Group stated that "Index inclusion alone is not sufficient to drive sustained repricing. We?see a combination of passive flows, momentum and limited float which are driving uplift beyond previous index-addition movements." SpaceX said that its underwriters exercised their "greenshoe option" to buy additional shares on Monday, bringing the total proceeds of?its initial IPO to $85.7 billion. This is an increase from the $75 billion it raised last weekend. As of?07 a.m., more than $3 billion in SpaceX shares had been traded. ET, this was more than?three times the volume of trading in Nvidia, Microsoft, Tesla and Apple combined. Nvidia, Alphabet and other heavyweight tech stocks were also trading lower. SpaceX shares lost some of their gains on Tuesday in premarket trade after the company announced that it would be acquiring software company Anysphere at a price of $60 billion.
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Stocks surge as SpaceX fever boosts technology; yen flattens after BOJ rates hikes
The?dollar remained steady against the yen, despite the Bank of Japan raising rates to a record high of 31 years. The markets shifted to a more measured approach on Gulf developments, as initial excitement about the preliminary agreement reached between Washington and Tehran started to fade. Investors were encouraged by SpaceX's massive IPO, which boosted its shares nearly 20% Monday. The market value of the space exploration company now exceeds $2 trillion. In premarket trading, they were up 10.5% on Tuesday. Separately the company announced that it would purchase Anysphere, the software giant behind the popular AI coding agent Cursor for $60 billion in an effort to increase its presence on the enterprise AI market. Nasdaq e-minis futures increased by 0.3% while S&P 500 futures grew 0.1%. Nikkei225 reached 70,000 for the first-time after the Japanese central banks voted to increase its benchmark policy rate from 1% to 1%. This was a level not seen since 1995. The yen remained flat at 160.31 against the dollar. STOXX 600 in Europe rose by 0.4%, hovering near the record high of Monday. Nvidia is the most valuable AI chip maker in the world. It surprised investors when it sold bonds for $25 billion. The company stated that the money would be used to fund general corporate needs and the debt sale would establish a benchmark for future debt issuance. Nvidia's shares fell a bit in premarket trading. Mitch Reznick is the group head of Fixed Income at Federated Hermes. "The important thing is how much systemic inflation we have, its impact on the consumer, and to what extent it has spread throughout the economy." Oil fell another 2.2%, to a 3-month low of just over $81 per barrel. Shippers in Asia and Europe said it could take several weeks for them to rebuild confidence about resuming transit in the Strait of Hormuz. According to ING's Warren Patterson, oil consumers are likely to scramble to replenish their inventories that have been depleted by the war in recent weeks. This means prices will not be able to drop much in the short-term. Investors were initially relieved by Donald Trump's announcement on Monday of a deal between the United States and Iran, but now Washington is at odds with Israel. Westpac analysts said in a research report that while the deal was an important diplomatic step forward, its durability would be tested in the future. Many sticking points were left to be resolved during future negotiations, such as the fate of Iran’s nuclear program. The dollar index (which tracks the U.S. Dollar against six other currencies) was stable around 99.6. The euro rose by 0.1% to $1.1605, and the pound traded at $1.342, two days before a Bank of England meeting which is unlikely to result in any changes to monetary policy. The Australian dollar, which was expected to remain unchanged at $0.707, was also little changed. The yield on the 10-year Treasury note in the United States fell 2.6 basis point to 4.44%. Gold, which is also sensitive U.S. rate expectations, increased 0.7% to $4 336 per ounce. (Gregor Stuart Hunter contributed additional reporting from Singapore; Shri Navaratnam, Jacqueline Wong and Jacqueline Navaratnam edited the story.)
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Four injured and one dead after 6.3 magnitude earthquake in China's Qinghai
State media, citing emergency authorities, reported that a magnitude 6.3 earthquake struck the province of Qinghai in northwestern China on 'Tuesday. At least one person was killed and four others were injured. China Earthquake Networks Center reported that the quake hit a high-altitude area in Haixi, Qinghai at 5:06 pm Beijing time (906 GMT) Tuesday. State media reported that all coal miners near the epicenter had been evacuated, and that authorities were still assessing property damage and casualties. Earlier, Xinhua had reported that rescuers were rushing to the site to look for?trapped people and assess risks of secondary catastrophes. China's quake?administration activated an?emergency?response for the temblor. It was followed by a number of aftershocks, including one that measured a 4.9 magnitude.
Pacific island Bougainville's self-reliance path depends on economy, says PNG's Marape
Bougainville should have the ability to fund a minimum of half of its spending plan if the Pacific island chain's. goal of political self-reliance from Papua New Guinea is to. be a success, PNG Prime Minister James Marape stated on Wednesday.
Bougainville President Ishmael Toroama is looking for. global financiers to re-open among the world's most significant. copper mines, with Marape backing his authority on Wednesday to. make business choices on the mine as the autonomous area. travels a path to self-reliance.
Bougainville was PNG's economic powerhouse for twenty years. till 1989, when a bloody civil war emerged over income from. Panguna, the world's third-biggest open cut gold and copper mine. and operated by Rio Tinto.
Bougainville voted for self-reliance under a 2001 peace. process in a referendum 5 years ago however PNG's parliament is. yet to back it. A New Zealand mediator was just recently selected. on the matter.
We start with financial self-reliance as an essential basis,. due to the fact that once you have the cash you are able to sustain, Marape. stated at a resources conference in Sydney.
Bougainville's internal earnings of 7% was not adequate to. get up, start, he said. We need to raise this at the extremely. earliest to about 50% of financing.
Toroama stated significant development had actually been made this year in. redeveloping Panguna, with a copper expedition licence issued. in January to Bougainville Copper Limited (BCL), majority-owned. by the Bougainville government.
BCL has actually forecasted income of $36 billion from the mine over. 20 years, with copper a vital input for renewable resource.
An ecological and social effect assessment on Rio Tinto's. tradition mining operation delivered this month was likewise an essential step. in re-opening the mine, Toroama said.
We have to additional indication an MOU with Rio Tinto and. Bougainville Copper Limited for beginning of works of ageing. infrastructure that present impending and serious threats to affected. neighborhoods and further the talks, he stated.
The initial mine's strong revenue streams to PNG came at the. expenditure of regional neighborhoods and the regional environment,. leading to civil discontent intensified by political aspects that. caused a war costing 20,000 lives, Toroama stated.
Bougainville continues to stand apart as a lesson, a warning,. a suggestion of what not to do in resource sector development, he. included.
(source: Reuters)