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EU bans use of "forever chemicals" in firefighting foams
The European Commission announced on Friday that it would restrict the use in firefighting foams of substances known by the acronym PFAS or "forever chemical". This is a significant step in the EU's goal to reduce the use in consumer products of PFAS. The PFAS (per- and polyfluorinated substance) do not degrade in the environment and this raises concerns over the effects of their accumulation in drinking water, ecosystems and human bodies. The restriction is expected to be in place by the end this month, but there are transition periods that can range from a few weeks for certain industries up to 10 years based on usage. After six months, the sale of portable extinguishers that contain PFAS is restricted. Extinguishers for training, testing and municipal fire services are restricted after 18-months. For industrial sites with high risks, covered by EU safety regulations, such as those that store large quantities of flammable fluids, a 10-year transition period is established. Around 60% of firefighting fluids contain PFAS. It has caused contamination of drinking water and soil. Jessika Roswall, EU Environment Commissioner said: "This is a significant step forward in tackling PFAS contamination across Europe." Charlotte Van Campenhout, Emelia Sithole Matarise and Charlotte Van Campenhout contributed to this report.
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The top cases in the US Supreme Court docket
The U.S. Supreme Court will be deciding a number of cases during the new nine-month session that begins Monday. These include issues like presidential powers, trade tariffs, transgender sportspeople, guns, race laws, campaign finance laws, gay "conversion therapies", religious rights, and capital punishment. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. TRUMP TARIFFS A court has agreed that it will decide on the legality Trump's global tariffs. This is a major test for one of Trump's most bold assertions of executive authority, which has been at the heart of his economic and trading agenda. The Justice Department appealed the lower court ruling that Trump had overstepped his power in imposing his tariffs, which were imposed under a federal emergency law. This case could result in trillions of dollars worth of customs duties within the next decade. The lower court ruled Trump had overreached by invoking the 1977 International Emergency Economic Powers Act in order to impose tariffs. This ruling was made in response to challenges from five small businesses as well as 12 U.S. States. A toy manufacturer will also be bringing a separate case. Arguments will be held on November 5. TRUMP'S FIRE OF FED OFFICIAL Justices will hear arguments about Trump's bid to fire Federal Reserve Governor Lisa Cook. This is the first time a president has attempted to fire a Fed Official, as he questions the independence of the central bank. The court refused to decide immediately on a Justice Department's request to put a judge’s order temporarily blocking Trump from removing Cook. Congress created the Fed in 1913 and passed the Federal Reserve Act, which included provisions that shielded the central bank against political interference. The law required governors to only be removed "for cause" by the president, though it did not define this term or establish procedures for removal. The arguments are set for January but the exact date is not yet known. FIRE OF THE FEDERAL COMMISSION The Justices will hear arguments about Trump's firing a Democratic member from the Federal Trade Commission. This is a significant test of presidential authority over government agencies that Congress intended to be independent. The court allowed Trump to remove Rebecca Slaughter while the case is still pending. Slaughter filed a lawsuit after she was dismissed from the Consumer Protection and Antitrust Agency before her term expired in 2029. This case offers the court the chance to overrule an important precedent that dates back 90 years, upholding job-protection measures put in place by Congress for federal agency heads to have some independence from the presidential control. The judge rejected the argument of the administration that tenure protections illegally infringe on presidential powers. The arguments are set for December but the exact date is not yet known. TRANSGENDER SPORTS PARTICIPATION The court will hear Idaho and West Virginia's bid to enforce state laws that ban transgender athletes in female sports teams within public schools. This is another civil rights challenge against Republican-backed restrictions for transgender individuals. Idaho and West Virginia appealed lower court decisions siding with transgender plaintiffs. Plaintiffs argued the laws discriminate based upon sex or transgender status, in violation of U.S. Constitution 14th Amendment equal protection guarantee and Title IX civil right statute which prohibits sex discrimination in schools. The arguments have not been scheduled. The Justices agreed to hear the challenge of a Christian counselor on free speech grounds against a Democratic-backed Colorado Law banning "conversion therapies" that are intended to change a child's sexual orientation. The counselor appealed the lower court's ruling that rejected her claim that a 2019 Colorado statute violated the First Amendment by censoring her communications with her clients. The state claims it regulates professional conduct and not speech. According to court documents, the counselor is a Christian who believes that people "flourish when they live in accordance with God's plan, including their biological gender." Arguments will be held on October 7. HAWAII GUNS LAW The court took up the challenge of a Hawaii gun law that restricts the carrying handguns in public places, such as businesses. This gave the court the opportunity to expand gun rights. Three Hawaii residents who hold concealed carry licenses, and a gun rights group based in Honolulu appealed the lower court's ruling that Hawaii's measure is likely to comply with the U.S. Constitution Second Amendment right of keep and bear arms. Hawaii's concealed carry law requires that licensees obtain the owner's permission before bringing their handguns onto public property. The arguments have not been scheduled. CAMPAIGN FUNDING The court agreed to hear the Republican-led challenge, on free speech grounds, to a federal campaign finance provision that limits spending by parties in coordination and cooperation with candidates for office. This case involved Vice President JDVance. Vance and two Republican committees, both of whom were running for U.S. Senate at the time the litigation started, appealed the ruling by a lower court that limited the amount of money political parties could spend on campaigns, with the input of candidates they supported. The question is whether the federal restrictions on coordinated campaign expenditures violate First Amendment protections against government abridgment. The arguments have not been scheduled. LOUISIANA ELECTORAL DISTRECTS The court will again hear arguments in a dispute involving a Louisiana election map that increased the number of U.S. Congress districts with a majority of Black people in the state. The court will be assessing the legality a key element of the 1965 Voting Right Act that was meant to prevent racial bias in voting. Justices heard arguments on March 24, but ordered on June 27 that the matter be debated again. State officials and civil right groups appealed an earlier court ruling which found that the map of Louisiana's six U.S. House of Representatives district - now with two Black majority districts instead of one - was in violation of the Constitution's equal protection promise. Arguments will be held on October 15. CRISIS PREGNANCY COUNTER The court will examine whether to revive a New Jersey operator of a crisis pregnancy center's attempt to stop the Democratic-led attorney general's investigation into whether the Christian faith based organization misled women into thinking it offered abortions. First Choice Women's Resource Centers has appealed the ruling of a lower court that said the organization had to contest the attorney general's summons in state court first before filing a federal suit. The crisis pregnancy centers offer services to pregnant woman with the aim of preventing abortions. They do not promote their anti-abortion views. First Choice argues that it has the right to take its case to federal court, because it alleges a violation of First Amendment rights for free speech and freedom of association. The arguments have not been scheduled. EXXON CLAIMS CUBA COMPENSATION Justices will hear ExxonMobil’s bid to get compensation from Cuban state owned firms for oil assets seized by Cuban communists in 1960. The law allows Americans to sue foreign companies or individuals over confiscated property. Exxon appealed the ruling of a lower court that undermined its legal efforts to obtain compensation from Cuban companies who allegedly profited by stolen property. The lawsuit invoked a 1996 U.S. Law called Helms-Burton Act. The court also heard a similar request by a Delaware registered company that had built port facilities at Havana that were seized by Cuba in 1960. It wanted to reinstate $440 million of judgments against Carnival Cruise Line, Norwegian Cruise Line, and two other cruise companies that used the terminal. The arguments have not been scheduled. RASTAFARIAN INMATES The justices heard a Rastafarian's case to sue Louisiana prison officials for shaven him bald and holding him down in violation of religious beliefs. Damon Landor's religion dictates that he let his hair grow. He appealed the lower court decision to dismiss his lawsuit filed under a U.S. statute protecting against religious infringements by local and state governments. Landor was not allowed to sue officials individually for damages under this law, according to the lower court. The law in question protects religious rights for people who are confined in institutions like prisons and jails. The arguments are scheduled for 10 November. DEATH ROW INMATES The court will hear the appeal of Alabama officials against a ruling that an intellectually-disabled man who was convicted of murder in 1997, but spared from death penalty. They are pressing ahead with their bid to execute the Republican-governed State. According to the lower court's analysis of Joseph Clifton Smith's IQ scores and expert testimony, he was deemed intellectually disabled. According to a Supreme Court decision from 2002, the Eighth Amendment's prohibition on cruel and unjust punishment is violated by executing a person with intellectual disabilities. The arguments are scheduled for 4 November. COX COMMUNICATIONS PIRACY VERDICT Justices heard a dispute over copyright between Cox Communications, a music label group and the court after a judge threw out an $1 billion jury verdict that had been pronounced against Cox Communications for alleged music piracy by Cox's customers. Cox Communications appealed the lower court decision that it would still be liable for any copyright violations by its customers despite the ruling overturning the verdict. Sony Music, Universal Music Group, and Warner Music Group are among the labels. The arguments have not been scheduled. CHEVRON AND XXON COASTAL POLLLUTION The court agreed to hear an application by Chevron and Exxon Mobil, as well as other oil and gas firms to move lawsuits filed by two Louisiana municipalities accusing them of damaging the state's coastline over a decade-long period to federal court. The companies appealed the lower court's decision rejecting their claim that the lawsuits should be heard in federal court, because the parishes Plaquemines & Cameron were suing for oil production undertaken during World War Two to fulfill U.S. Government refinery contracts. Federal court is regarded as a more friendly venue for such litigation. Arguments have not been scheduled.
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Hotels are a major factor in countries' decision to skip the COP30 climate conference
Hundreds of hotel rooms are in short supply, and prices have risen to hundreds of dollars a night. Two European nations have said that they are considering not attending Belem at all. The organisers of COP30 are racing to convert cruise ships, love motels and churches into accommodations for the 45,000 expected delegates. Brazil held the climate talks in Belem because it has an average of 18,000 hotel rooms available. It hoped that its location at the edge the Amazon rainforest, would draw attention to the threats climate change poses to the ecosystem and its role as a sink for climate warming emissions. LATVIA SAYS THAT ROOMS ARE EXPENSIVE The Latvian climate minister said that the country had asked its negotiators if they could dial in via video call. Melnis stated, "We've already decided that it is too expensive for us." It's the very first time that it is so expensive. "We have a duty to the budget of our country." Lithuania, a second country in eastern Europe, has also indicated that it will not be staying after receiving quotes for prices exceeding $500 per person, per night. A Lithuanian energy minister spokesperson, who covers climate issues, stated that the quality and legitimacy of negotiations would be affected if governments were unable to attend due to the cost. According to a spokesperson for Brazil's COP30 Presidency, the decision is up to each country. COP30 HOTEL PRICE LEAVES DELEGATES OUT OF POCKET The website displayed rates ranging from $360 to 4,400 per night, just days after Brazil launched a booking platform at the beginning of August. The platform displayed prices starting at $150 per night this week. The host country rejected calls to move the summit, saying it would provide 15 hotel rooms at a price of less than $220 per night for each delegation from a developing country and below $600 per night for any wealthy delegation. The United Nations also increased their subsidy for low-income countries to attend. According to Brazil's Presidency of COP30, less than six weeks before COP30, there are still 81 countries in negotiations about hotel rooms, while 87 have already reserved accommodation. Evans Njewa is the chair of the Least Developed Countries Group, which represents the poorest countries in the U.N. Climate Talks. He said that the group was still assessing the attendance plans. Njewa said: "We receive a large volume of concerns... and many requests for assistance." "Unfortunately, our capacity is restricted, which could affect the size and composition of delegations." CLIMATE ACTION UNDER THREATEN The COP summit this year takes place as the U.S. president Donald Trump seeks to shift America's focus away from climate change and Europe's priorities are changing due to its struggling economies. Ilana Seid said that the lack of affordable housing placed her members at "a severe disadvantage". The small island states have taken advantage of previous COPs in order to get more funding for climate change adaptation. Seid stated that smaller delegations would not allow island nations to "participate effectively in the negotiations that decide our future" because they lack the expertise required.
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After the reduction in state currency purchases, the Russian rouble is weaker against US dollars
The Russian rouble fell slightly on Friday against the U.S. Dollar and, even more, against the Chinese yuan, as a reaction to the planned reduction of the state's purchases of foreign currencies for the next month. The Russian Finance Ministry announced earlier that they would reduce their foreign currency sales from 1.4 billion Russian roubles per day to 0.6 billion Russian roubles (roughly $7.36 million) per day between October 7 and November 7. From October 7, the total daily net forex sales of the state, combining forex operations conducted by both the central bank and the ministry, will be reduced to 9.54 billion Russian roubles, down from the previous 10.34 billion. The central bank purchases and sells foreign currency to maintain a constant supply on the domestic markets and for the Finance Ministry, which manages the National Wealth Fund denominated by foreign currency. The central bank was a net seller in foreign currency for the entire year 2025. This supported the rouble which had risen by 45% since the beginning of the year. About 10% of daily yuan trade is conducted by the central bank. LSEG's data on over-the counter trade shows that the rouble fell by 0.3% at 0900 GMT to 82.30 against the dollar. The rouble fell by 1.2% at the Moscow Stock Exchange to 11.47 versus the Chinese yuan, the most commonly traded currency. Natalya Milchakova, from Freedom Finance, said that "the reduction in forex sales may contribute to a down correction of the rouble if a trigger is triggered. The likelihood of negative events due to the geopolitical tensions and the unstable macroeconomic data are quite high." She added, "We believe that the rouble could depreciate even further in October after the release of September inflation data and October inflation expectations." (Reporting and editing by Alex Richardson; Gleb Bryanski)
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USA Rare Earth reaches all-time high following close discussions with White House by a report miner
USA Rare Earth's shares rose more than 18% on Friday to reach a new record high, following a report that its CEO Barbara Humpton had said the company was in discussions with the White House. In an interview on CNBC, Humpton answered a question regarding the company's interest in striking a business deal with the Trump Administration. USA Rare Earth has not responded to our request for comment immediately. Humpton's comments follow the Trump Administration's purchase of a 5% share in Lithium Americas, and a separate stake of 5% in General Motors' joint venture Thacker Pass with the company earlier this week. In March, U.S. president Donald Trump invoked emergency powers to increase domestic production of vital minerals. This was part of an effort to counter China's near total control of this sector. In March, China halted the export of rare earths - a grouping of 17 metals which are used to produce magnets that convert power into motion - as part of its trade dispute with Trump. Although there were some signs of relief in June, the broader tensions highlighted the need for increased U.S. production. MP Materials announced a multi-billion dollar deal in July with the U.S. Government to increase production of rare earth magnets. The Defense Department became its largest shareholder. USA Rare Earth is developing a mine at Sierra Blanca in Texas, and a manufacturing facility for neo-magnets in Stillwater in Oklahoma. Both are expected to be commercially available in the first half 2026. Subash Chandra is an analyst at The Benchmark Company and he said that the company was one of the most important emerging neo-magnet manufacturers in America. Any reshoring plan should include this company. Chandra stated that "we don't yet know the form in which a possible U.S. Government investment could take. But there is still a piece missing to the mines-to magnet strategy." The company's market capitalization is now $2.59 billion, after its shares have doubled this year. (Reporting and editing by Shilpa Majumdar in Bengaluru)
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Exxon's compensation claim to Cuban entities will be heard by the US Supreme Court
The U.S. Supreme Court has agreed to hear ExxonMobil’s request for compensation from Cuban state owned firms. These assets were seized by Cuban government-owned companies in 1960. This was done under a federal statute that allows Americans to sue foreign individuals and companies over confiscated property. The Justices heard Exxon's appeal against a lower-court ruling that undermined its legal efforts to obtain compensation from Cuban companies who allegedly profited by stealing property. The court also heard a similar request by a Delaware registered company that had built port facilities in Havana that were seized by Cuba in 1960. It sought to reinstate $440 million of judgments against Carnival Cruise Line, Norwegian Cruise Line, and two other cruise companies that used the terminal. On Monday, the Supreme Court will begin its new nine-month session. Exxon's dispute is about the former Cuban leader Fidel Cuba's confiscation all its oil and natural gas assets in Cuba. This loss, valued at over $700 million now, was caused by Castro. Cuba has not paid Exxon any compensation, but the Helms-Burton Act gives the oil company the opportunity to sue in a U.S. Court for damages. Helms-Burton Act gives U.S. citizens who own property in Cuba the right to sue any person who "traffics property that was confiscated by Cuban government on or after 1 January 1959." The Helms-Burton Act also allows the U.S. President to suspend this provision if it is deemed necessary to "protect the national interest of the United States." Exxon sued three Cuban state owned companies in 2019 for compensation, claiming that they continue to profit from their stolen property. These Cuban state-owned firms are Corporacion Cimex S.A., S.A., (Cuba), Corporacion Cimex S.A., (Panama), and Union Cuba-Petroleo. The litigation lasted for years, focusing on jurisdictional issues rather than liability. The U.S. Court of Appeals, District of Columbia Circuit, concluded that plaintiffs bringing Helms-Burton Act cases must satisfy an exemption under a separate U.S. law: the Foreign Sovereign immunity Act. This act shields foreign governments against lawsuits in the United States unless there is an exception. Havana Docks Corporation, in the cruise line dispute, sued four cruise lines in Florida federal court in 2019. Havana Docks constructed piers in the port before the Cuban Revolution, which took place in the 1950s. It is now seeking compensation from cruise operators for using the property between 2016 and 2019. Fidel Castro, Cuba's leader, nationalized and expropriated U.S. property shortly after he came to power in 1959. This included Havana Docks which held a concession granted by Cuba in 1934 for a 99-year period of construction and operation at the Havana port. Cuba has not paid compensation to Havana Docks. However, the Helms-Burton Act gives the company the opportunity to sue in U.S. courts for damages. A federal judge ruled the cruise lines were guilty of trafficking for docking their ships at the terminal. Each of the four companies was fined more than $100,000,000. The 11th U.S. Circuit Court of Appeals, located in Atlanta, threw out these judgments last year. It found that Havana Docks did not have a viable claim because its concession would have expired in 2004, well before the cruise lines used the facilities. The 11th U.S. Circuit Court of Appeals, based in Atlanta, threw these judgments out last year. It found that Havana Docks had no claim since its concession expired in 2004, long before cruise ships used the facilities. Both parties of the U.S. presidency chose to suspend the law. This meant that private lawsuits were not allowed to proceed. In 2019, during President Donald Trump's first term, he lifted the suspension. This triggered a new wave of lawsuits in U.S. courtrooms against Cuban state owned entities and some American companies accused of trafficking confiscated property.
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Sources say GIP is in negotiations to purchase Aligned Data Centers
Two people with knowledge of the situation told us on Friday that Global Infrastructure Partners, a BlackRock-owned company, is in negotiations to buy Macquarie's Aligned Data Centers. One source said that the acquisition could be worth around $40 billion. The deal reflects the growing investor interest in data centres that serve the booming artificial intelligence market and help to power its adoption around the world. Sources said that the talks, in which Abu Dhabi-based AI Investment firm MGX is involved, have reached an advanced stage. Bloomberg News reported this development Thursday. People familiar with the matter have said that MGX, a joint venture between sovereign wealth fund Mubadala, and G42, could invest in Aligned. Mubadala owns a small stake in the operator of data centers. Aligned, MGX, and Mubadala didn't immediately respond to requests for comments. Macquarie BlackRock GIP and GIP have declined to comment. Aligned of Texas, which is a specialist in AI infrastructure, raised over $12 billion in the first month of 2019. According to its website, the company operates more than 80 data centers with a total capacity of over 5 gigawatts. Aligned's customers include hyperscale cloud providers, such as Lambda, and artificial intelligence companies. The Aligned acquisition would be one of the biggest ever private data center deals. OpenAI, SoftBank Oracle, and Abu Dhabi’s MGX have announced plans to invest in Stargate - a $500 billion dollar supercomputer project - to meet the growing computing demands. Investors poured record amounts into digital infrastructure in 2018, betting on the fact that data centers will become critical real estate assets as power consumption increases. McKinsey estimated that investments in AI infrastructure could reach $6.7 billion by 2030. Sources told us on Wednesday that GIP was also in the final stages of talks to purchase utility company AES, in a deal valued at over $40 billion. Reporting by Rhea Rosa Abraham, Gnaneshwarrajan and Akash Shriram in Bengaluru. Editing by Sonia Cheema, Shinjini Ganuli and Sonia Cheema.
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Rate cut bets on US shutdown worries will cause gold to rise for the seventh consecutive week
Gold prices rose on Friday as they were poised to make a weekly gain for the seventh time in a row, boosted by concerns about an extended government shutdown, and expectations that U.S. rates will be cut. Gold spot rose 0.5%, to $3.874.66 an ounce at 09:13 am. After hitting a record-high of $3,896.49 Thursday at 1313 GMT, ET (1313 GMT) is the next time to buy gold. The prices have risen 3.1% this week. U.S. Gold Futures for December Delivery rose by 0.8% to $3.899.1 an ounce. "I believe the longer the government remains shut down, the more bullish the gold market will be." If there is a weekend surprise agreement to reopen the government, it would be a bearish factor, said Jim Wyckoff senior analyst at Kitco Metals. There is no indication that either of the dueling Democratic or Republican plans will be adopted to end a shutdown which has now entered its third day. Investors are now relying on alternative indicators to confirm the cooling of the labor market, and to maintain expectations for a rate cut imminent. According to CME Group’s FedWatch tool, investors are pricing in 98% of the probability of a rate cut of 25 basis points in October. They also expect a similar reduction of 90% in December. Gold is often used to store value in times of uncertainty. It thrives when interest rates are low and has increased by over 47% this year. UBS said in a note that it expects the price of gold to reach $4,200 an ounce in the next few months. This is because the "opportunity costs of holding gold are falling due to the declining real interest rate in the U.S. While expectations of continued broad U.S. Dollar weakness are another tailwind." Spot silver rose by 1.4% to $46.73 per ounce. Platinum increased 1.9% to $1599.01 per an ounce. Palladium climbed 1% to $1253.75 per an ounce. Reporting by Noel John in Bengaluru and John Biju from Mumbai
Aluminium and copper prices are tightened by US tariff uncertainty
The prices of aluminium and copper were largely unchanged on Thursday, as the markets assessed the impact President Donald Trump’s decision to impose tariffs of 25% on imports of steel and aluminum starting March 12.
The London Metal Exchange's (LME) three-month aluminium was down by 0.2%, at $2,616 per metric ton, as of 1049 GMT. Copper, however, rose 0.2%, to $9,475.50.
The vast majority of the aluminium used by the U.S. comes from Canada. The majority of Canadian aluminium comes from Quebec. On Wednesday, Quebec's Premier Francois Legault said that Canada could consider export tariffs for products such as aluminum "where it really needs us".
The price of copper has not changed in the U.S. yet, but after Trump announced tariffs for the metal late last month, the premium between the U.S. Comex contract and the LME contract soared to a new record earlier this week.
The tariffs on steel and aluminum of 25% were announced this week as an extension to Trump's Section 232 tariffs from 2018, which were aimed at protecting domestic producers of steel and aluminum on national security grounds.
Marcus Garvey is the head of commodities strategy for Macquarie. He said that the same mechanism would not allow tariffs to be applied to other commodities quickly, because it would require an investigation by the Department of Commerce.
He added that "this suggests recent volatility in CME-LME Copper Spread... was likely to have exceeded normal levels, although prices remain susceptible to either blanket or country specific tariffs which would impact a significant portion of U.S. Imports."
Last week, Trump deferred a 25% tariff for goods coming from Mexico and Canada to March in order to negotiate steps to secure the U.S. border and stop the flow of fentanyl.
LME zinc dropped 0.2% to 2,857.50 per ton. Lead rose 0.7% at $1,987, and tin increased 0.5% to $31,640.
The price of nickel fell 0.6% to $15,325 after stocks in LME registered warehouses (0#MNISTX-LOC>) rose to 180,900 tonnes following the delivery of 5,094 tons. (Reporting from London by Polina Devlatt; Additional reporting by Violet Li, Editing by Kirsty Donovan).
(source: Reuters)