Latest News
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Hudbay Minerals, a Canadian company, resumes operations at Snow Lake following the lifting of evacuation orders
Hudbay Minerals, a Canadian mining company, announced on Wednesday that it had resumed its operations in Snow Lake (Manitoba) following the decision by authorities to lift the mandatory evacuate order on August 22, Snow Lake surface infrastructure, according to the company, has not been damaged structurally. Hudbay temporarily suspended Snow Lake operations early in July because of a wildfire that raged in Northern Manitoba. Manitoba declared an emergency in late May, and advised thousands of people to evacuate from the northern and eastern areas of the province as wildfires spread across central and western Canada. Last week, officials from the federal government said that Canada's second worst wildfire season in history has already burnt 7.8 million acres and could continue to do so for several weeks. Since the lifting of the evacuation orders, the company has added that it has completed a safety review of infrastructure including an inspection of the shaft and restarted underground electrical infrastructure. Hudbay is on track to meet its 2025 forecast in Manitoba, despite wildfires. (Reporting from Bengaluru by Pooja menon; editing by Vijay Kishore).
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Iraqi Kurdish PUK Security Force Alleges a plot to kill Party Leader
The Patriotic Union of Kurdistan in Iraq's semiautonomous Kurdistan Region said that on Wednesday they had discovered a plot against PUK leader Pavel Talabani. They shared a video purporting to show six guards claiming they received an order to murder him. A PUK-affiliated Kurdistan security service broadcast the video in which the fighters described their plans to rent a flat in a highrise building close to the PUK leader’s headquarters. The footage showed snipers holding silencers near a window that overlooked the office of the PUK leader. The guards on the video claim that they were given their orders by Lahur Talabani. Lahur Talabani is a prominent Kurdish political figure who is the cousin and leader of the People's Front, the party of opposition to Pavel Talabani. The office of Lahur Talabani was not immediately accessible for comment. A member of People's Front has accused the PUK using security and judicial institutions to suppress political opponents. Lahur Talabani, a fighter loyal to Lahur Talabani, was arrested by PUK forces on Friday after they raided an hotel in Sulaymaniya on Thursday night and fought for four hours. Three PUK commandos, as well as two Lahur Talabani fighters, were reported dead by police and hospital sources. According to security officials, more than 160 Lahur Talabani loyalists have been detained with him. Officials from the Sulaymaniya court confirmed that a warrant had been issued for Lahur Tallahani on charges of destabilizing security in the city and attempted murder. Sources familiar said that the arrest was part a larger struggle to control Sulaymaniya. This is a stronghold for the PUK. Lahur Talabani had been the joint president of PUK before a power battle led to his removal in 2021. The representative of the People's Front, who spoke under condition of anonymity for fear of arrest, said that "deploying tanks and hundreds armored cars to arrest a leader of a political party is completely unrelated to legal methods or democratic methods." This is the most serious conflict between Kurdish groups in Iraq since Saddam Hussein's fall in 2003. Regional officials and analysts are concerned that the violence could threaten the relative peace enjoyed by Iraq's semiautonomous Kurdish Region, which had largely been insulated from other areas of unrest in the country. (Reporting and editing by Rosalba o'Brien, Ahmed Rasheed)
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Dollar recovers as stocks climb in anticipation of Nvidia results
The major stock indexes rose Wednesday, ahead of artificial intelligence leader's results Nvidia The dollar has recovered from its previous session's decline despite concerns over the independence of the U.S. Federal Reserve. Lisa Cook's lawyer said that she would sue Donald Trump for threatening to fire her after Trump said he was going to do so. Investors were concerned by Trump's remarks about the independence and stability of the U.S. Central Bank. The yield curve steepened, as traders assessed the possibility that Trump could make more dovish Fed appointments. The dollar recovered from its previous session's drop and closed the day up 0.36% to 147.93 Japaneseyen. Meanwhile, the euro fell 0.48% to $1.1586. The three main U.S. indexes are slightly higher. Nvidia's report on the second quarter, which is due after the closing bell today, will be a test for the AI optimism, which has driven markets in the last couple of years. The strong performance of a number technology-related companies exposed to AI has helped propel major equity indexes this year to new highs. "Trump's been on the Fed’s back from Day One and this (Cook's firing) is a continuation to that strategy." Jake Dollarhide is CEO of Longbow Asset Management, Tulsa. Investors wonder if Nvidia will be able to continue to meet Wall Street's expectations. "My expectation today is that it will." Nvidia shares last fell 0.1%. According to LSEG, the company will report that its second-quarter revenues jumped up to $46.06 Billion. Investors will be paying close attention to the business it has in China, after the company agreed with the U.S. government to pay 15% of sales in exchange for export licenses which are not defined. Investors have noted that technology shares, including some AI leaders, are tumbling this month. The Dow Jones Industrial Average rose by 190.54, or 0.4%, to 45.608.19. The S&P 500 gained 20.02, or 0.3%, to 6,486.06, and the Nasdaq Composite climbed 55.61, or 0.2%, to 21599.98. Investors are closely monitoring the political risks in France. European stocks have recovered slightly from their previous day's drop. French assets were hit by a sell-off on Tuesday due to concerns over the potential collapse of Prime Minister Francoise Bayrou's French government next month. The MSCI index of global stocks rose by 1.64 points or 0.17% to 954.36. The pan-European STOXX 600 rose by 0.1%. Market watchers have interpreted Fed chair Jerome Powell's remarks at the annual Jackson Hole Symposium last week as an indication that interest rate cuts may be coming. Fed funds futures are pricing 84% odds that a rate cut will occur in September according to CME Group's FedWatch Tool. The outlook for U.S. rates will likely still depend on the strength of the labor market and inflation trends. The yield on two-year notes was at 3.625% last, down about five basis points for the day. The benchmark 10-year yield dropped to 4,236%, its lowest level since August 14. The yield curve between the two-year and 10-year note was at its lowest point of 61.3 basis points. It had reached 63.5 basis points earlier, which is the steepest since March 22. Gold and oil prices both rose. The price of oil rose on the back of a drop in U.S. crude stocks that was larger than expected. U.S. crude gained 90 cents and settled at $64.15 per barrel. Brent gained 83-cents to settle $68.05. Spot gold increased 0.09%, to $3.395.33 per ounce.
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KoBold Metals awarded seven Congo Lithium exploration permits
KoBold Metals - the mining company owned by U.S. billionaires Jeff Bezos & Bill Gates - has been granted seven permits for the search of lithium and other minerals within the Democratic Republic of Congo. This was announced on Wednesday. In July, the Central African nation signed a contract with KoBold that allowed it to begin a large-scale exploration program for minerals. KoBold also acquired Manono, a lithium deposit that is considered to be one of the largest in the world. A company official said that "our exploration efforts will be centered on lithium" across the seven new licenses. Four of the permits, according to the data on the website of the mining registry, are located within the Manono territory, in Tanganyika Province, and three are in the Malemba Nkulu Territory, in Haut-Lomami Province. Licenses are available for exploration of a dozen minerals including lithium, coltan and rare earths. The Manono Lithium Deposit is the subject of a dispute between AVZ Minerals and the Congolese Government over the failure of the authorities to grant a mine permit. (Reporting and writing by Jessica Donati, Sonia Rolley and Anait Miridzhanian. Editing and reviewing by David Goodman, Rod Nickel and Rod Nickel.)
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Europe's STOXX 600 closes at a higher level, with the focus now on Nvidia results
Investors waited for earnings from Nvidia, the leader in artificial intelligence chips and political risks in France to see if Europe's STOXX 600 would recover on Wednesday. The pan-European STOXX 600 closed 0.1% higher, just a day after it registered its biggest drop in almost a month. The majority of regional bourses closed in red, however. The CAC 40 in France bounced back by 0.4% after a sell-off that sparked fears of a possible collapse of the government headed by Prime Minister Francois Bayrou next month. Three major opposition parties announced on Monday that they would not support Bayrou's plans to cut the budget, as he had announced in his confidence vote for September 8. If the government falls apart, President Emmanuel Macron can name a new premier immediately, or ask Bayrou to remain as leader of a caretaker administration, or call a snap general election. Christophe Hautin is the equity portfolio manager of Allianz Global Investors. He said: "A lot has been priced in already, especially for French names... French banks and utilities, business services. But I expect uncertainty to continue for the next couple of weeks." Investors await earnings from Nvidia - the world's largest company - for new cues about the AI trade after a blistering tech stock rally hit a bump in August. The European corporate earnings are resilient, with over 52% of companies reporting second quarter earnings to date exceeding analyst's estimates. Nicholas Brooks is the head of ICG's economic and investment research. He said that investors want to know how tariffs and uncertainty in the last few months has affected business confidence. Sectoral losses were led by heavyweight banks, which fell 1.3%. After a Goldman Sachs rating downgrade, shares of Germany's Deutsche Bank, Commerzbank and HSBC fell by 3.4%, 4.9% and 5.9% respectively. The personal and household products sector, on the other hand, gained 1.5%. Luxury stocks were the main drivers, and the index hit a new high. Swatch gained 6.3% to lead the STOXX 600 after its CEO stated that the company would be able to meet the demands of the future. Partly offset Analysts said that the U.S. tariffs would have an impact on prices. DiaSorin dropped 5.8%, the highest on STOXX600, after J.P. Morgan Coverage initiated The Italian Medical Diagnostics Group at "Underweight" JD Sports' stock rose by 3.6% as a result of improved sales in the U.S.
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Ukraine launches tender for Lithium Deposit Site in Kirovohrad Region, PM says
Yulia Shvyrydenko, Ukraine's Prime Minister, announced on Wednesday that the country has begun a public tender to acquire the rights to mine a deposit of lithium in Kirovohrad. The tender for "Dobra" is expected to represent the first project of a joint fund of investment with the United States, which was signed in April in Kyiv as part Kyiv’s efforts to keep Washington in line in its war on invading Russian troops. The U.S. has a preferential deal with Ukraine on new mineral deals, and can invest in Ukraine's reconstruction. This is a deal that was heavily promoted by U.S. president Donald Trump. Svyrydenko posted on Telegram that the site contained significant lithium reserves, which are of strategic importance to energy and technology. We are searching for an investor that will not only ensure extraction but also development of value added production in Ukraine. She stated that an official announcement will be made in the next two month, followed by a period of three months for bids to be accepted, and finally a decision on the winner. Ukraine's Economy Ministry said on its website the winning bidder would sign a contract for 50 years and commit to invest at least $179 millions. The document stated that the amount included both funding for geological research and production and enrichment. The agreement also stipulates the compliance with environmental standards and the use of Ukrainian products and labour as well as investment in the local communities. (Reporting done by Yuliia Dyesa and Max Hunder. Toby Chopra, Mark Potter and Toby Chopra edited the story.
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Investors wait for Nvidia to recover the dollar before stocks rise
The major stock indexes rose on Wednesday as upcoming results by artificial intelligence leader Nvidia offset concerns about the Federal Reserve’s independence. Meanwhile, the dollar recovered after its previous session's decline. After Donald Trump said that he would dismiss Lisa Cook, Lisa Cook's lawyer said she would sue him. Investors were concerned by Trump's remarks about the independence and stability of the U.S. Central Bank. The yield curve steepened and interest-rate sensitive yields on two-year bonds fell to a nearly four-month-low as traders assessed the possibility that Trump could make more dovish Fed appointments. The dollar was up 0.36% last session at 147.93 Japanese Yuen while the euro fell 0.48% to $1.1586. The three main U.S. indexes are slightly higher. Nvidia's report on the second quarter, which is due to be released after the closing bell was seen as a test for the AI optimism, which has driven markets in the last couple of years. "Trump's been on the Fed’s back from Day One and this (Cook's firing) is a continuation to that strategy." Jake Dollarhide is CEO of Longbow Asset Management, Tulsa. Investors wonder if Nvidia will be able to continue to meet Wall Street's expectations. "My expectation today is that it will." Investors have noted that technology shares, including some AI leaders, are tumbling this month. The Dow Jones Industrial Average climbed 93.12 or 0.20% to 45,509.88. The S&P 500 rose 10.61 points or 0.16% to 6,476.31 while the Nasdaq Composite gained 33.25 points or 0.15% to 21,580.05. Investors are closely monitoring the political risks in France. European stocks have recovered slightly from their previous day's drop. French assets were sold off on Tuesday due to concerns about the possible collapse of Prime Minister Francoise Bayrou's French government next month. The MSCI index of global stocks rose by 0.49 points or 0.05% to 953.21. The STOXX 600 pan-European index rose by 0.09%. Market watchers have interpreted Fed chair Jerome Powell's remarks at the annual Jackson Hole Symposium last week as an indication that interest rate cuts may be coming. Fed funds futures are pricing 88% odds that a rate cut will occur in September according to CME Group’s FedWatch Tool. The outlook for U.S. rates will still depend on the strength of the labor market and inflation trends. The yield on two-year U.S. Treasury bonds, which moves typically in line with interest rate expectations and was at 3.654% last, it was down about two basis points for the day. The benchmark 10-year yield increased to 4.289%, up from 4.256%. The yield curve between 2-year and 10-year bonds was at its steepest point since April 22, when it reached 63.3 basis points. U.S. crude climbed 0.79%, to $63.74 per barrel. Brent rose 0.62% to $67.64 a barrel.
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The first-half profits of Greek refiner Motor Oil have more than doubled
Motor Oil, a Greek refiner, reported on Wednesday a 54.9% drop in its first-half net profits as a result of a reduced refinery utilization following a refinery fire that occurred in September 2024 and lower refining margins. Insurance proceeds from this incident were outweighed by the reduction. The Athens listed group reported a net loss of 163.4 millions euros ($191.3million), down from 362 million euro a year ago. The group revenue dropped 15.6% on an annual basis to 5.27 billion euro, from 6.24 billion euro in the first half 2024. This was due to lower sales volumes as well as a drop in the average price of petroleum products. The earnings before interest, tax, depreciation and amortization fell 39.3%, to 387.4 millions euros. Insurance compensation contributed 150.8 million euro. Motor Oil reported that its refinery was operating at more than 80% capacity in the first half of the year. The crude distillation unit affected will resume operations by August 2025. The refinery, which is Greece's 2nd largest, accounts for over a third the total refining capability of the country. Motor Oil's EBITDA is "satisfactory", as the utilisation of refining equipment improves and the seasonal margins. Capital expenditures for 2025 are expected to be 200 million euros.
NEWSMAKER-China's trade tsar He Lifeng is at the forefront of US tariff talks
He Lifeng, a trusted confidant of Chinese president Xi Jinping, who has gradually built a reputation as a fixer among foreign investors, will be at the forefront in Saturday's talks aimed at breaking a deadlock on trade with the United States.
After weeks of escalating trade tensions, the vice premier of Canada will meet with U.S. Treasury Sec. Scott Bessent in Switzerland and Jamieson Greer as chief trade negotiator.
He is the person who oversees U.S. China economic and trade relations.
We interviewed 13 foreign diplomats and investors who met He in the last year. The interviewees described He's transformation from a Communist Party apparatchik who spoke no English and was reluctant to deviate from his prepared remarks to a confident man with a greater ability to accomplish things.
According to an American businessperson who was briefed about the meetings, He impressed many of the world leaders that flocked to Beijing last month for a forum.
The majority of people who spoke to He on the condition of anonymity did so in order to discuss their confidential interactions with him, He also has a vast regulatory oversight of China's sprawling finance sector.
According to the'review of his public engagements, the vice premier held at least sixty meetings with foreigners over the last year. This is a steady rise from the 45 meetings he had between March 2023 when he became vice premier and March 2024.
The Chinese State Council has not responded to a request by fax for comments on the talks.
DÉFENDER STATUS QUO?
Many of the interviewees said that despite the vice-premier's increased comfort in engaging with Western executives, He is not a policy pioneer.
According to a businessperson who was briefed on last month's meeting, the vice premier's improved reputation among American executives is likely due to the fact that Chinese leaders seemed especially confident and predictable in the aftermath of the chaos in the U.S.
In meetings with foreigners, he has repeatedly defended Beijing’s export-led strategy of growth.
One American businessperson said that He, a supporter of boosting domestic consumption over manufacturing, is Xi's chief lieutenant in building a trillion dollar surplus.
Three people said that he had, at times, repeatedly dismissed complaints about Chinese overcapacity. These are also shared by other countries Beijing is courting to find new ways of cooperation and export pressure valves.
Wen-Ti Sung is a senior fellow with the Global China Hub of the Atlantic Council. She said that He would defend China's surplus on a daily basis. It's difficult to imagine He compromising on the trade deficit, a key issue for China's job-creation.
The vice premier was at the forefront of China's recent outreach efforts to developed markets such as Japan and the European Union that were also affected by Trump's tariffs.
After Switzerland, he will visit France for a dialogue at a high level.
UNDERWHELMING START
Liu He was the former head of the economics portfolio before He assumed his current position. A Harvard-educated English-speaking economist, Liu He negotiated a free trade agreement with the United States under the first Trump administration.
The vice premier may have a Ph.D. in economics from Xiamen University but his domestic focus meant he had to learn a lot in order to be China's economic face in the world.
According to a person who was present, some American executives were not impressed by He when he briefed on the results of an important economic policy meeting in July last year.
A person claimed that the vice-premier, who according to party conventions, should retire in 2027 looked a little sluggish at the briefing where he had dozens of aides flanking him.
He's predecessors, such as Liu and Wang Qishan were renowned for their eloquence, and a relatively informal demeanor.
After a Japanese delegation raised concerns in February about Beijing's controls on rare earth exports and the safety for Japanese nationals living in China, the vice premier downplayed these issues.
Businesspersons briefed about He's meetings in March described previous discussions with the vice-premier as "talking to ChatGPT." He said that the Chinese official has started communicating in a more Western-friendly way.
This person, who met He several times, was impressed by He's ability, in a manner that officials not close to Xi could not, to explain Beijing’s economic policy, and to deliver on his promises of assistance. The source didn't provide any specifics.
A second foreign official, who also met He in this year, said that the vice-premier was well aware of China's problems. These include deflationary forces and an ageing populace on top of tariffs and the real-estate crises. He provided a sophisticated assessment of these issues.
The official also said that he appeared to be very confident in the prospects of Deepseek, a homegrown AI startup.
"TYPICAL BUREAUCRATS" AND DEMOLISHER
In his native Fujian Province, Xi was a local official and rose to power in the 1990s. Around that time, he became a trusted lieutenant to Xi and attended his wedding.
In 2009, the official was transferred to Tianjin, a port industrial city. Locals nicknamed him "He the Destroyer" for launching a massive urban renovation campaign and costly infrastructure projects which gave the city an attractive facade but also pushed it further into debt.
Alfred Wu, an expert on China at National University of Singapore said that He was focused on boosting the economy and "was particularly big on real estate and city redevelopment like many local officials of the time."
Wu, who met He as a reporter in Fujian, called the official a "typical bureaucrat" and a "very typical protege of Xi Jinping."
He added that his "number-one priority" is to implement Xi’s directives. This puts him in a more subordinate position. Reporting by Laurie Chen and Michael Martina, in Beijing; Additional reporting from Goh Kui Qing, in New York; Editing done by Katerina Ange, John Geddie, and Shri Navaratnam.
(source: Reuters)