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OBITUARY-Brazilian photographer Sebastiao Salgado dead at 81
The nonprofit that he founded announced on Friday that Sebastiao Salagado had died at age 81. His black-and white images of migrants, workers and the conflicted relationship between humanity and nature captured the attention of the world. Salgado, born in Aimores in Minas Gerais state in Brazil in 1944, is a photographer. He was originally an economist, but he turned into a photographer during the 1970s, while living in Paris. His wife Lelia Wanick and he fled the military regime which ruled Brazil at the time. He travelled the world with his camera, and rose quickly through the ranks of Magnum. The landmark Workers series included a 1987 photo essay that showed thousands of men in their underwear digging in the vast mine of Serra Pelada in northern Brazil. He also photographed oil workers in Kuwait, and coal miners from India. In a British Journal of Photography essay published in 2019, his agent Neil Burgess said, "It was a madly ambitious project and I had hardly any idea how to begin to pitch the idea to London editors." After seeing his portrayal of gold miners, many top magazines around the world wanted to fund this project, he said. Salgado has published a number ambitious and epic projects. He spent many years documenting the difficult journeys of migrants all over the world in Exodus. In Genesis in the 2010s he photographed monumental scenes of animals, nature and Indigenous people. In his latest project, Amazonia - a journey through the largest rainforest in the world - he traveled for years to capture the most remote treasures of the planet and the communities who protect them. Critics accused him of exploiting a "synthetic of misery", as he captured some of the poorest people in their most vulnerable moments. "They say I tried to impose beauty upon the poor world and was called an "aesthete for misery". Why should the poorer world be more ugly than the wealthy world? The light is the same here as it was there. The dignity is the same here as it was there", he told The Guardian during a 2024 Interview. Burgess did the exact opposite. He captured the dignity of the subjects in their time of need. He wrote: "This may well have been enhanced by the use of black and white as a medium. But it has more to do two other qualities Salgado possesses in large measures: patience, and curiosity." Salgado, his wife and their family founded Instituto Terra in 1998 to restore the Atlantic Forest on their farm, which is one of Brazil's most endangered forests. On Friday, President Luiz Inacio Lula da Silva gifted a Salgado photo to Angolan President Joao Lourenco, in Brasilia for a state visit. Lula claimed that it was just a coincidence. Lula stated in a press release that "his discontent at the unequal world and his talent for portraying the reality faced by the oppressed has always served to awaken the conscience of humanity." "His work will remain a cry of solidarity for this reason." "And a reminder that all of us are equal in our differences."
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BlackRock: US energy independence at risk from coal competition case
BlackRock, BlackRock is the largest asset manager in the world. It said that the U.S. support of a "baseless case" alleging asset management conspired to decrease competition in the coal industry risks undermining the goal of energy independence. The U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC) filed a Statement of Interest on Thursday in the case brought by Texas and twelve other states against BlackRock, Vanguard and State Street Global Advisors. The states claim that the companies used their significant holdings in U.S. companies of coal to discourage competition. BlackRock stated in a press release that "DOJ's and FTC's backing of this baseless lawsuit undermines the Trump Administration’s goal of American Energy Independence." It said: "As we stated in our earlier motion for dismissal, this case is an attempt to rewrite antitrust laws and is based upon the absurd theory that coal company conspired with shareholders to reduce coal output." Asset managers will be unable to invest in their business and their employees if they are forced to divest their assets from coal companies. This could lead to higher energy costs. In a separate press release, SSGA called the case "baseless", adding that "we look forward" to presenting facts in the legal process. Additional filings do not change our assessment". Vanguard's own statement said that while it was "concerned" with "many of the legal interpretations that were promoted by the agencies", it "appreciated" their support for investing in passive funds, for shareholder advocacy to improve corporate governance, and for active investing which doesn't hurt competition. The facts showed that Vanguard had stayed within the framework of this concept, it stated. (Reporting and editing by Conor Humphries; Simon Jessop)
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Holiday schedule for US economic and other data
The Memorial Day federal holiday, which falls on May 26, will impact the release of major economic, energy, and commodity reports during the week ending May 25, due to the fact that Washington will be closed. The schedule is below. The times are in EDT/GMT. Some Treasury announcements may be subject to change. Monday, May 26, Memorial Day Holiday Closed federal government offices, Federal Reserve and International Monetary Fund. Stock and bond markets also closed. Tuesday, May 27, Commerce Dept. Commerce Dept. Federal Housing Finance Agency releases U.S. House Price Index, March 2009, 9am/1300 The U.S. Department of Agriculture releases weekly U.S. Export Inspections for Grains, Oilseeds at 1100 and 1500. Note: this week's inspections are delayed due to the holiday. Treasury Dept. Treasury Dept. Treasury Dept. weekly sale of 3-month and 6-month bills 1130/1530. Due to the holiday, this sale is delayed. Treasury Dept. Treasury Dept. USDA releases weekly Crop Progress for 1600/2000. NOTE: This is a delayed release from Monday, due to the holiday. Wednesday, May 28 Mortgage Bankers Association releases weekly Mortgage Application Survey, 0700-1100 Redbook releases weekly retail sales index 0855/1255. Note: Tuesday's publication has been delayed due to the holiday. Treasury Dept. Treasury Dept. Treasury Dept. Treasury Dept. Federal Open Market Committee releases minutes of its meeting on May 6, 1400-1800 The American Petroleum Institute releases the weekly National Petroleum Report, 1630/2030. Due to the holiday, Tuesday's report has been delayed. Thursday, May 29, Weekly Jobless Claims Reports by the Labor Dept. Labor Dept. Commerce Dept. Commerce Dept. National Association of Realtors releases Pending Home Sales for the Month of April, 1000/1400 Energy Information Administration (EIA), Weekly U.S. Underground Natural Gas Stocks, 1030/1430. Schedule is not affected by holidays Treasury Dept. Treasury Dept. Treasury Dept. Treasury Dept. EIA releases weekly petroleum stock and output data at 1200/1600. Note: time change on Wednesday. Freddie Mac issues weekly U.S. mortgage rates, 1200/1600 Treasury Dept. Treasury Dept. Federal Reserve Weekly Balance Sheet, 1630/2030 Friday, May 30, USDA releases weekly export sales, 0830/1230. Due to the holiday, this week's export sales are delayed. Commerce Dept. Commerce Dept.
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Perpetua requests up to $2 billion in loan from US EXIM to fund antimony project
Perpetua Resources announced on Friday that it had filed a formal request with the U.S. Export-Import Bank to receive potential debt financing up to $2 billion for its Idaho antimony-and-gold Stibnite Project. The project was approved for a loan of up to $1.8billion by the EXIM bank in 2024. Perpetua stated that the increase in application amounts reflects an estimated rise in job-years as indicated by the financial updates and basic engineering works completed in the first three months. In afternoon trading, the company's stock was up by nearly 4%. The Pentagon-backed project would be the first antimony mine in the country. Its estimated reserves are 148 million pounds, and the metal is used to make bullets, tanks, alloys, and batteries for electric vehicles. The administration of President Donald Trump has increased efforts to boost the production of essential minerals at home and to increase government funding as part of an overall effort to counter China's near total control of this sector. Perpetua has received the federal permit for the Clean Water Act Section 404 from the U.S. Army Corps of Engineers. (Reporting and editing by Shilpi Mahumdar in Bengaluru)
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Focus on next week's rate decision to determine the South African rand rate.
South Africa's currency, which is backed by commodities, was stronger on Friday against a weaker US dollar. This was helped by the higher gold price as investors rushed to the safe haven asset due to concerns over the worsening fiscal situation in the United States. At 1513 GMT the rand was trading at 17.88 per dollar, which is 0.7% higher than the closing price of Thursday. Last time, the dollar index fell by about 0.6% versus a basket currency. South Africa is one of the world's major producers of precious metals, and its currency benefits from higher gold rates. Gold prices rose more than 1% last Friday. Investors in South Africa will be focusing on the interest rate announcement by the South African Reserve Bank next week. In March, it cautiously maintained the rate citing inflationary risk from U.S. president Donald Trump's trade war with the world and the country’s disputed budget. Since then, Trump announced a 90 day pause on country specific tariffs. South Africa's inflation has dropped below the bank target range. And the finance minister has presented a revised Budget, abandoning his initial plan to increase value-added taxes, which was the most controversial element of his two previous attempts. In a research report, Lara Hodes, an economist at Investec, said that she expected rates to stay at 7.50% for the May meeting in accordance with the latest U.S. decision. "However, with inflation significantly below the midpoint in the target range and rand stronger than any time since months ago, it is possible that the MPC could decide to reduce rates by -25bp." The Top-40 Index on the stock exchange was up by 0.3%. Gold Fields, Harmony Gold, and AngloGold Ashanti are South African mining companies that last traded at a gain of about 3%. Sibanye Stillwater gained about 1% following the report of an accident in one of its mines that trapped 260 workers underground. The company reported that 79 miners have so far been brought up to the surface. The National Union of Mineworkers confirmed there had not been any deaths or injuries. The yield on the benchmark 2030 government bonds remained unchanged at 8.885%, a decrease of 1 basis point. Reporting by Sfundo parakozov, editing by Bhargav acharya and Gareth Jones.
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Platinum prices soar to a two-year high due to strong Chinese demand and tighter supply
The price of platinum surged up to a record high in two years on Friday. This was due to the sharp increase in Chinese imports and persistent supply concerns. Investors are also showing renewed interest in this metal, which is used in jewellery, catalytic converters and electronic products. Spot platinum reached its highest level in May 2023 at $1,096.40 an ounce. The metal has risen by 20% this year. Investors are looking at cheaper platinum as opposed to gold, which is why the fundamental support for platinum comes from the prospect of a third annual deficit in supply and increased demand for coins, bars and jewellery. The rise in platinum prices was attributed to speculation after the price broke through the psychologically important $1,000 per ounce level earlier this week. "China was an excellent physical buyer when the price was around $950/oz. A trader said that the spike above $1,000 would mute demand. Data released by the Customs this week shows that China imported 10 tons of platinum during April. This is the highest amount in a whole year, and represents a 47% rise compared to imports in March. Analysts noted that as gold prices reach record highs, investors are moving to platinum because it appears more affordable. Last month, spot gold reached a record high of $3.500.05 per ounce, thanks to strong investment demand and fears about tariff wars. The World Platinum Investment Council said this week that the demand for platinum jewellery has increased in China after a decline of over ten years. Concerns about the primary supply also support prices. In recent years, the price of platinum group metals, which are mainly used to neutralise harmful emissions in vehicles, has been impacted by the expansion of electric cars, reducing margins for miners. According to Metals Focus consultancy, there are still significant above-ground metal stocks. These cover the market deficit, and limit the upside potential for platinum and PGMs, as the demand from the automotive sector continues to decline. Palladium, the sister metal of platinum, fell below $1,000 on Friday after reaching a six-month peak of $1,042.70, on Wednesday. According to Tai Wong an independent metals dealer, its growth was boosted by Honda's move towards hybrids instead of EVs.
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TotalEnergies CEO defends the company against East Africa allegations
Patrick Pouyanne, the chief executive of TotalEnergies, defended his company's involvement in oil projects in East Africa after a U.N. independent human rights expert stated that the French firm must address new allegations of abuses. Michel Forst, Special Reporter on Environmental Defenders, said in a late-Thursday statement that the company should take immediate steps to protect activists connected to the East African Crude oil Pipeline and its associated oilfields. This decision followed the decision of German asset manager Union Investment, which dropped TotalEnergies bonds and shares from their sustainable investment funds due to this issue. Pouyanne spoke out against the East African project's alleged negative impacts on the environment and human rights during the annual meeting of shareholders. He said: "We develop these project with our values and principles, and we are confident of the benefits they bring to the countries and local populations." TotalEnergies, he said, is better suited to undertake projects such as the one in Uganda than other companies that may be less concerned about the environment and human rights. Union Investment announced that it made its decision following a review of a new report by the non-profit Just Finance International, which cited alleged abuses on the Kingfisher Oil site in Uganda as part of the pipeline. Forst stated that TotalEnergies failed to take any effective steps to address abuses of activists. It was "deeply disturbing" to see "it consistently reject the allegations as merely'misconceptions,' about the impact of the projects." Forst, a French company said TotalEnergies is bound by the Aarhus Convention (an agreement protecting the public's right to participate in environmental issues) to ensure that individuals are not penalised or hounded for their opposition to these projects. The company had earlier released a press release saying that it "doesn't tolerate any violence or threats against those who peacefully promote and defend human rights", and reminded those with whom it works of its position. The company said that it had worked with Ugandan officials "to ensure that the police followed due process, treated protesters well and respected their rights while detained". It said that the security team of their local unit monitors anyone arrested, and makes sure that their representatives can visit them. Forst supported the call from Union Investment to conduct an independent investigation of the alleged abuses. He asked TotalEnergies not only to make the results public, but also to act on any shortcomings.
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Ivanhoe disputes Zijin's statement about Congo mine problems
Ivanhoe Mines disputed on Friday the statement made by its Chinese partner regarding problems at their Kakula Copper Mine in Democratic Republic of Congo following seismic activity. Ivanhoe stated that the press release from Zijin Mining mentions '..multiple roof falling and rib-spreading in the eastern part of the mine'. It said "Ivanhoe Mines doesn't agree with this statement". "Preliminary evidence suggests that seismic activity... caused a redistribution underground of forces and caused'scaling,' or rockfalls, from the sides of certain mining areas." Ivanhoe said Tuesday that certain mining operations at the Kakula Underground Mine had been suspended on Sunday. The Kamoa Kakula Mining Complex is Africa's and the world's most important copper mine. The Friday update stated: "The teams are currently focusing on safely repairing the damage to the pipes and cables that support the underground pumping system infrastructure." Zijin Mining Group Ltd. warned earlier Friday in a release that the problems could have "adverse impacts" on the annual production guidance for Kamoa-Kakula complex of 520,000-580,000 metric tonnes in 2025. Last year, the mine produced 437,000 tonnes. Ivanhoe disputed this as well, stating that it could only know if production guidelines would need to change after an investigation. (Reporting and editing by Toby Chopra, Louise Heavens, and Eric Onstad)
India's JSW Steel misses its quarterly profit forecast due to weaker prices
India's JSW Steel, the country's top steelmaker, reported a smaller-than-expected rise in fourth-quarter profit on Friday, hurt by weak steel prices.
Its consolidated profit was 15.03 billion rupees (176 million dollars) for the three months ended March 31. This is below the average analyst estimate of 15.66 trillion rupees. Data compiled by LSEG.
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The results are a month after a temporary 12% duty was imposed on certain steel imports. This is known as a "safeguard duty" locally. It was imposed to protect local producers from the influx of cheap imports coming from China, Japan, and South Korea.
Due to the surge in imports, domestic steel mills had to reduce operations and even consider job cuts.
According to LSEG, JSW Steel's revenue from operations fell 3%, to 448.19 bn rupees. This was below the analysts' average estimate of 449.38 bn rupees.
The top court of India ruled earlier this month that JSW Steel’s plan to buy Bhushan Power and Steel, four years after it was acquired, should be canceled. It also ordered the liquidation and bankruptcy of the indebted firm.
JSW Steel said that it does not see any impact of the order and said on Friday "no provision needs to be made for net assets included in consolidated financial results".
The company also approved the issuances of convertible securities or equity shares worth up to 70 billion Indian rupees and 70 billion rupees through the issue of nonconvertible debentures (NCDs). $1 = 85.22420 Indian rupees (Reporting and editing by Anuran Sahdhu and Manvi Pan in Bengaluru, and Eileen Soreng and Janane Venkatraman)
(source: Reuters)