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IAEA chief warns Israel against striking nuclear facilities
According to an interview that was broadcast on Monday, the chief of the International Atomic Energy Agency Rafael Grossi stated that Iranians warned him about a possible Israeli strike on Iran's nuclear facilities. This could lead Iran to become more determined to develop a nuclear weapon. Grossi stated in the interview published on the Jerusalem Post's website and broadcast on i24 TV on Sunday that a strike could have a compounding effect. It would solidify Iran's resolve - I say this plainly - either to pursue obtaining atomic weapons or to withdraw from the Treaty on the Non-Proliferation of Nuclear Weapons. The Jerusalem Post reported that Grossi doubted Israel's ability to strike Iran's nuclear sites. Grossi, speaking to the Jerusalem Post, said that Iran's nuclear program is "wide and deep". To disrupt them, it would take overwhelming and destructive force. Tehran and Washington recently held nuclear talks, mediated by Oman. Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, said that Iran will present a counter-proposal to the United States through Oman in response to an offer from Washington which Tehran finds "unacceptable". Last week, U.S. president Donald Trump claimed he warned Israeli Prime Minister Benjamin Netanyahu against taking actions that might disrupt nuclear negotiations with Iran. Trump told reporters at the Oval Office: "I told him that this was not appropriate to do now, because we are very close to finding a solution." "That could all change at any time." Trump and Netanyahu will likely speak on the phone Monday.
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South African students combat eco-anxiety with the help of water tests
South Africa has high levels of pollution in its water Citizen water-testing spreads across country Environmental anxiety can be addressed by citizen science By Kim Harrisberg They are part a growing group of citizen scientists who collect water samples throughout the country in order to monitor pollution, and brainstorm on what can be done. Zeenat RAMDHARIE, 19, is a student of environmental science, geography, and development studies at Independent Institute of Education (IIE MSA), a private institution where the testing initiative has been launched. She said, "When more people join together to find these (environmental issues), things can be achieved." As she stood on the bank of the Wilgespruit River, a tributary of a transboundary, shared river by South Africa Botswana, and Mozambique. IIE MSA launched its Water Quality Monitoring Initiative (late May) to provide students in South Africa with the necessary tools and training to monitor freshwater ecosystems. IIE researchers say South Africa's rivers and waterways are threatened by pollution from mining, agriculture, industries, and poor wastewater management. All of these things harm biodiversity. According to the United Nations, about one-third (33%) of rivers in Africa and Latin America, as well as Asia, are severely polluted, which threatens human health, food safety, and ecosystems. According to the U.S. Environmental Protection Agency, climate change affects water through flooding, droughts, and increasing temperatures that heat up water bodies and encourage harmful algae growth. Students can win cash prizes by participating in the IIE MSA Water-Monitoring Initiative, which runs for three months. The initiative encourages students to collect and analyze data to determine how to maintain or improve water quality. Vanessa Stippel is a lecturer at IIE MSA in environmental science. She said, "We're interested in how citizen-science can lead to advocacy or action." She said that when people feel invested in the project, they will be more inclined to want to share their knowledge with others. FIGHTING ECO ANGST According to a policy paper by Earthwatch Europe, low-cost monitoring tools are able to help citizen scientists collect information, especially when government monitoring is absent. Kyle Kumst is a student at IIE MSA studying environmental science, geography and development studies. He said that the water testing allows him to "connect with nature once again". Stippel is aware of how citizen science helps combat climate anxiety and apathy in her students. "Climate Change is such a huge concept that you feel powerless." "We don't even know where to begin," she said. A report released in May by the U.N. Children's Agency UNICEF and consulting firm Capgemini found that more than two thirds of youth worldwide are worried about climate change. Stippel said, "Anytime you get out in nature, the problems become more granular and you can take action." In a study published in Frontiers in Environmental Science in Feburary, 48% of participants in citizen science environmental projects reported less stress and anxiety than before they participated. ACCOUNTABILITY Linda Downsborough is the head of environmental sciences at IIE MSA. She slowly wade up the Wilgespruit River with a large net before finding shallow water. She then turned her back on the river flow, stomped the gumboots and continued her journey. Downsborough said, "You want whatever you kick up by stomping to flow into the net." After two minutes Downsborough looked into her net. She pointed out small sluglike creatures. After returning to the riverbank, Downsborough collected her findings and poured them into a container with her students to help identify the macroinvertebrates. The miniSASS (miniStream Assessment Scoring System) assigned a score to each organism in order to determine the quality of the water. The results will be displayed on an online map in order to identify polluted areas. Downsborough, along with her team, encourages citizen scientists to test other water-testing kits such as Freshwater Watch or WaterCAN. These tests can detect a variety of pollutants like excess nitrates and excessive phosphates. Activists can use the findings to mobilize for government action by uploading them online. WaterCAN and other civil society organizations released a report in April on the Umbilo River, revealing pollution including high levels E. coli bacteria. Based on their findings, they called for urgent repairs to infrastructure. The report stated that "Civil Society must continue to push accountability, create awareness within communities and build actions through citizen science." The eThekwini Municipal Water and Sanitation Department in Durban acknowledged receiving questions about the report but had not responded to a comment request by publication time. GroundTruth, a consulting firm that developed the miniSASS kit and trains citizen scientists, including more than 1,000 young people in KwaZulu Natal, is a company that helps train environmental consultants. Early June, Downsborough and Stippel gave a presentation on their research about public participation at the Citizen Science for Water Quality Conference held in the Netherlands. The IIE MSA initiative for water monitoring will be expanded across schools and campuses next year.
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What is the High Seas Treaty for protecting world oceans?
While many countries have taken steps to protect vast, ungoverned areas of the oceans around the world, their High Seas Treaty has yet to come into force. The U.N. Oceans Conference, which is taking place in Nice this week, hopes to change this. What is the High Seas Treaty? Signed in 2023, the treaty provides a legal framework to create marine protected zones on the “high seas”, or ocean areas beyond national jurisdiction. Less than 3% are currently protected, despite the fact that the oceans cover more than two thirds of our planet. The treaty includes 75 points that cover areas like protecting, caring for, and ensuring responsible usage of marine resources. It also contains a provision requiring environmental impact assessment of any economic activity in international waters. The treaty also seeks to ensure that every country has an equal and fair access to ocean resources. Officially, it's called the Biodiversity beyond National Jurisdiction Treaty. On Monday, French president Emmanuel Macron announced that 50 countries have ratified the agreement, and 60 are needed to make it effective. In addition to the High Seas Treaty and a U.N. biodiversity agreement for 2022, countries have agreed to conserve 30% of their territorial water. WHY DO WE REQUIRE AN OCEAN TREATY? The oceans are vital to coastal economies, supporting them through tourism, fishing and other activities, such as shipping, mining and offshore energy. The oceans absorb about one-third of the carbon dioxide (CO2), the main gas that drives climate change. Phytoplankton in the oceans provide half the oxygen on the planet. Marine life is struggling now, and the human industry and development is almost entirely responsible. Scientists at the International Union for Conservation of Nature say that more than 1,500 marine plants and animals face extinction. This number is likely to increase due to pollution, overfishing and ocean acidification. Deep-sea mining of rare-earth metals may also pose a threat to the ocean ecosystems in the coming years. Macron will urge countries in Nice to postpone seabed exploration until researchers have a better understanding of deep sea ecosystems. Scientists worry that governments may try to alter ocean chemistry in order to increase its ability to absorb CO2. This scenario could limit global warming, but researchers warn that it could have unintended effects. What are the next steps for the Treaty? The treaty is still 10 signatures short, according to Macron's announcement on Monday that 50 countries have ratified it. After 60 countries ratify the treaty, it will come into effect 120 days later. The next step is to set up the institutions and committees that will implement the treaty. Signatories are expecting to hold their first conference in a year. The United States, under the current president Donald Trump, is not expected ratify this treaty despite its participation in the original negotiations. What else is happening at the U.N. OCEANS Conference? At least 55 heads-of-state, business leaders, and civil society groups are expected to attend this five-day event. This week, in addition to discussions on the progress of the treaty, it is expected that delegates will also discuss overfishing and water pollution, as well as other threats to marine wildlife. Ocean-related financing is far behind other areas of sustainable investment. Ocean-related expenditures totaled $10 billion for the five-year period 2015-2019. The U.N. estimates every year that at least $175 billion will be needed for marine protection. The last U.N. Oceans Summit was in Lisbon, co-hosted with Kenya in 2022. The next summit, which will be co-hosted jointly by Chile and Korea in 2028, has been set. Virginia Furness is reporting, Katy Daigle is editing and Hugh Lawson is producing.
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Canada's Allied Gold may look into options for power supply at Sadiola Mine
In an interview with its CEO on Monday, Allied Gold said it could consider other options for a deal to supply power at its Sadiola Mine in Mali due to the surge in gold prices. In February, the gold miner had signed an agreement with UAE-based Ambrosia Investment to give Ambrosia Investment a 50% stake of the mine for the installation of a new system which would have reduced the costs. Ambrosia was supposed to pay Allied Gold $500 million and $250 million upfront in cash. The deal has not yet closed. Peter Marrone, CEO of Allied Gold, said that the deal could close in June. If it doesn't, then the company has other options. Marrone stated that "our position in the country along with gold prices has changed dramatically." "The world is different since we made the deal." Gold prices are up nearly 30% so far this year and reached a record of $3,500.05 an ounce on the 22nd April. Ambrosia Investment didn't immediately respond to an inquiry for comment. Marrone stated that the world of power solutions has changed drastically for the company since Allied Gold signed a mining convention with Mali's government last year. Mali, Africa's largest gold producer, wants to increase revenues from the mining industry. The government has stated that it believes the current arrangement is unfair, and foreign multinationals are required to comply with their demands in order to continue operations. Barrick Mining is another Canadian gold miner who has refused to sign Mali's mining code. Allied Gold stated that it was pragmatic in its approach to settling the dispute with the government. Marrone stated, "We examined how we could best deliver returns to investors and decided to take action on the basis of cooperation and support." Allied Gold began its dual listing Monday at the New York Stock Exchange. The company was already listed on Toronto Stock Exchange.
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BlackRock says antitrust claims are "unprecedented" and "unsound".
BlackRock's attorney called Republican-led state antitrust claims "unprecedented and unsound" on Monday, and claimed that they failed to demonstrate how firms' involvement in industry climate groups affected market competition. Gregg Costa, an attorney with Gibson Dunn, spoke about the antitrust lawsuit brought by Texas and other states against BlackRock. The result could have major implications on how companies that together manage $27 trillion in passive and active funds manage their investments. States claim that the climate activism of fund firms pushed coal companies to cut production and increase utility bills. The companies that continue to hold fossil fuel stocks say their proxy votes have hardly changed, and there is no proof they pressured companies to reduce production. Brian Barnes, an attorney for Cooper & Kirk and speaking on behalf of the states said that even bringing environmental issues to attention could have a positive impact. Barnes stated that "jawboning" by the defendants about decisions regarding market strategy could influence the output decisions of the coal company.
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Dollar edged down, stocks rise as US-China discussions in focus
The dollar fell on Monday as the United States and China began talks in London to settle a trade conflict between their two largest economies. The trade dispute has now expanded to include restrictions on rare earths. This could cripple global supply chains and slow growth. The talks will need to continue for a while before we can decide if there is any progress. Most investors are still hopeful for positive results, said Peter Andersen of Andersen Capital Management. Wall Street saw the S&P 500, Nasdaq and the S&P 500 Tech sector all rise. The Dow fell modestly, with weakness at Travelers and McDonald's. Morgan Stanley downgraded McDonald's to "equal weight" rating. The Dow Jones Industrial Average dropped 164.43, or 0.38 percent, to 42 598.44. The S&P 500 rose by 4.70, or 0.08 percent, to 6,005.06, and the Nasdaq Composite gained 91.29, or 0.47 percent, to 19,622.33. The MSCI index of global stocks rose by 1.56 points or 0.17% to 893.52. This was the fifth time in six that the index had gained consecutively. The STOXX 600 Index fell 0.08% in Europe. The U.S. Dollar fell against most major currencies Monday as caution in anticipation of trade talks offset optimism about a better than expected U.S. Employment Report on Friday. The U.S. economy data revealed that wholesale inventories in April increased amid a stockpiling in prescription medications in anticipation of tariffs by the Trump administration. Investors will also be watching Wednesday's U.S. Inflation data, which may change expectations about the timing of rate cuts from the Federal Reserve. According to LSEG, the market currently prices in a 62% probability of a rate cut by at least 25 basis point at the central banks September meeting. Fed officials are in an "all-out" period before the 18th of June policy decision. The dollar index (which measures the greenback in relation to a basket of foreign currencies) fell 0.04%, reaching 99.07; the euro rose 0.11%, hitting $1.1407. U.S. Treasury Sec. Scott Bessent will be joined by Commerce Sec. Howard Lutnick, and Trade Rep Jamieson Greer to represent Washington at the talks with China. U.S. president Donald Trump announced this in a post on social media. China's Foreign Ministry announced Vice Premier He Lifeng would be in Britain to attend the first meeting of China-U.S. Economic and Trade Consultative Mechanism. The yields on U.S. Treasury bonds were not much different at the beginning of the week after the Friday jobs report drove yields higher. The yield on the benchmark 10-year U.S. notes dropped 1.8 basis points, to 4.492%. U.S. crude climbed 1.02% to $65.24 per barrel. Brent rose to $67.04 a barrel, up by 0.86% for the day. This was due to hopes that a trade agreement could improve the global economy outlook.
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Investment of 3 billion Euros by Development Banks in Ocean Plastics Fight
A group of development bank plans to invest 3 billion euros ($3.4billion) by the end the decade to tackle plastic pollution in the ocean, increasing the scope and financial power of what is still the biggest effort in the world to fix this growing problem. According to the United Nations, if current trends continue, plastic waste entering water could triple from 11 million tons to 37 millions metric tons annually by 2040. The growth of microplastics is a cause for concern. They have contaminated the oceans and soil, and even the air. These plastics are then found in animals, plants, and humans. Stefanie Linenberg, project leader at the European Investment Bank, launched the second version of the Clean Oceans Initiative in Nice, France as the U.N. Conference kicked off. She said that the amount could increase as more partners join. Ambroise Fyolle, vice president of the EIB, stated that the original initiative included French, Germans, Spanish and Italians lenders, as well as the European Bank for Reconstruction and Development. The pledged investment totaled 4 billion euros between 2018 and 2025. This was ahead of the year-end goal, he said. In the first phase, there were projects focusing on improving the treatment of wastewater in Sri Lanka, managing solid waste in Togo, and protecting Benin from flooding. The project will continue to focus on the upstream sources of garbage, such as helping to develop new packaging or ensuring that more waste is recycled. Lindenberg stated, "We understand that we have a role to play." "To reduce or at least keep in the system the amount of virgin polymer that is required." She said that the bank could lower the risks of developing new products, packaging, and technologies by, for instance, providing grants, cheaper funding or investing into third-party fund, The programme will also work with other development banks, especially those in Asia and Latin America. These are the two regions that produce most ocean waste. She said that the World Bank and Inter-American Development Bank are also in talks with the Asian Development Bank. The Asian Development Bank has already entered the second phase, and will be expected to provide local knowledge and contacts. You can find out more about the countries by clicking here. Will convene In August, they will try to reach an agreement to reduce plastic pollution after the December discussions in Busan, South Korea, failed to produce a result. ($1 = 0.8754 euro) (Editing done by Kirsten Doovan)
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White House aide: US seeks a 'handshake with China' on rare Earths
Kevin Hassett, White House economist, said that the three U.S. top trade negotiators want to shake hands with China during London talks in order to seal an agreement reached between Presidents Donald Trump & Xi Jinping on rare earths. Hassett, Director of the National Economic Council told CNBC that the purpose of today's meeting was to ensure that everyone is serious and to get a handshake. Hassett said, "I anticipate a brief meeting with a strong, big handshake." Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, along with U.S. trade representative Jamieson Greer, were scheduled to meet their Chinese counterparts on Monday in London to try to diffuse the ongoing trade dispute that has escalated in recent weeks. This includes export controls of goods vital to global supply chains. Hassett stated that the Chinese export controls for rare earths were a major sticking point. He said that because China controls the majority of rare earth and magnet supplies in the world, its restrictions to send them to the U.S. may disrupt production, especially for American automakers who rely on these materials. Hassett responded to the question about Chinese opposition to U.S. restrictions on semiconductor exports: "Our expectation, after the handshake and immediately after the handshaking, is that any export controls by the U.S. would be eased and the rare Earths released in large quantities, so we could then go back to the smaller issues." (Reporting and editing by Susan Heavey, Toby Chopra, and Doina Chopra).
Gold gains in the spotlight of US-China trade talks
The gold price edged up on Monday as a result of a weaker dollar. Market participants were also keeping a close watch on the ongoing U.S. - China trade talks.
Gold spot rose 0.3%, to $3320.15 per ounce at 0956 ET (1356 GMT), from its previous session low of over $1,300. U.S. Gold Futures dropped 0.1% to $3341.90.
The U.S. Dollar Index remained low, making the greenback price of bullion more affordable for holders of other currencies.
Senior U.S. officials and Chinese officials will meet in London on Monday to discuss the tit-fortat tariffs that each country has imposed this year, along with other restrictions. Last month, both sides agreed on a temporary pause to provide some relief to investors.
Bart Melek is the head of commodity strategy at TD Securities.
I think that a weaker economic environment, likely rate cuts, and a lower risk appetite are driving people into gold. "And, of course, expectations of higher inflation."
Russia also said its forces had gained control of additional territory in the east-central region Dnipropetrovsk of Ukraine, where it said the fighting was partly intended to create a "buffer area."
Gold becomes more appealing during times of geopolitical or economic uncertainty. Gold is also a non-yielding investment, so it tends to do well in low interest rate environments.
Investors are also awaiting the U.S. Consumer Price Index data, due Friday, in order to gauge the economy and predict Federal Reserve rate cuts.
The data released over the weekend shows that China's central banks added gold to their reserves for the seventh consecutive month in May.
Spot platinum rose 3.1% to $1.205.01, its highest level since May 2021.
Silver spot rose 1.3%, to $36.41 an ounce. Palladium rose almost 3%, to $1,077.59. (Reporting by Sarah Qureshi in Bengaluru; Editing by Sharon Singleton)
(source: Reuters)