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Gold Wars in Peru Town Leave Amazon Nature Defenders Vulnerable
Illegal mining threatens Peru's biodiversity capital Mining poisons the environment and attracts gangs Environmentalists are targeted in turf battles By Dan Collyns & Manuel Calloquispe The latest bloodbath is in La Pampa. This area, which hosts a record number of species (many of them endemic), has been dubbed Peru's "capital for biodiversity", Madre de Dios. La Pampa, however, is also synonymous with the violent racketeering that has accompanied illegal gold mining in the area. The rainforest on both sides of the highway leading to Brazil was wiped out by the illegal mining. The largest mine in Peru continues to expand. La Pampa is located in the buffer zone of the Tambopata National Reserve. Miners have invaded this protected area and are destroying trees and toxic pools from the mercury used to extract gold. According to the Monitoring the Amazon Andes program, between January 2021 to March 2024 satellite images showed a total deforestation in La Pampa of 30,846 acres - the equivalent of more than 40,000 football fields. GANG WAR Gold prices are at record highs in Peru's rainforests, which is the biggest gold producer in Latin America. In the hope of finding their fortune, thousands of poor people from all over the world have flocked to La Pampa. These unregistered miner fail to follow environmental regulations, including government restrictions regarding the use of Mercury, and poison the environment. The mining industry has attracted organised crime as well. Gangs have taken control of the land and demanded "protection money" from miners who were working without permits. They also committed human rights violations despite police presence. La Pampa, dotted with bars and brothels has become a hotspot for sex trafficking, fueled in part by the local lore of miners, according to Berenice Romero. She is Peru's top prosecutor against human trafficking. She said that up to a third (33%) of the sexworkers rescued by the authorities in 2023-2024 were younger than 18 years old. GANG WAR Residents who spoke anonymously out of fear of reprisal said that rival factions of the criminal family were engaged in a turf battle for control of the "Guardianes de la Trocha" or Guardians of the Trail. This armed group purportedly operates the protection racket as well as a part of the illegal gold trade. Residents of the town live in fear, especially since the discovery of five bodies, some with signs of torture by prosecutors, in the grave known as "the cemetery" in early this year. Leyla Cardenas, the sister of Alex Cardenas Flores (43), said that Flores left his home in November, and never returned. Locals told her that her brother was dead. He was a father to three children. "Criminals are still doing their thing" in La Pampa. She said that people were still being killed and disappearing in an interview. Officials in the regional capital, Puerto Maldonado, said that hundreds have been killed or gone missing in La Pampa over the past decade. The Madre de Dios Prosecutor's Office reported that between 2014 and 2024, 351 bodies were recovered, which could be attributed to work accidents or homicides. Lucia del Carmen Martinez of the region's medical forensic unit said in her Puerto Maldonado offices that 375 violent death cases were recorded over the same 10 year period. She said that in 34 cases the victims were unable to be identified. 183 people drowned during the same time period, mostly in ponds dug by the miners. ENVIRONMENTALIST MURDER A judge in April sentenced Edison Fernandez Perez in absentia, an alleged La Pampa leader, to 15 years of prison for the murder in March 2022 of environmentalist Juan Julio Fernandez. https://www.theguardian.com/global-development/2022/aug/26/peru-land-invaders-gold-fields-miners The transcripts of the court proceedings show that the judge released Edison's brother Jhon Perez despite eyewitness testimony stating he had shot the victim in the face at close range. Salvador Fernandez said that his family has received death threats from the gang which wants to mine their land in La Pampa. He said, "We know that they are the murderers and we demand justice." Images captured by a La Pampa security camera during the exhumation of "the cemetery" in January appear to show that gangs have continued their murder spree. In the video, two motorcycles and a pickup truck are seen pulling up next to Ana Garcia Solsol. She is a leader of La Pampa. Five men in police waistcoats and covered faces opened fire with automatic weapons, killing Ana Garcia Solsol instantly. The next day, police raided the hideout of the suspects but were not able to locate them. Orlando Sanchez, chief of the Madre de Dios Police Department, confirmed this. He added, "I mistrust even some of my police officers because they leak information and some operations aren't carried out properly."
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Phillips 66 profits beat estimates due to higher refining margins
The refining margins were higher and turnaround costs lower, helping Phillips 66 to beat Wall Street's expectations for the second quarter profit. Top U.S. refiners were expected to post higher second-quarter profit, rebounding from losses in the prior quarter as stronger-than-expected diesel margins lifted earnings. Valero Energy, for example, exceeded Wall Street expectations thanks to improved margins. Fuel manufacturers have experienced an unexpected increase in profits from certain products, bringing relief to those who saw their earnings fall from the 2022 peak. This was due to a rebound in demand following a pandemic and disruptions in supply after Russia's invasion in Ukraine. Analysts praised the stronger refining margins and marketing, which helped offset a decline in the chemicals segment. However, they raised concerns over debt, as midstream capabilities are expanded by the company. The realized margin per barrel of the refiner increased 12.4% in the first quarter compared to a year earlier, reaching $11.25. Turnaround expenses dropped 47% from $53 million. The crude capacity utilization rate was 98% and the adjusted earnings of its refining division rose by about 30% to $392 million. Mark Lashier, CEO of Refining, said that during the quarter Refining achieved the highest utilization rate since 2018 and its lowest cost per barrel since 2021. He also noted a strong market capture, as well as a record-breaking clean product yield for the year to date. The results follow a board battle in May where Phillips 66, and activist investor Elliott Investment Management won each two board seats during an annual shareholders' meeting. Elliott's argument to increase the share price included exploring the sale of the midstream division and other asset sales to concentrate on the refining business. The refiner announced a larger-than-expected first-quarter loss, hurt by lower margins in the refining industry of the United States. The refiner's midstream segment quarterly adjusted earnings were down 3%, or $731 million, from the same period last year. According to LSEG, the company reported a profit adjusted of $2.38 for the three-month period ended June 30. This compares with an average analyst estimate of $1.71. Reporting by Tanay in Bengaluru, editing by Arun Koyyur
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Gunmen kill 14 people on their way back from the market in central Nigeria
A local leader reported that armed attackers ambushed and killed 14 people, including women, infants, as they returned from a weekly marketplace in central Nigeria. The vehicle carrying the passengers was returning from the Bokkos market, a popular shopping destination in the violence-plagued Plateau State. Farmasum Fuddang said that the attackers intercepted the vehicle, then opened fire. In a press release, Fuddang stated that "victims included both women and babies." In recent years, inter-communal conflict has killed hundreds in Nigeria's central states. Plateau police have not responded to an immediate request for comment. (Camillus Eboh, Abuja; Elisha Gbogbo, writing; Helen Popper, editing)
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HCA increases its annual profit forecast based on resilient demand for healthcare
HCA Healthcare increased its profit forecast for 2025 on Friday, as the hospital operator anticipates sustained demand in medical procedures that will cushion any potential impact from U.S. president Donald Trump's tariffs. Analysts expected hospital operators would benefit from an increase in costs for health insurance companies related to Obamacare and Medicaid plans. They also warned about a possible earnings hit due to proposed federal budget reductions. HCA shares dropped 1%, however, as the hospital operator experienced a decline in inpatient and outpatient surgery by 0.3% and 0,6% respectively in the quarter ending June 30. The decline in surgical volume raised concerns about the stabilization of high demand for procedures that had driven hospital operator's earnings over recent quarters. Andrew Mok, Barclays analyst, said that revenue growth is slower than its peers Tenet Healthcare or Community Health Systems. The company's revenue for the second quarter rose 6.4%, to $18.61billion. This compares with analyst estimates of $18.50billion. HCA's second-quarter adjusted profits were $6.84 per common share, exceeding analysts' expectations of $6.25, according to LSEG data. The hospital operator increased its profit forecast for 2025 to about $27 to $27.50 per share from an earlier range of $24.05 - $25.85. The company included the impact of the Trump administration's future and current policies, as well as potential tariffs on imported goods. The Trump administration is considering separate tariffs on pharmaceuticals that could reach as high as 2000%. HCA stated that it expected "tariff risks" to be manageable for 2025 due to long-term contracts which allow it to purchase supplies like medical equipment from domestic sources at a fixed cost.
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Great Lakes Launches First US Subsea Rock Installation Vessel
Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States, has launched the first U.S. flagged, Jones Act-compliant subsea rock installation (SRI) vessel, named Acadia, at Hanwha Philly Shipyard.The Acadia vessel is engineered to transport and precisely install up to 20,000 metric tons of rock on the seabed.The rock provides critical scour protection for subsea infrastructure including subsea cables for power transmission, telecommunications cables, oil and gas pipelines and subsea structures and offshore wind turbine foundations, preventing erosion caused by waves and currents and mechanical impacts from equipment and vessels.The delivery of the vessel is expected early in 2026.With steel sourced from Ohio, and labor from New Jersey, Pennsylvania, Texas, and Louisiana, construction of the Acadia created more than one million manhours of high paying jobs at the shipyard and once operational will employ U.S. mariners for many years to come.In addition to supporting the U.S. domestic market, Great Lakes has expanded its market focus for the Acadia to work in the international offshore energy development markets.“We are excited to see the launch of the Acadia, getting us closer to her expected delivery early next year which will also mark the completion of our major new build program. The Acadia is the centerpiece of our offshore energy growth strategy and will begin operations immediately upon leaving the shipyard,” said Lasse Petterson, President and Chief Executive Office at Great Lakes.“The launch of the Acadia marks a major milestone for our Offshore Energy business. Upon delivery, the Acadia will start her journey towards New York for the installation of rock for the Empire Wind I offshore wind farm and continue working on the U.S. East Coast on contracted work through the end of 2026.“Over the last two years we have actively engaged with clients for new engagements on offshore energy projects for Acadia for 2027 and beyond,” added Eleni Beyko, Senior Vice President, Offshore Energy at Great Lakes.
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Newmont Gold Mine's profit for the quarter beats expectations as gold rallies
Newmont exceeded Wall Street's expectations for the second quarter profit, as it benefited from an increase in gold prices. Its shares rose more than 2% in extended trading Thursday. Gold prices have been consistently high over the last few quarters as geopolitical and tariff concerns, coupled with uncertainty about President Donald Trump’s plans for tariffs in the U.S., boosted the metal's appeal as a safe-haven. Gold prices in the second quarter averaged $3,220.58 an ounce. This is more than 12% above the previous quarter and almost 40% higher than levels a year ago. Newmont's gold realized average price was $3,320 an ounce, up from $2,347 per ounce a year earlier. The bullion rally has helped Newmont to cushion an 8% drop in gold production in the second quarter, which fell to 1,48 million ounces. All-in-sustaining gold costs, a measure of total industry expenses, increased by nearly 2%, to $1,593 an ounce. Newmont has reduced its output after it began selling non-core assets to reduce debt last year, months after it completed the $17.14 billion acquisition of Australian miner Newcrest. Newmont has sold its Eleonore Mine in Canada, for $795 million. It also sold the Musselwhite Gold Mine, in Ontario, for $850 million. And its Porcupine Operations, in Ontario, for $425. The company announced earlier this week that three workers were trapped in a mine owned by Newmont located in western Canada. It also said the mine's operations had temporarily been suspended. It has used drones to assess geotechnical conditions and is focusing on reestablishing communication with trapped workers. According to LSEG, on an adjusted basis the miner reported a profit per share of $1.43 for the three-month period ended June 30. This compares with the analysts' average estimate per share of $1.18. Reporting by Vallari Shrivastava, Bengaluru. Editing by Devika Syamnath
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Trump EPA aims at repealing vehicle emission regulations after revoking the greenhouse gas endangerment findings
According to the summary of the proposal, the U.S. Environmental Protection Agency (EPA) plans to repeal the greenhouse gas emissions standards for light, medium, and heavy duty vehicles and engines within the next few days, after removing the scientific findings that justified these rules. The agency will likely state in a draft summary of its upcoming proposal that the Clean Air Act doesn't authorize it to impose emissions standards to address concerns about global climate change and that they will rescind their finding that GHG emission from new motor vehicles or engines is harmful to public health and welfare. The report is expected to cast doubt on the scientific evidence used to reach the conclusion. The summary states that "We propose as an alternative to rescinding the Administrator's conclusions because the EPA analyzed the scientific records in a way that was unreasonable and because recent developments have cast serious doubts on the reliability" of the findings. In its landmark Massachusetts v. EPA decision in 2007, the U.S. Supreme Court said that the EPA had authority under the Clean Air Act, to regulate greenhouse gases emissions. The court also required the agency make a scientific determination on whether these emissions endanger the public's health. In 2009, under the former president Barack Obama, the EPA issued a conclusion that emissions from motor vehicles contributed to pollution and endangered public health and welfare. The EPA's findings were upheld by several legal challenges, and they influenced subsequent greenhouse gas regulations. In the summary, it is also stated that the rationale for the repeal of the vehicle standards was that the technology required to reduce emissions could cause greater harm to the public's health and welfare. The administration of former President Joe Biden said that the standards would increase upfront vehicle prices, but save consumers money over time after taking into account lower fuel costs. According to a source who requested anonymity, the agency will announce its proposal in the next few days. The EPA announced that it sent its proposal for reconsidering the endangerment findings to the White House on June 30, for review. The agency announced that the proposal would be made public for public comment and notice once it had been reviewed by all agencies and signed by the administrator. The agency has not commented on the tailpipe regulations. The rescinding all vehicle emissions standards is the latest – and most comprehensive – attempt to end EPA tailpipe regulations that were predicted to reduce greenhouse gas emission by 49% in 2032 compared to 2026 levels. According to EPA statistics, 29% of U.S. emissions are from the transportation industry. To meet the requirement, the EPA predicts that between 35 and 56 percent of all vehicles sold between 2030 and 2032 will be EVs. The Trump administration has adopted a multi-pronged strategy to undo rules that were designed to increase vehicle efficiency, reduce fuel consumption and promote electric vehicles. This includes ending the $7.500 new EV credit and $4,000 for used EVs on September 30. It has also frozen billions in funding to states to support EV charging. According to legislation signed by Donald Trump in early August, automakers will not be fined for failing to meet fuel-efficiency standards dating back to 2022. In 2018, Chrysler's parent company Stellantis, which is owned by Chrysler, paid nearly $400 million in penalties between 2016 and 2019. GM paid $128.2 millions in penalties between 2016 and 2017. In June, Trump approved three congressional resolutions that barred California's mandates for electric vehicle sales and diesel engine regulations. Trump has approved a resolution that will bar California's historic plan to stop the sale of gasoline only vehicles by 2035. This plan was adopted by 11 states, representing one third of the U.S. automobile market. California has filed a lawsuit to reverse the repeal. (Reporting and editing by David Gregorio, Valerie Volcovici, and David Shepardson)
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Kew Gardens in London opens carbon garden to highlight the climate crisis
Kew Gardens in London will unveil a new garden devoted to carbon. The garden will not only highlight the importance of carbon in maintaining life but will also examine the role carbon dioxide plays in the current climate crisis, and how plants are able to combat it. The Carbon Garden, a permanent feature at the Botanical Gardens, will include 6,500 plants and 35 new trees, as well as a central structure inspired by fungi. It was first opened in 1759, and is now a UNESCO World Heritage Site. Richard Wilford, manager of garden design for Royal Botanic Gardens Kew, said, "The garden is intended to demonstrate the importance of carbon while also warning about the harm caused by increased carbon dioxide emissions." The year 2024 has been the hottest ever recorded, with global CO2 emissions from the energy industry reaching a record-high. The area will also feature signs that explain concepts like photosynthesis, a process in which plants convert carbon dioxide into organic material. It will also include a "dry garden" filled with plants such as the lavender, which can withstand heat. The garden was built by Wilford and his team in four years. It includes trees that were chosen for their ability to absorb CO2 and their resistance to future climate projections. Amanda Cooper, a PhD researcher who advised on the garden, suggested that planting more trees of this type would help combat climate change. Cooper stated that "by reestablishing woodlands and stopping deforestation we can hopefully reduce the amount of carbon dioxide being released into the atmosphere." It's still not enough because our factories and cars emit fossil fuel emissions. It's still a good start. (Written by Sachin Ravikumar, edited by Toby Chopra).
Gold extends losses after trade deal hopes curb safe-haven demand
Gold prices continued to fall on Thursday, extending losses from the previous session. The easing of trade tensions boosted risk sentiment and reduced demand for safe haven assets.
As of 0758 GMT spot gold was down by 0.6%, at $3,367.92 an ounce. This follows a 1.3% drop in the previous session. U.S. Gold futures fell 0.7% to $3372.70. Two European diplomats stated on Wednesday that the U.S.-Japan trade agreement reached this week could also lead to a deal between the U.S., the European Union, and the U.S. which would include a U.S. base tariff of 15% on EU goods as well as exemptions.
Carsten Menke is an analyst with Julius Baer. He said: "Gold is lower this morning because of the positive news around global trade... This reduces downside risks for the global growth, and supports the current risk-on sentiment in financial markets."
Risk sentiment on the financial markets was driven by expectations about trade.
"Demand for safe-haven assets has decreased, while central bank purchases remain solid even though they are not as high as in earlier years. Menke stated that "we still expect gold prices to rise in the long term."
Gold is a safe haven during economic uncertainty, but it also does well when interest rates are low. The White House announced that U.S. president Donald Trump would visit the Federal Reserve this Thursday. This could increase tensions between his administration and the central banks.
It is expected that the Fed will maintain its current interest rate range at their policy meeting scheduled for July 29-30. Investors expect the central bank to resume rate reductions in September. The European Central Bank will also likely keep rates unchanged on Thursday.
Silver spot fell 0.6%, to $39.03 an ounce. Platinum lost 0.4%, to $1,406.28, and palladium dropped 0.9%, to $1,266.27. (Reporting and editing by Barbara Lewis in Bengaluru, Anmol Choubey)
(source: Reuters)