Latest News
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President of Peru says that he is considering approving $6 billion in mining projects
Dina Boluarte, the president of Peru, said that her government is looking at approving 134 projects for mining exploration and exploitation worth an estimated $6 billion. Boluarte stated in an address before Congress that she expects the formal small-scale mine sector to generate over $5 billion in sales annually by the end this year, and that $4.7 Billion in formal projects are expected to have begun construction by 2026. Officials from Peru, third largest copper producer in the world, are in discussions with informal miners. They launched protests at the end of June, which blocked a major transport corridor used by MMG and Glencore. After over 50,000 miners informally removed from the formalization scheme by the government, the tensions escalated. The government now only wants to bring 31,000 of them into compliance with the regulations before the end this year. Boluarte stated that the government is working to establish a private mining funds which would provide small miners with better access to financing. (Reporting and writing by Marco Aquino, Sarah Morland and Natalia Siniawski).
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Chile will ask the U.S. for copper to be included in U.S. - Chile trade agreement
In an interview on Monday with the local radio station Duna, Mario Marcel, Chile's Finance Minister, said that he expects U.S. tariffs on copper to be discussed in Washington as part of broader U.S. Trade talks this week. Marcel said that Chile would request any tariffs be included in a larger trade agreement with the United States. The Trump administration announced that it would impose a 50% tariff on copper imports starting August 1. Chile is a major supplier of red metal to the United States and also of refined copper, though it sends a much larger volume to China. Monday is the beginning of a third round between Chilean officials, and the U.S. trade representative's office. Marcel stated that he hoped the discussions he and his colleagues will have in Washington today would also include copper. Because it would be unhelpful for us to have an agreement that excluded more than half our exports, like copper and wood. The minister responded that they would include any tariffs in a larger trade agreement. "We would like it to be included in the broader commercial discussion with Chile, not handled separately. It's an important issue," said the minister. Marcel pointed out that other countries had included exemptions and carving-outs in trade agreements. Fabian Cambero reported the story. (Writing by Daina Beth Solon; Editing by Natalia Siniawski.
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Orange Polska maintains full-year guidance, lifts Q2 net profit
Orange Polska announced a 18% increase in its second-quarter net income to 272 millions zlotys (74 million dollars) compared with the same period last year. The analysts polled expected the net profit at 272 millions zlotys. The company stated that the increase in profit was due to the sale of Orange Energia, its energy business, to the Finnish group Fortum. This transaction took place earlier this year. In a statement, CFO Jacek Kubinicki explained that the sales were part of an effort to focus on its core businesses. Why it's important Orange Polska, with a market capitalisation of 11.72 billion zlotys (approximately $9.96 billion zlotys), is the biggest listed telecoms in Poland. CONTEXT Orange Polska announced its strategy for the years 2025-2028 in March. The company set a dividend floor of 0.53 zlotys per share and projected organic cash flows of at least 1.2 bn zlotys a year by 2028. By the Numbers The Polish division of France's Orange saw its revenue in the second quarter 2025 rise 1%, to 3,16 billion zlotys. EBITDA (after leases) rose 4%, to 891 millions zlotys. KEY QUOTES In a recent press release, CEO Liudmila Climov said that "customer bases for all of our telecom services have maintained a healthy growth rate as we cope well with the competitive environment." She added, "In the second part of the year we will maintain strong commercial momentum through a variety of attractive offers that we roll out for our customers in advance of peak seasons."
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Gunmen kill 17 people in a mass shooting in a small town bar in Ecuador
The Attorney General's Office of Ecuador said that gunmen attacked a bar on the coast of Guayas Province in Ecuador, killing at least 17 and injuring 11 others. It was investigating the attack. According to the attorney's office, more than 40 pieces ballistic evidence have been recovered on site. Local media shared images of bodies on the ground covered with white sheets. The attack on Sunday took place in El Empalme in Ecuador, about 160 km north of Guayaquil. This area is considered one of the most dangerous in Ecuador, as organized criminals fight for control over key smuggling routes. At the beginning of last year, Daniel Noboa, President of Ecuador declared that there was an "internal conflict". However, despite measures taken by the state to curb violence in Guayas and other areas. Noboa may have claimed a 15% drop in violent deaths, but the interior ministry says the actual number is higher. again surged In the first half of 2025, 461 will increase by 47 percent. Last month, Ecuador’s National Assembly approved a law reform that gives the government greater legal authority to combat armed groups as well as dismantle drug trafficking networks which fuel their operations. (Reporting and editing by Sarah Morland; Alejandra Valencia)
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Iraq's State Oil Marketer identifies illegal loading of tankers at key ports
According to an official note dated Sunday, Iraq's state oil marketing company SOMO has identified a number of tankers that are suspected of illegally loading petroleum products from the ports at Umm Qasr or Khor al-Zubair. The tankers used advanced techniques, such as Automatic Identification System (AIS) spoofing, to hide their location or change their route. SOMO stated that the ships were not included in its official load schedules. This raised concerns about unauthorised shipments. In a letter to Iraq's National Security Agency, SOMO stated that "These activities have been classified as high risk and may involve illegal practices like tampering tracking systems or performing unauthorized transfers." In an annex of the letter, 11 tankers were listed as suspects: Flora Dolce (Mackerel), Chandrama (Padmanabh), Pontus (Ocean Guardian), Al Safa (Al Safa), Hulda(Hulda), Ultostratos (“Invictus”), Invictus (“Invictus”), Lanikai („Lanikai“) and Lanikai („Lanikai“). The authenticity of the letter was confirmed by two officials from the Oil Ministry, and one official from the SOMO. The warning comes as illicit oil flows are being closely monitored in the region. The U.S. Treasury announced new sanctions against entities that are involved in the Iranian oil trade earlier this month. These include firms that have been accused of assisting Tehran to move sanctioned crude by using deceptive shipping methods such as ship-toship transfers and falsified documents. SOMO called upon Iraqi authorities take the appropriate measures to protect Iraq's oil reserves. SOMO did not respond to a request for comment. (Reporting and Editing by Rod Nickel. Ahmed Rasheed)
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Firefighters fight fires in Turkey Greece and Albania
On Monday, firefighters battled to extinguish wildfires that had erupted in three provinces of Turkey and Greece, as well as near a tourist destination in Albania. The fires were stoked after days of scorching heat in the Mediterranean. Smoke billowed above the mountains of Karabuk province, located 200 km (125 miles), north of Ankara. A wildfire that raged on for six days forced the evacuations of over a dozen villages, and burned large areas of forest. The Forestry Ministry of Turkey announced on Monday that three firefighters died in a vehicle crash on Sunday, northwestern Bursa. On Monday, crews battled two separate fires after more than 3,600 people were evacuated from the provinces Mersin and Antalya in the south. Turkey has seen dozens of fires in the last few weeks due to high temperatures. Ten firefighters died fighting a fire in central Eskisehir Province. In the Mediterranean, summers can be hot and dry. However, in recent years, heatwaves of greater intensity have caused destructive wildfires around the world. The fire brigade reported on Monday that at least 44 wildfires had broken out in Greece over the last 24 hours. Strong winds have rekindled the blaze that has been burning on Kythera in southern Greece since Saturday. Firefighters in Athens quickly put out a fire at the foothills of Mount Hymettus near an university campus and densely-populated suburbs. Over 900 firefighters in Albania fought a wildfire with the help of the army before it reached Saranda, a seaside resort on the Ionian Coast. Police said that 13 people were arrested in the last three days for arson related offences. Bulgaria, with the help of several European countries deployed firefighting aircraft to help contain a large wildfire close to the Bulgarian-Turkish frontier. The flames have so far scorched 16,000 acres. Local media reported that authorities are investigating the cause of these fires and have detained two people. Five people were injured by separate wildfires in Greece over the weekend. Rainy weather in Serbia has helped firefighters put out more than 100 fires. Reporting by Fatos bytyci from Pristina; Daria Sito -Sucic and Aleksandar Vasovic, in Sarajevo; and Tuvan Gumrukcu, in Ankara; writing by Angeliki Koutantou, and editing by David Holmes, Giles Elgood and David Holmes.
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UN: Conflict and climate threaten to halt progress in global hunger reduction
A U.N. study released on Monday said that the number of hungry people in 2024 fell for a 3rd straight year, falling from an era of COVID spike. Conflict and climate shocks also exacerbated malnutrition throughout much of Africa, and Western Asia. According to the State of Food Security and Nutrition in the World Report, which was jointly prepared by five U.N. organizations, 673 millions people or 8.2% of the global population will experience hunger in 2024. This is down from 8.5% in the 2023 report. The report, they said, focused on chronic and long-term issues and did not reflect the full impact of the acute crises caused by specific events or wars including Gaza. Maximo Torero is the chief economist of the U.N. Food and Agricultural Organization. He said that improved access to food was responsible for the overall decline, but warned that conflict and other issues in places like Africa and the Middle East could undo those gains. "If the conflict continues to escalate, it is inevitable that vulnerabilities will continue to increase and debt stress will continue to rise," he said on the sidelines a U.N. Food Summit in Ethiopia. In remarks delivered via video link at the summit, U.N. Secretary General Antonio Guterres stated that conflict continues to drive hunger in Gaza and Sudan. "Hunger feeds future instabilities and undermines peace." The U.N. report stated that the South American and Southern Asian regions will see the greatest progress in 2024. In South America, it fell from 4.2% to 3.8% by 2024. In Southern Asia it dropped to 11%, down from 12.2%. Torero stated that the progress in South America is largely due to better agricultural productivity, social programmes such as school meals and Torero's own words. It was mainly due to the new data that showed more people in Southern Asia had access to healthy food. In 2024, the overall hunger rate was still higher than 7.5% in 2019, before the COVID pandemic. In Africa, the picture is quite different. Productivity gains have not kept up with population growth, conflict, extreme weather, and inflation. Hunger is now more common than 20 years ago. In 2024, one fifth of the population on the continent (307 million) will be chronically malnourished. The report stated that Africa could have 500 million hungry people by 2030, which is nearly 60% of all the world's hungry. The report stated that the gap between global food prices inflation and overall inflation reached its peak in January 2023. This will increase the cost of diets, and hit low-income countries the hardest. It added that the overall adult obesity rate rose from 12% to 16% by 2022. According to the report, the number of people who cannot afford to eat a healthy meal has dropped by a third in the last five years. The figure was 2.76 billion. (Additional reporting by Aaron Ross from Nairobi and Sybille De La Hamaide from Paris. Editing by Andrew Heavens.)
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What are the differences between the US and EU trade agreements?
On Sunday, the European Union and United States announced that they had reached a deal to impose a 15% tariff on most EU exports. This is nearly three months after Britain agreed to a baseline tariff of 10%. Some politicians criticised the deal as being "unbalanced", and worse than Britain’s. Details of both deals are more complex than headline figures, and the EU agreement has not been fully confirmed. Here's a comparison between what we know and don't know about both deals. BASELINE TARIFFS The EU has agreed to a baseline tariff of 15% for the majority of its exports. This is lower than the rate of upto 30% that was threatened by U.S. president Donald Trump but higher than the base tariff rate of 10 % which is applied to British exports. The EU agreement, however, stipulates that the maximum rate is 15%, which is not added to the existing rates. The 10% base rate for Britain is added to the MFN rates, which the U.S. applies to all goods imported from its trading partners. This means that the actual tariff rate can be higher. The UK Fashion and Textile Association, for example, has pointed out that certain luxury goods face an MFN rate of 35% in the U.S. despite having a "baseline' rate of 10%. PHARMACEUTICALS In a few short weeks, the U.S. will announce its results of so-called Section 232 investigations into certain industries and determine tariff rates. Officials from the United States said that the EU-U.S. agreement already determines 15% tariffs for European pharmaceuticals. The results of the investigation will not change this, they added. In their deal with Britain, they said that it would negotiate "significantly preferred treatment outcomes in pharmaceuticals", depending on the results of the 232 investigation. When asked if Britain's pharma sector would be affected by tariffs in August, Trump replied that he would deal with Britain in pharma. He did not think the sector would "block" talks. In the interim, Britain's pharmaceuticals are not subject to tariffs. Britain has also promised to improve the environment for pharmaceutical firms in the country. However, it is still battling with multinationals on drug prices. Von der Leyen stated that the tariffs on EU exports of steel and aluminum will remain at 50%. However, these would be reduced and replaced with a quota-based system in due course. The United States imposes a 25% duty on British aluminium and steel exports. Both sides have agreed that this will be reduced to zero after the talks about quotas are completed. These talks have been stymied by "melted and poured", rules that govern where and how the steel is produced. Tata Steel, a British company that shut down its blast furnaces in the past year, has imported steel from India as well as from the Netherlands. The UK is now seeking to exempt itself from an American demand for steel to be "melted" and "poured" locally to qualify for lower duties. The deal reached on Sunday imposes a 15% baseline tariff on car exports from Europe to the U.S. Although the full details of the deal have not yet been released, neither party has mentioned a number for cars that will be covered by the rate. Britain has negotiated for a 10% tariff for its auto sector, but also has a 100,000 vehicle quota that leaves little room for growth in exports. British car exports above that quota are subject to a 25% tariff. AEROSPACE A Section 232 investigation into the aerospace sector is still ongoing, but the EU won't face any U.S. duties on its exports. After the deal reached with Washington, Britain has also eliminated its 10% tariffs in its aerospace industry. Reporting by Alistair Smout, with additional reporting from Jan Strupczewski in Brussels and Philip Blenkinsop. Editing by Giles Elgood.
Copper remains firm as focus is on U.S. China trade talks
The copper price held steady on Monday, ahead of a resumption in talks between U.S. officials and Chinese officials later this week on trade and the release of key economic data.
The benchmark copper price on the London Metal Exchange was 0.6% higher at $9,830 per metric ton.
The price of metals widely used in construction and power industries has been under pressure due to concerns about the impact on demand in China, the top consumer.
China has until August 12 to reach an agreement on tariffs with the administration of U.S. president Donald Trump, following preliminary agreements reached in May and Juni to end weeks' worth of escalating tariffs.
The traders, however, said that the industrial metals market this week was more likely to be influenced by macroeconomic factors like a Federal Reserve meeting and data from industries in China and the United States.
Manufacturing PMIs are very important. "China not only consumes but also exports large quantities of goods," said a copper trader, referring purchasing managers' data. He added that Chinese shipments are an important indicator of global economic health.
The focus is also on U.S. tariffs that will be imposed on Friday on imports of copper, which drove Comex prices last week to record highs at $5.9585 cents a lb. or $13,136 per ton.
Copper from LME registered warehouses in the United States has been a major source of copper at record high Comex prices.
The LME cash copper contract is now much cheaper than the three-month forward.
Prices were impacted by the dollar price of metals being more expensive to holders of other currencies due to the increased value of U.S. dollars.
Aluminium fell 0.1% at $2,631.5 per ton. Zinc slid 0.2%, while lead rose 0.6% to $2 029. Tin was down 0.6%, $33,975, and nickel declined 0.2%, to $15,230. (Reporting and editing by David Holmes, Louise Heavens and Pratima Dasai)
(source: Reuters)