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Shein fined 1 million Euros by Italian regulator for greenwashing
The Italian Competition Authority (AGCM), imposed on Monday a fine of 1 million euros ($1.16million) on fast fashion online retailer Shein, founded in China for misleading its customers about the environmental impact on their products. Shein has now been hit with a second financial sanction from a European Competition Authority in less than a week. On July 3, France fined Shein 40 million Euros for false discounts and misleading claims about the environment. AGCM, the Italian regulatory agency, launched an investigation into "greenwashing", which led to Infinite Styles Services Co. Limited of Dublin, operating Shein's European website. Shein didn't immediately respond to our request for comment. AGCM stated that the environmental sustainability messages and social responsibility messages posted on Shein’s website were "sometimes vague, generic and/or too emphatic and in other cases, omitted and misinformed." The regulator found that Shein's claims about circular system design, product recyclability and its "evoluSHEIN By Design" collection's green credentials were exaggerated. Shein's 'evoluSHEIN By Design' collection is a line of clothes that are made with more sustainable and responsible manufacturing. AGCM stated that consumers may be misled into thinking that the collection is made from eco-friendly material and that it's fully recyclable. "This fact, when considering the fibers used and the current recycling systems in place, is not true." The authority was also critical of Shein's "vague, generic" commitments that would reduce greenhouse emissions to zero by 2050 and by 25% by 2030. It noted the contradictions between its increased emissions in 2023 and in 2024. The Italian regulator stated that its overall assessment had been influenced by a "increased responsibility" placed on Shein "because they operate in a highly-polluting sector and use highly-polluting methods", such as superfast and fast fashion. AGCM is responsible for both consumer protection and competition. Shein stated that it was "prepared to work openly and transparently with the relevant Italian authorities to answer any inquiries" when AGCM launched its investigation last year. Shein, founded in China, is famous for its affordable tops and dresses. Last year, reports of plans to list shares in London raised concerns about the company's environmental record and its treatment of employees.
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Mitsubishi Materials, Japan, may reduce copper smelting because of declining margins
Mitsubishi Materials, Japan's copper concentrate processor, is looking at reducing the amount of copper concentrate processed in its Onahama Smelter & Refinery due to falling treatment and processing costs (TC/RCs), it announced on Monday. JX Advanced Metals, a competitor, announced in June that it would also consider reducing copper production due to the significant decline in ore purchasing terms. Mitsubishi Materials warned that the worsening TC/RCs of miners would further reduce smelting profits. The company stated that in order to maintain and improve profits, it was necessary to increase the proportion of recycled raw materials. It also needed to accelerate the transition to feedstocks less susceptible to TC/RC fluctuation. Mitsubishi Materials announced that it is considering a partial shutdown and reduction of copper concentrate processing in Onahama after scheduled maintenance between October and November of this year. Tetsuya Tanaka, chair of the Japan Mining Industry Association, warned last month that domestic copper smelters would face tough mid-year negotiation with global miners regarding TC/RCs. He said they could not accept terms so low agreed upon by Chinese smelters. In mid-year negotiations, some Chinese smelters reached TC/RCs with Chilean miner Antofagasta of $0 per ton and 0c per pound. These rates are considered an industry benchmark, and they are far below 2025 charges of $21.25 per ton and 2.125cents per pound. Tanaka, also the president of Mitsubishi Materials, stated at that time that shrinking margins in smelting were placing non-Chinese companies under extreme pressure. (Reporting and editing by Emelia Sithole Matarise; Yuka Obayashi)
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Japan's Mitsubishi Q1 profits down 43% but still beat expectations
Japanese trading house Mitsubishi posted a net loss of 203.1 billion Japanese yen (about $1.4 billion) for the three-month period ending June 30. This was down 43% compared to a year earlier, but still beat analysts' expectations. A LSEG survey of analysts predicted that the company would post a net profit of 180.3 billion yen for its first quarter. Mitsubishi's net profit for the same period in last year was 354.4 billion yen. The company reported that this year's profit was down mainly due to the lack of gains from asset sale and the lower prices of the Australian steelmaking coke business. Mitsubishi's forecast for fiscal year ending March next year remains unchanged at 700 billion yen. When asked about the impact of U.S. Tariffs on the first-quarter earnings, Chief Financial officer Yuzo Nobuchi said that there was no noticeable direct impact, but some indirect effects felt through affiliates. He said at a press conference that "uncertainty about the economic impact" of U.S. Tariffs on the U.S. economy, the Chinese economy, and the broader Asian economy could affect our business in the future. Nouchi stated that Mitsubishi has not yet completed its feasibility assessment of the domestic offshore wind projects. He said, "At this time, we're not in a position where we can estimate with certainty the additional losses that we might incur as a result of these projects." Mitsubishi recorded a profit of 52.2 billion yen (US$353 million) in February. impairment charge On its domestic offshore projects for the nine months ended in December, the company said that it was reviewing the project's progress due to rising costs and interest rates. Berkshire Hathaway, the investment company of Warren Buffett, has acquired minority stakes in Japan’s five largest trading houses including Mitsubishi.
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Iron ore prices rise on strong demand and healthy steel margins
Iron ore prices rose on Monday due to a strong near-term demand and falling portside stock, as well as healthy steel margins for the top consumer, China. However, expectations of rising supplies capped any further gains. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 0.76% higher, ending at 790.5 Yuan ($110.15). As of 0700 GMT, the benchmark September iron ore traded on Singapore Exchange rose 1.2% to $100.2 per ton. The average daily hot metal production remained at 240 million tonnes, despite a decline in the weekly output as of July 31. This level is typically regarded as an indication of a strong iron ore market. Steel mill profitability has also improved. Data from Mysteel revealed that around two-thirds (69%) of steel mills made a profit during the week ending July 31. This is up from 59% at the beginning of July. Steelhome data showed that portside stocks fell 0.6% in the previous week, to 130.3 millions tons on August 1, the lowest level since February 2024. The price of the main steelmaking ingredient was not able to increase due to the expectation of increased supply in the second part of the year. First Futures, in a report, said that since miners have not changed their production forecasts, it is likely that shipments are going to increase in the rest of the year. This indicates a growing supply. Cyclones in Australia slowed down shipments in the first quarter, which impacted the overall volume for the first half. Coke and coking coal were also mixed on the DCE. Coking coal erased morning losses, ending daytime trading up 2.33%. The Shanghai Futures Exchange saw a sideways movement in steel benchmarks, with rebar and wire rod both falling by 0.28%. Hot-rolled coils rose by 0.26% while stainless steel gained 0.47%. ($1 = 7.1763 Chinese Yuan) (Reporting and editing by Rashmia Aich and Sonia Cheema; Editing and reporting by Amy Lv)
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Copper prices rise as dollar weakens
The dollar fell on Monday as a result of weaker than expected U.S. employment data. This boosted the odds for a Federal Reserve rate cut in September. As of 0712 GMT, the London Metal Exchange reported that three-month copper was up 0.5%, at $9,673 a metric ton. The Shanghai Futures Exchange's most traded copper contract rose 0.1%, to 78.330 yuan (10,915.70 dollars) per ton. The dollar index dropped 0.4% against a basket rival currencies, after the dismal U.S. employment report and President Donald Trump's firing of a senior labour official stunned investors. They then increased their bets on imminent Fed rate reductions. A weaker dollar makes greenback-denominated assets more affordable to holders of other currencies. Amador Pantoja, a union leader, said that Codelco, a Chilean mining company, has reduced the copper extraction at its flagship El Teniente Mine after a fatal incident, but continues to operate its concentrator and its smelter. Analysts say that China's refined output of copper is expected to reach a new record in 2025 as its giant smelting industry powers through the global shortage of ore copper, which is forcing out some overseas competitors. Last week, the COMEX copper price fell 23% as a result of a surprise decision by U.S. president Donald Trump to exempt refined metals from import tariffs of 50%. There are fears that the massive stockpiles of copper in COMEX's warehouses may be reexported on international markets. This would lead to a downward pressure on the international benchmark copper price," ANZ analysts wrote in a report. Other metals in London were up 0.5%, at $2,578 per ton. Nickel was up by 0.2%, to $15,005. Lead rose by 0.1%, to $1,973.50. Tin gained 0.1%, to $33,330. And zinc was 0.3% higher, to $2,735.50. SHFE aluminium rose by 0.2% to 20 525 yuan. Nickel gained 0.5% at 120 630 yuan. Lead increased 0.5% to 16 750 yuan. Tin increased 0.9% to 266 490 yuan. Zinc fell 0.4% to 22 255 yuan. Click or to see the latest news in metals, and other related stories.
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Why India's heat-action plans aren't cooling down cities
Short-term remedies drive response Heat is a major problem in cities, but there are no budgets allocated to it Two-thirds Indians are at risk from extreme heat Bhasker Tripathi The Indian summer, which lasts between March and June, started early this year, with a heatwave unprecedented in February. This was followed by temperatures above normal in March and in April. Heat Action Plans (HAPs) are India's primary response to the rising temperatures which threaten public health, food safety and outdoor workers. They were first introduced in 2013. Recent studies have shown that the majority of Indian cities still rely on quick fixes and are underfunded or uncoordinated. Aditya Pillai, coauthor of a report on cities' response to extreme heat by the Sustainable Futures Collaborative think tank (SFC), published in March, said that local governments "acknowledge heat as a serious problem". But they don't even have a concept of long-term resilience to climate change. No Transformability According to a study conducted by the Council on Energy, Environment and Water, a New Delhi-based think tank, more than half of India's urban and rural districts, home to 76% of its population, or over 1 billion people, now face a high or very high level of risk due to extreme heat. HAPs are encouraged by the central government, but they are not compulsory. More than 250 districts and cities in 23 states with high temperatures have developed HAPs. SFC surveyed nine high-risk cities including New Delhi Bhopal Kolkata Varanasi. They reported 150 heat-related actions between 2018-2023. However, most of these measures were only taken during the summer months or after heatwaves. These included setting up water stations and changing school schedules. SFC's findings show that long-term solutions and redesigning built environments are rare, and they tend to focus on healthcare issues, such as training hospital staff and tracking heat deaths. The study found that many transformative measures, such as building climate-sensitive housing, were absent. Pillai said that land ownership and infrastructure issues often prevent India's poorest and densest areas from participating in cooling initiatives such as tree planting or water body restoration. He said that "you end up with greenery around the edges, not where you need it." Selomi Garnaik is a Greenpeace India campaigner who said that many HAPs lack "targeted investments or meaningful changes in infrastructure and governance." She said that the plans are often top-down, with little input from communities, and heat still is viewed as an issue primarily affecting health, "when in fact it intersects with housing, labour rights and urban planning." The majority of respondents supported national actions, such as switching to clean energy, over local measures. Pillai stated that this may discourage local politicians to spend money and labor on longer-term strategy. India has started to set aside more money for heating. Heatwaves will be eligible for project-based financing in 2024 under the State Disaster Mitigation Fund. The fund has 320 billion Rupees (3.71 billion dollars) available to cover disasters from 2021-2026. Vishwas Chitale is a climate resilience researcher with CEEW. He said that access to these funds remains limited because guidelines for the fund are still in development. He said that city planners should "treat heat as a long-term problem and not only an emergency." He cited Chennai, a city with 6,8 million residents on India's south-east coast, where officials used data from district-level heat risks to decide where to place parks and bodies of fresh water in its 20-year master plan. Experts say that a holistic solution to the ever-rising temperature in India still needs to be developed.
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Malaysia and the United States agree to increase LNG and tech purchases as part of a trade agreement
Malaysia's trade minister announced on Monday that the country will spend up to 150 billion dollars in the next five year to purchase equipment from U.S. multinationals to support its semiconductor, aerospace, and data center sectors. This is part of an agreement with Washington for tariff reductions. The United States announced that they would impose a tariff of 19% on Malaysia beginning August 8. This is lower than the 25% levied threatened last month. Petroliam Nasional Berhad is a state energy company Tengku Aziz, Minister of Trade and Industry, told the Parliament that Malaysia would invest $70 billion over five years in the United States to reduce the trade deficit between the two nations. Government data revealed that the United States had a goods-trade deficit of $24.8 billion with Malaysia in 2024. Tengku Zafrul announced that the two countries are finalising a statement covering their commitments, after weeks of negotiation over the tariffs levied by the Trump administration. Tengku Zaffrul stated that "despite expecting lower tariff rates the ministry believes these negotiations have achieved a reasonable result with the Malaysian offers." Malaysia has also made other concessions. These include the reduction or elimination of duties on 98.4% U.S. imported goods, the easing some non-tariff obstacles, and the lifting of the requirement that U.S. cloud service providers and social media platforms contribute a portion of their Malaysian revenue to a government fund. Tengku Zafrul, Malaysia's Minister of Trade and Industry, said last week that Malaysia has secured tariff exemptions for its pharmaceutical products, semiconductors, and other commodities exported to the United States. He warned on Monday that he could still impose additional tariffs based on U.S. law if the chips are deemed to be of national security concern. He said: "Therefore we must continue to prepare for any additional tariffs that may be imposed on semiconductor industry." (Reporting and editing by David Stanway; Rozanna Latiff)
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JSW Steel India and JFE Japan to invest $669 Million to boost electrical steel production
JSW Steel announced on Monday that a joint venture between India's JSW Steel, and Japan's JFE Steel, will invest 669 million dollars to increase production capacity for cold-rolled grain-oriented electric steel at two Indian plants in order to meet the growing domestic demand. JSW Steel announced that JSW and JFE would fund the expansion in equal amounts through equity. The additional capacity will be added in phases starting with the fiscal year 2028. The source of the remaining funds was not specified by the company. Cold-rolled grain-oriented steel is used primarily in energy applications and is considered more energy efficient. It also reduces carbon emissions. JSW JFE Electrical Steel plans to increase production at its Nashik facility to 250,000 tonnes per annum, up from 50,000 TPA. The two companies will invest 43 billion rupees to achieve this. JSW Steel announced in a filing on the exchange that it will invest the remaining 15,45 billion rupees in order to increase capacity at a new facility in Vijayanagar from 62,000 TPA to 100,000 TPA. JSW JFE bought Germany's Thyssenkrupp's Nashik facility in January for 41,59 billion rupees.
JFE Holdings' first-quarter profits down 74% and misses expectations
JFE Holdings posted a net profit of 7.1 billion yen (48 million dollars) on Monday, down 74% compared to a year ago and below analysts' expectations.
Analysts surveyed by LSEG had predicted that JFE Holdings would report a quarterly net profit of 16.1 billion yen. In the same period last year, the company made 27.5 billion yen.
It reported that its crude steel production during the period was 5,28 million metric tonnes, down from 5,48 million tons one year earlier. The company also suffered from lower export profits and foreign exchange fluctuations.
JFE Holdings has maintained its profit forecast of 75 billion yen for the fiscal year ending in March next year.
JFE announced in a separate press release on Monday that it would invest 120 billion yen with India's JSW Steel to increase production at two plants located in India.
The investment will boost output of cold-rolled grain-oriented electric steel, a product that is used in motors, transformers and generators.
The first plant is expected to reach full production by 2027. The other currently has a capacity of 50,000 tonnes per year.
JFE stated that the expansion will help meet the rising demand for power infrastructure in India as well as the growing use of renewable energy and the increase in data centres. Reporting by Katya Glubkova, Editing by Kim Coghill & Joe Bavier
(source: Reuters)