Latest News
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IKAR, a Russian consultancy, raises its 2025 wheat production forecast to 86 million tonnes
The IKAR consulting firm in Russia has increased its forecast for 2025 wheat production to 86.0 millions metric tons from the previous 85.5 million, according to a report released on Tuesday. It also said that it has raised its forecast for wheat exports to 43,0 million metric tonnes from 42.5 millions metric tons. Dmitry Rylko (head of IKAR) said that the upward revision in the forecast was due to higher yields, particularly in the Central and Volga region. Rylko stated that difficult weather conditions in Siberia during harvesting are considered to be a risk factor, but have not been taken into consideration in the forecasts. IKAR reported that its total grain crop forecast for 2025 was raised to 132.8 millions metric tonnes, from 132.0, and grain exports forecast increased to 55.0, from 54.5, million metric ton. Dmitry Patrushev, Russia's deputy prime minister, said last Friday that the official Russian grain crop forecast remains at 135 millions metric tons. Russia has harvested over 85 million metric tonnes of grain. This includes 64 million tons wheat. (Reporting and writing by Olga Popova, editing by Andrew Osborn/Guy Faulconbridge).
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German court rules that Apple Watch is not a "CO2-neutral" product
Apple cannot advertise the Apple Watch in Germany as a CO2-neutral product, after a ruling by a German court on Tuesday. The court sided with environmentalists and found that Apple had misled its consumers. A Frankfurt regional court said that Apple advertised the device as "our first CO2-neutral" product online. The claim was found to be unfounded by a panel and to violate German competition law. Apple refused to comment on this ruling. It can be appealed. Apple's claim of carbon neutrality is based on a project that it runs in Paraguay, where eucalyptus plants are planted on leased land to offset emissions. Frankfurt's court ruled that 75% of the area was not leased beyond 2029, and the company couldn't guarantee that these contracts would be renewed. The statement stated that "the continuation of the Forest Project is not a secure future." The environmental group Deutsche Umwelthilfe, which brought the case and sued Apple, hailed this ruling as a victory against "greenwashing". The DUH's Juergen Resch stated that "the supposed storage of CO2 is limited to only a few short years. The contractual guarantees are insufficient for the future and the ecological integrity in monoculture areas cannot be guaranteed."
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Danantara and China’s GEM will develop nickel processing hubs in Indonesia
An official announced on Tuesday that the Indonesian sovereign fund Danantara would invest in developing a nickel-processing hub with Chinese battery recycler GEM. The funds, which total $8.3 billion, will be available for investment by 2025. Danantara will be making its first venture into Indonesia's nickel sector, which is crucial to the country. The government wants to capitalize on the vast amount of nickel in the country that's used for electric vehicle batteries. Indonesia is the largest nickel producer in the world. In an interview, Pandu Sjahrir, the investment chief of the fund said that they had just signed a heads-of-agreement with GEM China. "This agreement is about creating a green industry estate," he explained. He said that the project will aim for net-zero emissions of carbon and operate in a sustainable way. "GEM does it with Vale and EcoPro as well as Merdeka Copper Gold and PT Vale Indonesia," he said. He was referring to South Korean battery material maker EcoPro and Nickel miners PT Vale Indonesia. He refused to give a number for the investment, or say when the company could begin operating. When asked for a comment, Merdeka in Jakarta said that it did not have any information to share. Other companies have not responded to comments immediately. Pandu stated that Danantara Indonesia would manage 135 trillion Rupiah in investment funds ($8,31 billion) this year. 70 trillion Rupiah will come from dividends paid by state-owned corporations. He said the rest comes from private sales to Indonesian firms of Patriot bonds and a $10 billion syndicated loan. Danantara, launched in February, manages all government owned companies with assets totaling more than $900 Billion. The fund is modeled after other sovereign funds, such as Singapore's Temasek. Pandu stated that the Patriot bonds were well received by leading Indonesian companies. ($1 = 16,250.0000 Rupiah). (Reporting and writing by Gayatri Sulaiman, Additional reporting by Bernadette Cristina; Editing by Helen Popper.)
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The rouble is rising against the dollar as currency sales begin
In anticipation of the approaching month-end taxes, when exporters sell their foreign currency earnings in order to meet local liabilities that support the Russian currencies, the rouble appreciated against the dollar. LSEG compiled data based on OTC quotes that showed the rouble up 0.55% to 80.25 per dollar at 0900 GMT. The Russian rouble fell 0.1%, to 11,19, against the Chinese yuan. This is the currency most traded in Russia. The rouble fell to 11.29 on Monday, its lowest level for the month. Brent crude oil, the global benchmark for Russia’s main export, fell 1.02% to $68.07 per barrel as traders watched potential disruptions in Russian fuel supplies. The rouble is struggling in the face of geopolitical uncertainties and the risk of a drop in export revenues after Ukrainian attacks on Russian infrastructure. On August 28, Russian corporations will pay a single tax, including the mineral extraction tax. Calculations show that the tax on oil production in July will be approximately 575 billion Russian roubles (roughly $7.11 billion), as opposed to 543 billion roubles for June. $1 = 80.8455 Roubles (Reporting and editing by Alex Richardson).
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Germany and Canada deepen their critical mineral cooperation in the supply chain
Germany and Canada agreed to intensify their cooperation in the area of critical minerals on Tuesday amid global concerns about China's export restrictions and Berlin's efforts to reduce dependence on a single source. Minerals like copper, tungsten and gallium are essential for Canada's and Germany’s advanced manufacturing, defence technologies and clean energy technologies. China's decision in April to stop exports of rare Earths and magnets related to them has disrupted the global supply chain, causing a major blow to automotive, aerospace, semiconductor, and military contractors. German Economy Minister Katharina Riede and Canada’s Energy and Natural Resources minister Tim Hodgson have signed a Declaration of Intent to Strengthen Cooperation on Critical Minerals, with a focus on midstream technologies, such as processing and refining. They will also coordinate their efforts in the areas of critical minerals, such as rare earth elements, lithium, copper, nickel, tungsten and gallium. The plan is to also encourage more commercial collaboration and research between financial institutions and companies. The agreement does not create any financial obligations and is not legally binding. Funding for activities will be subject to the available funds and domestic laws and regulations of each country. (Reporting and editing by Madeline Chambers.)
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Indonesia: US tariff exemptions for palm oil, cocoa and rubber
The United States agreed to in principle exempt Indonesian cocoa, rubber and palm oil exports from President Donald Trump’s tariff of 19% since August 7, said the Southeast Asian nation’s chief tariff negotiator on Tuesday. Airlangga hartarto, also chief economic minister of Indonesia, said in an interview that the exemption would take effect after both sides reached a final agreement. However, no deadline was given as the U.S. is busy with tariff negotiations with other countries. Airlangga added that the U.S. also discussed a possible investment by its sovereign wealth fund Danantara in Indonesia's fuel storage, along with state energy company Pertamina and Indonesia's state-owned energy firm Pertamina. He added, "We're waiting for their reply, but basically the principle of exemption has been agreed upon for products that are not produced in the U.S. such as cocoa, palm oil, and rubber... It will be zero, or very close to zero." Jakarta, the region's biggest economy, was one of the first countries to reach a deal on tariffs with Trump back in July. However, it ended up paying the same amount as other countries like Thailand and Malaysia and only a little less than Vietnam's 20%. Indonesia made an offer to invest billions of dollars in the United States, and also purchased planes, farm products, LPG and crude oil from the United States. It also promised to impose zero tariffs on nearly all American products entering its market. (Editing Gayatri Suryo; Editing Clarence Fernandez).
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German-Norwegian team is finalist in Canadian submarine deal, Carney says
Mark Carney, the Canadian Prime Minister, announced on Tuesday that Canada had shortlisted two candidates for its new submarine programme. A German-Norwegian consortium was among the finalists. Mark spoke at a Berlin joint press conference with Chancellor Friedrich Merz. "I am looking forward to visiting the Thyssenkrupp facility in Kiel with Melanie Jolie, the Minister of Industry, and the Minister of National Defence later today." Carney announced that Canada and Germany would be collaborating on the supply of critical minerals. Berlin wants to diversify its mineral supply chain away from China and Russia. For example, the partnership between Canadian mining firm Troilus and Hamburg-based Aurubis AG in order to create a rare earth supply chain between Quebec & Germany. Carney stated that Canada is mobilizing almost half a billion dollars in investments to support energy, digital, and port infrastructure. The two countries signed a deal last year to promote commercial-scale trading in clean hydrogen. However, progress is uncertain, as Germany's desire for green fuel remains lagging. (Reporting and editing by Friederike H. Heine, Sarah Marsh, Riham Alkousaa)
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Gold reaches a two-week high after Trump announces he will fire Fed Governor Cook
Gold prices rose to a two-week high after U.S. president Donald Trump announced he would remove Federal Reserve Governor Lisa Cook. This move was seen as undermining the independence of the central bank and eroding confidence in U.S. investments. As of 0803 GMT spot gold rose 0.4% to $3,379.05 an ounce after reaching its highest level since the August 11 session earlier in that session. U.S. Gold Futures for December Delivery rose by 0.3% to $3425.80. Trump fired Cook on Monday, a move that was unprecedented. Investors see Trump's actions as an attempt to gain a majority of dovish Fed members, thereby putting the Fed's autonomy at risk and creating uncertainty in the markets. This leads investors to buy gold, according a Swissquote external analyst, Carlo Alberto De Casa. In times of low interest rates and economic uncertainty, non-yielding gold bullion is a good investment. SPDR Gold Trust is the largest gold-backed ETF in the world. Its holdings increased 0.18% on Monday to 958.49 tons from 956.77 tonnes on Friday. Fed Chair Jerome Powell hinted at a possible rate reduction during the Fed meeting next month. He said that the risks for the job market are increasing, but that inflation remains a threat. A decision is not set in stone. Markets are pricing in a 25 basis point rate cut for September. De Casa said that a jumbo rate cut would further boost gold, but this is not likely as Fed members are concerned about the slowdown in the labour market, but still consider inflation risks. Investors will now be looking at the Personal Consumption Expenditures Price Index (PCEPI), the Fed's preferred measure of inflation, which is due on Friday for further clues about the central bank's monetary policies. Silver spot rose 0.4% per ounce to $38.71, while platinum fell 0.4% at $1,336.66. Palladium also increased 0.7%, to $1093.50. (Reporting by Ishaan Arora in Bengaluru; Editing by Janane Venkatraman)
Indian Foreign Ministry: Quadruple important minerals for India and Japan
India's Foreign Ministry said that the Quad Group of countries was important to India and Japan, especially in relation to critical minerals. The ministry also stated that the two prime ministers would be discussing the grouping during this week.
The Indian Prime Minister Narendra Modi will visit Japan from August 29-30 to attend the 15th India Japan Annual Summit. He will also hold discussions with his Japanese counterpart Shigeru ishiba.
Modi will fly to Tianjin, a Chinese port city on the coast of the Pacific Ocean for the Shanghai Cooperation Organisation Summit (SCO), which takes place between August 31 and September 1.
New Delhi will host this year's summit of the so-called Quad grouping, which includes India, Japan and Australia, amid a deterioration of relations with Washington due to tariffs placed by President Donald Trump on Indian products.
The Quad countries have expressed concern about China's increasing power and dominance in critical minerals. They had also announced an agreement to a
Critical Minerals Initiative
Last month, in an attempt to counter Beijing.
Vikram Mihiri, Indian Foreign Secretary, told reporters Tuesday that "Quad" is an important platform to work on and promote peace, stability and prosperity in the Indo-Pacific Region.
In recent years, the agenda of India has broadened to include practical cooperation, he added, and India is expecting to launch new initiatives with Japan, including in defence, ship repair, and space.
Modi's first visit to China in over seven years will come as neighbours look for
Rebuild ties
After a deadly clash in the Himalayan border dispute in 2020, relations between India and Pakistan deteriorated dramatically.
The Foreign Ministry said that Modi will also hold bilateral meetings during his trip, but gave no details.
Twenty world leaders
The SCO summit will be attended by many, including Russian president Vladimir Putin.
In recent years, the SCO has grown from six Eurasian countries to 10 permanent members as well as 16 countries that participate in dialogues and are observers.
The scope of its mandate has expanded from counterterrorism and security to include economic and military co-operation. (Reporting and writing by Krishna Das; editing by YPrajesh).
(source: Reuters)