Latest News
-
The Philippines flood control project fails the poor
Infrastructure is key to flood control in the Philippines Advocacy group calls out'misalignment of flood control projects' Risk management must be 'holistic' to protect communities By Mariejo Ramos She said that heavy rains in Bulacan - a densely populated region north of Manila - knocked over trees and a bamboo stilt home one night in the summer. Bulacan is one of the provinces that are most prone to flooding in the country. In the last three years, Bulacan has seen the most projects for flood control built. The government spent over 500 billion Philippine Pesos (8.5 billion dollars) to build infrastructure, such as dykes and seawalls. It also laid down large stones called ripraps to control stormwater. State investigations revealed that many flood-prone residents were still not protected by the state due to overpriced construction contracts, unfinished buildings and projects that did not match flood risk. In September, President Ferdinand Marcos Jr. created a commission to investigate corruption in flood-control projects after thousands of Filipinos protested on the streets of Manila to demand accountability from the government. Dela Cruz has lived on the Angat River's banks for over 40 years. "We were disappointed when we learned how much money was being spent for flood control. We were left behind," he said. A concrete dam releases water into the Angat reservoir when heavy rains fall to prevent overflow. This exposes downstream communities, like Dela Cruz, to riverbank erosion. Dela Cruz said, "A state engineer told us that they would build a wall around us to protect us against disasters... But I hope the Government will act soon to prevent another major storm from hitting us." According to studies, floods in communities on the front lines of climate change are getting worse every year. This is despite the fact that the government has allocated 1.47 trillion pesos (25.23 billion dollars) over the past 15 years for flood mitigation and control programs. MISMATCH AND CORRUPTION Residents of another settlement in Sipat along the Angat River were happy to see construction begin in August this year for a riverbank structure that would help prevent flooding. They learned a month later that the project, worth 96 million pesos ($1.650 millions), had been completed by a different contractor in 2024, even though they had seen no work. This structure is among several "ghosts" or nonexistent projects for flood control in Bulacan that were marked as completed based upon a database released by the President. The lawmakers are looking into contractors and officials of the government who could have been involved with stealing funds intended for flood control projects which never materialized. Oscar Gabriel, the chief of Sipat Village in Plaridel, said, "I was shocked to learn about this ghost project and felt sorry for my community." "We were pleased that this project came our way, but were lied to and tricked." As of early this month, the project was still unfinished. According to a report by Pro-People Engineers and Leaders, a local non-profit that promotes equitable engineering, in Bulacan too, certain flood control projects are not aligned with the actual flood hazards. Jose Antonio Montalban is an engineer at Propel and a public information officer. He said that there was a feeling of misalignment, and he felt the DPWH did not prioritize flood hazard zones for flood control. Propel discovered that flood-prone areas of several towns in Bulacan were lacking in flood control infrastructure. This was based on the data of Project NOAH, the Philippines' disaster reduction and management program. According to the group 411 of the 668 projects for flood control in Bulacan do not fall within any flood-prone areas. Failure of Infrastructure Montalban noted that scientific assessments are needed to assess water resources and flood hazards, such as the hydrogeographical condition of a particular area. He claimed to have seen infrastructure built without any feasibility studies or other necessary studies. He said that flaws in engineering and design, which are linked to corruption and lack proper planning, can lead to disasters such as the collapse of seawalls and dykes. The burden on the communities affected by these disasters is great. The engineer explained that when a flood control system collapses, it has a severe and immediate impact on the safety of people. In a 2022 study, architecture scholars found that the Philippines' costly flood control structures are rendered ineffective if they are not completed or maintained. The study concluded that the best solutions for reducing the impact of flooding were non-structural. The report suggested a mix of structural and nonstructural solutions such as improving flood warning and forecasting systems, and assessing water and land resources. COMMUNITY BASED SOLUTIONS Greenpeace Philippines stated that corruption in flood infrastructure "cripples the ability of millions Filipinos to survive amidst an escalating global climate crisis". "Each year, flooding is causing more and more deaths, destruction of homes, and loss of livelihoods for millions Filipinos. Floods also resulted in massive economic losses to local governments and the national government," Greenpeace stated in a Sept. 8 statement. Propel calls for holistic flood risk mitigation, including community consultations and natural-based solutions. The Asian Development Bank has identified a few solutions, including restoring wetlands that absorb excess water, creating areas for water retention and revitalizing old river channels. Propel proposes a comprehensive drainage plan to replace the Philippines "fragmented" framework for flood risk management. Gabriel, in Sipat, said that transparency is crucial to public works. He said that flood control infrastructure was a good idea, particularly in areas susceptible to erosion.
-
Le Parisien reports the death of South Africa's ambassador in France.
The South African ambassador to France was found dead on Tuesday at the base of the Hyatt Regenency hotel in Porte Maillot, west of Paris. A spokesperson from the Paris Police declined comment. The South African Embassy did not answer any calls. The Hyatt's receptionist said that the hotel wouldn't comment. According to the embassy website, Ambassador Nkosinathi Emmanuel “Nathi” Mthethwa served as South Africa's Minister of Arts and Culture from 2014 to 2019. He will add sports to his portfolio in 2019 until 2023. Le Parisien reported that the ambassador's wife reported him missing after receiving a text from him which worried her. A spokesperson for the South African foreign affairs department stated that they were "aware" of the unfortunate reports regarding Ambassador Nathi Mthethwa and would release a statement as soon as there was more official information. Reporting by Geert De Clercq; writing by Ingrid Melander and editing by Richard Lough.
-
France, Portugal and Spain will hold discussions on speeding up the power links
Portugal's Energy Minister said that France, Portugal, and Spain would hold discussions in the next few weeks about how to accelerate power interconnector project. The country is pushing to improve its electricity links after a massive blackout in April. The unprecedented power outage that occurred in Spain and Portugal in April highlighted the poor connections between the two countries to the rest Europe. Experts said the power outage could have been avoided if there were more interconnectors for exchanging power with other countries. Maria da Graca Carvalho stated in an interview that "after the blackout we have put additional pressure on the European Commission, France and Spain. As a result of this contact, the French government has requested a meeting." She stated that the meeting would be held in early October. Carvalho expressed her hope that France would be willing to accelerate projects, especially after the European Investment Bank announced it will support the Bay of Biscay Power Interconnector Project between Spain and France by providing 1.6 billion euro ($1.88 billion). She added that the environmental assessment of the Bay of Biscay Link must be completed before it can move forward. The French energy ministry has not responded to a comment request. The Spanish energy ministry refused to comment on this meeting. The EU is still investigating the cause of Iberia’s massive blackout that occurred in April. Grid operators and power plant operators are still arguing over who's to blame. The European network for transmission system operators ENTSO-E will publish a part of its report on Friday. It will confirm the conditions of the network at the time the outage started. The Bay of Biscay Link is expected to be completed in 2028. Spain and Portugal claimed that France was preventing the construction of new interconnectors. French grid operator RTE assessed two more links with Spain across the Pyrenees. However, the beneficiaries of the projects would be outside France. Iberia's electricity capacity is only 3% connected to European neighbors, which is far below the EU target of 15% by 2030.
-
Local media warns Namibia against buying a stake in De Beers
Local media reported that Namibia is considering whether to buy a stake in De Beers due to the continued decline of diamond prices, according the deputy prime minister. Anglo American has put the diamond giant up for sale as it restructures to focus its portfolio on iron ore and copper. Anglo announced on September 9th that it is pursuing a merger to create a heavyweight in copper. De Beers attracted at least six investors by June, and Angola’s state diamond company Endiama revealed on September 24 that it had bid to acquire a minority share in the company. Angola wants De Beers to be owned by a large group of countries, including Botswana and South Africa, where it operates. Namdeb Holdings produced 2.2 million rough diamonds carats in 2024. This is about 9% of the group's output last year. Natangwe Ithete is Namibia's deputy prime minister and also responsible for mining. He told The Brief, an online financial news publication, that the country must assess its diamond industry. Its prospects are dimmed by synthetics diamonds and a weak demand. "To be honest the diamond industry is in decline. It's no secret that the diamond industry is being affected and under pressure by so-called "lab diamonds", the synthetic diamonds," Ithete stated. He added, "We need to carefully study this to decide if it's worth pursuing." Botswana is also interested in acquiring a controlling stake in De Beers. It holds 15% of the company. Anglo American values De Beers around $4.9 billion after recording $3.5 in impairments for the last two years. However, current market pressures could lead to lower offers. (Reporting and editing by Nelson Banya, Emelia Sithole Matarise, and Nyasha Nyaungwa)
-
Goldman Sachs expects 140,000 barrels per day OPEC+ quota hike for November
Goldman Sachs said that it expects OPEC+'s oil production quotas to increase by 140,000 barrels a day in November, before the group's Sunday meeting. The report said that a bigger production increase was also possible, citing factors such as a modest rise in OECD commercial stock in Europe and Asia. The total inventories are slightly lower than a year ago, and U.S. crude oil inventories have reached an eight-month-low. Goldman Sachs said that the demand for oil in Asia is still strong, but there are downside risks associated with Russian production. It also noted that Russia's output has fallen below what it had previously predicted. The report also cited a precedent in which OPEC+ tripled its monthly production increase for the second of the 2.2m bpd unwinding after the first rise. OPEC+, a group that includes the Organization of Petroleum Exporting Countries (OPEC), Russia and other allied producers has already increased quotas over 2.5 million barrels / day since reversing their strategy of production cuts in April. Sources familiar with the discussions say that eight OPEC+ member countries are expected to meet online October 5 and will likely approve a production rise of at least 137,000 bpd. (Reporting from Anushree mukherjee in Bengaluru and Anmol choubey; editing by Barbara Lewis.)
-
South Africa's Eskom posts first full-year profits in eight years
Eskom, the state-owned South African power utility, reported on Tuesday its first profit for a full year in eight years. This was due to government debt relief and higher tariffs as well as a dramatic reduction in power outages. Eskom's annual report revealed that the company made a profit of 16.0 billion rand ($927.24million) for the year ending March 2025. This compares to a loss of 55.0 billion rand a year before. The report stated that "government debt relief, new tariffs, increased sales related to operational turnaround, and cost optimization initiatives" had all contributed to Eskom's first profit in 8 years. Eskom's power outages have hindered South Africa's growth in economic terms for over a decade. Its repeated bailouts also drained the state's coffers. The frequency of power cuts has decreased dramatically since the beginning of last year. Just 13 days were lost to power in the latest financial year compared with a record number of 329 days one year prior. $1 = 17.2555 rand
-
Oil prices to remain stable as supply increases, but concerns about Russian output offset the outlook
A poll on Tuesday showed that oil prices will remain almost unchanged this year despite the increased supply of both OPEC+ producers and non-OPEC ones. Concerns about a possible glut are tempered by the uncertainty surrounding Russian production. According to a survey conducted by 32 economists and analyst in September, Brent crude is expected to average $67.61 a barrel in 2025. This forecast is just 4 cents lower than the previous month's prediction. Brent, which opened Tuesday at $67.22, has averaged about $69.90 this year. West Texas Intermediate, which was forecast to average $64.65 in August, is now expected to average $64.39 by 2025. Early Tuesday morning, it was trading at $62.70 and has averaged $66.60 in 2025. Ole Hansen, head of commodity strategy at Saxo Bank, said that prices are being shaped primarily by the tug-of-war over supply. OPEC+'s increases and the resumption of supply from northern Iraq is being offset by a threat of disruptions in supply from Russia. OPEC+, the Organization of Petroleum Exporting Countries, and its allies, including Russia, agreed earlier this month to increase oil production by 137,000 barrels a day from October, bringing the total production increase this year to more than 2.5 million barrels a day. Analysts said that this was the main driver behind a looming surplus of supply, along with an increase in output from non OPEC+ producers. The surplus is expected to grow as a result of this, and the expectation that demand will slow down due to the weak economy growth caused by trade tariffs. Analysts are still concerned that sanctions, attacks on infrastructure, or Moscow’s own policies could further curtail Russian exports, maintaining a floor below prices. Last week, after a series of drone attacks by Ukraine on Russian refineries, Alexander Novak, the Deputy Prime Minister, was quoted saying that Russia would introduce a partial export ban on diesel until the end the year, and extend the existing export ban on gasoline. The International Energy Agency's latest monthly report stated that world oil supplies would increase more quickly this year, and a surplus may expand in 2026, as OPEC+ producers increase their output, and the supply outside of the producer group increases, contrary to OPEC’s updated outlook. Analysts expect the demand to increase by an average of 0.7 million Bpd in this year. The consensus of analysts' price forecasts also highlights their view that, while geopolitical risk remains elevated, especially in the Middle East, and Russia, it is unlikely to translate into sustained price gains. The key narrative for Q3 and Q4 of 2025 is the struggle between a fundamentally low market (oversupply due to OPEC+ unwinding, and non-OPEC+ expansion) and a high probability of price spikes in the short term driven by geopolitical risk," said Zain Vaida, analyst with MarketPulse.
-
The Indonesian tin-exporters group expects refined tin to reach 53,000 metric tonnes by 2025.
Harwendro Adityo said that the Indonesia Tin Exporters Association estimates that refined tin will reach 53,000 metric tonnes in 2025. This is up from 45,000 metric tons a year ago, he added. The resumption of operations by several smelters from the Bangka region, whose activities were interrupted by a corrupt probe last year, will support the shipment. The association doesn't expect any disruptions to shipments due to the crackdown on illegal mining on Bangka Island, a tin-hub. Tin prices have risen in London and Shanghai following remarks by President Prabowo, who said he would shut down a thousand illegal mines and stop boats from smuggling out tin from Bangka Island. "This crackdown has not disrupted activities yet." "Those who have yet to meet their mining quotas continue to do so, while others are already planning for next year," Harwendro said. The association instead expects that shipments will be supported by the recovery a number private tin-smelters whose operations have been halted in the last two years because of an investigation conducted by the Attorney General into state miner Timah, and other companies. He said that "many private smelters have come back to life and exporters have also returned to life." Timah, a state-owned miner, said this month it was confident of reaching its production target because the crackdown will help eliminate illegal competitors. (Reporting and editing by Fransiska Nanangoy)
Sources say that Zijin Gold aims to raise the Hong Kong IPO valuation above $30 billion.
Two people who have direct knowledge of this matter said that Zijin Gold International is planning to begin bookbuilding next week for its Hong Kong IPO, with a target valuation of more than $30 billion.
One source said that Zijin Gold plans to open its books September 19 and aims to raise over $3 billion.
According to LSEG, if the listing were that large, it would rank as Hong Kong's second largest listing of this year after Chinese battery company CATL raised $4.6 Billion in its May offering.
Sources who refused to name themselves because the information is confidential said that Zijin Gold will price its offering on September 24, with the debut scheduled for September 29.
According to the other source, Zijin Gold is valued between $30 and $40 billion based on the estimated range of prices.
Sources said that the market or unforeseeable events could affect the timing, size of the offering, and valuation of a company.
Zijin Gold - which owns all the gold mines of Zijin Mining outside China - did not respond immediately to comments.
Zijin announced in late April that it would spin off Zijin Gold International, and list the company on the Hong Kong stock exchange as part of an overhaul of its overseas assets. This was done to reflect its confidence about stepping up its investment in gold.
The eight gold mines that will be listed in the proposed listing are located in South America and Central Asia. They also have operations on Africa, Oceania, Africa, and Oceania.
Gold prices are on a record-breaking rise, reaching $3,673.95 an ounce Tuesday. This is due to growing geopolitical uncertainties, expectations that the U.S. will cut interest rates this month, and central bank purchases in several countries, including China.
Goldman Sachs said last week that prices could rise well above their $4,000 base by mid-2026.
Laopu Gold shares, a Chinese luxury jewellery brand that specializes in gold, closed Wednesday at HK$755 apiece, nearly doubling their HK$40.50 IPO value from June 2024.
Zijin Gold was incorporated in Hong Kong, in 2007. It reported revenues of $1.8billion, $2.3billion and $3billion respectively for the last three years. This information was provided in a filing made to the Hong Kong Stock Exchange in June.
Zijin Gold failed to disclose in its filing the purpose of the IPO proceeds.
In the half-year reports, its parent stated that Zijin Gold’s listing was of strategic importance in order to achieve its goal of mining between 100 and 110 tons gold by 2028.
(source: Reuters)