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Caribbean Island residents ask the court to order Dutch State to take climate action
Residents from the Dutch Caribbean told a court Tuesday that the climate change has made the island of Bonaire unbearably dry and hot. They asked the judges to order Dutch state to reduce greenhouse gases faster. Onnie Emerenciana (a farmer in his sixties) told the court the heat was bad for the elderly, the droughts were bad for the crops, and the rising sea level could wipe out the historically important slave huts that once stood on the beaches of the island. Emerenciana, a district court judge in The Hague, said: "We are suffering under the effects" of greenhouse gas emission to which we barely contributed. PLAINTIFFS WANT DUTCH TO TARGET NET ZERO BY 2040 Bonaire, in the southern Caribbean, is an ex-Dutch colony that became a Dutch special municipality in 2010. Around 20,000 of its residents are Dutch. Eight named plaintiffs, joined by Greenpeace and other environmentalist groups, are calling on the Netherlands to reduce its greenhouse gas emissions to zero in 2040, ten years earlier than its current plans. They also claim that the Dutch government is not doing enough to protect the island from rising sea levels. Experts in climate change cases claim that the Dutch case is the first time the European Climate ruling of 2024 and the World Court's opinion from this year have been tested on a national scale. If the Netherlands succeeds, they will have to raise their climate ambitions above the current European Union goals - setting new standards for climate action in Europe," Lucy Maxwell from the Climate Litigation Network said. Michael Bacon, the plaintiffs' attorney, told judges that "effective climate policy is neither a political decision nor a choice. It is a duty and right." The Dutch state's lawyers argued that courts should not be able to determine government policy. Edward Brans, state attorney, said that the state has met its obligations to Bonaire through its climate policy and by achieving climate targets set jointly with the European Union. There is still no date set for the ruling. (Reporting by Stephanie van den Berg. Ali Withers contributed additional reporting from Copenhagen. Alison Williams, Mark Potter and Alison Williams edited the article.
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Indian jeweller Titan posts slower sales as surge in gold prices dent demand
Titan Company in India reported a 18% increase in domestic sales for the second quarter, compared to the 25% that it recorded during the same time last year. This was due to the rising gold prices which hampered demand for high-carat jewellery. In its quarterly business update, the Bengaluru based company reported that the jewellery business, which accounts for close to 90% overall revenue, had grown 19% on an annual basis. Gold spot prices increased 16.4% during the third quarter, as investors sought out the safest commodity amid global economic instability. The company reported that higher gold prices led to "a marginal year-on-year decrease" in the number of buyers, even though ticket prices increased as fewer people bought more expensive items. Titan said that the growth of studs in its Tanishq, Mia, and Zoya jewellery portfolios collectively reached the mid-teens. This was higher than the growth of plain gold jewellery. The company reported that investment-grade gold coin sales continued to be strong for the quarter as Indians continued to choose bullion as an asset of value. Since coins have lower profit margins than jewelry, this shift has slowed the growth of overall margins in recent quarters. Sales growth in the company's second largest business by revenue was 12%. Analog segment sales grew 17%. Tanishq, which has more than doubled its business in America, was the main driver of the 86% growth.
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Indian jeweller Titan posts slower sales as surge in gold prices dent demand
Titan Company in India reported a 18% increase in domestic sales for the second quarter, compared to the 25% that it recorded during the same time last year. This was due to the rising gold prices which hampered demand for high-carat jewellery. In its quarterly business update, the Bengaluru based company reported that the jewellery business, which accounts for close to 90% overall revenue, had grown 19% on an annual basis. Gold spot prices increased 16.4% during the third quarter, as investors sought out the safest commodity amid global economic instability. The company reported that higher gold prices led to "a marginal year-on-year decrease" in the number of buyers, despite ticket prices rising as fewer people bought more expensive items. Titan said that the growth of studs in its Tanishq, Mia, and Zoya jewellery portfolios collectively reached the mid-teens. This was higher than the growth of plain gold jewellery. The company reported that investment-grade gold coin sales continued to be strong for the quarter as Indians chose the gold bullion as an asset of value. Since coins have lower profit margins than jewelry, this shift has slowed the growth of overall margins in recent quarters. Sales growth in the company's second largest business by revenue was 12%. Analog segment sales grew 17%. Tanishq, which has more than doubled its business in America, was the main driver of the 86% growth. (Reporting from Ananta Agarwal in Bengaluru and Urvi dugar; editing by Harikrishnan Nair.)
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Copper gains, but remains below the Monday peak due to a firm dollar
On Tuesday, copper prices rose on the back of continued mine disruptions. However, they remained below 16-month-highs reached in the previous session due to a stronger dollar. In open-outcry official trading, three-month copper at the London Metal Exchange rose 0.4% to $10,696 per kilogram, after hitting its highest level since May 2024 at $10800 on Monday. LME copper prices have risen 21% this year. Recent weeks saw a rise in price due to mine problems in Chile and Congo, as well as Indonesia. Seven workers were killed in a mudslide disaster at the Grasberg copper mine, which is one of the largest mines in the world. The El Teniente Mine in Chile and Kamoa-Kakula mine in the Democratic Republic of Congo have also experienced disruptions. "The disruptions have been huge so I thought that copper would rise faster than it has, but the dollar is getting stronger," said Dan Smith. One headwind that could explain why we aren't doing better is the slowdown of sales for electric vehicles in many places. In the first half of this year, the average monthly EV sales in China grew by 36%, but that slowed to 6% in august. Smith said that the LME copper price was nearing a band of resistance between $10,750 and just under $11,000 where it had failed to break out three times previously, in May 20,21, March 2020, and May 2024. If we go backwards from here, the technical outlook is quite bearish." The dollar index also benefited from the weaker euro and yen. A stronger dollar makes greenback-denominated assets more expensive for buyers using other currencies. Other metals include LME aluminium, which fell 0.3% to 2,717.50 per ton. Nickel dropped 0.1% to $16,470, tin declined 0.7% to $35,550, zinc rose 0.6% to 3,025 and led added 0.1% at $2,007. Golden Week, which runs from 1-8 October, is a time when Chinese markets will be closed. Click or to see the latest news in metals, and other topics. (Reporting done by Eric Onstad. Additional reporting by Brijesh Patel in Bengaluru. Kate Mayberry, Mark Potter and Kate Mayberry edited the story.
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Ivanhoe Mines records record zinc production in Congo's Kipushi Mine
Ivanhoe Mines reported that its flagship Kamoa, Kakula, and Kipushi Mines in the Democratic Republic of Congo produced 71 226 metric tonnes of copper, and a record-breaking 57 200 tons of zinc, in the third quarter. Vancouver-based miner, Vancouver Copper Mines Ltd., said that it was on track to achieve its full-year production target of between 370,000 and 420,000 tons as mining moves to higher-grade areas in Kakula’s western section. The company reported that the zinc production at Kipushi increased 37% in the last quarter, largely due to a program designed to eliminate processing bottlenecks. This has helped the mine become one of the top producers around the world. ADDRESSING CHALLENGES AT KAKULA Ivanhoe suffered significant production setbacks in the first half of this year as a result of seismic activity at Kakula Mine, which disrupted underground operations. Copper grades also dropped. Since then, the company has increased its efforts to overcome these challenges. It secured $500 million from Qatar’s sovereign wealth fund in order to expand operations and position Kamoa Kakula as one of the top global copper producers. Reports in September indicated that the company is in constant contact with sovereign wealth funds to discuss potential investments in order to boost production of critical minerals such as copper. Ivanhoe has confirmed that Africa's biggest copper smelter will be operating in November. The facility is powered by an uninterruptible 60 megawatt power supply, and a 60 MW diesel backup. The smelter is expected to process all the concentrate from Kamoa Kakula's concentrators, and produce 700,000 tonnes of sulphuric acids annually. Sulphuric Acid is a critical reagent for the copperbelt. Ivanhoe has maintained its guidance for zinc production at Kipushi in 2025, which is between 180,000 and 240,000 tonnes. Reporting by Yassin Kobi. Maxwell Akalaare Adombila wrote the article. (Editing by Pratima Deai and Mark Potter).
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WeWork India's $338 Million IPO was fully subscribed by institutional investors on the last day.
WeWork India Management’s $338 million IPO, which was launched on Tuesday at the end of the bidding period, was fully subscribed by the last day. Institutional investors were largely responsible for this demand while retail investors remained cautious due to its high valuation after recent co-working listings. Why it's important WeWork India’s IPO will be a test for investor interest in the domestic coworking sector, which has seen a flurry of listings due to a growing demand for flexible offices. WeWork Global will continue to be the exclusive licensee of the company. WeWork Global was once valued at $47 Billion before shelving its 2019 IPO. CONTEXT WeWork India wants to be valued at 86.85 billion rupies ($978.5m) at the upper end of its price range of 615-648 rupies per share, according calculations. This figure is far higher than those of its newly listed peers. IndiQube Spaces debuted in July with a value of 44.13 billion rupies, while Smartworks Coworking Spaces had a value of 42.13 billion rupies. Debuted At 52.96 billion Rupees in the following month. In the face of thin profit margins, high lease costs and low rental rates, valuation is emerging as a key differentiator. Aishvarya dadeech, chief executive officer of Fident Asset Management, said that WeWork's price is higher than other companies like Awfis and Smartworks. This makes investors wary. IndiQube Spaces had a modest debut in July while Smartworks experienced gains on the day of listing. By the Numbers Exchange data revealed that WeWork India’s IPO was a full offering for sale of 46,3 million shares. Bids totaling 18.97 billion rupees were received as of 5:15 p.m. IST. Retail investors bid 0.61 times the quota while qualified institutional buyers bid 1.79 times. After strong institutional demand, the issue that was covered by only 16% in the morning, has been picked up. On October 10, shares are scheduled to be listed on the BSE/NSE exchanges.
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Sources say that Emirates Global Aluminium is interested in acquiring Brazilian aluminum firm CBA.
Two sources have confirmed that Emirates Global Aluminium, based in the United Arab Emirates, is looking to acquire Companhia Brasileira de Aluminio. The Brazilian producer's operation along the entire production line has made it a desirable target. People with knowledge of the matter claim that Morgan Stanley, which is the investment banking advisor to EGA and jointly owned by Abu Dhabi sovereign fund Mubadala, and the Dubai sovereign fund Investment Corporation of Dubai (both Abu Dhabi-based sovereign funds), is working on a potential deal with Morgan Stanley. According to LSEG, CBA's market capitalisation was $487 million at Monday's closing. Two sources requested anonymity as the matter was private. Could not determine if a proposal has been made. CBA produces low-carbon aluminum in seven Brazilian states, where Brazilian conglomerate Votorantim SA owns a 69% share according to LSEG. The company's operations cover the entire aluminum production chain from bauxite extraction and refinement to smelting, and diverse primary aluminium products. CBA, a "total asset", is a "comprehensive asset" that includes upstream operations, own mines, and access to bauxite. This could improve an investor's position in the market, according to one source. EGA stated that it continuously evaluates opportunities for growth but does not comment upon market rumours or speculation. CBA, Morgan Stanley, and Votorantim declined comment. EGA had predicted that the volatility of aluminium prices in 2018 would be due to global trade tensions. President Donald Trump imposed tariffs for steel and aluminum imports to the United States. This is a major market for United Arab Emirates' suppliers. EGA was one of a group companies that signed deals worth $200 billion with the Trump Administration after the president visited the region in may. EGA announced that it would invest $4 billion to build a primary aluminium smelter in Oklahoma. This will be the first "primary" aluminum production plant built in the U.S. in over 30 years. The plans will be subject to the availability of a long-term competitive power supply, as well as state and local incentives for investment and tax credit arrangements. According to the company, it is in advanced discussions with Public Service Company of Oklahoma and the Oklahoma Government. EGA reported in March that its annual net profit in 2024 would be down by 23,5% as a result of an impairment charge due to the suspension of exports of its operations in Guinea, and the introduction of corporate tax in United Arab Emirates. Luciana Magnhaes reported from Sao Paulo; Hadeel al Sayegh reported from Dubai; and Anirban SEN in New York. Additional reporting Tatiana Bautzer. Anousha Sakoui, Sharon Singleton and Anousha Saoui edited the article.
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Trump calls climate changes a scam; Science braces for further developments
By David Sherfinski Trump dismissed climate change last month as a "con-job"; now, his Department of Energy is telling its staff not to use language that contradicts the president's views about climate science. The Trump administration has taken a series of steps to ban, limit or dismiss climate change-related issues and phrases across the federal government. Jean Su, director of the energy justice program at Center for Biological Diversity (an advocacy group), said: "This is a big move for blanket censorship in science and on climate." When we erase these words, then we are actually erasing reports. We are erasing facts - since all those factual reports contain those types of words. The energy department has reportedly issued a memo listing a number of forbidden words, from "emissions", to "climate". However, the department denies that such a directive exists. The broader trend is alarming to proponents. Su stated that the situation was "severe and surprising lethal" for both our justice system as well as our advocacy. "It may seem like a few paper cuts, yet death by a million paper cuts is what we're facing right now." BANNED WORDS Politico reports that staff was given new instructions to avoid using phrases and words related to climate changes, which Trump called a "con" last month at the United Nations. After media reports of the "words not to use" memo, a spokesperson for DoE said that there was no order to staff to avoid certain terms. Dietderich stated that "President Trump, (Energy Secretary) Chris Wright and the White House remain committed to transparency as well as fostering a free and honest discussion about climate science." Politico reported first that an official from the Department's Office of Energy Efficiency and Renewable Energy sent an email with a "words to Avoid" list, such as 'climate changes', green and decarbonization. Media reports state that Rachael Ooverbey, acting director of External Affairs, gave the following directive: "Please make sure that all members of your team are aware of this latest list of words that should be avoided -- and that you continue to be diligent about avoiding any language that is misaligned to the Administration's priorities and perspectives." Other phrases that are not acceptable include: "energy transition", "sustainable", "dirty energy", a carbon footprint, and tax subsidies. Su pointed out that the fallout could be both practical and ideological. He cited past DoE initiatives to promote solar, wind, and hydro power as well as an ongoing departmental drive to study climate resilient. She said that such initiatives would "lose steam" if words were banned, and feared the department might instead "bring bad energy to the department". 'CON JOB' Since taking office in January 2017, Trump's administration is working to minimize or reduce the use of climate change-related terms and issues across all federal agencies. Experts in data say that climate information on official websites has been altered or removed. The Environmental Protection Agency, for example, is reversing a longstanding conclusion that greenhouse gases are harmful to the public's health. The administration also deletes and minimizes reams and reams web pages and data related to environmental justice and other issues. In a speech to the United Nations, Trump called climate change "the biggest con ever perpetrated against the world". He said that "all of these predictions, made by the United Nations, and others, for many bad reasons, are wrong." "They were made stupidly by people who have destroyed their countries' fortunes and robbed them of any chance to succeed." The scientific community is unanimous in its belief that human activity is accelerating global warming and is detrimental to public health.
German drywall manufacturer Knauf fails in its bid to sell Russia business
The German-owned Knauf Group, a family-owned construction material manufacturer, announced on Tuesday that its attempts to sell off its Russian business, which have been ongoing since April of last year, failed.
In a press release, the family-owned business with sales of about 18,20 billion euros (15.6 billion euro) said that a prospective buyer who was not named had abandoned talks.
The business will continue to be run separately by local management in Russia "in full compliance" with sanctions, it said.
Knauf, which makes gypsum board, drywall and insulation slabs said that in April 2024 it was working to complete a deal to leave Russia. It has more than 4,000 workers and businesses there, including extraction of raw materials, manufacturing, and sales.
The EU is looking for ways to increase its support for Ukraine, and countermeasures for Russia's attacks on its neighbouring nation.
The work includes the use of frozen Russian assets in the West for Ukraine's defence, reconstruction and reconstruction following Moscow's invasion in Ukraine in 2022. Reporting by Ludwig Burger Editing Madeline Chambers
(source: Reuters)