Latest News
-
Argentine Treasury burns dollars to defend the peso, as US aid talks loom
The Argentine Treasury is quickly depleting its dollars reserves to defend the Peso. This has strained financial markets Wednesday, as funds from an agricultural exporters' special agreement are running low just weeks before midterm election. According to traders, the Treasury (under the Economy Ministry) has sold about $2 billion over the past few sessions in order to stabilize the peso. The ministry doesn't report publicly its market activities. The Treasury's holdings of hard currency have been rapidly depleted by the interventions. Portfolio Personal Inversiones reported that dollar deposits at the central banks have fallen from $1.44 billion on Friday to only $680 million. This means the intervention capacity is limited to "a few days" at this pace. According to Wise Capital, the Treasury has sold over three quarters of the hard currencies it raised through the export scheme. The government announced that it would be implementing a new plan for the end of last month. Export taxes suspended On grains and their products. In just a few short days, traders had committed to sell $7 billion of crops to China, mostly soybeans. The deal brought in a lot of cash, but it has also fueled tensions between Washington and Beijing, since U.S. Farmers are locked out of the Chinese Market due to a tariff dispute. Pressure is increasing ahead of Argentina’s legislative elections, which will take place on October 26. The libertarian president Javier Milei’s administration will be put to the test. Luis Caputo, the Economy Minister in Washington, is negotiating with a potential agreement to calm the markets. Currency swap of $20 billion deal. Deal. Kristalina Georgieva, Managing Director of the IMF The fund works closely with the U.S.A., World Bank and Inter-American Development Bank in order to develop an assistance package for Argentina. The wholesale peso remained at 1,430 dollars per peso on Wednesday. However, the parallel rate for sending money abroad rose to 1,556 dollars per greenback. This increased the gap in exchange rates to almost 9%. Most economists agree that the current strategy of intervention is only a temporary solution until the elections. After the elections, a new and more liberal foreign exchange regime is expected, but its implementation will depend on the results of those elections and whether or not they are backed financially by the United States. On asset markets, the average price of sovereign bonds fell by 1%. The S&P Merval index, on the other hand, reversed its early losses and closed up 1.42 percent. Aluar shares jumped by 2.93% following the announcement of the government. Temporarily suspended Tariffs on metal exports. Walter Bianchi, Buenos Aires. Additional reporting by Rodrigo Campos, New York. Editing by Margueritachoy and David Gregorio.
-
The EU Parliament is planning to further reduce the sustainability law
According to lawmakers and officials, the majority of the European Parliament's member groups reached an agreement late Wednesday night to further cut the EU's Corporate Sustainability Law. Last year, the European Union adopted the Corporate Sustainability Due Diligence Directive (CSDDD), which requires companies to address human rights and environment issues in their supply chains or face fines up to 5% of their global turnover. After a backlash from Germany, France, the United States, Qatar and Exxon Mobil, Brussels is now working to simplify the rules. Jorgen Warborn is the EPP member leading the negotiations. He said that a key change would be to limit the application of the rules to companies with at least 5,000 employees and a turnover of 1.5 billion euros ($1.74 trillion). CSDDD currently covers companies with 1,000 employees or more and above 450 millions euros in turnover. Warborn stated, "I am focused on ensuring that we bring Europe back to growth so that we can create more jobs and long-term prosperity." Brussels has said that changes are necessary to prevent companies from being overburdened with reporting requirements. The law is due to come into effect in 2027. However, campaigners and companies have warned that the EU could undermine corporate accountability. Initially, the socialist lawmakers were against the plan, but they agreed on Wednesday after the EPP said it would strike a deal instead with far-right legislators and weaken law even further. A spokesperson for the Socialists & Democrats said, "This compromise isn't our preferred option, but the alternative would have been a worse EPP deal with the extreme right." In response, Dutch Socialist legislator Lara Wolters announced that she had resigned from her position as the group's chief negotiator. Un official of the liberal Renew party confirmed that it also supported the agreement. The three groups of legislators hold the majority of seats at the EU Parliament. The EU Parliament will vote later this month on the agreement, before the EU negotiates the final changes to law. $1 = 0.8601 Euros (Reporting and editing by Kate Abnett)
-
Dolly Parton: 'I'm not dead yet', after her sister raised alarm
Dolly Parton reassured fans on Wednesday about her health after her sister's comments fueled concerns that the Grammy-winning country singer was near death. Parton, aged 79, captioned an Instagram video with "I ain’t dead yet." Do I look sick to You? The "9 to 5" singer smiled as she said, "I'm working really hard here." She was on a set filming commercials at the Grand Ole Opry. She wore a black top and black fringed pants with a red blouse. Parton announced recently that she would be postponing her Las Vegas shows due to unspecified health concerns. Freida, Parton's sister, posted on social media this week that she had "prayed all night" for the singer. Later, she said that "she didn't mean for anyone to be scared or sound so serious." Parton admitted in the video that she neglected her health while her husband Carl Dean was ill and died, as Parton explained. She said she was working with doctors on some issues. "I want to let you know that I am OK." She said that she had some minor problems, but nothing major, and added, "I am not dying." Parton, a Grammy Award-winning singer, has appeared in films such as "Steel Magnolias," "The Best Little Whorehouse in Texas," and others. In November, she will receive an honorary Oscar.
-
Sport Positive Awards for Real Betis, FIS and Liverpool
Sport Positive Awards were announced at a two-day summit on sports sustainability. The winners included Premier League champions Liverpool, and Real Betis of Spain. Real Betis won the Best Campaign Award for its project Sin Azul No Hay Verde, which is a campaign that says "Without Blue There Is No Green". The winners of 12 categories have been announced at the Sport Positive Summit, a two-day event in London in collaboration with United Nations Framework Convention on Climate Change (UNFCCC) and the International Olympic Committee. Claire Poole, founder of Sport Positive, said: "These winners are a great example of what is possible when sport becomes a force for positive change." As climate impacts increase, their bold actions, innovation, leadership, and are not only protecting sport's future, but also delivering a positive outcome for communities and planet. Over 500 leaders of the sport industry from the biggest events, franchises and NGOs in the world gathered for a discussion on how to make the industry more sustainable and environmentally-friendly. Climate change is affecting sport more and more. This year's FIFA Club World Cup was impacted by intense heat and thunderstorms in the United States, and the Wimbledon Tennis Championships experienced their hottest opening day ever. The warming climate is also threatening to close traditional Alpine ski resorts, while Thomas Bach, former IOC President, said that only 10 countries may be able to host a Winter Olympics in 2040. The International Ski and Snowboard Federation, in partnership with Green Producers Club developed a CO2 calculator designed to assist snow sports stakeholders measure and manage greenhouse gas emissions. This tool won the category award for Inspired Innovation at this year's Sport Positive. Susanna Siff, Director of Sustainability at FIS, stated that the tool is a living one, constantly evolving and improving based on feedback from users. "We didn't simply win the award, but we also developed a tool that can be adapted to better serve our community and reduce carbon emissions." Red Way, Liverpool's ESG (environmental, social and governance) strategy launched in 2021 has helped to increase match-day recycle from 20% up to 90% and reduce carbon emissions by 15 percent. Real Betis’s Sin Azul No Hay Verde, part of LaLiga’s Forever Green Initiative, has raised public awareness of an invasive Asian alga along the Andalusian coastline -- a direct result of climate change. The campaign was centered around the release a special edition football shirt that incorporates textile fibres from algae. Sport Positive said that Real Betis had demonstrated the power of sport to promote environmental responsibility by integrating sustainability in the areas of brand identity, merchandising and community engagement. The other Sport Positive award recipients included Cricket for Climate (a collaborative movement founded and led by Australian Test Captain Pat Cummins); Kicking for Nature (a Brazilian non profit Taekwondo program promoting environmental responsibility); and Logan Waddle who received the Trailblazer Award for his sustainability initiatives in the Indianapolis Motor Speedway as well as across the INDYCAR series of the United States. The Biodiversity Award went to the Ulster GAA Sporting Nature Project, which helped over 30 community clubs create wildlife habitat in Northern Ireland. This included planting trees and wildflower meadows.
-
US delays Wyoming coal lease auction after Montana auction disappointment
A spokesperson for the Interior Department said that, two days after a disappointing Montana auction, the Trump administration had postponed an auction of coal leases scheduled to take place on federal land in Wyoming. According to contingency plan published last week, the Bureau of Land Management (a division of Interior) was expected to continue processing permits and leasings for oil and gas operations and coal during the shutdown. Wednesday morning, a sale of 3,508 acres federal coal reserves located in Wyoming's Campbell County and Converse county was scheduled. The lease area has 365,000,000 tons of recoverable coking coal. Interior announced that it would announce a new sale date but did not provide a reason. BLM conducted a lease auction for 1,262 acres of land in Big Horn County, Montana, on Monday. The Navajo Transitional Energy Company bid, which runs the Spring Creek Mine nearby. The bid of $186,000, for a lease containing an estimated 167.5 millions tons of recoverable coking coal, is less than one penny per ton. The Interior Department blamed former Democratic Presidents Joe Biden, and Barack Obama for the lack of interest in the industry. The Interior Department stated that "we would have preferred to see a stronger participation but this sale reflects lingering effects from Obama and Biden’s decades-long war on coal, which aggressively tried to end all U.S. domestic coal production and undermine confidence in the U.S. industry." "Fortunately, Trump and his Administration have rebuilt trust between the industry and the government as part our larger effort to restore American Energy Dominance." Obama and Biden have tightened the environmental regulations for coal in order to reduce climate change and pollution, as well as encourage a shift to renewable energy. BLM has yet to accept the NTEC bid, because it must first determine if it represents fair market price. NTEC had claimed in documents of sale that the fair market price of coal should be near the minimum bid required by law of $100 per acre. The company has not responded to any requests for comment. Donald Trump has promised to revive coal leases on federal land to fuel the country's rising electricity demand linked to artificial intelligence. (Reporting and editing by Nichola Craft; Nichola Groom)
-
The film aims to show King Charles' views on nature, which were once mocked by the public, became mainstream.
The British King Charles said that he had been considered "rather dotty", for his concern over environmental damage in the past. A documentary film will chart the spread and acceptance of views that were once considered eccentric. In the early 1970s the 76-year old monarch spoke out about the dangers posed by "indestructible containers" and pollution caused by "endless automobiles and planes", long before the topic of protecting the environment became mainstream. The film's director Nicolas Brown stated that "remarkably few people in the world are aware of the depth of The Kings lifelong struggle to bring nature and mankind into harmony." The film "Finding Harmony - A King's Vision", will examine Charles' history and his belief that nature was at the heart of human well-being, as well as the urgency of protecting it. The film will be released in early 2019 as a counterweight against the scepticism expressed by U.S. president Donald Trump about environmental issues. The film will showcase Charles' projects in India, Guyana and his Highgrove home and Dumfries House. These are part of The King's Foundation. "Nature sustains us - we're a part Nature." Charles stated in a statement released by the charity that "what we do to Nature, we also do to ourselves". Both of his sons have been inspired by his environmental activism. Prince William, the heir to the throne, set up the Earthshot Charity, which offers prizes of millions of pounds to fund environmental technologies. Prince Harry, his younger brother, champions conservation, wildlife and animal causes. Amazon Prime Video will host the film, which marks the latest step by the royals to embrace global platforms. William had appeared earlier in October on an Apple TV program, and Harry, who has no longer been a royal working, is under contract with Netflix.
-
Silver reaches a new record, riding on the coattails of gold
Silver prices reached a new record on Wednesday. This was boosted by the bullish gold market and investor demand for hard assets in an environment of persistent geopolitical, economic and political risks as well as expectation of U.S. rate cuts. Silver spot reached a new high of $49.57 an ounce. Silver, a precious metal and an industrial metal, has seen a 70% increase in value this year. It is on track to have its best annual growth since 2010. On Wednesday, gold, which is traditionally considered a safe haven during periods of uncertainty, surpassed the $4,000 per ounce mark for the first-time, while the price of copper briefly reached a 16 month high. Zain Vawda is an analyst at MarketPulse, by OANDA. He said that there are also cases where retail traders have used silver as a "safe-haven" bet, which has increased the demand and supported a rally in price. Silver could reach $55/oz in the next few months, given the structural deficit and the strong industrial tailwinds. After this year's massive inflows into the COMEX owned warehouses in the U.S., tight liquidity on the London spot market is providing another layer of support for silver. . The first reason for these deliveries was to avoid the U.S. import tariffs in April, which silver avoided. This concern led to unusually large differences between London spot prices and New York CME futures, the exchange for Physical or EFP markets. The New York premium made it profitable for gold and silver to be moved to New York," HSBC's James Steel wrote in a note. Silver's inclusion in a draft list for critical minerals in the United States has sparked speculation about potential tariffs. COMEX stocks reached a record last week. According to the LBMA, at the end of September there were 24,581 metric tonnes of silver in London vaults. This is down 0.3% compared to August and valued at $36.5 Billion. It takes 82 ounces to purchase an ounce gold Silver has caught up to the price of gold, compared to 105 in April. Matthew Piggott is the director of metals at Metals Focus. He said that silver underperformed gold in mid-year, as the ratio gold-silver went up to 100. Trade concerns reflected silver's industrial role. Silver will continue to rise and surpass $60 in 2026. Prices are supported by macroeconomic and financial factors, but also by the strong demand for technologies like photovoltaics and electronic devices. Morgan Stanley noted that, similar to gold, silver also saw a rise in the inflows into physically-backed exchange-traded silver funds (ETFs). It also enjoyed a strong industrial demand due to increased solar installations in China between January and May. Silver ETFs have room to grow, but they could begin to lag behind gold, as solar demand is expected to slow.
-
Ford F-150 Lightning plant affected by aluminum fire-related closure, says union official
Ford Motor will stop production at its Dearborn, Michigan plant next week, which makes the F-150 Lightning electric pick-up. A union official says the change is due to the devastating fire that occurred at an aluminum supplier's New York factory. According to analyst estimates, the fire that occurred on September 16 at Novelis's plant will disrupt Ford's F-150 production for several months and could cost $1 billion to its bottom line. In a memo sent to workers, the Rouge Electric Vehicle Center will be closed next week. Nick Kottalis confirmed that the fire at the Dearborn Truck and REVC was the reason for the shutdown. Ford refused to give specifics about any production changes. Stocks of the automaker fell by about 6% Tuesday after news broke of the fire. Ford shares closed Wednesday's trading session 1.5% lower at $11.74. Ford has been using an aluminum-based body for its F-150 pickup truck since more than 10 years ago to reduce vehicle weight. The company produces F-150s and Super Duty models in Kentucky, Michigan and Ohio. The automaker refused to comment on whether or not any changes in production were planned for these locations. Novelis is among the many aluminum suppliers that Ford has. Ford has worked closely with Novelis since the fire almost three weeks ago. A full team is dedicated in exploring all options to minimize disruptions. In recent weeks, EV sales have soared as buyers rushed to get a good deal before the federal tax credit of $7,500 expired on September 30, causing a surge in EV purchases. Ford sold 10,000 F-150 Lightnings in the third quarter. The company calls it the most popular electric pickup truck in the U.S. Ford CEO Jim Farley said recently that he expected EV sales would fall by about half of their record levels in August and September without the credit. (Reporting and editing by Matthew Lewis in Detroit, Nora Eckert)
Brazilian Rare Earths sells feedstock to Carester
Brazilian Rare Earths, a company listed in Australia, announced on Thursday it had signed agreements with Carester SAS to supply heavy rare earths for an initial period of 10 years.
Carester will provide engineering and technical support for the separation plant that Brazilian Rare Earths plans to build at the Camacari Petrochemical Complex in Bahia, Brazil.
Over a ten-year period, the processor will purchase a maximum 150 tonnes of dysprosium or terbium per year from Brazilian Rare Earths.
The partnership is designed to address the shortage of the critical minerals dysprosium (as well as terbium), which are essential to the production of permanent magnets with high performance. It comes at a moment when the west wants to reduce its dependence on China's dominant supply chain.
Carester is, for example, building a rare-earth separation and recycling facility that has received over 216 millions euros ($251.25million) in funding from the French Government and Japanese entities.
Carester's technical expertise and downstream capabilities will allow us to quickly convert our rare earths of ultra-high quality into the essential products that customers demand. said Bernardo da Veiga, CEO of Brazilian Rare Earths.
It is becoming more urgent to diversify the supply chain, as China continues to control a large portion of critical minerals that are vital for industries such as electric vehicles, robotics, and national defense. Reporting by Nichiket in Bengaluru, editing by Shailesh Kumar.
(source: Reuters)