Latest News
-
The greening of the British car market is a result of the EV switch, according to an industry body
The industry body SMMT announced on Friday that British drivers are changing their colour preferences as they switch to EVs. Green-tinted vehicles sold in 2025 will be the highest volume in over 20 years. The colour of a car is not a good business indicator, but it can be influenced by changing tastes. These tastes have narrowed in recent years to plain shades or?grey. This prompted Fiat CEO Olivier Francois to launch a campaign to promote more cheerful tones in 2023. The EV trend has taken on a whole new meaning. The SMMT reported on Friday that British motorists associated the color green - with the country's drive to decarbonise - by buying 99,793 green cars last year. This was 46.3% higher than 2024, and represented almost 5% in total sales. Last year, electrified vehicles - whether battery-electric, plug-in hybrid or hybrid-electric - achieved a market share in the UK of more than 48%. This was aided by a national program?which aims for net zero emissions by 2035. The SMMT reported that sales of green-tinted batteries-electric vehicles nearly doubled, to 23,249 units. In a press release, SMMT Chief Executive Mike Hawes stated that manufacturers are?responding' by expanding their model ranges and colours. Grey, however?remained the most popular color for the eighth year in a row, followed by blue, white, and black, the colour of choice for executive cars. (Reporting and editing by Louise Heavens, Alessandro Parodi)
-
Sources say that Governors will be at the White House this Friday to unveil a sign to reduce power prices.
Two sources familiar with the situation have confirmed that governors of states in the United States experiencing a rapid increase in data center construction are expected to visit the White House this Friday, and sign an agreement with Trump's administration to reduce rising electricity prices. The agreement sets price caps on future auctions for the PJM grid, which covers 67 million people across the mid-Atlantic region and inland states. It also forces new data center operators such as Amazon and Google to pay a larger share of the cost to expand the grid. The White House event is part of President Donald Trump's efforts to combat consumer price inflation that threatens to undermine Republican support ahead of the November mid-term elections. Sources who weren't authorized to comment publicly on the matter said that the governors would be drawn from the 13 states in the PJM -grid. This grid is experiencing a rapid rise in the construction of data centers. Sources confirm that the list includes Democrats Josh Shapiro from Pennsylvania and Wes Moore from Maryland, as well as Republicans Mike DeWine from Ohio?and Glenn Youngkin from Virginia?. The White House and representatives from the governors’ offices did not respond when asked for comments. A PJM spokeswoman said that grid operators were not planning to attend. BACKLASH RESULTS FROM RISING POWER BILLS The demand for artificial intelligent is driving the construction of data centers, which are large consumers of electricity. The sources say that a number of guiding principles for how PJM will operate will be revealed at the 'event. These include expediting the interconnection between power plants so PJM can meet the soaring demand for electricity. The sources said that the event will also include a call to activate PJM's reliability backstop option in order to create a new auction for new generation. Over the past year, rising power bills in PJM’s region sparked a political backlash and some governors threatened to abandon the regional network. Nine state governors sent an 'open letter' to the PJM Board of Managers last summer criticizing the grid operators for not addressing an escalating energy affordability crisis. U.S. On Thursday, U.S. Van Hollen stated in a release that "Americans already struggle to make ends meet and they shouldn't be forced to pay for the massive expansion of big corporations' data centers." Reporting by Jarrett Renshaw and Tim McLaughlin, Boston; editing by Jamie Freed.
-
First Quantum supports Panama's plan for stockpile processing to be allowed at a closed copper mine
First Quantum Minerals, a Canadian mining company, welcomed the plan announced by Panama's President Jose Raul Mulino earlier this month to allow for the processing and removal of ore stockpiled at its closed Cobre Panama coppermine. The company stated that processing the ore stocks will allow them to mitigate environmental and operational risks associated with acid-rock drainage, and to ensure a supply of feed materials to the leftovers or 'tailings' management facility. First Quantum awaits formal approvals before implementing these 'activities' in coordination with the government of Panama. The mine Cobre - Panama, the largest open-pit deposit of copper in the world, closed its doors to local residents after protests over environmental impact and tax contributions. In a press release, the company stated that the processing of stockpiles does not constitute the reopening of the mine and will not involve any new drilling or blasting. First Quantum and Panama both suffered a financial impact when the mine closed. Mulino said earlier on Thursday that the government hopes to reach a decision by June on the future of copper mine. (Reporting from Bengaluru by Pooja menon; Editing by Sahal Muhammad)
-
Israel's strikes on Gaza have killed 10, including Hamas and Islamic Jihad leaders
Local sources report that a Hamas senior leader, a Hamas policeman and a militant from Islamic Jihad were among the 10 people who died in an Israeli strike on Gaza. Local medics and residents confirmed the death of Ashraf al-Khatib, a senior Islamic Jihad operative in Nuseirat. A Hamas officer was also killed in Gaza City. Hamas sources said local commander Mohammed Al-Holy had been killed earlier in the day in Deir al-Balah. The Israeli military didn't immediately respond to inquiries about the incident. Hamas has condemned the attacks on the Al-Holy Family in a public statement, but did not mention Mohammed or his role within the group. Israel was accused of violating a ceasefire agreement in place since October and trying to "reignite" the conflict. Officials from the Department of Health confirmed that one 16-year old was among those who died. The Israeli strikes come a day after the United States announced that the second phase of the ceasefire agreement had begun on Wednesday. Israel and Hamas are far apart on major issues and have blamed each other for violating the ceasefire. Since the ceasefire came into effect in October, more than 400 Palestinians as well as three Israeli soldiers were reported dead. Israel has ordered the residents of Gaza to leave more than half of Gaza, where it still has troops. More than two million Gazans now live in damaged or makeshift buildings, in an area where Israeli troops are no longer present. Hamas is in control. On?Tuesday, the United Nations Children's Agency said that more than 100 children had been killed in Gaza since the ceasefire. This includes victims of quadcopter and drone attacks. Israel began its operation in Gaza after an attack in October 2023 by Hamas-led militants that killed 1,200 people according to Israeli statistics. According to the health authorities of Gaza, Israel's attack has left Gaza in ruins and killed 71,000 people. Reporting by Nidal al-Mughrabi, Writing by Pesha Magd, Editing by Peter Graff & Alistair Bell
-
Brazil closes Sigma Lithium waste heaps due to safety concerns
According to documents obtained by the. Sigma continues to struggle to restart Brazil's largest lithium mine with a capacity of 270,000 tons of lithium concentrate per year. The documents indicate that it has not been active since October. Sigma said in a press release that the restrictions would not impact its ability to continue operations or affect its timeline for restarting production. The miner said that there were no safety risks, and the piles contained only soil. In a statement the ministry stated that the piles are still a concern despite the closure. It added that an erupted waste pile could spill over nearby homes or into the Piaui River. SHARES DROP AFTER DOWNGRADE In November, during a conference call to discuss earnings, the company said that production would resume in the mine within two or three weeks. Bank of America downgraded shares of the company last week, when the mine was still 'non-operational'. They cited a lack of clarity about the date of production. Their assessment sent shares plummeting 15% in just one day. The Toronto-listed company announced on Tuesday that it is advancing with its plan to restart production. On December 5, the Labor Department issued a decision that the piles would be closed to access. They rejected the appeal of the company on Tuesday. Sigma is unsure if it could produce lithium in the Grota do Cirilo, its sole productive asset, if the miner did not use the three prohibited heaps where they stack waste after processing. Documents show that Sigma informed inspectors of the "significant economic and operational impacts" of losing access to the piles, as well as the risk to the continuation of mining activities. INDUSTRY LEADER NOW IN TROUBLE Sigma, once the largest player in Brazil's fledgling industry for lithium, has been struggling with lower lithium prices since 2023 and difficulties expanding its mining operations. Sigma has also had a tiff with Calvyn Gardner's ex-husband, the current CEO Ana Cabral. Gardner has filed a lawsuit against the company for mining rights, and expressed concerns about safety in Grota do Cirilo. According to a Labor Ministry report, Sigma must present documentation proving that it has corrected the issues identified by inspectors before they can resume using the prohibited waste piles. On November 12, a labor inspector visiting the mine site reported a "partial fracture" of one of a piles near an?academy in the small village of Poco Dantas. He cited this as evidence of structural problems. In a report dated January 6, a labor inspector dismissed Sigma's claim that the piles were safe. Sigma has confirmed that the piles meet the safety standards established by the authorities. It is showing this to the Ministry. (Reporting and editing by Brad Haynes, Rod Nickel and Fabio Teixeira)
-
South Africa's Kruger National Park shuts after severe floods
Authorities in South Africa closed Kruger National Park to day visitors on Thursday after heavy rains caused a number of rivers to burst their banks. South African National Parks stated that tourists already staying in lodges within the park could stay there, except for areas around the Letaba?river, which were evacuated. The TV footage showed a vast area of the park being submerged in fast-flowing floodwater, with hippos swimming and trees poking through. Roads were closed. Climate change has made storms in Indian Ocean, which is adjacent to southeastern Africa, more powerful. This has led to more flooding in this region. Reynold Thakhuli, Kruger's spokesperson, told reporters on the spot that the water was moving fast. The road had been closed and half-submerged in water. Authorities had also shut down the Phalaborwa Gate, near the Kruger Airport. We'll shut it down for 24 hours to?monitor the situation." He said: "We're not worried about the animals" because they tend to move higher up in such situations. South African tourist Gerhard Ackerman was sitting on the veranda overlooking the flooding with a glass of wine in his hand. He said, "It is God's way to put water back in the earth." "We are enjoying it." (Writing and editing by David Gregorio; Tim Cocks).
-
NATO Secretary General: Zelenskiy discussed Russia's attacks with NATO Secretary general
Mark Rutte, NATO Secretary-General, spoke with Ukraine President Volodymyr Zelenskiy Thursday about the latest Russian attacks in Ukraine that have caused widespread power outages. "Spoke to @ZelenskyyUa on the energy situation in Ukraine. Russia's attacks are causing horrific human suffering. Also,?on ongoing efforts to end the war." Rutte wrote on X Thursday. "We are committed to ensuring that Ukraine receives the 'crucial support it needs to defend itself today and secure a lasting peaceful future." Zelenskiy reported that he and Zelenskiy discussed "serious issues" raised by the recent Russian strikes, as well as the need to strengthen Ukraine's air defenses. Zelenskiy wrote on Telegram that he hoped the amount of supplies sent to Ukraine by its European allies through PURL (Prioritized Ukraine Needs List) would increase in January. Zelenskiy stated that "considerable progress" had been made in diplomatic efforts to resolve the war, which has lasted for nearly four years. He also pledged to not "ease up the pace". (Reporting and editing by Benoit van Overstraeten, Ron Popeski, and Sudip Kar Gupta)
-
Gold falls as US job data boosts the dollar and Trump's rhetoric on Iran is softer
Gold prices fell on Thursday, as weaker than expected U.S. weekly jobless claims data increased the dollar. U.S. president?Donald? Trump's more moderate tone towards Iran also weighed on the demand for gold as a safe haven. As of 01:30 pm, spot gold was down by 0.1%, at $4,614.93 an ounce. ET (1830 GMT). On Wednesday, gold reached a new record of $4,642.72. U.S. Gold Futures for Delivery in February settled at $4,623.70, a 0.3% decrease. The dollar index rose to its highest level in December 2, and bullion became more expensive for overseas buyers, according to data showing that new claims for U.S. unemployment insurance unexpectedly dropped last week. "Recent data keeps expectations for Fed on hold for perhaps the first half of the year. The dollar index is at an all-time high, and this is causing a little headwind for gold at this point," said Peter Grant. Trump said Wednesday that he has no plans to terminate Jerome Powell, despite an investigation by the Justice Department into the Federal Reserve Chair. However, it is "too soon" to predict what he will do. Trump has called for interest rate cuts, but the Fed is expected to keep rates steady at its meeting on January 27-28. The markets, however, expect at least two 25 basis-point rate cuts later in the year. Trump said that he was told the killings were easing in Iran's crackdown against protests and that he did not see any immediate plans for large-scale executions. This is a sign of a wait-and -see attitude after previous threats of intervention. Grant stated that easing geopolitical pressures had a slight impact on gold prices. However, he viewed the move of gold as a corrective one and predicted traders would treat any downturns as opportunities to buy. Gold is a safe-haven asset that tends to do well in times of economic and geopolitical uncertainty as well as low interest rates. Adam Glapinski, the governor of Poland's central banks, said that by 2025 they will have 550 tons gold and want to increase their reserves to 700 tonnes. Silver spot fell 0.3%, to $92.50 an ounce. It had earlier reached a session high of $93.57. The spot platinum price fell 0.8%, to $2,404.18 an ounce. Palladium remained at $1,826.32 an ounce. (Reporting and editing by Sharon Singleton, Shalesh Kuber and Anmol Choubey from Bengaluru)
Silver trade crowded as retail investors pour record amounts of cash into the market
Vanda Research published a report on Thursday that stated individual investors are buying silver at such an accelerated pace, it's now the most popular commodity in the market. Vanda Research calculated that individual investors bought $921.8 in exchange-traded funds backed by silver, such as the iShares Silver Trust. iShares ETF saw retail purchases of $69.2 million on Wednesday. This was the second largest day for retail purchasing, after 2021 when retail investors drove prices sky high. The ETF has gained 31.3% this year, and 210.9% over the last 12 months. Silver has reached new heights. Silver prices rose to $91.90 per ounce on Thursday afternoon. This is up from $72.62 in the first year of trading, but still below the intraday record of $93 set by LSEG.
The MSCI Select Silver Miners Index, which tracks the stock prices of mining firms with shares that are particularly sensitive to changes in metal price, has surged by 225% over the past 12 months. The 2021 silver bull market was part of a larger retail speculative boom, which included meme stocks such as GameStop and AMC Entertainment. Vanda says that this time there are concrete reasons for the rally.
Vanda said that this is not just a speculative bet, but a "structural accumulation" that has now exceeded the heights reached by the 'Silver Spike 2021'. It is now time to consider silver as a "core macro-trading asset" rather than a mere speculative investment, Vanda said.
Some people are more cautious.
Kathy Kriskey is the head of Invesco's alternative ETF strategy. She said, "We have waited for 45 years to see silver break above $50 per ounce. Now we've seen its price zoom past $80 an ounce in less than 3 months." (Suzanne McGee, Providence RI. Editing by David Gregorio.)
(source: Reuters)