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Cambodia uses obscure UN processes to resolve maritime dispute between Thailand and Cambodia
Cambodia has been relying on the little-used UN arbitration procedure known as "compulsory reconciliation" to settle a long-running maritime border dispute with Thailand. It is hoping that this will resolve the dispute and allow it to unlock potential oil and natural gas resources worth billions of dollars. What is the CAMBODIA - Thailand dispute about? Since more than 25 years, Cambodia and Thailand both claim about 26,000 square kilometers of?sea? in the Gulf of Thailand. It is estimated that the disputed maritime belt contains nearly 12 trillion cubic foot of natural gas, and large quantities oil worth about $300 billion. In 2001, the Southeast Asian neighbors signed a pact to create a framework for jointly exploiting the energy resources of the "overlapping claims zone". Thailand's government unilaterally ended the agreement with Cambodia last month, fulfilling an election promise made by Thai PM Anutin Charnvirakul. This was after two deadly rounds of conflict along a disputed border in last year. WHAT IS COMPULSORY conciliation? The Cambodian government announced on Tuesday that it has launched a mandatory conciliation process in accordance with the UN Convention on the Laws of the Sea. A compulsory conciliation is an alternative dispute resolution method that can be initiated by any signatory of the convention against another. The Conciliation Commission is a group of five members that each country nominates two conciliators to. The commission will investigate the facts and legal position of each country to provide a set non-binding recommendation, which is also sent to the UN Secretary General in a separate report. Has it been used before? East Timor (also known as Timor Leste) has been the only country to use this UN-backed mechanism in order to resolve a long-standing maritime dispute with Australia. East Timor officially started the process by sending a notification to Australia on April 11, 2016. Australia agreed a few weeks later to join the process. Early March 2018, after less than two years' worth of negotiations, two countries signed an agreement on maritime boundaries at the UN Headquarters, in front of the UN chief. What is next in the process? The Cambodian Foreign Minister, Prak Sokhonn has been delegated to act as the country's?agent in the proceedings. Peter Taksoe-Jensen, a Danish diplomat, and Jean-Marc Thouvenin, a French academic, have also been appointed to the Conciliation Commission. Taksoe Jensen was the chair of the commission which conducted the negotiations between East Timor, Australia and the Danish diplomat Peter Taksoe Jensen. According to a statement from the Cambodian government, Thailand has 21 calendar days to name its?conciliators. If they fail to do so, Cambodia may request that the UN Secretary-General appoints them in Bangkok's place. Anutin, Thailand's Anutin, said that he did not know that Cambodia had initiated the mandatory conciliation process. He added that his government would use UNCLOS principles for its next actions. He told reporters that Thailand hasn't yet decided when it will move forward. The commission must choose a chairperson in 30 days after four members are appointed. (Reporting and editing by Josh Smith, Kate Mayberry and DevjyotGhoshal)
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Iron ore prices fall due to a weak steel market and dwindling margins
Iron ore fell on Wednesday due to a thinning of steel margins and a seasonal decline in demand from the top consumer, China. As of 0309 GMT, the most-traded contract for iron ore on China's Dalian Commodity Exchange dropped 0.57%, to 780 yuan ($115.27), per metric ton. As of 0259 GMT, the benchmark July iron ore traded on Singapore Exchange fell 1.22% and was at its lowest level since April 15, $103.95 per ton. In a post on WeChat late Tuesday, the steel association, a state-backed organization, said that the steel market had entered its traditionally low demand season sooner than usual. Rain and high temperatures can limit outdoor construction, reducing the demand for steel. "Downstream consumption of steel has been hit as the buying appetite has declined, putting pressure on?steel prices and feedstocks," said Xin?Ge, deputy director at consultancy Lange Steel. Steelmakers should prioritize controlling production, lowering inventories, and reducing the mismatch between supply and demand. Ge Lange, Lange's Ge, said that the rising price of coal after the mine disaster has impacted on steel margins and reduced interest in buying feedstocks. Prices of iron ores rose on Tuesday after the state buyer, China Mineral Resources Group (CMRG), told domestic steelmakers to avoid negotiating with Australia's Fortescue over a new product. This triggered speculation about a potential ban?on purchases. Analysts and traders have downplayed any immediate impact on the price. Coke and coking coal, two other steelmaking ingredients, traded in a mixed manner. Prices of coking coal have increased by 16% since the mine accident that killed a number of miners in late May. The benchmarks for steel on the Shanghai Futures Exchange were mostly lower. The rebar price fell 0.06%. Hot-rolled coils dropped 0.15%. Wire rods dropped 0.41%. Stainless steel rose 0.2%. $1 = 6.7666 Chinese Yuan (Reporting and editing by Ronojoya Mazumdar in Beijing, Amy Lv reporting from Shanghai)
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Republican Miller-Meeks and Democrat Bohannan will face off again in the Iowa congressional race
Mariannette Miller Meeks, a Republican U.S. representative from Iowa's 1st congressional district, won renomination on Tuesday. She will now face Democrat Christina Bohannan in her 3rd general election. Miller-Meeks is a 70 year old physician and three term?House Republican. According to U.S. media reports, Miller-Meeks defeated MAGA Republican David Pautsch. Media projected that Bohannan, a Democrat, had defeated Travis Terrell in order to win her party's nomination. Miller-Meeks is one of the House Republicans who are most vulnerable at a moment when high gasoline prices and unpopular wars against Iran have lowered President Donald Trump's ratings, even among Republicans. Bohannan is a 54-year old law professor and former state legislator from the University of Iowa. She has unsuccessfully run against Miller-Meeks twice. She lost the 2024 election to the incumbent by just 800 votes. Her campaign is focused on expanding healthcare coverage, reversing Medicaid cutbacks from Trump's "One?Big Beautiful Act" and affordability. Miller-Meeks will face Bohannan in November, in a race that analysts have classified as a tossup. According to the most recent documents filed with Federal Election Commission, each candidate has more than $4 million in cash.
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Oil prices rise on Mideast missiles, while AI bulls drive stocks higher
The dollar was on the verge of breaking above 160 yen on Wednesday as new hostilities flared up in the Gulf following the failure of U.S.Iran peace negotiations. U.S. crude futures jumped about 2%, to $95.40 per barrel. The?dollar reached 160 yen and then stopped as traders became 'wary' of possible Japanese intervention at that level. S&P 500 futures fell, but the AI bull ran in Asia continued, with stock indexes reaching record highs in Taiwan, Japan, and other Asian countries. South Korean markets are closed. U.S. Central Command reported that Iran launched missiles against Kuwait and Bahrain. These were either thwarted, or they failed. This prompted U.S. Forces to strike back at Iran's Qeshm Island, in the Strait of Hormuz. The Iranian Revolutionary Guards claimed that they had attacked the U.S. Fifth Fleet Headquarters. Iran and the United States announced last week they had reached an agreement to end the war. However, the two sides are yet to sign off on the tentative deal. Chris Weston is the head of research at Pepperstone Brokerage in Melbourne. Things are more precarious now. This does indicate that people are returning to the table to negotiate with less flexibility to achieve this and I think we're starting to see some of these bets unwound." Bitcoin, which has fallen nearly 10% in just three sessions, hit a two-month low on Wednesday of $66,123. AI led Wall Street indexes to make small gains over night, despite war concerns. Marvell Technology shares soared by 32.5%, reaching a new record high. This was after Nvidia CEO Jensen Huang referred to the chipmaker as the next trillion-dollar company during Computex Week in Taipei. SpaceX is planning to raise $75 billion next week in a massive initial public offering, selling 555.6 millions shares at $135 a share. The benchmark 10-year U.S. Treasury rate was 4.46% on Wednesday morning, despite the bond market rallying through Tuesday. Overnight data revealed that U.S. jobs openings in April increased the most since 2005, which indicates a robust job market. It also shows little evidence of the need for lower interest rates. The U.S. ISM services index is expected later on Wednesday. This will be followed by the labour market data for Friday. Peter Dragicevich of payments firm Corpay said that he believes the U.S. employment report could exceed the downbeat forecasts. If this is true, it could bolster the view that the U.S. Fed may raise interest rates in the future, and the USD might'strengthen.' The markets, who had anticipated rate cuts prior to the Iran War, have already priced in 18 basis points for rate increases in the United States this year. The markets have priced in a hike in Europe this week after data showed that inflation accelerated last month. Traders see a 75% probability of a rise in Japan in June. The foreign exchange market was largely stable, with the euro trading at $1.1627 while the dollar was just shy of 160 Japanese yen (159.86). Data showed that Australia's economy slowed down in the third quarter of this year. A boom in data centers boosted investment in business but also reduced imports. The currency remained stable at $0.7177. (Reporting and editing by Neil Fullick; Tom Westbrook)
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Talks at a standstill in the Iran war as hostilities flare up again
On Wednesday, the Gulf was roiled again by reports of missile attacks against Kuwait. Meanwhile, diplomatic talks between Iran & the United States made little progress. Kuwait's army claimed that its air defenses intercepted hostile missiles and drones, while Bahrain reported a warning siren and advised residents to "go to the closest safe space". The United States claimed it had fired at a tanker heading toward Iran. The?news agency of Iran reported that there were explosions heard near Qeshm Island which is near the disputed Strait of Hormuz. This was just the latest in a series of similar flare-ups. The conflict has been at a standstill for more than three months since the U.S., Israel and other countries launched attacks against Iran. A shaky truce is in place, but the Strait of Hormuz still remains closed to most maritime traffic. Last week, Iran and the United States announced that they reached an initial tentative agreement to stop the war. The two sides have yet to sign the agreement. Iranian media reported that Tehran had not spoken to Washington in several days. However, U.S. president Donald Trump stated that negotiations haven't stopped. He said, in a post on social media, that "the conversations between us had been ongoing for four days, three days, two days, one day, and today." Discussions on Nuclear Program Since mid-March Trump has said that he's close to a agreement which would end the fighting, and allow negotiators the opportunity to address thorny questions such as the future of Iran’s nuclear program. Trump has said that his number one priority is to stop Iran from acquiring nuclear arms. Iran denies that it is working on a nuclear weapon and claims its atomic program is for peaceful purposes. Tehran wants?access billions in oil revenue, waivers for crude exports, the lifting of an American blockade of its ports, and to maintain leverage over the Strait. U.S. Secretary Marco Rubio said to lawmakers on Tuesday that Washington would only agree to a reduction in sanctions if Iran agreed to stop its nuclear activities. Rubio said, "The War is Over," in a heated exchange with Democratic New Jersey Senator Cory Booker, who disagreed. ISRAEL CONTINUES TO IMPLEMENT STRIKES IN LEBANON The war, which began on 28 February, has claimed thousands of lives, mostly in Iran and Lebanon. The war has caused global pain, as it has pushed up energy prices. Iran closed the Strait of Hormuz which was previously used to transport about a fifth of world oil and gas. Israel's deepest incursion in Lebanon since 25 years was sparked by the latest conflict between Israel and Hezbollah. According to?Lebanese sources, Israel continued its strikes on Tuesday on a'string of southern Lebanon towns,' despite the partial ceasefire that was announced by the U.S. on Monday. An Israeli drone hovering over Beirut on Tuesday kept residents on edge. "Each time we return home, there's a warning that we may be displaced again," Faten Al Chehime said, after fleeing her home in Beirut suburbs south on Monday. She had only returned to the area two weeks earlier. MSC, the largest shipping company in the world, announced on Tuesday that two projectiles had struck one of its ships the day before while it was docked at Iraq's Umm Qasr Port. Iran's Revolutionary guards?said that they carried out the attacks in retaliation to a U.S. strike on an Iranian vessel within the Gulf of Oman. UNICEF revealed the wide-reaching effects of this crisis. It said that rising transport costs and disruptions in supply chains were preventing life-saving aid from reaching Gaza, Lebanon and other countries. (Writing and editing by Cynthia Osterman; Andy Sullivan)
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Enel aims to reach agreement with Brazil regulator on Sao Paulo electricity contract
According to the official minutes, Enel, an Italian company, met with Brazil's power regulator last week. The meeting took place amid a dispute over the firm's concessions in Sao Paulo. Authorities are considering revoking approvals due to several outages that have occurred in recent years, during heavy rains. Two sources with knowledge of the matter said that Enel asked for the meeting to be held on Tuesday to find alternatives to the revocation process. Sources said that, although no formal proposal was made, Enel discussed increasing its investments or committing to "conduct adjustments" in Brazil. Enel has changed its approach after meeting Brazil's energy watchdog Aneel. Earlier this year, the company had gone to court in order to prevent the regulator from possibly forfeiting the contract. Minutes show that the topic of the meeting was "possible solutions based on consensus" for the concession. Enel stated in a press release that it had made itself available to the authorities for the evaluation of complementary measures and to make additional investments. The focus was primarily on the improvement of service in the concession area. The 'company, who has stated that it is in compliance with its contract obligations, and does not intend to renounce the concession, filed their 'final defense' last month. They requested a technical expert examine the alleged misunderstandings between the regulator and the?company. Aneel is analyzing Enel’s arguments before deciding if it will propose revoking concession. The government has the final say. The final decision rests with the government.
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CopperTech Metals announces revenue surge in US IPO filing
CopperTech Metals, which is pursuing the Trump administration's push for mineral self-reliance, reported an increase in revenue when it filed for its initial public offering in the United States on Tuesday. The IPO market in the United States has recovered with big names like Elon Musk’s SpaceX, and AI giant Anthropic seeking to go public. Vedanta Resources, the global mining conglomerate, set up CopperTech Metals as a U.S. based integrated copper and cobalt manufacturer to own and run the Konkola Copper Mines located in Zambia's Copperbelt Province. Vedanta has announced that it will launch CopperTech in November of 2025. The company has filed confidential documents to go public the same month. The company wants to take advantage of a structural change in the demand for copper, which is fueled by the growth in data centers and AI infrastructure, as well as economic growth in developing markets. The company intends to invest in exploration across its operating sites and selected international jurisdictions, to support long-term resource development, beyond its production expansion at Konkola. The move comes at a moment when the Donald Trump Administration added 10 minerals to a list that it considers essential for the U.S. national security and economy, including copper. The Administration is expanding its?list in an effort to boost domestic mining, and reduce reliance on imports from China. The?company's Konkola Copper?Mines reported net sales of $1.33 billion for the year ending March 31, 2026. This is up from $398 million a?year ago. The copper producer plans to list its shares at the New York Stock Exchange with the ticker "CUX". Citigroup, Cantor Capital, BMO Capital Markets and RBC Capital Markets were among the underwriters for the offering. Reporting by Pritam Biwas in Bengaluru, editing by Arun K.
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Venezuelan legislator gives initial approval to privatized investment in the electricity sector
The National Assembly of Venezuela approved initially on Tuesday a reform that would allow joint ventures to be created after almost?two decades under state control. The bill is the latest attempt?by a?interim president Delcy Rodriguez who came to power in January following the U.S. removal of her predecessor. She has changed the hydrocarbons laws and mining laws to open up the country's economic system to foreign capital. The U.S. administration is supporting the reforms, which are also backed by President Donald Trump. He has said that his government will revive Venezuela's economic situation to benefit U.S. businesses and Venezuelans. Analysts say that Venezuela's power sector is in a serious crisis because of a lack investment and maintenance. Analysts say that large parts of the country are affected by long-lasting power outages. This affects water and telecommunications. Investors have also been hesitant to move forward on projects due to the lack of reliable electricity. After a first debate, lawmakers approved the 42-article bill. They must now conduct a consultation and hold a second discussion to approve this reform definitively. The draft legislation reviewed by allows the development of the energy sector, including generation, transmission and distribution, to be carried out either by the government, by joint ventures where the state holds the majority stake or by companies with a state minority shareholding. According to the?explanatory _statement that was approved at Tuesday's meeting, "the President of the Republic will have to approve the establishment of any joint-venture and its terms of concession." The reform, if approved, would be a major overhaul of a sector that was nationalized by the late president Hugo Chavez in 2007. In 2010, his government supported a?law reserving the generation, transmission and distribution of electricity to the state. Joint ventures could be extended up to 15 more years under the proposed proposal. Sources told us in May that ensuring a stable supply of electricity is one Rodriguez's highest priorities. However, the cash-strapped nation has not been able to pay suppliers on time, despite its need. Reporting by
Copper falls from two-week highs as investors pause following rally
Copper prices fell on Wednesday, as investors locked-in profits after the metal reached a two week high. However, uncertainty around a U.S. Tariff on the metal limited losses.
As of 0245 GMT, the benchmark three-month price for copper at the London Metal Exchange fell?0.43%. It was $13,980.50 per metric ton. It?touched an over two-week-high and surged beyond the $14,000 mark on Tuesday.
The Shanghai Futures Exchange's most active copper contract gained 0.78%, to 106 820 yuan (15 785.90 dollars) per ton. This is lower than the evening trading high of 107.420 yuan, which was set three weeks ago.
As the June 30 deadline nears, traders said that prices continue to be supported by uncertainty regarding U.S. Copper Tariffs. The U.S. Commerce Secretary is expected to give President Donald Trump an update by June 30 on the domestic copper market, including refined copper, and refining capacities.
Trump signed a Proclamation last week,?amending the tariffs on certain steel, aluminum and copper imports. However, traders claimed that these changes had a little direct impact on refined copper. This move, however, kept the tariff risk front and center for a market already distorted due to expectations of U.S. actions.
The LME's tightening supply also boosted sentiment. A widening premium for Comex copper over that of the LME increased the risk of dislocation.
The LME Cash-to-three Month Copper Discount
As diplomacy between Iran and the U.S. failed to make any progress, and as the Strait of Hormuz was still closed, fresh hostilities in Middle East were a growing concern.
A stronger-than-expected U.S. job openings reading also weighed on metals, supporting ?the dollar and reducing expectations of near-term U.S. rate cuts.
On the LME, aluminium was down by 0.05%, while zinc slipped 0.19%. Lead fell 0.32%. Nickel lost?0.64%. Tin was also down?0.20%.
Aluminium gained 0.22% on SHFE. Zinc rose 1.27%. Lead grew 0.24%. Nickel lost 0.98%. Tin climbed 1.39%.
(source: Reuters)