Latest News
-
Oil prices rise in the Gulf amid confusion and Asian stock markets edge higher
The Asian share market matched Wall Street's gains on Monday, after a weak U.S. employment report reduced the risk of an increase in borrowing costs near-term. However, a lack progress?in Gulf Peace talks led to oil prices?creeping?higher. Iran announced on Sunday that it was nearing the final stages of a deal that would define new shipping lanes for the Strait of Hormuz. However, the Iranian government reiterated that this waterway will only be reopened once the United States meets other conditions. Brent crude increased by 0.9% to $84.32 per barrel, as the shipping volume through this vital waterway was minimal. U.S. crude rose by 0.7% to $79.74 per barrel. Fuel costs are on the rise again, raising the stakes for Wednesday's U.S. consumer price report. Analysts expect a 0.1% increase in the headline figure and 0.2% for the core. A positive surprise could reignite speculation about a Federal Reserve hike next month. Michael Feroli is the chief U.S. economist at JPMorgan. He said that our forecast of core CPI at 0.22% was "probably not firm enough" to trigger a Fed hike at its September meeting. However, repeated readings closer to 0.3% might do the trick. We are looking for a rebound in the prices of core goods after a period of two months where they have fallen. The futures markets has reduced the probability of a move in September to 44% from 67% one week ago. Wall Street closed at new records on Friday as the pullback in interest rate risk helped Treasuries rally. Japan's Nikkei jumped 0.6% Monday while South Korea gained 0.5%. The broadest MSCI index of Asia-Pacific stocks outside Japan grew by 0.3%. DOUBLE DIGIT GROWTH IN EARNINGS In Europe, EUROSTOXX Futures 50 and DAX Futures both fell by 0.1% while FTSE Futures dropped 0.4%. S&P futures fell 0.1% while Nasdaq was little changed after a week of positive earnings reports. Analysts from BofA stated that earnings per share were up 30% over the previous year, even after Alphabet's and Amazon's investment gains had been excluded. The 76% EPS rate was the highest since 2021. In a note, they said: "AI is still the leader, with median earnings growth of 28%, compared to 12% for non AI related stocks. However, consensus expects AI's growth to slow down to 16% in the next quarter." This week's earnings are lower, but semiconductor maker Applied Materials and networking equipment?maker Cisco as well as cloud infrastructure technology provider CoreWeave all have positive results. Bond markets saw yields for 10-year Treasuries a little higher, at 4.673%. The market is bracing itself for $125 billion of new issuance in the coming week. The U.S. Dollar had fallen sharply due to the drop in yields, and a general improvement of risk. Investors are still wary about intervening if the yen falls too low. The drop in yields has helped gold that does not pay interest to hold its $4,342 per ounce price after it had risen more than 7% over the last week. (Reporting and editing by Shri Navaratnam.)
-
Taylor Farms recalls salsa and guacamole over salmonella risk
Taylor Farms announced on Sunday that it was recalling from retailers more than 12 'prepared food items' containing jalapenos. This includes salsas and guacamole. The California-based provider said that it had voluntarily pulled products with jalapeno in them due to a recall by Coast Citrus Distributors. It also stated that it was "no more" sourcing the peppers from a Mexican farmer who?supplied Coast Citrus, while it searches for alternative suppliers. The recall is being conducted as U.S. authorities investigate an outbreak of Salmonella linked to imported jalapeno peppers from Mexico. This outbreak, which began earlier this week, sickened 345 people in 27 states and resulted in 36 hospitalizations. Chipotle Mexican Grill, QDOBA and other restaurant chains have stopped using the peppers. Coast Citrus has recalled and informed customers of the remaining product. Taylor 'Farms has not received any reports of illnesses related to the voluntary recalled products, the statement added. Salmonella infections cause diarrhea, fever and stomach cramps, which can be severe for young children, elderly people, or those with weakened immune systems. The recall is being conducted amid increased scrutiny on food safety following an outbreak of cyclosporiasis, a parasitic disease linked to iceberg lettuce served by Taco Bell. It also coincides with renewed attention given to Chipotle’s previous foodborne illness outbreaks.
-
British Columbia receives federal assistance when wildfires force evacuations
The Canadian federal Government said that it would assist British Columbia in the wake of a raging wildfire forcing thousands to flee. It will provide shelter and accommodation for residents who are displaced around Summerland, Peachland. Bald Range Wildfire has spread over 10,300 hectares as firefighters continue to fight the fire. Eleanor Olszewski is Canada's Minister of Emergency Management and Community Resilience. She said in a post on social media that she approved British Columbia's request for federal assistance to provide accommodation for those who were forced to flee their homes because of wildfires. The minister stated that he had asked federal officials to work with the provincial government to make sure the support reached those in need. Wildfire Service of British Columbia said that the hot, dry weather in southern British Columbia has continued to cause fires to spread. It said that poor visibility and "increasing" fires created new challenges for aviation and ground crew response. The turbulence, thick smoke and large fires hampered the operation of ten helicopters, including a night vision helicopter. It said that the province has 34 firefighters from Australia, five from New Zealand and 214 from Mexico who support 'hundreds' of provincial firefighter. Additional international resources are expected to arrive in the next few days. Reporting by Nivedita Balu, Toronto; Editing and proofreading by Alison Williams
-
After 18 months of negotiations, Syria and Russia have reached an agreement on the future of Tartous & Hmeimim Bases
After?18 months? of intensive negotiating, Syria and Russia have reached an agreement to settle the future of Russian base?at Tartous?and Hmeimim?, according the Syrian Foreign Ministry. The ministry announced that the Syrian state will take over the management of civil facilities, such as Hmeimim Airport and the commercial berth at Tartous Port, allowing for their gradual integration into the civilian administration. The military sites would be converted into joint training and qualification centres, under new arrangements that preserve the interests of both parties. This transition was to be completed in three months. The Russian naval base at Hmeimim and?Tartous air?base has long been Moscow's main military footholds throughout the Middle East and Mediterranean. Since former President Bashar Al-Assad's ouster in December 2024, their future has been a subject of negotiation with Syria’s new leadership. In a separate statement, Syria's General Authority for Ports and Customs announced that Syria would assume control of the commercial sites operated by Russia in Tartous Port, including Pier No. In a separate?statement, Syria's General Authority for Ports and Customs said that the country would take over the commercial sites previously operated?by Russia at Tartous port, including Pier No. Last month, it was reported that Russia wanted to create a 'commercial logistics hub' at Tartous Port using the pier No. The restricted zone 4 is located outside the naval base. Both sides agreed that the hub would remain under Syrian control and all operations would be subject to approval from Syria's General Authority for Ports and Customs. Reporting by Tala Ramadan, Kinda Makieh, and Feras Dalatey; editing by Alison Williams
-
Aramco Jazan facility fire extinguished, Saudi Arabia reports
The Saudi Energy Ministry reported that firefighters extinguished the fire at Saudi Aramco Jazan refinery, which broke out early Sunday morning. The fire was brought under control by Aramco's Industrial Security Teams and the authorities are completing the procedures to handle the incident. This is what the Saudi Energy Ministry said on X. The ministry did not say what started the fire. Jazan lies on the Red Sea, near the border of Yemen. Aramco closed its 400,000 barrels-per-day Jazan'refinery' on July 27, following an attack from Yemen's Houthi militants, which damaged the plant’s Integrated 'Gasification Combined Cycle' (IGCC) and tank farm 'area. The Houthis claimed to have struck Aramco facilities in Jazan and Yanbu at the time. The attacks raised concerns that the U.S./Israeli war on Iran, and Iranian attacks against shipping around the Strait of Hormuz could cause global disruptions. Amin Nasser, Aramco's chief executive officer, said that recent attacks on Aramco facilities caused production interruptions. However, he is confident that operations can be quickly restored. He claimed that the attacks had no financial or operational impact. Houthis have declared a blockade on Saudi Arabia at the Red Sea in response to what they claim is a Saudi siege against Yemen. Riyadh has denied this allegation. Reporting by Hatem Mahar; Editing and proofreading by William Mallard & Lincoln Feast.
-
Wildfires are causing wildfires to spread in British Columbia’s wine region.
On Saturday, a wildfire that was rapidly spreading in the western part of Canada forced thousands of residents to leave their homes. Bald Range was out of control, and had grown to approximately 9,500 hectares (23,500 acres). This prompted evacuation orders for Summerland, Peachland, and other districts located west of Okanagan Lake. This region produces the majority of B.C. The?region produces most of B.C. Summerland declared a state-of-emergency and has a population of 12,000 people according to the census of 2021. Peachland has a population of 6,500. "A?lot of farms were affected. We do not know how many buildings have been destroyed. Summerland Mayor Doug Holmes told a reporter that firefighters were still fighting the fire. "We must prepare for the worst." Terry Fries, of Summerland?was watching a game of football on Friday night. A neighbor told him to prepare a bag as the fire was growing. He said that at the time the fire was further back and could be seen behind the hills. B.C. When B.C. Summerland District, located about 45km (28miles) away from Kelowna lost power due to a wildfire on Saturday. Residents were issued a boil-water notice. The municipality stated that untreated water entered the system because it bypassed a water treatment plant due to the wildfire. This year, wildfires have raged in several Canadian provinces including Ontario and Quebec due to hot, dry weather. Firefighters from Mexico and Australia have been helping to fight the fires. About 1,500 firefighters are on the ground in B.C. where dry and hot conditions increase the danger of fires spreading. The province has issued 39 alerts and 38 orders of evacuation in relation to more than 100 fires. According to the Canadian Interagency Forest Fire Centre, fires have consumed 4 million hectares (9.9 millions acres) of land in Canada so far this year. Paige Taylor White reported from Penticton in British Columbia, and Nivedita Bali in Toronto. Susan Fenton and Rod Nickel edited the story.
-
Fijian Rugby player dies in Japan after suspected heatstroke
The Fijian side said that Saimoni 'Vunilagi', a professional rugby player, died on Saturday after suffering from a'suspected case of heatstroke? while training with his team in southern Japan. After training with his Fukuoka-based team,?Kyushu Electric Power Kyuden Voltex - also known as Kyushu KV, the back rower was admitted to hospital with symptoms of severe heatstroke on Monday. The club confirmed that he died on Friday morning. In recent weeks, Japan has experienced a heatwave with temperatures in some cities exceeding 40 degrees Celsius (104 Fahrenheit). The government has now designated this as a "brutally warm day." The club in Japan's second division said that "Saimoni has only just joined Kyushu KV but his generous spirit and powerful playing style have raised high expectations for his contribution in the coming season." The club said: "We extend our sincere condolences and pray for his soul's repose." Japan's national team?suffered a narrow defeat to Australia in an evening match on Saturday, played in humid conditions?in Osaka. Due to the extreme heat, both teams took mandatory water breaks in between each half. (Reporting and editing by Pritha Sakar in Osaka)
-
British Columbia district issues evacuation orders amid wildfires
The district of Summerland in British Columbia declared a state of emergency early Saturday morning as a rapidly-moving fire swept across western Canada forcing thousands of residents to evacuate. As of early Saturday morning, the 'Bald Range' wildfire had spread to approximately 5,000 hectares and prompted evacuation orders for other districts in this region. According to BC Wildfire Service, the fire began about 15 kilometers (9 miles) west of Summerland. Summerland district, which is located about 45 km from Kelowna said that it lost power due to wildfires on Saturday. It also issued a boil-water notice to residents, saying that untreated water entered the system when the water treatment plant had been bypassed because of the threat of wildfire. According to the census of 2021, Summerland's population is approximately 12,000 people. This year, wildfires have raged in several regions of Canada including Ontario and Quebec due to hot, dry conditions. Mexico, Australia France and New Zealand have all offered assistance to Canada in the fight against these fires. Around 1,500 firefighters are on the ground in British Columbia where hot, dry conditions can increase the likelihood of new fires. Lightning could also spark old fires. The province has also issued 49 alerts and 39 orders of evacuation. Premier David Eby stated earlier this week that he was prepared with additional international?and national firefighters and aircraft. According to the Canadian Interagency Forest Fire Centre, fires have consumed 3.9 million hectares of land in Canada so far this year. (Reporting and editing by Susan Fenton in Toronto, Nivedita Balu from Toronto)
Tesla and BMW switch to aluminum from cheaper copper
Ferrari and BMW have introduced new models with lightweight, cost-effective aluminum wiring. This is accelerating the shift away from copper as the dominant material for electric wiring ever since the invention two centuries ago of the electric batteries. JPMorgan predicts that the decisions will affect around 2% global copper demand in this year. Tesla and Chinese EV makers have also made similar moves. The structural increase in copper prices could lead to even more copper being switched over to aluminium. This is due to the increased demand for data centres and green energy, as well as the shortage of copper.
According to 18 interviews conducted with carmakers, cable and AC companies, metals manufacturers, and consultants, many sectors are moving to aluminium due to its lower price and comparable performance. Ferrari and BMW both said that they chose aluminium because it is lighter.
Aluminium has been replacing copper in large waves for the past two decades. However, the record copper prices of late January, which peaked at close to $15,000 a metric ton added to the argument for aluminium. Forecasts for global demand and supply are not in line with each other for the next decade.
LIGHTER and FASTER
Ferrari, who already uses aluminum for its bodies and engines, has said it began using the lightweight metal as?power cables for its 296 hybrid sport car last year. Ferrari has now introduced aluminium wiring to other models including the Luce - its first ever EV, launched last month.
Dario Esposito, Ferrari Communications executive, said that the move could save up to 20 percent of total wiring weight.
He said, "We don't choose aluminium just because it is cheaper. We pick the material with better performance."
The metal is actually much cheaper - currently around $3,100 per ton or about a quarter of the price for copper.
BMW, a German automaker, said that it first began using aluminium conductors for its 1 Series subcompact in 2011, and gradually expanded the use of aluminum in hybrids and electric vehicles. It uses a lot of aluminium cable in the high-voltage and low-voltage system in its eDrive EV, which was launched 'last year. Stellantis - the fourth largest automaker in the world - has also started to replace copper wiring with aluminium recently, according a source familiar with this issue. Stellantis declined comment.
Price versus Performance
Feng Lu, sales director at JONVER, a Chinese supplier of EV parts, has reported that sales of aluminium wire products have risen this year from 20% to 30%.
Norwegian aluminium manufacturer Hydro reported that sales of heating-and air tubing made from aluminium as a substitute for copper have been steadily increasing in recent years. Hydro's CFO Trond Olaf Christophersen stated that the company anticipates gaining market share in future years as aluminium replaces copper.
Xavier Mathieu, a France-based Nexans employee, says that manufacturers will continue to buy copper because it is more efficient in certain applications, but they'll start purchasing aluminium once copper prices are 3.5 times higher.
The price of copper is currently more than four times that of aluminum.
The decision to switch is complicated by several factors, such as the high tariffs in the United States and the enormous amount of energy required to produce aluminum, resulting in more greenhouse gas emission. Aluminium is also cheap, but it's less efficient. It takes more aluminium to conduct a given amount of electricity.
JPMorgan presented a scenario whereby 6% of the annual demand for "copper" could be replaced by aluminum in 2030. This compares to only 2% last year.
CHINA EV MAKERS TAKE THE LEADER
In a policy document dated March 2025, the government of the world's largest metals consumer, China encouraged companies to switch to aluminum. Many have taken the advice.
By 2030, analysts at the consultancy 'Zhuochuang' predict that up to 25% of current copper components in the automotive, home appliance and power sectors could be made out of aluminium.
AVATR, XPeng, and Xiaomi are among the Chinese EV manufacturers that have switched over to aluminium wire, according to Terry Woychowski of engineering consultancy Caresoft Global. The company disassembles vehicles and inspects components.
Tesla and the three Chinese EV manufacturers did not respond when asked for comments.
The lighter weight of?aluminum is particularly attractive to EV manufacturers because it allows for longer driving distances. Saving money is important for EV companies in China where a price war has squeezed margins. Aluminium has plenty of room to grow in the auto industry, where 85% electrical wiring busbars that connect an EV battery to its system are still copper.
Woychowski said that the Chinese auto industry had benchmarked Tesla as a pioneer of using aluminium in wiring, when it launched its Model Y model in 2019 and, more recently, in its Cybertruck. (Reporting from Eric Onstad, Amy Lv, Ju-min Park, Kalea Hall, and Eric Onstad, London; Editing, Veronica Brown, Claudia Parsons).
(source: Reuters)