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USDA confirms that three more cases of screwworm have been confirmed in the United States
The U.S. Department of Agriculture confirmed three additional cases?of New World?screwworm, including two in Texas. Department of Agriculture confirmed Monday three more cases of New World Screwworm, two of which were in Texas. The Animal and Plant Health Inspection Service reported that the two Texas cases involved a calf from La Salle County and an adult goat from Gillespie County. APHIS clarified a fifth case that was reported earlier on Monday, involving a dog from Andrews County. The case will be reclassified to 'the first case detected in New Mexico. The agency stated that the veterinarian who reported the incident is located in Texas. However, the dog resides in Lea County in New Mexico, which borders Texas. In a press release, Dudley Hoskins stated that "this situation is evolving and we expect new information will?emerge? as our investigation continues." New World screwworm can infect any warm-blooded creature, including livestock and pets. It is also known to infest people in rare instances. The larvae burrow into living tissue, causing serious wounds and suffering to animals. The USDA confirmed a second case of the flesh-eating parasite in Texas on Friday, just a few miles away from the site where the first U.S. discovery in decades occurred last week. Reports?last year indicated that hundreds of veterinarians, lab workers, and support staff at the USDA's animal health division had left because the Trump administration had pushed for resignations. This meant that there were fewer specialists available to respond to animal disease outbreaks. Reporting by Anushree mukherjee in Bengaluru, Anjana Anil and Leah Douglas at Washington, and editing by Louise Heavens & Aurora Ellis
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Copper prices boosted by falling stocks at LME warehouses
Prices of copper rose on Monday, as inventories in warehouses approved by the London Metal Exchange fell. The'market was looking forward to the U.S. announcement at the end of June regarding import tariffs on the metal. Benchmark copper on the?LME rose 0.7% to $13,610 per metric ton by 1602 GMT. Sources in the industry said that traders and funds continue to take copper from the LME into the U.S., before any import duties are imposed. This would increase shipping costs significantly. The U.S. flagged the possibility of 15% levies being imposed on copper imports starting in 2027, and 30% at the beginning of 2028. Copper stocks, which now total 376,775, are down 6% in the last month. Around 39% of cancelled warrants and metal earmarked to be delivered indicate that another 145.800 are due to leave the LME system. The discount on the three-month forward cash copper contract has also been reduced due to lower LME inventories. The traders also cited the strong interest in buying copper from Chinese companies, following Friday's 3% decline to one-week-lows. Copper's upside is capped by the 21-day moving?average, currently around $13,730. Support on the downside comes from the 50-day moving?average, around $13,260. The Middle East, which houses 9% of the global aluminium capacity, is expected to keep its prices stable due to the U.S. vs. Iran war and the closing of the Strait o'Hormuz. Aluminium prices are expected to rise due to higher energy costs, which is a major component of the aluminum process. Industrial metals are generally under pressure due to concerns about growth caused by high oil prices and the conflict in the Middle East. The base metals are also being impacted by a higher U.S. dollar, which makes metals priced in dollars more expensive to holders of other currencies. Aluminium rose by?0.1% at $3,598 per ton. Zinc gained 0.2%, lead fell 0.8%, tin dropped 1.4%, and nickel slipped to $18,355. (Reporting by Pratima Dasai; Editing and re-reporting by Jan Harvey David Holmes Jonathan Ananda).
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UK watchdog launches formal review of eBay’s acquisition of Depop
After completing the first phase of its information gathering, Britain's competition regulator announced on Monday that it would "begin" a formal review of eBay’s planned acquisition of fashion resale site Depop, which is geared towards Gen-Z. The Competition and Markets Authority said that it had closed its invitation to comment. Interested parties were given the chance to inform the regulator about the impact of the proposed transaction on competition in the UK. eBay announced that it would be buying Depop, a Depop-like service from Etsy in February for $1.2 billion. The purchase is expected to conclude this month. The deal will help eBay reach out to younger shoppers, and strengthen its position within the rapidly growing resale apparel?market. Etsy will focus on its core marketplace of handmade and vintage goods in pursuit of a turnaround. The CMA stated that the deadline for its first phase of investigation was set at August 6. After this date, it would decide whether or not to approve a deal. Etsy and eBay have not responded to requests for comment. Reporting by Prerna Behdi, Zaheer Kachwala and Yadarisa Shabbong in Bengaluru. Editing by Sonia Cheema & Kevin Liffey
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Peru's presidential vote tightens, stocks dip, as count enters second day
On Monday, the leftist Roberto 'Sanchez' was closing in on conservative Keiko?Fujimori in Peru’s presidential race. This sent markets and mining stocks lower as the official counting continued into its second day. Fujimori has lost ground to Sanchez after 93% of the votes have been counted. Sanchez has gained ground in Peru's rural areas as the votes continue to be counted. Sanchez has promised a major overhaul of Peru's economy, which has proven resilient despite the political turmoil in the country. Shares of Peruvian firms listed in the United States are down. Miner Buenaventura dropped 3% while?Credicorp fell 4.8%. Intercorp Financial Services dropped 2.8%, while iShares MSCI Peru & Global Exposure ETF fell 1.4%. Sanchez proposes reforming mining concessions in addition to reforming the Constitution. Peru is a world leader in gold, silver, and zinc production. Fujimori was slightly ahead in the exit polls and initial results but this lead diminished as the count neared its end. Ipsos' early poll, which accurately predicted previous races, shows Sanchez leading with 50.3% to Fujimori’s 49.7%. Ipsos said that the outcome was too close to call. Peru's ONPE electoral authorities said that a "full count" was expected to be finished by July. This result is similar to the runoff in 2021, when Fujimori and Pedro Castillo were able to finish?roughly 50% to 49.9%?and the announcement took weeks. Reporting by Alexander Villegas and Marco Aquino; Additional reporting by Lucinda Elliot; Editing and editing by Louise Heavens and Emelia Sithole Matarise; Alex Richardson
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All the M&A transactions in Italy since 2025
Intesa Sanpaolo’s bid to acquire smaller rival Monte dei Paschi di Siena will be the biggest and most transformative deal for Italian banks. The following is a list of the completed and attempted transactions which have'shaken up the sector? since the beginning of 2025. 1. INTESA SANPAOLO – MONTE DEI PASCHI DI SIENA (MPS) – UNIPOL – BPER – BANCO BPM Intesa said on Monday that it's unsolicited EUR30.6 bn ($35 bn) cash-and-share offer for MPS will create the second largest lender in the Eurozone, placing Italy’s top bank behind Spain’s Banco Santander based on market value. Intesa will sell Unipol approximately half of the MPS network that it will receive as a result of the acquisition. The network will be combined with BPER in order to create a new bank operating under the MPS name. Intesa’s bid appears to have marginalized Banco?BPM which had on Sunday invited MPS in a "merger of equals". BPM is primarily owned by France's Credit Agricole with a 20% share. 2. ?UNICREDIT – COMMERZBANK UniCredit, who stayed away from Italian M&A after a failed bid for Banco BPM in Italy, announced last week that it had increased its direct shareholding?in Germany’s Commerzbank, to 34.4%. The company was pursuing a hostile takeover bid against strong German opposition. Milanese bank, second largest in Italy, began merger talks with Commerzbank in September 2024 after buying 9% of the German counterpart and signaling it was willing to take more. 3. CF+?BANCA SISTEMA Banca CF+, a speciality lender backed by Elliott, completed a EUR145 million offer in March for Banca Sistema. 4. MPS – MEDIOBANCA MPS acquired Mediobanca in September of last year for EUR16 billion, becoming the largest investor in Generali, an asset highly prized in Italian finance. This deal from a bank that was bailed out in 2017 by the government and reprivatised between 2023-2024 turned MPS to a major M&A player. 5. BANCA IFIS – ILLIMITY Venetian IFIS has completed a EUR298 million cash-and shares offer in August 2025 for Illimity. This digital?bank was founded by Corrado Passera, a veteran banker and former minister of industry. It was delisted later from the Milan bourse. 6. BPER – BANCA POPULARE DI SONDRIO In July 2025, Italy's fourth largest bank completed a EUR5.4billion cash-and-shares offer for the smaller counterpart based in northern city Sondrio. They called it a defensive measure dictated by the accelerating consolidation. The main shareholder of both banks,?Unipol Insurance, played an important role. 7. UNICREDIT BANCO BPM In July 2025, Italy's second largest bank backed out of its EUR15 billion all-share bid for Banco BPM. The reason given was that the government had set conditions to complete the deal. UniCredit's bid was made in November 2024. 8. BANCO ANIMA HOLDING Banco BPM bid on Anima Holding in April 2025, a EUR1.8-billion acquisition. 9. MEDIOBANCA BANCA GENERALI In an unsuccessful attempt to block MPS' bid for Banca Generali, Mediobanca made a EUR6.3 billion all-shares offer in April 2025. In August, it failed to gain approval from shareholders. 10. BANCA GENERALI – INTERMONTE Banca Generali acquired Intermonte in January 2025 for EUR98.2 millions to enhance its investment banking capabilities and add corporate finance advisory services to its wealth management offering.
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Soaring fertilizer prices dim Brazilian farmers' edge over US rivals
B razil’s cheap and abundant land has helped its farmers create large, low-cost farms. This allowed them to take away export markets from U.S. Farmers who were hurt by China switching suppliers as a result of President Donald Trump’s tariff wars. Brazil has become a major agricultural powerhouse, despite the fact that U.S. farm land hasn't grown in this century. ?But South America's edge will be tested by the U.S./Israeli war against Iran, which is sending fertilizer -prices soaring. Since the beginning of the war, a third of all fertilizer flow has been trapped in the Strait of Hormuz. Brazil is heavily dependent on imported fertilizers while the U.S. relies on its own production. Many Brazilian farmers have reduced their fertilizer purchases. Experts in the industry say that Brazil's farmers will still be in trouble even if the war ends tomorrow. They are already saddled with thousands acres of farmland that produce diminishing returns, or even losses. They are beginning to accumulate significant amounts of debt. Many U.S. Farmers have enough land to produce good yields even if they don't apply fertilizer for an entire year. Few Brazilian farmers are able to do that. The issue of varying growing seasons is also a concern. Brazil's spring planting begins in September, so its farmers are exposed to the soaring prices of fertilizers. The U.S. Farmers were almost finished with their purchases at the time of war. Brazilian farmers are not eligible for government bailouts and generous support programs. Murilo RabeloMartinsPereira, a Goias farmer in central Brazil, said: "Profitability is just not there." Everyone is currently rethinking expansion. Pereira, 34 years old, farms 800 hectares of soybeans, tomatoes, and corn. The rising production costs, he said, make expanding his farm too risky. He has been offered more land to lease. Purdue University agricultural economic Joana Colussi is a Brazilian-born economist. She said, "We'll definitely not see the same trend" in agricultural growth. She anticipates that growth will slow, at least temporarily as farmers invest more in fertilizer, fuel and seeds, and less in expansion. HISTORIC GROWTH China's booming agricultural demand prompted Brazil to begin its historic growth in agriculture. Brazil and the U.S. were forced to compete for vast areas of grassland that had been used for cattle grazing. Brazil has always been the winner. Brazil has been among the biggest winners. In 2000, U.S. sales of soybeans to China were nearly double Brazil's. By the end of 2025, Brazil will have sold twice as much soybeans to China. Brazil's expansion was based on the acquisition of cheap, vast land. Many of the soils are degraded today because farmers move to new plots when their old ones fallow instead of investing in soil health. DANGEROUS LAND, SEASONALITY Large-scale industrial agriculture in Brazil is a costly endeavor due to the degraded land. It requires large quantities of pesticides, gm seed, and other expensive biological inputs. Brazil is not the only country where farmers are struggling to make ends meet. You can survive a lower or even no fertilizer application if you have a better soil. "You can handle a shock such as this better", said Saswato das, global head for corporate affairs at Syngenta, a producer of seeds and pesticides. Even if farmers in the United States skip a season when they apply key fertilizers such as potash or diammonium-phosphate (DAP), they can still achieve average yields. This year, thousands of farmers have taken this approach. Potash and DAP are only used for one season on many Brazilian farms. Marshall Lee Davis, a farmer of peanuts and cotton who lives in Georgia, the southern U.S., says that U.S. farmers "just skimp out" on DAP. The price of DAP has roughly doubled since Iran's war began. Davis stated that even U.S. farmers who are able to skip one application of fertilizer were worried that they would be hit by higher prices in the fall if they begin buying before their spring planting 2027 next March. Since the Iran War began, Brazilian farmers have faced high fertilizer prices, as they still need to complete their spring planting for 2026 this September, and even plant a second crop in early 2027. Murphy Campbell, an Expana analyst, said that North American farmers were in a much better position than Brazilian farmers because of seasonality. FERTILIZER, FARMER PROTECTIONS Brazil imports a large amount of DAP as well as nitrogen-based urea – the most commonly used fertilizer in the world. Petrobras, Brazil's state oil company, is reopening some of its less profitable fertilizer plants that were idled by former president Jair Bolsonaro. It hopes to meet 35% the country's needs for nitrogen fertilizer in the coming years. The price of corn and soybeans, despite high fertilizer prices, has not increased much since the beginning of the war. This is because large harvests over the past few years have led to global stock builds up. The result has been a squeeze on farmer margins around the world, particularly for those who depend on fertilizer imports. Campbell, from Expana, stated that Brazil's soybean growers had purchased, as of late may, about 50% of their total fertilizer needs for 2026/27. Campbell noted that "in the past, over 60% of fertilizer is purchased by late May". Farmers with increasing debt will suffer from lower yields, lower profits and even outright losses if they reduce their fertilizer applications. Bruno Fonseca is an analyst at Rabobank Brazil. He said that the farmers of Brazil are "overleveraged". Expana's Campbell says that the price of fertilizer will remain high for at least six more months, even if a peace agreement is reached in the Middle East. Pereira, a Brazilian farmer, has to make tough decisions because of the grim future. He said, "We planned to replace our harvesters this year. They are very old." "We decided to not go ahead."
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French jet on NATO missions shoots down drones in Latvian airspace
On?Monday a French Rafale fighter shot down a drone which entered NATO member Latvia's?airspace from Russia, the latest of a series such security incidents in Europe's eastern border areas. The Latvian Army, without revealing who launched the drones, stated that it was "as a consequence of Russian electromagnetic warfare" that they entered from Russia. In a blog post on X the Latvian Prime Minister Andris Kulbergs praised "swift decisions and professional actions" in relation to this incident. A French army spokeswoman confirmed that French warplanes shot down an unknown?drone. An official from NATO said: "It shows NATO's ability to deter, defend and show its determination." Raivis Melnis, Latvian Defence Minister, told reporters that NATO took the final decision on whether to shoot down the drone. Latvia claimed that Russia was identified as using electronic warfare before the drone enter the country. The drone was shot down near the village Berzgale at 0705 GMT, about 30 km (18miles) from the border. Melnis reported that no one was injured and there was no damage to property. Melnis said that no one was injured and no property damage occurred. On Monday afternoon, a number of military vehicles were seen driving on rural roads in Berzekne as well as the surrounding villages looking for drone debris. Concerns about spillovers from the war in Ukraine have been stoked by military drones that are straying across NATO borders. On Monday, fragments of a Ukrainian-made drone were discovered in a Moldovan field after it entered the country from Ukraine. Chisinau blamed Russia for this incident because of their war with Ukraine. Margus Tsahkna, the Estonian foreign minister, said that incidents in Latvia or Moldova "confirmed that Russia's aggression against Ukraine is a threat outside Ukraine's borders." In May, an army official said that Latvia was increasing its anti-drone defenses. Ukraine has increased its long-range drone attack on Russia. This includes in the Baltic Sea region, where several Ukrainian military.drones have strayed.into the.airspace of Finland. Ukraine blamed Russia for the incidents, claiming that it was using electromagnetic warfare to disrupt the drone paths. The French jet that downed the drone on Sunday is part of NATO Baltic Air Police, which has been patrolling the skies over Latvia, Lithuania and Estonia since 2004 when they joined NATO. Currently, the?mission includes Romanian F-16 and Portuguese F-16 aircraft. A Romanian military plane on the Baltic Air Police Mission shot down an suspected Ukrainian drone in Estonia last month. (Additional reporting and editing by John Irish, Andrew Gray and Timothy Heritage.
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Italian study finds antibiotic resistance genes in the world's oceans
According to a?research project led by Italy that analyzed?seawater samples worldwide, the presence of genes?linked to resistance to antibiotics is present in multiple 'ocean basins including remote waters. The SeA Care project found antibiotic-resistance genes in the Mediterranean, Atlantic, Arctic and other regions, with higher concentrations detected near busy shipping routes and densely populated coastal areas. Researchers said that the results showed oceans as a global repository for pollution coming?from land. They also found genetic traces from antibiotic use and urban discharges far beyond their sources. Researchers added that this could facilitate their spread to remote communities. The study was presented Monday in Rome at a forum hosted by the National Health Institute of Italy (ISS) on ocean and human healthcare. It detected microplastics and traces containing?PFAS, "forever chemicals", and?SARS CoV-2 genetic material, even in remote areas and open ocean waters. Andrea Piccioli, ISS Director-General, said that protecting human health today inevitably meant taking care of seas and oceans. She added that pollutants released in the environment are distributed globally via water, food, and climate systems. SeA Care, an initiative led by Italy, links environmental health and human wellbeing. It brings together institutions such as ISS, 'the Italian Navy' and international research centers to create a global 'ocean monitoring /system. The project collects samples using existing scientific and naval networks during routine missions. This reduces costs?and the environmental impact. Over 140 sites in the Mediterranean, Atlantic and Pacific oceans, as well as the Arctic Ocean, were sampled during its first three-year period. Scientists claim that the project shows how oceans are a good early warning system of global health risks. It supports policies to combat pollution, climate changes and emerging threats. (Reporting and editing by Crispian B. Balmer, Emilio Parodi)
How a Japanese suitor misread politics with U.S. Steel quote, despite warning signs
A month before Nippon Steel found its $15 billion takeover of U.S. Steel was on the edge of being torpedoed by President Joe Biden, the Japanese company received a strong tip that things were taking a turn for the even worse.
On Aug. 1, officials from the effective Committee on Foreign Financial investment in the United States (CFIUS) told representatives of Japan's biggest steelmaker and its U.S. target that the committee had actually determined a potential nationwide security risk, 2 sources familiar with the settlements told Reuters.
CFIUS was worried that the deal could reduce U.S. steel production capability, interfering with critical industries like transport and facilities, the authorities informed the executives in the call, which has actually not previously been reported.
The warning from the U.S. committee - which has the power to block foreign acquisitions on nationwide security premises - must have actually sounded alarm bells at Nippon Steel, which was already battling criticism from a labour union and U.S. political leaders ahead of Nov. 5 elections.
Yet, the Japanese steelmaker hoped it might still win approval for the deal by patiently explaining its business benefits, according to Reuters' interviews with 2 sources with knowledge of the conversations, one company source and a top Nippon Steel executive.
In an Aug. 19 follow-up conference to the Aug. 1 call held at the Treasury Department according to among the sources, the business' agents stressed to CFIUS the financial significance of Nippon Steel's financial investments provided U.S. Steel's. struggling company. They left feeling their case had been. heard, the 2 sources close to the talks told Reuters.
And in an interview on Aug. 28 with Reuters, Nippon Steel's. primary mediator Takahiro Mori expressed self-confidence the offer was. on track. He said he wished to construct a positive long-lasting. relationship with the unions and that he had met around 1,000. people, including many workers, during 5 U.S. check outs because. the offer was revealed in December to describe its economic. benefits.
The political power of the union will weaken. That holds true. now and naturally after the election, he informed Reuters, including. that talks with CFIUS and other U.S. regulators were. advancing. A day later on, Nippon Steel publicly swore to. invest $1.3 billion to recondition U.S. Steel's aging centers.
However on Aug. 31, CFIUS sent out the 2 combining partners a. 17-page letter detailing its issues and giving them just one. organization day to react. Reuters and other media reported last. week that President Joe Biden was poised to eliminate the deal.
U.S. Steel, Nippon Steel and CFIUS did not discuss the. details of process as laid out .
We do not believe this deal produces any nationwide. security concerns, Nippon Steel stated in a declaration, without. elaborating on the negotiations.
U.S. Steel said in a separate declaration that there was no. situation in which it might make necessary financial investments without. the Japanese company: A deal with Nippon Steel is the. best avenue to make sure that U.S. Steel will have the ability to thrive. well into the future.
POLITICAL HOT POTATO
Nippon Steel had attempted to approach the. politically-connected United Steelworkers union (USW) before it. announced it had consented to acquire U.S. Steel, a company based. in the critical swing state of Pennsylvania during an election. year.
On Nov. 20, the Japanese steelmaker requested a meeting with. USW, according to U.S. Steel filings in January. But lawyers for. the American company denied the request, saying the union had. aligned with another suitor and talks would run the risk of breaking the. confidentiality of a competitive bidding process, the filings. stated.
The method backfired.
When Nippon Steel's offer was revealed on Dec. 18, USW. head David McCall knocked the companies for keeping unions in. the dark. In a declaration the very same day, the union leader accused. U.S. Steel of ignoring employees' issues while selling out to. a foreign company.
He urged the U.S. federal government to scrutinise the offer to see. if it served workers and nationwide security interests.
Simply three days after McCall's appeal, Biden's national. economic consultant Lael Brainard said the takeover appeared to. deserve major analysis.
USW declined to comment on the merger process.
In hindsight it was obvious (Nippon Steel) required to get. the union on board but I don't believe they anticipated the union,. and in specific the leader of the union, to get as upset as he. did, said Nick Wall, an M&A partner at Allen & & Overy, who was. not associated with the settlements.
In the weeks after the deal statement, both Biden and his. Republican competing Donald Trump voiced opposition to the merger.
When Japanese Prime Minister Fumio Kishida headed to. Washington DC in April - the very first state go to by a Japanese. leader in nine years - Nippon Steel's acquisition was the. elephant in the room.
McCall and his wife joined VIP guests such as Amazon founder. Jeff Bezos and actor Robert De Niro at a luxurious dinner Biden. scheduled Kishida, listening to live music by singer Paul. Simon. U.S. Steel and Nippon Steel magnates were not on. the list of more than 200 visitors launched by the White Home.
' LISTEN ONLY MODE'
As the political noise around the deal grew louder, Nippon. Steel still believed there was a course forward and that the union. was just attempting to draw out better terms, 2 sources near. the company informed Reuters, asking for privacy due to the. sensitivity of the conversations.
In May, chief mediator Mori informed Reuters he believed that,. as soon as the election was over, the president would evaluate the. financial merits of the deal. Obstructing it could upset one of. America's closest allies and it seemed not likely any. administration would wish to do that, he included.
However that reasoning headed out of the window on August 31, when the. CFIUS letter landed.
The letter argued the transaction presented a risk without. providing any discussion of ways to lighten officials' issues. and gave the celebrations till Sept. 4 to respond, according to the. 2 sources acquainted with the conversations.
In a call on Sept. 1, attorneys dealing with the deal pressed. CFIUS authorities about why they had been offered so little time,. the sources said.
We have actually been advised to be in listen just mode, a CFIUS. official replied, a threatening indication as sources inside the Biden. administration were telling the two companies the White Home. will obstruct the takeover, individuals said.
The companies began frantically drafting an action,. correcting what they perceived as accurate inaccuracies,. proposing mitigation and arguing to conserve the handle a 100-page. letter provided on Sept. 3.
The letter, evaluated , said they anticipated USW to. be more forward-leaning in talks with the companies.
The next day, however, news broke that the White House was. close to announcing Biden was preparing to obstruct the offer.
In the future, this offer will probably be thought about as a. book case of how a service failed to understand politics,. stated David Boling, a former U.S. trade official now at Eurasia. Group.
(source: Reuters)