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Thungela South Africa flags profit drop on weak thermal coal Prices
The coal miner Thungela Resources in South Africa expects to see its half-year profits fall by up to 85% due to the lower prices of thermal coal as global economic uncertainty affects energy demand. Thungela expects its headline earnings per share to range between 0.0789 and $0.0118 rand in the six-month period ending June 30 compared to 9.52 rand during the same time last year. Thungela, South Africa's largest thermal coal exporter, has been forced along with its peers to limit output in order to match the limited freight rail and ports provided by South Africa’s struggling state-owned logistic firm Transnet. After increases in coal production in South Africa, thermal coal demand in China and India has also decreased. The average coal price through Richards Bay (South Africa's main coal-export terminal) was 14% lower than last year during the same period, due to tariff-induced instabilities in global trade that impact major economies and energy demands. It said that the average export price to Australia, where Thungela's Ensham mine is located, was 11% less than the same period in the previous year. Thungela also said that it incurred 285 millions rand of restructuring costs in relation to its Goedehoop, and Isibonelo businesses which are reaching the end of life this year. The company will announce its half-year results August 18.
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Italy approves new subsidies of nearly $700 Million for EVs
The Environment and Energy Ministry announced on Friday that Italy approved new subsidies for electric vehicles worth nearly 600 million euros (698 million dollars) as sales are lagging. The Ministry will cover up to 30% of total cost of new electric cars or commercial vehicles by offering up to 10,000 Euros to individuals, and up to 20000 Euros to small businesses. Subsidies, funded by the European Union's post COVID recovery fund, will only be available to companies or individuals located in large urban areas. The goal is to reduce pollution and improve air quality. The ministry stated that to qualify for the program, recipients will need to scrap a vehicle with an emission rating of Euro 5 or lower, and that is older than 2015. The EU has been implementing regulations to reduce carbon emissions and phase out combustion engines cars, but EV sales in Europe are still struggling. High prices and a lack of charging stations are the main reasons for this. Battery electric vehicles only accounted for 6% of all new car sales in Italy in June. This compares to over 15% throughout the European Union. The bloc will review its ban on new petrol and diesel vehicles from 2035 next year under pressure from the automobile industry and some national government to slow down the transition. Reporting by Alvise Armillini, Editing by Joe Bavier. $1 = 0.8596 Euros
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Indian textiles and jewellery are at risk of tariffs of up to 50%; phones, pharmaceutics, and pharmaca, however, are exempt.
Donald Trump, the president of the United States, increased tariffs on Indian goods by 25% this week. He cited New Delhi's continued purchases of Russian oil. The new import tax will take effect 21 days after the 7th of August and raise duties on certain Indian goods up to 50%. This is among the highest tariffs imposed on U.S. trading partners. Some sectors, such as smartphones, pharmaceuticals, and energy, are exempted from reciprocal tariffs. However, others, like gems, jewellery, textiles, and auto components that make up the bulk of Indian exports into the U.S. will be hit. Here are the top exports from India to the United States. SMARTPHONES In 2024, the top exporters of smartphones and other products from India to the U.S. were Apple Inc. suppliers Foxconn Hon Hai and Tata Electronics. Commercially available data on customs showed that the companies had already exported goods valued at $11 billion in the first half of 2025. Smartphones are exempted from tariffs at the moment, which is a big win for Apple. The company is preparing to launch iPhone 17 in one month and has increased its manufacturing in India in order to diversify from China. The majority of iPhones sold in America are now manufactured in India. PHARMACEUTICALS Top exporters of active pharmaceutical ingredients and drugs to the U.S. include Dr Reddy's Laboratories, Zydus Lifesciences, Hetero Labs, Lupin, Aurobindo Pharma, and Sun Pharmaceutical. They exported goods worth $3.6 Billion in 2024 and drugs worth $3.7 Billion to the U.S. from January to June of 2025. Tariffs are currently not applicable to the sector, as generic drugs are essential for affordable healthcare. GEMS & JEWELLERY India's Gems and Jewellery sector is India's largest export market, with sales of $10 billion in 2010 representing nearly 30%. The U.S. is the biggest market for diamond and gem exports. India's Gem & Jewellery Export Promotion Council warned that tariffs would bring the industry to a halt, particularly since other manufacturing hubs like Turkey, Vietnam, and Thailand are taxed lower. TEXTILES India’s textile industry has already received panicked calls from customers since Trump announced the 25% additional tariff. Top exporters of apparel and textiles like Shahi Exports, Welspun. Indo Count Industries, Trident. and Gokaldas Exports will likely be hit by tariffs increasing to 50%. The companies will export goods worth more than $2 billion in 2024 and ship products worth about $1 billion during the first half 2025 to clients such as Walmart, Target, Costco, and Gap. AUTO COMPONENTS India's auto component sector has experienced rapid growth over the past few years. It is also one of the few industries to record a trade surplus. Its largest export market is the U.S., which accounts for close to one-third of its global trade. India will export components to the U.S. worth $6.6 billion in 2024. Over $3.5 billion of this amount is made up of parts for small cars and trucks, which are currently exempted from the 50% tariff, and only pay 25%. Sona Comstar, Samvardhan Mutterson and other exporters are the main players. Exports of commercial vehicles, such as large trucks and agricultural equipment, valued at about $3 billion will be subject to a tariff of 50%. Bharat Forge is the biggest exporter of these parts. Customers include Caterpillar, Volvo, and John Deere. ENERGY & RENEWABLES Solar equipment manufacturers, such as wind turbines, solar cells and modules and other energy products export a lot to the U.S. They have little to fear because they are exempted from tariffs. Companies such as Mukesh Ambani’s Reliance Industries and Mundra Solar (a unit of the conglomerate Adani Group), Waaree Energy, LM Wind Power and Schneider Electric, along with GE Power and GE Power, are amongst the top exporters of renewable energy equipment. (Reporting and editing by Raju Gopalakrishnan; Aditi Shah)
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South Korea delays decision on Google's request for map data exports
The South Korean transport ministry reported that the decision was delayed on Friday due to pressure from the United States to resolve what Washington views as a nontariff barrier in recent trade negotiations. South Korea and the United States have agreed to a trade agreement in late July. However, it is not known if the map issue will come up at the summit. In 2016 and 2007 South Korea rejected Google's requests, which is owned by Alphabet (Google), for permission to store map data outside of the country. The reason given was security concerns. In a press release, the South Korean Ministry of Land, Infrastructure and Transport stated that its National Geographic Information Institute decided to delay the decision by 60 days in order to give Google more time to develop measures to address its concerns about security. Google said that its South Korea mapping data was not a concern for security. The data is publicly available and has been used by several companies after undergoing a security assessment by a government agency. The company stated that it was in close contact with the South Korean Government about any additional security measures required by the authorities. It is also considering plans to buy blurred images through local partners who have been approved by government. South Korea's 1950-53 conflict with North Korea ended in a war that did not end with a peace agreement. The country argues, however, that if such data were allowed to leave, it could reveal the location of sensitive sites and military installations. The U.S. has said that restrictions on data flow across borders have been a barrier to the operation of navigation services via Google Maps and Apple Maps for years, which resulted in U.S. firms losing out in South Korea. Kim Yong Beom, the presidential advisor, said that South Korea did not make concessions in relation to the map issue or on agriculture despite intensive bilateral discussions and early talks. Google Maps in Korea is restricted by a lack of data, which causes major inconveniences for foreign tourists. Last month, Kim Yoon-duk, South Korea's Transport Minister, said that the country should be "very careful" when it comes to granting map access. He added that defence and public security were given priority over trade. Reporting by Hyunjoo Ji and Joyce Lee, Editing by Alex Richardson & David Holmes
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Gold jumps as investors look to the Fed for a revamped policy; stocks nudge upwards
The dollar and global shares both rose on Friday as investors held on to the belief that U.S. interest rates could fall even further this year. Gold futures also rallied following reports of tariffs on U.S. imports, which are mainly made up of Swiss bullion bars. The world stock index traded at record highs on Friday, despite overnight weakness on Wall Street. In Europe, the shares were boosted by a series of strong earnings and optimism about the negotiation of U.S. tariffs. A series of changes in leadership at the Federal Reserve have further cast doubt on the outlook for the United States' monetary policy, which is a key component of global markets. Policymakers are divided over the impact of inflation, and the Federal Reserve's leadership has shifted. U.S. president Donald Trump Stephen Miran, Chairman of the Council of Economic Advisers, will be nominated to fill the vacancy. vacant seat The White House is still searching for a permanent member to join the Fed's governing council and will continue its search for the new Fed chair. Miran shares the same views as Trump who criticised Jerome Powell, Chair of the Federal Reserve, for cutting rates "too late", despite the fact that growth has been stable and inflation is on an upward trend. Ray Attrill of National Australia Bank, Sydney's head of FX Strategy said: "It locks-in a vote in favor of rate cuts for all meetings from now until the end of the month." He added that "markets are already traveling with a very high expectation of a rate reduction." There is a question over whether he will be able to ratify the agreement in time for September's meeting. The MSCI All-Country Index was up by 0.12% for the day. This was just below record-highs reached two weeks ago. It was on track to rise 2% this week and achieve its best performance since June. STOXX Europe 600 gained 0.25% on Friday, with gains led by pharma and tech shares. Zurich's SMI Index, which had shrugged off the Swiss tariff of 39% that came into effect on Thursday, gained another 0.25% in the morning. In Asia, Japan’s Nikkei rose by 2%, and the Topix Index climbed over 1%, reaching a new record. It traded above 3,000 dollars for the first. Bloomberg News reported that Fed Governor Christopher Waller was the leading candidate to succeed Chair Jerome Powell whose term expires on May 15, 2026. U.S. Gold Futures reached a record after a Financial Times report that the United States had placed tariffs on imports for 1-kg gold bars. These represent the bulk of Switzerland’s bullion exported to the U.S. Gold futures reached a record high of $3 477, up 2.3% from $3 400. Spot gold rose 0.1%, to $3 400 an ounce. Both U.S. Stock Futures were up 0.2% and pointed to a modest increase at the opening bell. Tony Sycamore is a market analyst with IG, Sydney. He said that the rally in stocks came "against... an emerging titanic dovish shift at the Federal Reserve." The yield on 10-year Treasury bills rose to 4.2442% - unchanged from Thursday's U.S. closing - after weak demand for 30-year bonds. This is the latest in a series of disappointing sales this week. The dollar increased 0.1% to 147.24 yen. Tokyo's chief trade negotiator noted that the U.S. government had promised to adjust some of the overlapping tariffs it imposed on Japanese products in order to avoid paying duties twice. The dollar index, which measures the greenback's value against the currencies of major trading partners around the world, rose 0.2%, to 98.21.
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China's auto sales growth slows down in July due to weak hybrid demand
China's auto sales growth in July slowed partly due to a weaker demand for Hybrids as regulators crackdown on a price battle that has harmed the industry. The China Passenger Car Association reported on Friday that sales rose 6.9% between July 2024 and 1,85 million vehicles, compared to an increase of 18.6% from June. The growth in sales of new energy cars, such as pure electrics and hybrid plug-ins, has slowed from 29.7% to 12%, but they still outsold gas cars for a fifth consecutive month. Sales of hybrids, including plug-ins and extended-range models, fell 3.6% compared to July 2012 as advances in battery technology and charging infrastructure reduced range anxiety for pure EVs. This trend benefited EV manufacturers such as Leapmotor and Xiaomi who reported record sales for July. However, it weighed down on BYD, Li Auto and other companies that rely on hybrids to make their profits and sales. BYD's vehicle sales in China fell for the third month in a row in July. The drop was 12% on an annual basis, and its share in China's segment of new energy vehicles dropped to 27,8%, down from 35,4%. Last month, its global deliveries increased, thanks to a surge of overseas shipments, which accounted for more than 20% of the total sales. BYD's production fell in July, the first time since 17 months. It is China's largest rival to Tesla, and it's the leader in the industry's drive for price cuts. Li Auto, along with BYD, is one of only two Chinese EV makers to report a profit for the entire year. Last month, Li Auto reported a 40% drop in sales compared to last year. The pioneer of extended-range hybrids has recently redesigned its pure electric SUV line, adding premium specifications at competitive pricing. Beijing has made the auto industry a focal point of its campaign against excessive competition, especially in industries that are struggling with overcapacity or price wars. An official from the Ministry of Industry said that China would take steps to stabilize growth in the auto sector and other sectors. CPCA data shows that the growth in car exports accelerated from 23.8% to 25% in July, up from June. The association had upgraded its forecasts of car sales and exports for this coming year, citing better-than-expected shipments on both the domestic and international markets. Reporting by Qiaoyi Li and Brenda Goh. Emelia Sithole Matarise and Mark Potter edited the report.
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Copper to gain weekly on dollar weakness and China demand
The copper price rose on Friday, and was on track to gain a week-long increase. This was due to a lower dollar and the expectation of higher demand from China, which is a major consumer. As of 0750 GMT, the London Metal Exchange reported that three-month copper was up 0.3%, at $9,714 metric tons. The Shanghai Futures Exchange's most-traded copper contract rose by 0.1%, to 78 490 yuan per ton ($10 929.02). Data released Thursday showed that China’s exports exceeded forecasts in July as manufacturers took advantage of the fragile tariff truce, between Beijing and Washington, to ship goods. China's imports of copper rose by 3.4% compared to a month ago, according to data released Thursday. Copper concentrate imports also increased by 9%, as the smelting industry snapped up supplies during a record-breaking run. Meanwhile, the dollar index was down 0.4% against its rivals, making greenback-denominated assets more affordable to holders of other currencies. Investors were watching closely the developments around the El Teniente Copper Mine in Chile, the top copper producer after a fatal incident last week affected production. Two sources familiar with the matter confirmed that Codelco, the mine owner, has asked Chile's mining regulator for permission to reopen part of its flagship gold mine. In the short-term, spot prices could rise as disruptions in mine supply bite. The treatment fees will also be pushed down. China's imports of refined copper will probably grow," ANZ analysts wrote in a Friday note. Other metals in London rose by 0.3%, to $2.617.50 per ton. Nickel fell by 0.1%, to $15,100. Lead dropped 0.4%, to $2.001.50. Tin gained 0.4%, to $33,805. And zinc climbed 0.4%, to $2.825. SHFE aluminium dropped 0.4% to 20685 yuan. Nickel eased 0.1%, to 121180 yuan. Lead fell by 0.1%, to 16,845 Yuan. Tin was up 0.1%, at 267 780 Yuan. Zinc was stable at 22,515 Yuan. Click or to see the latest news in metals, and other related stories.
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Iron ore gains weekly as China's exports of steel reach record high
Iron ore futures dipped on Friday, but posted a weekly gain. This was largely due to China's record steel exports, strong mill margins and low inventories. The September contract for iron ore on China's Dalian Commodity Exchange traded at 790 Yuan ($109.99) per metric ton, down 0.19%. The contract still rose by 0.7% last week. As of 0707 GMT, the benchmark September iron ore traded on Singapore Exchange was down 0.15% at $102.1 per ton but had gained 2.1% this week. After reporting lower half-year profits, major miners have paid out the lowest dividends they've ever paid in order to keep cash on hand for their major projects. BHP plans to invest up to $7.4billion in its Jansen Potash Mine in Canada. Rio Tinto will invest more than $13billion in the next 3 years in developing new iron ore mining in Western Australia, as reserves are declining. China's exports of steel continued to rise in July. They increased by 1.7% from month-to-month. The year-to date total is the highest since 1990. The move comes despite countries introducing more trade barriers because they are worried about cheap Chinese steel undercutting domestic manufacturers. Analysts from ANZ said that iron ore imports in July increased by 2% on an annual basis, which is well above the average monthly imports of the year. This was due to healthy mill margins, and low inventories, motivating mills restock. S&P Global, a global ratings agency, has maintained China's credit rating at A+. It noted that the country's fiscal stimulus measures will support its economic growth even though it faces challenges in the property sector and from tariff pressures. Coking coal and coke both increased in price, but the other steelmaking ingredients were mixed. The benchmarks for steel on the Shanghai Futures Exchange have mostly fallen. The price of rebar fell 0.71%. Hot-rolled coil dropped 0.55%. Wire rod slipped 0.23%. Stainless steel rose 0.19%. ($1 = 7.1822 Chinese yuan). (Reporting and editing by Rashmi Liew)
How huge fossil-fuel-producing countries export emissions abroad
Black dust coats streets and gathers on rooftops in the area adjoining a vast cement factory in the Egyptian city of Alexandria.
Activists and regional citizens accuse the plant run by the Alexandria Portland Cement Business (APCC), a subsidiary of Greece's Titan Cement, of fouling the air by burning coal.
Every night, we see particles falling from their chimneys. Under street lights, you can plainly see the dust drizzling down, stated Mostafa Mahmoud, a supermarket owner in the Wadi al-Qamar area.
Reuters could not individually confirm the assertion. Titan Cement says the plant's emissions are within legal limits, and it prepares to minimize its use of coal in coming years.
Like many cement makers in Egypt and across North Africa, the factory uses imported coal to fire its kilns. Lately, a growing number of the region's coal is coming from the United States, according to U.S. export data.
Fossil fuel exports have been a hot subject at the United Countries climate conference in Baku this year, with activists and delegates from some climate-vulnerable countries arguing countries must be held liable for the contamination they send out overseas - typically to poor establishing nations - in the type of oil, gas and coal. Some are looking for to get the question of how to do this onto the program at future environment tops.
A landmark arrangement reached in Paris in 2015 to combat environment modification needs countries to set targets and report on development reducing nationwide levels of planet-warming greenhouse gas emissions. But it does not impose such requirements for emissions generated from fossil fuels they drill, mine and ship somewhere else.
That has actually permitted nations like the United States, Norway, Australia and others to state they are making development toward international climate goals while likewise producing and exporting fossil fuels at breakneck rate, said Bill Hare, co-founder of Environment Action Tracker, an independent clinical project that tracks government environment action.
Most of these fossil-fuel-exporting countries can get to look good with their domestic environment action, he stated on the sidelines of the COP29 conference in Baku today. Their. exported emissions are someone else's problem.
U.S. nonrenewable fuel source exports-- including coal, oil, gas and. refined fuels-- caused over 2 billion lots of carbon dioxide. equivalent emissions in other countries in 2022, according to a. computation carried out by Climate Action Tracker and confirmed. using data from the International Energy Company. That. is equivalent to about a 3rd of U.S. domestic emissions, the. information showed.
A years-long drilling boom has made the U.S. the world's top. oil and gas producer, while robust demand has actually lifted its coal. exports for 4 years running, according to data from the U.S. Energy Details Administration (EIA).
Asked how Washington squares its climate ambitions with its. nonrenewable fuel source production and exports, President Joe Biden's. environment advisor, Ali Zaidi, said strong energy output was needed. to keep customer prices low during a transition to cleaner. fuels.
I do not believe there is social license for a decarbonisation. playbook that puts upward price pressure for retail customers in. the market, Zaidi informed Reuters.
Inbound president Donald Trump, a climate modification sceptic,. has said he wishes to even more enhance the country's fossil fuel. production.
For other manufacturers, greenhouse gas emissions from fossil. fuel exports in some cases exceed domestic emissions, Environment. Action Tracker said.
That held true for Norway, Australia and Canada in 2022, the. newest year for which data is available for all countries. evaluated. Reuters got special access to the computations.
Norway's Ministry of Climate and Environment said it is. approximately other nations to manage their own carbon footprints.
Each nation is responsible for lowering its own. emissions, the ministry stated in a statement to Reuters.
Authorities at the environment and climate ministries of. Canada and Australia did not comment.
Addressing the top in Azerbaijan, host President Ilham. Aliyev implicated some Western politicians of double requirements for. lecturing his federal government about its oil and gas usage, saying,. They better look at themselves.
CEMENT AND BRICKMAKERS
A lot of U.S. gas exports now go to European countries looking for. to minimize reliance on Russia, while China has actually become one of. the leading purchasers of U.S. crude and coal, according to the EIA. figures. America's greatest development market for coal, however, is. North Africa.
U.S. coal mines exported around 52.5 million short lots. globally in the very first half of 2024, up almost 7% from the exact same. period a year earlier, the information revealed.
Much of the boost was driven by cement and brickmakers in. Egypt and Morocco, which together took in more than 5 million. short loads over the period, the EIA stated in a current report.
These clients value the high heat content of U.S. thermal. coal, which makes their production operations more. efficient, the report stated.
On the other hand, U.S. domestic coal usage has actually been sliding as cheap. gas and aids for renewables like solar and wind. drive coal-fired power plant closures, extending a more than. 15-year decrease in greenhouse gas emissions.
Egypt's cement market has depended on imported coal for. nearly a years, because consistent natural gas scarcities forced. many factories to search for alternatives, stated Ahmed Shireen. Korayem, vice chairman and board member at the Arab Union for. Cement and Building Products, a regional industry body.
The U.S. is Egypt's largest provider, accounting for 3.1. million of the 6.6 million metric lots of coal imported this. year, according to data from the London Stock Exchange Group.
Russia supplied most of the rest, 2.1 million metric lots. Its environment ministry referred questions to the foreign. ministry, which did not immediately comment.
Activists argue that the Egyptian federal government's choice to. lift a longstanding ban on coal imports in 2015 to support an. market central to its financial development strategies is harmful to. the environment and health of communities like Wadi al-Qamar.
Using information from the Alexandria plant's emissions-monitoring. system, researchers from Egypt's Al-Azhar University, Cairo. University and environment ministry simulated the dispersion of. polluting dust and poisonous gases in between 2014 and 2020.
The study
, published in the Journal of Environmental Health Science. and Engineering in 2022, concluded that the shift from using. gas to coal as the dominant fuel cause increased. emissions and concentrations of overall suspended particulates. ( TSP), nitrogen dioxide and sulfur dioxide. The concentrations. were mainly within legal limits, nevertheless.
Egypt's greenhouse gas emissions from burning fossil fuels. increased by more than a fifth in the years ended in 2022, hitting. 263 million metric lots of carbon dioxide, according to information. from the International Carbon Budget, a task led by Britain's Exeter. University.
The majority of these emissions originated from gas and oil, which stay. Egypt's main energy sources. Coal accounted for 3.4% of the 2022. overall, 9 million metric heaps.
The federal government devoted in 2021 to phase out making use of. coal and has actually asked companies that utilize it to introduce more. eco-friendly sources into their energy mix. But Heba Maatouk, a. representative for Egypt's environment ministry, stated there was. insufficient supply of alternatives, such as refuse-derived fuel. ( RDF) made from combustible garbage.
If business can not get the RDF, they will not stop running. and will use coal to avoid losses, Maatouk told Reuters.
LEGAL BATTLES
Decarbonising the cement industry is a difficulty,. especially in poorer developing nations like Egypt, due to the fact that it. requires huge amounts of energy, and technologies to keep. emissions from the environment are pricey.
In his COP29 address recently, Egyptian Prime Minister. Mostafa Madbouly said his nation's strategies to enhance eco-friendly. energy to 42% of its power mix by 2030 depend on foreign. assistance.
Homeowners in the Wadi al-Qamar neighborhood have been. participated in a prolonged legal fight with the Alexandria cement. factory, APCC, submitting several claims, stated Hoda Nasrallah, a. legal representative for the Egyptian Effort for Personal Rights (EIPR).
In 2016, community members backed by EIPR asked an. administrative court in Alexandria to overturn amendments to the. country's ecological policies that allow heavy markets. to use coal on health and ecological premises, according to. the rights group.
APCC officials did not react to an ask for remark made. through a legal representative.
Titan Cement verified that the factory sources coal from. the U.S. however did not elaborate.
In a statement issued by its group business interactions. director, Lydia Yannakopoulou, the company said the plant had. not violated any laws, had actually made 40 million euros in investments. in pollution controls because 2010, and prepared to reduce its use. of coal in coming years as it increases use of alternatives.
She stated a court-appointed committee of experts from. Alexandria University concluded there were no environmental. violations arising from the company's emissions or functional. procedures, and the emissions were within legal limitations.
Nasrallah stated legal representatives representing the community. believe the committee was headed by a company employee and have. taken their case to Egypt's greatest administrative court in. Cairo.
Neither side supplied a copy of the committee's report, and. Reuters could not separately confirm their assertions.
A ruling in the case is expected in December.
Meanwhile, frustration is building amongst nearby. locals like Hisham al-Akary, who says his family has lived in. Wadi al-Qamar for generations and can not afford to move.
This factory shouldn't be here, he told Reuters. We. need to remain, and they must leave..
(source: Reuters)