Latest News
-
Former leader of Spain's Valencia Region grilled by parliament over deadly flooding
Carlos Mazon said on Monday that the authorities didn't know people were drowning, when he was interrogated for hours about the handling of the floods of last year that killed 229. Mazon announced on 3 November that he was resigning under pressure from all sides of the political spectrum. However, he remains under close scrutiny. Mazon was accused by the leader of the hard-left Podemos party of being personally liable for the deaths. The spokesperson of the leftist Catalan ERC party said that he should go to jail. Mazon's testimony at the commission of inquiry was followed by victims' families outside Madrid's lower house. Several people who were caught in the floods also gave their testimony. "NO ONE WAS AWAREN" Mazon, who was accused of inaction by some lawmakers, countered the authorities' ignorance of the magnitude of the disaster as floodwaters swept through Valencia, October 29, 2024 causing billions and millions of euros worth of damages. Mazon stated that "no one knew the magnitude of what was happening, no one knew people were drowning." He didn't provide any additional details about that day, such as a long lunch with a journalist in a restaurant or a 45 minute period when his bodyguards weren't present and records showed that the chief of emergency services was trying to contact him. He said to the parliament that he couldn't give an exact timetable of his location: "I can't be precise about exact timings." He said that "nothing" would have changed if he left the meeting earlier and had arrived at the crisis committee meeting. HE SAYS MESSSAGES OF WARNING ARE NOT HIS RESPONSIBILITY Idoia Sagastizabal, a PNV Basque Party lawmaker, echoed criticism from others who said that his version of events had repeatedly changed. "There are many gaps in your versions." Mazon defended the missed calls of his emergency chief, and claimed that it was not his fault that the official flood warning message reached residents' phones hours after the disaster had occurred. Many people were already dead. Gabriel Rufian, spokesperson for the ERC, told Mazon: "I hope that you will pay with your prison sentence for all you have done." He held up photos of victims while demanding Mazon to publicly apologize. Sumar and Socialists in Spain's ruling alliance, both parties criticised the management of the reconstruction funds by Mazon's regional council, which is run by the conservative People's Party. Mazon blamed political strategy for the lack of support by the central government. He said that when he resigned in the beginning of the month he had made mistakes, and he "would have to live with them the rest my life". Mazon's replacement has not yet been sworn in. It is expected that he will be replaced by a PP leader. Reporting by Jesus Calero, David Latona and Alison Williams
-
Study finds that deforestation in Brazil’s Cerrado region reduces soybean production potential
According to a study published on Monday, clearing land for agricultural purposes in Brazil's Cerrado tropical Savanna region leads to drier conditions which ultimately harm soybean yields. The study was first shared with and argues that falling yields drive farmers to clear more land. This further accelerates degradation of Brazil's largest biome, the Amazon, and hinders conservation efforts. Zero Carbon Analytics released a press release detailing the findings of their study. "Our new analyses found that farmers clearing native vegetation to plant soy have climate impacts far beyond the cleared areas," the group said. Brazil's Cerrado Region covers more than 2,000,000 square kilometers (772204 square miles) or 23% of its territory. If land in the region had not been cleared since 2008 for soy, the region would have produced $9.4 billion more soy. This is nearly 8% more than its total soy production over the 10 year period covered by the study. Zero Carbon Analytics analyzed soy production and yields from 840 Cerrado municipalities between 2013 and 2023. They also looked at rainfall and aridity. According to Brazilian crop agency Conab data going back to 2008/2009, Brazil's soy yields have a tendency to increase. It grew by 38% in 2024-2025, thanks to new technologies such as GMO seeds and improved farm inputs. Joanne Bentley McKune, author of the peer-reviewed study, said, "Our analysis doesn't deny that production has increased." The study shows that production is increasing despite climate losses. Bentley-McKune stated that the difference between what soy could have produced and what actually was produced, estimated at 34 million tons due to deforestation of the Cerrado between 2013-2023, shows "the gap" between what we achieved and what we could have achieved if these technological advances had not been made. Brazil, which is the world's largest soy exporter and producer, and also a major soy supplier to China will harvest around 178 million tonnes in the current crop season. (Reporting and editing by Paul Simao.)
-
Former Lukoil CEO and Iraqi PM discuss possible solutions to US sanctions
The office of the Iraqi prime minister said that Mohammed Shia al-Sudani, met with former CEO of Russia’s Lukoil on Monday to discuss how to resolve disruptions in the oil company’s operations following U.S. Sanctions. Sources told us last week that Lukoil declared force majeure on its West Qurna-2 oil field in southern Iraq. This is the largest fallout from the sanctions imposed last month against Russian oil companies as U.S. president Donald Trump pushed to end the conflict in Ukraine. Sudani told Vagit Aliekperov Iraq was committed to stable oil markets worldwide, according to a press release from his office. It added that the West Qurna-2 operation continues to produce approximately 480,000 barrels of oil per day. This field, Lukoil’s most valuable foreign asset, accounts for roughly 9% Iraq’s oil production. In the statement, Alekperov was incorrectly described as "head" of Russia's Lukoil. Alekperov - Russia's richest man - resigned from his position as Lukoil CEO in 2022, after Britain imposed sanctions on him. In what capacity did he speak on behalf of Lukoil? Officials have warned Lukoil that if the conditions of force majeure at West Qurna-2 continue for more than six months, they could stop production and abandon the project. Officials on the ground said that production was continuing as normal, but warned that output could slowly decline if issues with finances are not resolved quickly. Sources said that payments to Lukoil were frozen, and crude allocations canceled, as Iraq sought a way to maintain the oil field without violating sanctions. (Reporting and writing by Ahmed Rasheed, Elwely Elwelly, Editing by Joe Bavier.)
-
Congo bans trade in minerals from war-torn east
The mines ministry announced that the Democratic Republic of Congo extended for another six months the ban on trading minerals from dozens of sites of artisanal gold mining in the conflict-hit provinces of North and South Kivu. The extension increases compliance pressure on global supply chain for tin tantalum and titanium, which are key inputs to the electronic, automotive, and aerospace industries. According to an order signed by Mines Minister Louis Watum Kabamba on November 3, the ban introduced in February is still in effect because there is evidence that the illegal supply of mines funds armed groups in eastern countries. The order was posted on social media by the Ministry of Industry and Trade on Sunday. It applies to 38 sites that produce coltan (cassiterite), wolframite (wolframite), and cassiterite (wolframite) - all ingredients used to make tin tantalum, and tungsten in Masisi Territory in North Kivu, and Kalehe Territory in South Kivu. M23 rebels, backed by Rwanda, and other armed group have taken over significant territory in the mineral-rich east of Congo. The M23 offensive this year has resulted in the deaths of thousands and displacement of hundreds of thousands. According to U.N. expert and rights groups, mineral wealth is a major factor in fueling violence, as combatants use gold, cassiterite, and coltan to fund their operations. In December 2024, the U.N. reported that revenues from smuggled mineral sales were used to fund military operations and sustain a war-economy. The order from the Mines Ministry prohibits sourcing or exporting from the mines in question. It also states that they could be subject to independent audits, either by the Ministry or international organizations such as the U.N. Congo filed criminal complaints against Apple subsidiaries in France and Belgium in 2024. They alleged that the supply chains contained minerals stolen from conflict zones despite Apple’s disclosures made under U.S. laws. Apple has denied these allegations and said that it had instructed its suppliers to cease purchasing minerals from Congo and Rwanda. The U.S. courts also heard claims that Apple, Google, Tesla, Dell, and Microsoft were relying on cobalt from Congo mines under abusive conditions, but those lawsuits were dismissed. Reporting by Congo Newsroom; writing by Maxwell Akalaare Adombila, editing by Rob Corey-Boulet & Susan Fenton
-
Elkann of Stellantis urges EU to permit averaging 2030 car emission targets over five years
John Elkann, Chairman of Stellantis, urged the European Commission to give more flexibility to carmakers on emission targets. He said that interim goals set for 2030 should be averaged out over several years. Elkann stated in an interview with Politico, that the industry would be allowed to achieve targets over a period of five years from 2028-2032. This is similar to the arrangement made by the Commission for the 2025 goal it decided earlier this year to spread out across 2025-2027. He said that the proposal would be applicable to both light commercial vehicles and passenger cars. He said that the light commercial vehicle should be regulated differently, with different carbon emission targets. Stellantis' chairman also reiterated his proposals, including a large scrappage scheme that would remove older and more polluting vehicles from European roads. This would help reduce emissions and boost the growth of the region, while offering incentives to make cars on sale cheaper in this area. Elkann stated in the interview that Stellantis did not want to change the EU target of zero exhaust pipe emission for new cars by 2035 but instead wanted plug-in hybrids and range extenders to be available after this date. Elkann asked the Commission to include these changes in its package of proposals, which it will present later this month as part of the review of EU carbon emission regulations for the automotive industry. (Reporting and editing by Jan Harvey; Giulio Piolovaccari)
-
US data and Nvidia earnings loom as stocks and bonds become jittery
European stocks fell while bond yields dropped on Monday as markets awaited a report of earnings from $5 trillion chipmaker Nvidia, and U.S. employment data that would be released later this week. These could provide direction to the nervous global markets. The benchmark European index of 600 large stocks fell 0.4% after a global sell-off last week, triggered by concerns over the overvaluation of technology shares and diminished expectations of Federal Reserve rate cuts. Wall Street was set to open slightly higher with S&P futures rising 0.2% and Nasdaq futures gaining 0.4%. After hesitant comments from policymakers worried about inflation, the expectation of a U.S. rate cut in December has fallen to less that 50%. This has begun to put pressure, particularly on the stocks of the technology sector which is frothy, and sensitive to rates. Germany's 10-year bond yield dropped 1.5 basis points to 2.70% after climbing 3 bps Friday when it reached its joint-highest level since October 7, at 2.718%. All eyes are now on the United States, where the delayed September jobs report on Thursday is expected to confirm private surveys that showed a slowdown on the labour market. The Fed's more hawkish officials will not change their tune if it only confirms this. The CPI data will be crucial for them, as they are more concerned about inflation risks. On Monday, the yield on ten-year U.S. Treasury bonds remained at 4,1192%. On Friday, expectations of a rate cut had been tempered when Kansas City Fed president Jeffrey Schmid and Dallas Fed president Lorie Logan questioned the necessity to reduce rates next month. US CORPORATE GIANTS' EARNINGS IN CENTER Home Depot, Target and Walmart report earnings this week in the U.S. Investors are focused on Nvidia, whose performance is seen as a bellwether of the sustainability in this year's remarkable rise in Artificial Intelligence stocks. Nvidia's shares have increased by about 1,000% in value since the launch ChatGPT, which took place in November 2022. Nvidia's market value surpassed $5 trillion last month after a gain of over 40% year-to date. The shares of Alphabet, the parent company of Google, also rose 5.6% on Monday in premarket trade after Berkshire Hathaway revealed a stake. Meanwhile the conglomerate associated with legendary investor Warren Buffett announced it had also reduced its stake in Apple. The U.S. Dollar was slightly higher in foreign exchange. It held the euro at $1.16, and crept up on the other major currencies. Meanwhile, the yen barely responded to Monday's data that showed Japan had experienced an annualized economy contraction of 1.8% for the three-month period ending September. Gold has dropped to $4,078 per ounce. However, the precious metal's price has increased by 55% in this year, from $2,624 on January 1, as safe-haven demands, geopolitical tensions, and expectations of lower interest rates have boosted its appeal. Brent crude futures rose to $64.4 per barrel after loading resumed in a Russian hub that had been hit by an attack from Ukraine. Bitcoin, which in recent months has acted as a barometer for the mood of technology stocks, is suffering its biggest weekly drop since March. It lost more than 10 percent last week. It was up 2% at $95,390 on Monday. Reporting by Lawrence White, London; Tom Westbrook, Singapore; and Jamie Freed and Christopher Cushing.
-
Court of Auditors says that EDF fleet maintenance will cost more than 100 billion Euros by 2035.
The French Court of Auditors reported on Monday that EDF, a French utility, will have to invest over 100 billion euros (116 billion dollars) between 2014-2035 in order to extend the lifespan of its fleet of nuclear reactors. EDF must balance these costs against the cost of building six additional next-generation (EPR2) nuclear reactors. The final cost estimate is expected by the end the year, with an investment decision in the second half 2026. According to the court, EDF should be able to profit from the renovations if the production forecasts are met. It added that the renovation costs should also remain competitive in comparison to the EPR2 programme of construction, as this is seen to be a way of replacing some reactors which will not meet requirements for an extension. EDF has declined to comment. EDF is expecting to produce between 350-370 terawatts hours of electricity by 2026-2027. This will be higher than in recent years, following a major maintenance program in 2022. Bernard Fontana, the new CEO of EDF, has said that he hopes to have his fleet producing 400 TWh again by 2030. France's nuclear fleet is responsible for 70% of the country's electricity production. This has helped to lower the power prices in France compared to neighbours such as Germany and Britain, which rely heavily upon gas-fired plants.
-
Dollar firmer as copper slips in macro concerns
The copper price fell on Monday due to a stronger dollar, the fading of hopes for a further Federal Reserve rate reduction, and macro-economic concerns. As of 1036 GMT, the benchmark three-month price for copper at the London Metal Exchange had fallen by 0.5% to $10,797.50 a metric ton. Metals used in construction, manufacturing and power are considered to be a good indicator of global economic health. In a note, Neil Welsh, the head of metals for Britannia Global Markets said that the base metals market was largely defined as a quiet one, with participants waiting on delayed U.S. data and clarity regarding monetary policy. Fed policymakers are concerned about inflation and question whether another rate reduction is needed before the end the year. The U.S. announced that it would begin releasing economic data, including the September job report, which had been delayed due to the government shutdown. The dollar index grew by 0.1%. The dollar index rose 0.1%. The sentiment is also being held back by the macro signals coming from China, which is the world's largest metals consumer. Recent industrial data have been mediocre even though major infrastructure and green-energy investments are supporting long-term industrial metals demand. Tom Price, an analyst at Panmure Liberum, said that the decline in copper was all macro-related. If you compare the signals for copper, the price is high and limited to a narrow range. All the other signals are also deteriorating. Last time, the cash LME copper contract traded at a discount of $15 per ton to the forward three-month contract This indicates that there is no immediate need for metal. Aluminium dropped 0.6% to $2.842 per ton. Zinc grew 0.2% to $3,000, while nickel fell by 0.9% to $14.755 after reaching its lowest level since April. Tin rose 0.2% to $35,790. After 42,025 tonnes of lead were deposited into the LME warehouse system in Kaohsiung, lead prices fell 0.3%, to $2,056. (Reporting and editing by Rashmi aich, Shilpi majumdar and Shilpi Aich; Additional reporting by Dylan Duan, Lewis Jackson and Lewis Jackson)
Copper prices relieve however head for weekly gains
Copper costs were suppressed on Friday but headed for weekly gains as the U.S. dollar remained soft, while traders tried to find more signals on the top customer China's. stimulus measures.
Three-month copper on the London Metal Exchange (LME). dipped 0.1% at $9,068.5 per metric load, as of 0200 GMT,. but was on track for a second straight weekly gain, up 0.7%.
The most-traded January copper agreement on the Shanghai. Futures Exchange (SHFE) slipped 0.2% to 74,350 yuan. ($ 10,231.75) a lot but gained 0.8% for the week.
The U.S. dollar rally continues to cool, making metals more. budget-friendly for other currency holders.
The market's focus is on China's Central Economic Work. Conference conference this month, where leading leaders will set. economic growth targets. Up until now, investors have primarily been. dissatisfaction about the absence of aggressive fiscal stimulus. procedures by China to enhance its slow economy.
Rates are expected to stay around $9,000 per ton for the. rest of the quarter, analysts at Macquarie stated.
Flagging demand in China triggered by trade tariffs could see. a shift in Chinese stimulus to drive domestic demand, or there. might be a more powerful recovery in developed markets.
The U.S. President-elect Donald Trump, who takes workplace in. January, has promised to impose an additional 10% tariff on. imports from China.
LME aluminium lost 0.5% at $2,627 a load, zinc. fell 0.7% at $3,097.5, lead decreased 0.3% to. $ 2,093, tin dropped 0.5% at $29,010, while nickel. rose 0.2% at $16,005.
SHFE aluminium fell 0.9% at 20,400 yuan a heap, tin. dipped 0.3% at 242,920 yuan, nickel fell 0.6%. to 125,660 yuan, while zinc increased 0.5% to 25,525. yuan and lead firmed 0.6% at 17,710 yuan.
For the top stories in metals and other news, click. or.
(source: Reuters)