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New South Wales, Australia, is sweltering in a heatwave and faces an 'extreme bushfire risk'
New South Wales, Australia, sweated through a heatwave on Sunday that increased the risk of bushfires. Authorities issued a fire ban in Sydney's capital. New South Wales is nearing the end a high-risk bushfire season, which runs until March. The "Black Summer" wildfires of 2019-2020 destroyed an area as large as Turkey and killed over 33 people. Sydney, Australia's largest city, is expected to reach 37C (98.6F) on Sunday. Forecasters report that the temperature at Sydney Airport was 29.3C (84.7 F), more than three degrees higher than the average maximum temperature for March. The forecaster's website warned that "strong winds, hot conditions, and low relative humidities will create extreme fire danger in the greater Sydney area." According to X, the Rural Fire Service of the State of New York announced that a total ban on fires was in effect for a large swath of the state, including Sydney. This is due to "hot and dry conditions" forecasted. Bernard Barbetti, an official with the Country Fire Authority, told the Australian Broadcasting Corporation on Sunday that a house was destroyed by a bushfire in Victoria, which was fought by 200 firefighters. The Australian science agency stated last year that climate change was causing extreme heat to be more frequent in Australia. Australia is a country prone to bushfires with a population of 27 million. (Reporting from Sydney by Sam McKeith, editing by Deepa Babyington)
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The economy of Peru grew by 4.07% in January
Data from the nation's INEI statistical agency on Saturday showed that Peru's economy grew 4.07% during the first month in 2025. This was in line with forecasts by the central bank and analysts, with almost all sectors registering growth, with the exception being the financial sector. The January data was slightly above the 4% estimated by analysts, but lower than the 4.85% recorded last month last year. Mining and energy, the Andean nation’s most important sector, grew by 1.4%. Meanwhile, agriculture and fishing, a smaller sector but still very important to the country's economy grew by 3.2% and 23.5%. Transportation grew by 7.9% and manufacturing by 5.5%, while the public sector and construction and defense both saw growth above 4%. Commercial banks' lending decreased by 0.35%, causing the financial sector to contract. Calling on Friday The top economist of Peru's central banks said that the economic activity is developing better than expected as the economy recovered from the recession it entered in the year 2023. The bank said that the U.S. Tariffs would have a limited effect, stating that Peruvian agricultural products are a complement to North American supplies, when North America is not able produce locally due to seasonal factors, and that copper exports could be sold in many other markets. Late last month, Peru's Economy Minister Predicted The economy will grow by 4% in 2019, up from 3.3% in 2024, and 0.4% in 2017. This makes it one of the fastest growing economies in Latin America. (Reporting and editing by Diane Craft, Raul Cortes, and Sarah Morland)
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Three people are killed in a tornado that strikes the US south amid an increase in risk
Police said that three people died in Missouri after a series tornadoes struck the U.S. Midwest overnight. The path of destruction was still being assessed on Saturday morning. David Roth, a National Weather Service meteorologist from the Weather Prediction Center, stated that at least 26 tornadoes had been reported, but were not confirmed, to have toucheddown late Friday night or early Saturday morning as a powerful low-pressure system swept across Arkansas, Illinois and Mississippi. He said that today there was a 30% chance of more tornadoes in Alabama and Mississippi. "That is pretty significant." The Missouri State Highway Patrol, along with other officials, reported that two of the deaths were caused by tornadoes in southern Missouri, in the Bakersfield region of Ozark County. This is about four hours south-southwest of Kansas City. A third death occurred in Butler County. The highway patrol reported that some people were injured but there were no immediate numbers available. Forecasters say that as the storms gain strength, Saturday night is the time when the risk of severe thunderstorms and tornadoes will be highest.
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Sources: Ecuador offers a free trade agreement and a US military base to Trump's allies.
According to two sources who have direct knowledge of this matter, Ecuadorean officials told allies and friends of U.S. president Donald Trump they were interested in hosting an American military base in South America. Sources who asked to remain anonymous in order to describe their private conversations said that the officials were also interested in signing a free-trade agreement with the United States. This has eluded Andean nations for more than a decade. Sources said that Republican lobbyists close to the Trump Administration in Washington had received the expressions of interest in recent weeks. The administration may not be aware or interested in these proposals. White House National Security Council has declined to comment on the matter. The pitch for a military base is the latest unconventional idea from the administration of Ecuadorean president Daniel Noboa. He is trying to curb crime and improve ties with Trump's associates ahead of a highly competitive election in April. Noboa announced on Wednesday a "strategic partnership" with Erik Prince, a prominent Trump backer and the founder of controversial Blackwater private military company. The alliance will be used to combat crime and narcoterrorism within the 17-million-strong country. Noboa has publicly advocated for the establishment of foreign military bases in Ecuador. The 37-year old heir to the largest business fortune in the country is Noboa. The Ecuadorean parliament is currently in the beginning stages of a process that could remove a constitutional prohibition on such facilities, instituted in 2008. This was done with the support leftist former president Rafael Correa. The U.S. had a base on the Galapagos Islands, which are environmentally sensitive, during World War II. A separate base was used to fight narcotics on the mainland up until 2009 when Correa forced Washington outpost. Other small and medium sized nations are exploring unconventional ways to build ties with Washington. Some of these appear to be designed to take full advantage of Trump’s transactional foreign policies and willingness to entertain unorthodox policy ideas. In recent weeks, officials from the Democratic Republic of the Congo have traveled to Washington to present a crucial minerals deal between the United States and the Democratic Republic of the Congo. El Salvador's conservative president Nayib Bukele, a Trump ally and Trump ally, has offered to house criminals who have been deported from the U.S. Mercury Public Affairs, a Washington-based firm, was recently chosen by the Ecuadorian government to represent its interests to the Trump administration. This is according to a filing made on Monday with a Justice Department section that oversees lobbying activities abroad. The document outlining the contract for lobbying does not mention military bases. The document identifies "migration, security, trade and anti-terrorism efforts, as well as issues related to trade and security" in terms of possible areas for collaboration. Mercury Public Affairs and the Ecuadorean Foreign Ministry did not respond when contacted for comment. Tight Election Ecuador is headed for a tight runoff on April 13, which will pit Noboa, a Correa protegee from the leftist Luisa González. Noboa's campaign has focused on what, according to him, was a 15% reduction in violent deaths in the past year. He also emphasized a decrease in prison violence as well as the capture of major leaders in gangs. He has pledged to continue to deploy the military in the streets and prisons in order to combat insecurity. According to a Monday filing at the Justice Department, the Noboa Administration is also looking to develop strategies with the State Department Bureau of International Narcotics and Law Enforcement Affairs in order to "fight narcoterrorism". Gonzalez, 47 years old, has voiced her opposition to foreign troops stationed in Ecuador and called for greater efforts to combat the drug-related crimes that have rocked Ecuador in recent times. She has promised to take on corrupt judges and prosecutors, and implement a social spending program in the areas with the highest levels of violence. One source familiar with Ecuadoreans' interactions and their interaction with Republican lobbyists stated that they likely asked for too much in a short period of time. Source: The State Department limits bilateral engagements directly before elections to avoid appearing to support a specific party. Trump has pledged that he will fight drug trafficking in Latin America and has expressed interest in expanding U.S. power. He has threatened to invade Panama and floated the idea of acquiring Greenland. His administration's engagement in Latin America hasn't always followed a clear pattern. He has threatened to impose 25% tariffs across the board on Mexico, which were partially implemented earlier in March. This is because he's not satisfied with Mexico's efforts to combat fentanyl. However, he also complimented Mexican President Claudia Sheinbaum. The administration of President Obama has agreed to deport Venezuelans, a regional enemy, and has also refused to renew Chevron’s license to operate in Venezuela. This has further isolated Venezuela economically. (Reporting from Gram Slattery, Washington; Alexandra Valencia, Quito; Editing done by Christian Plumb and Diane Craft.)
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US designates South Korea as a "sensitive" country amid concerns over nuclear weapons
A spokesperson for the U.S. Department of Energy said that South Korea was a "sensitive country" after its president briefly declared martial law, and amid reports of Seoul possibly developing nuclear weapons. In a written answer to questions, the DOE confirmed that the administration of former-President Joe Biden placed South Korea in the bottom tier of the Sensitive & Other Designated Countries List shortly before Biden's departure. The department didn't explain why the Asian country was added to this list, nor did it indicate that Donald Trump would be inclined to reverse this measure. Seoul's spokesperson stated that there are no new restrictions to bilateral science and technology cooperation. Media reports have stated that the designation will come into effect April 15. The South Korean Foreign Ministry said that the government took the issue seriously and was in constant communication with Washington. The ministry issued a statement saying that it would "actively negotiate" to make sure there was no negative impact on the energy, science, and technology cooperation between South Korea & the United States. According to a document published on the DOE website in 2017, the DOE's list of sensitive nations includes China, Taiwan and Israel. Iran, North Korea and Russia are also included. Tehran and Pyongyang were designated as terrorists. Then-Defence Minister Kim Yonghyun and President Yoon Suk Yeol were among the officials who suggested that Seoul might be forced to pursue nuclear weapons due to fears about Pyongyang’s weapons program as well as concerns over the U.S.-led alliance. Yoon and Kim were indicted for insurrection in relation to Yoon's declaration of martial laws in December, which lasted six hours. Yoon's presidential powers were suspended and he was impeached while a court decided whether or not to remove him. Yoon has backed down from his rhetoric on a nuclear weapons programme after negotiating an agreement with Biden in 2023, under which Washington will give Seoul greater insight into U.S. plans to deter and react to a nuke incident in the area. Seoul, in return, renewed its pledge to not pursue its own nuclear bomb and stated that it would adhere to the Nuclear Non-Proliferation Treaty which it had signed. This has not, however, been enough to remove doubts about U.S. commitments in defense, which have fuelled calls for a South Korean nuke arsenal. Last month, Foreign Minister Cho Taeyul stated that nuclear weapons are not "off-the-table", but it is premature to discuss such a plan. Cho said at a hearing in the parliament that "given that international situation are evolving in unpredictable ways, this is an important principle that we need to prepare for all scenarios." Daryl Kimball is the executive director of nonprofit Arms Control Association. He said that South Korea was a proliferation risk in light of these "provocative statements" and the DOE had been prudent to include the country on their list. "Listing the ROK as a proliferation-sensitive country should rule out any chance of a South Korean request for U.S. approval to enrich uranium and reprocessing spent fuel... to produce nuclear weapons," Kimball said, citing the country's formal name, the Republic of Korea. Seoul was concerned about the handling of this designation. Cho said in the parliament that the Biden administration had not formally contacted his ministry and only learned of the designation through an informal tip. The Energy Department may list countries for national security reasons, nonproliferation of nuclear weapons, or for supporting terrorism. However, inclusion on the list does not indicate a hostile relationship with the United States. The DOE stated that there were no restrictions in place at this time on the bilateral science and technological cooperation between the ROK and the US. The DOE said that it looks forward to working with the ROK in order to further our mutual interests. The department stated that, although the designation does allow for scientific and technical cooperation with the countries listed, it is subject to an internal review before the visit. Reporting by Timothy Gardner in Washington and David Brunnstrom and Ju-min Park in Seoul, with editing by William Mallard, Sam Holmes, and Sam Holmes.
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First Foundations for 1.6GW German Offshore Wind Project Reach Dutch Port
The first eight foundations for the Nordeseecluster, a 1.8GW offshore wind project being built in the German North Sea, have arrived and been offloaded in the Dutch base port Eemshaven.The foundations are around 85 meters long on average and weigh approximately 1,500 tonnes each, the equivalent to the weight of around 800 cars.Built by RWE, the offshore wind project will consist of Nordseecluster A with 660MW, with commissioning expected in 2027, and Nordseecluster B with additional 900MW to follow in 2029.A total of 45 of monopile foundations will pass through the Buss Terminal in Eemshaven in 2025 - 44 of them are to carry the wind turbines, and one will support the transformer substation.RWE, TotalEnergies Pick Buildout Base for Dutch Offshore Wind FarmThe large-scale foundations were manufactured and delivered by Dajin Heavy Industry.Beginning in summer 2025, the foundations will be shipped from the base port in Eemshaven out to the construction site at sea, which is located around 50 kilometers north of the island of Juist.The 44 wind turbines for Nordseecluster A will be erected in 2026 and fully connected to the grid at the start of 2027, while Nordseecluster B will contribute additional 60 wind turbines.Vestas will supply its V236-15.0 MW offshore wind turbines for the project.“With the delivery and safe unloading of the first foundations by Dajin, we have passed an important milestone on the way to building our Nordseecluster. With an overall capacity of around 1.6 gigawatts, it is the largest wind project currently being built off the German coast.“We need an enormous amount of storage space and an excellent port infrastructure for the construction process – both of which are available at the Buss Terminal Eemshaven. We are currently creating synergies by also handling the foundations for our Danish offshore wind farm Thor at this port and will use it as the base for our Dutch OranjeWind project as well,” said Thomas Michel, COO RWE Offshore Wind.Once fully operational, the Nordseecluster will generate enough green electricity to supply the equivalent of around 1.6 million households.
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British Steel Industry Calls for Help with Electricity Prices
The British steel industry is calling on the government to lower electricity prices, which it claims can be up to 50% higher than their European competitors. This week, the steel industry was hit with a 25% duty on exports to America that represent around 9% in value of Britain's exports of steel. Frank Aaskov is the Director of Energy and Climate Change Policy for industry group UK Steel. He said, "Uncompetitive electric prices must be addressed in order to ensure that the steel industry thrives, secures thousands of jobs and safeguards national steel production, as geopolitical turmoil increases." The group, which represents the country's main steel producers, has called on the government to set fixed electricity prices for the sector via a contract-for-difference. The system stipulates that if wholesale electric prices exceed a certain threshold, called the strike price (or the minimum level), the government will subsidise any difference. If they fall below this threshold, then the steel producers are responsible for paying the difference. The steel industry commissioned a report from the consultancy Baringa that said "the strike price could reflect changes in wholesale energy prices at regular intervals and provide the sector with much needed protection from price volatility." According to the Baringa report, UK producers are paying around 68 pounds for each megawatt-hour (MWh), compared to 52 pounds/MWh Germany and 44 pounds/MWh France. The government announced last month that it would launch a consultation to develop a strategy in the steel industry. It said they hoped to invest 2,5 billion pounds ($3,23 billion) as well as examine issues such high energy costs. A spokesperson for the government said that through a package to support industry, it was already "bringing energy costs of steel closer in line" with those of other major economies. This fully exempts eligible companies from certain costs associated with renewable energy policies. Especially those exposed to high electricity prices, such as steel. Steel UK is made up of British Steel, Liberty Steel, and Tata Steel. ($1 = 0.7738 pound) (Reporting by Susanna Twidale, editing by David Evans & Barbara Lewis)
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Buffett rejects shareholder proposals, Olson steps down as director of Berkshire Hathaway
Berkshire Hathaway announced on Friday that longtime director Ronald Olson would be leaving the board due to a new policy requiring all directors except Warren Buffett to step down when they reach 80. In its proxy statement for the company's annual meeting on May 3, in Omaha, Nebraska Berkshire said that its board had unanimously recommended rejecting seven shareholder proposals. This included three regarding its subsidiaries' anti-discrimination and diversity efforts. Berkshire said Buffett will also receive $405,111 by 2024. This includes his $100,000 salary plus personal security and home protection. Vice Chairman Greg Abel and vice chairman Ajit Jain, who are expected to succeed Buffett in the role of chief executive, saw their compensation increase from $1 million to $21 millions each. Abel, 62 years old, is in charge of non-insurance companies such as BNSF Railroad and Berkshire Hathaway Energy. Jain, 73 years old, is in charge of insurance businesses like Geico auto insurance. Olson, 83, has been a Berkshire Director since 1997. He is a partner in the law firm Munger, Tolles & Olson. The new age limit set by Berkshire Corporate Governance Guidelines has forced him to leave the 14-member Berkshire board. The other directors, except for Buffett, are all 75 years old or younger. Olson has not responded to comments immediately. Buffett's age is not a factor because he has 30.3% voting power in Berkshire, which triggers an exception. The 94 year old billionaire owns approximately 14.4% of Berkshire. If the independent directors wanted him to, he could continue to be a director after retiring. Shareholder resolutions include conservative investor proposals that Berkshire Report on its race-based initiatives and how it affects employees' employment based on race and color, religion, sex and national origin. Berkshire’s board said that both reports were unnecessary. It stated that subsidiaries had their own policies, and “Berkshire’s approach is straightforward - do what's right and follow the law." The board opposed the proposal to create a diversity and inclusion committee, stating that its audit committee oversees all diversity issues. The company also argued that a proposal for independent directors to oversee the risks associated with artificial intelligent was unnecessarily and incompatible with Berkshire’s decentralized culture.
Gold miners' earnings affected by inflation, labor costs
Analysts said that higher labor costs and inflation would continue to impact gold miners' profit margins into 2025. However, the rising price of yellow metal will still increase free cash flow.
The gold price rose by nearly 27%, the highest since 2010. It has also risen to new highs in 2018.
Bank of America analysts said that companies covered by their coverage could generate free cash flows of up to $3 billion in the 4th quarter and more in 2025.
Both Newmont and Barrick missed their third-quarter earnings estimates due to higher costs.
Sarah Tomlinson is the director of mine supply for consultancy Metals Focus. She said that labor costs were one of the largest expenses faced by miners.
Newmont's third-quarter profit was below expectations largely due to higher labor costs. The company's all-in-sustaining costs (AISC), a measure of total expenses that is used by the industry, increased nearly 13% compared to the same quarter in 2013.
Barrick's AISC also increased by nearly 20%.
According to Metal Focus mine supply analyst Ross Embleton, fewer people are interested in mining careers. This could be due to the perception that the industry is dirty and polluting.
According to LSEG, Barrick will report an adjusted earning per share for the fourth-quarter on Wednesday. In January, the company announced that it would no longer "publish preliminary production results".
Bank of America analysts predict that the Canadian miner will narrowly miss their gold production guidance for the year 2024 due to its royalties dispute with the Malian military at its Loulo-Gounkoto Mine and the "very challenging ramp-up" of Pueblo Viejo in Dominican Republic.
The brokerage stated in January that it assumed the mine would restart in late 2025E and ramp up to full production by 2026E. However, the terms of the deal were less favorable for Barrick.
Barrick generated $949m in revenue in the first nine-month period of last year from its operations in Mali.
According to LSEG, Newmont is expected report a adjusted earnings per share (EPS) of $1.09 on February 20.
Analysts at Scotiabank said that it could raise its dividend based on cash generated from asset divestments, and a higher gold price. However, the program to buy back shares would have to be balanced.
Analysts from Scotiabank predicted that production would be flat this year, compared to last.
David Hove said that in the fourth quarter last year, and into 2025, miner's could focus on cost control, along with margins, instead of production growth.
(source: Reuters)