Latest News
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Prince William of the United Kingdom calls for urgent action on ocean protection
Prince William of Britain called on leaders around the world and business to take immediate action to protect our oceans. He said it was an unprecedented challenge. William spoke ahead of the U.N. Ocean Conference begins Monday in France. William says that rising sea temperatures, pollution from plastics, and overfishing are putting pressures on fragile ecosystems, and people who rely on them. William, the heir to Britain's throne said at the Blue Economy and Finance Forum held in Monaco that "what once appeared an abundant resource has diminished before our very eyes." "To put it simply, the ocean faces a huge threat but can still recover. "But, only if we act together now," he said to the investors and policymakers. The U.N. Conference this week aims to encourage more countries to sign a treaty protecting ocean biodiversity, which is currently not enough signed to enter into force. William spoke at the gathering on Sunday in his capacity as the founder of the Earthshot Prize. The prince launched the prize in 2020, with the goal of tackling environmental problems in a decade. William's office released on Saturday a video in which he talks to David Attenborough about his latest documentary, "Ocean", which looks at the state of the oceans. Attenborough said, "I was appalled when I saw the first shots taken for this movie. We have ruined the ocean floor." If you did something remotely similar on land, everyone would be in uproar." (Reporting and editing by Helen Popper; Michael Holden, Reporting)
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PM Fico: Slovakia will block EU Sanctions on Russia if it harms national interests
Robert Fico, the Prime Minister of Slovakia, said that his country will not support any European Union sanctions which harm its national interests against Russia. The resolution passed by parliament on Sunday urging the government to refrain from supporting any new measures was a call for the government to stop backing any new measures. Fico stated that Slovakia wanted to remain constructive within the EU, but called the resolution an instrument of political communication. Fico said at a press conference that was broadcast on the YouTube page of his party: "I will never vote for a sanction which would harm us." Slovakia, which is a member of NATO and the European Union, diverged from its Western allies on Ukraine, under Fico's leftist-nationalist coalition government, and has stopped official state aid to Kyiv in its battle against the separatists. Russia's invasion Fico is also opposed to sanctions against Russia for its war in Ukraine, arguing that trade measures harm Slovakia and the EU far more than Moscow. In a parliamentary session with a low turnout, the new resolution committed members of government to not vote for any new sanctions or trade restrictions towards Russia. The extent to which the resolution is constitutionally binding was not immediately clear. Fico said that he would not support any measures to stop the importation of Russian fuel into Slovakia's nuclear plants. "I want to be a constructive member of the European Union but not at the cost of Slovakia." The Slovakian government has not blocked any EU sanctions in the past, including those imposed by the European Union. 17th package In May, the United States adopted a policy of targeting Moscow's Shadow Fleet. The opposition of Slovakia and other countries like Hungary that still depend on Russian energy has consistently thwarted attempts to attack Russia's nuclear and gas sectors.
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Westinghouse pursues US nuclear expansion after Trump orders, FT says
The Financial Times, citing Westinghouse's CEO, reported that the nuclear equipment supplier is in discussions with U.S. government officials and partners in the industry about the deployment of 10 large reactors in response to executive orders from the president. The executive orders of President Donald Trump, published on the 23rd May, directed that the government reduce regulations and speed up licences for power plants and reactors to reduce a multi-year-long process to just 18 months. Dan Sumner (Westinghouse interim CEO) told the FT the company was in a "unique position" to meet the President's goals because of the approved reactor design and a viable supply network. It also had recent experience building two AP1000 reactors. He told the FT that "there is an active engagement with administration, including key interfaces with the loan programme office, recognising financing as being important to the deployment model." Westinghouse didn't immediately respond to comments outside of regular business hours. (Reporting and editing by Alexandra Hudson, Barbara Lewis and Disha Mishra from Bengaluru)
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Russia moves into the east-central Ukrainian area amid a dispute over dead soldiers
The Russians said that their forces advanced on Sunday to the eastern edge of Dnipropetrovsk, a region in central Ukraine. This was amid a public dispute between Moscow and Kyiv about peace negotiations and the returning of thousands of dead soldiers from the war. While there is talk of peace, war continues to escalate. Russian forces are gaining more territory in Ukraine, and Kyiv has launched high-profile drone attacks and sabotage against Russia's nuclear bomber fleet, and according to Moscow on its railways. According to pro-Ukrainian maps, Russia has seized more than 190 sq km (73 sq miles) of Sumy in eastern Ukraine within a month. According to the Russian Defence Ministry, the 90th Tank Division from the Central Grouping has reached the western border of Ukraine's Donetsk Region and is attacking the adjacent Dnipropetrovsk Region. Kyiv did not comment on the Russian advance. However, the pro-Ukrainian Deep State Map showed Russian forces close to Dnipropetrovsk, a region with a population exceeding 3 million people before the war. Russia accused Ukraine on Saturday of delaying the exchange of prisoners of War and returning the bodies of 12,000 soldiers who died, although Ukraine denied these claims. Russia announced on Sunday that it was bringing bodies to the border. Donald Trump, the U.S. president, has said that he wants to end the deadliest conflict to occur in Europe since World War Two. On Thursday, he compared it to a fight among young children, and suggested that he may have to let the conflict continue. Accusations about the willingness to accept peace Vladimir Putin, the Russian president, said that he didn't think Ukraine leaders wanted peace. He had accused them of ordering an attack in Bryansk in western Russia, which killed seven and injured 115 people a day prior to talks in Turkey. Ukraine has also accused Moscow, who has not responded to the attack on the Bryansk Bridge, of not being serious about peace. They cited Russian resistance to a ceasefire immediately as proof. Russia demands international recognition for Crimea, the peninsula that Russia annexed in 2014 from Ukraine, as well as four other regions within Ukraine which Moscow claims to be its territory. Ukraine would be required to withdraw all its forces. According to Deep State Map, Russia controlled 113.273 square kilometers, or 18.8% of Ukrainian territory, as of June 7. This is larger than the U.S. State of Virginia. Areas under Russian control are Crimea, Luhansk (more than 99%), Donetsk (more than 70%), Zaporizhzhia (more than 70%) and Kherson (more then 70%), all located in the east and southeast. Fragments of Kharkiv, Sumy and Kharkiv in the northeast also fall within this area. Putin said to Trump that he had to react to the Ukrainian drone attacks against Russia's Bomber Fleet and the rail bombings. U.S. officials have said that they believe Putin's threat to retaliate against Ukraine for its attacks is not yet real and will likely be a multi-pronged, significant strike. Local officials reported that Russia also attacked the northeastern Ukrainian town of Kharkiv with drones, guided bombs and missiles on Friday night and overnight, killing four people and wounding over 60 others, including a newborn. Russia said that it also claimed to have shot down 61 Ukrainian drones in the Moscow area over night on Sunday. Two of the major airports that serve Moscow have been temporarily closed. Mark Heinrich, Mark Heinrich (Reporting in Moscow)
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Latam and Caribbean Development Bank doubles oceans financing to $2.5 billion
It announced on Saturday that the Development Bank of Latin America and the Caribbean will double its investment to $2.5 billion in order to protect the oceans and support sustainable marine economic activity. The bank has already exceeded the existing commitment of funding oceans, which was $1.25 billion between 2022-2026. Investments include strengthening marine protected zones and supporting small-scale fishing. The bank stated that the additional $2.5 billion will be spread over a period of 2025-2030 and will focus on areas such as low-carbon marine transport, restoration damaged ocean ecosystems, and sustainable tourism. This is in addition to the $1.3 billion CAF has invested in oceans during the past three years. Gianpiero Leoncini, executive vice-president of CAF, said at a conference in Monaco on oceans finance: "This commitment reflects the transformative agenda that we have, which is to embed the health and vitality of the ocean into our development ambition." The U.N. Oceans Conference in Nice, France next week will try to rally stronger commitments by countries to protect and to invest in oceans. This includes ratifying the global treaty for ocean biodiversity that most of those 116 countries have not yet done. Oceans are vital for trade, food, employment and global climate systems. The funding for these functions is far from adequate. The U.N. said that investments in ocean health from 2015 to 2019 totaled just $10 billion - far less than the $175 billion needed per year. The Oceans Funding of CAF includes the management of illegal fishing and providing loans for wastewater treatment plants, storm drainage systems, and flood mitigation. The oceans are also a crucial buffer against climate changes, as they absorb around 30% of the planet-warming CO2 emissions. As the oceans warm, the hotter water is destroying marine eco-systems and threatening oceans' capacity to absorb CO2. (Reporting and editing by Kate Abnett)
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China may accelerate EU approvals of rare earths applications
China will speed up the approval and examination of rare earth exports for European Union companies and also give a decision on its investigation into EU brandy imports before July 5, said its commerce ministry on Saturday. The price commitment consultations between China, the EU and Chinese electric vehicles exported to Europe have also reached a final phase. However, both sides still need to make efforts. According to a statement, the issues were discussed by EU Trade Commissioner Maros Sefcovic and Chinese Commerce Minister Wang Wentao in Paris on February 2. The comments are a step forward in resolving issues that have plagued China's relations with the European Union for the last year. China's decision to suspend the export of rare earths, and magnets related to them, in April, has thrown supply chains into chaos for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. The ministry stated that China was very sensitive to EU concerns and "was ready to establish a green-channel for qualified applications in order to accelerate the approval process." The statement said that during the meeting, Commerce Minister Wang "expressed his hope that the EU would meet us halfway and adopt effective measures to facilitate and safeguard compliant trade of high-tech products with China." Chinese anti-dumping actions that imposed duties up to 39% of European brandy imports - French cognac being the worst affected - also caused tensions between Paris and Beijing. Brandy duties were imposed days after the European Union acted against Chinese-made vehicles imported to protect its local industry. This prompted France's president Emmanuel Macron accuse Beijing "pure retaliation". Chinese duties have affected sales of brands such as LVMH Hennessy and Pernod Ricard Martell, Remy Cointreau and Pernod Ricard Martell. Beijing had originally planned to decide on brandy duty by January but then extended it to April, and again to July 5 China's Commerce Ministry said on Saturday that French firms and associations have submitted proactively applications for price commitments on brandy to China, and that Chinese investigators have reached an agreement on the basic terms. The Chinese authorities are now reviewing the entire text of these commitments, and will make a final announcement by July 5. In April, the European Commission announced that the EU and China also agreed to examine setting minimum prices for Chinese-made electric cars instead of tariffs levied by the EU last summer. China's Commerce Ministry said that the EU also suggested exploring "new technical pathways" relating EVs. The Chinese side is now evaluating this proposal. (Reporting and editing by William Mallard, Tom Hogue and Brenda Goh)
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Indonesia anticipates concluding free trade negotiations with EU by the end of June
Indonesia announced on Saturday that the free trade talks with the European Union which have been ongoing for nine years are expected to be completed by the end June. Airlangga hartarto, chief economic minister of Southeast Asia's largest economy, met EU Commissioner for Trade Maros Séfcovic on Friday in Brussels. Airlangga Hartarto stated in a press release that "Indonesia has agreed to resolve outstanding issues, and we are prepared to announce the conclusion of substantial negotiation by the end June 2025." He didn't disclose any details about the agreements that may have been made. Denis Chaibi said, "Negotiations continue and the substance will determine the timing." When we know the outcome, we will provide more details. In terms of total trade, the EU was Indonesia's fifth largest trading partner in 2013. The two countries exchanged $30.1 billion worth of goods and services last year. Airlangga reported that Indonesia had a trade surplus of $4.5 billion. Indonesia and the EU had previously disagreed over EU trade rules that may have been linked to deforestation, which could impact Indonesian palm oil. Jakarta also banned exports of minerals. Indonesian officials are motivated to speed up talks on free-trade agreements. They want to diversify their country's export destination as they face the challenges of U.S. Tariffs. To end the U.S.'s trade deficits around the world, President Donald Trump of the United States announced "reciprocal tariffs" that were halted since July. Indonesia faces a tariff of 32%. (Reporting and editing by Edwina gibbs and Tom Hogue; Gayatri suroyo)
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Jameson Taillon and Cubs shoot to tie series with Tigers
Jameson Taillon's strikeout numbers aren't high, but he consistently puts in strong starts. On Saturday, Taillon will be looking for his fourth straight victory in the middle match of a three game road series against the Detroit Tigers. Taillon (5-3; 3.76 ERA), has had a good outing in each of his last seven starts. He has only allowed four runs over the past three appearances. In a 7-3 win over the Cincinnati Reds on Sunday, Taillon held them to just two runs and three hit in 6 1/3 innings. It was the sixth time in a row that he has struck out four batters or less. It was the eighth time in this season that he allowed four or fewer hits. Craig Counsell, the manager of the team, said that his biggest strength was being an elite striker. "He's always at the top of the league in terms of walk rates." Taillon made four career starts for Detroit. He has a 1-2 record with a 7.45 ERA. Keider Montero will likely be the Tigers' bulk reliever on Saturday, after Tyler Holton (2-2 ERA 4.13) is the opener. Montero's (2-1, 4.02 ERA) early in the season was used to fill in for a spot starter or as a six-man starting rotation. Due to injuries, he is the current No. Reese Olson, Jackson Jobe and other players are injured. Montero has not allowed a single run over his last two starts. His latest outing, however, was an adventure. He allowed seven hits and one walk in four 2/3 innings against Kansas City, but made crucial pitches when runners were on base. Montero, through Carlos Guillen as interpreter, said: "I am proud of what we achieved (Sunday)." He was much more clean in his last home appearance on May 26, as he only allowed the San Francisco Giants one hit over five innings. Montero did not face the Cubs in his two seasons of major league baseball. Holton has a 1-0 career record (one start) in three games against the Cubs. He's thrown four innings of scoreless and hitless baseball. The Tigers won the first game of the series in a thrilling thriller on Friday night. Tarik Skubal, the reigning American League Cy Young Award recipient, pitched 7 2/3 inning despite eight hits and a 3-1 win. Detroit's Kerry Carpenter, who is not known for his defensive skills, stole Seiya Suzuki's extra-base hit by leaping at the fence in right field after Will Vest replaced Skubal. Jahmai Jones' solo homer in the bottom of inning gave Detroit a boost. Jones, who was promoted from Triple-A Toledo the previous day, was making his Tigers debut as well as his first appearance in the majors of the year. A.J. Hinch, Detroit's manager, said: "He is a great hitter and makes excellent decisions." Hinch said. "He has a good deal of thump and athleticism. He also has some speed. And he's perfect for the role we want to play him." He can be a great player off the bench, and he may even get a few starts. Counsell does not want to emphasize the fact that the Cubs will be facing the team in the AL with the best record. He said, "It is a series that will be held in June." There will be many people in attendance this weekend. It's a lot of fun for the players. It's fun for them. It's an interesting challenge to face a strong team. It's a challenge against a good team. "But other than that it's only three games." Field Level Media
Gold prices drop to a new low after trade optimism increases
The gold price dropped by more than 2%, reaching a new low of over a month, as investors shifted away from bullion due to rising risk appetite.
As of 1011 ET (14.10 GMT), spot gold fell to its lowest level since April 11 and dropped 1.8% to $3.188.52 per ounce. Bullion dropped as low as $3.174.62 in an earlier session.
U.S. Gold Futures declined 1.7% to $3192.80.
Tai Wong is an independent metals dealer. He said, "The global relief rallies sparked by steep reductions in U.S. - China tariffs have triggered a corrective movement through technical levels of gold."
Wall Street's major indexes began higher on Monday, with the deal over tariffs and expectations for more trade agreements driving their gains.
Washington and Beijing have agreed to drastically reduce tariffs and adopted a 90 day pause as the details are worked out.
In an interview with CNN on Tuesday, Donald Trump said he would be willing to negotiate directly with Chinese President Xi Jinping about the details of a new trade agreement. He said "potential deals", with India, Japan and South Korea are in the works.
Last month, gold, a precious metal that is considered a safe place in times of economic and geopolitical turmoil, reached a new record of $3,500.05. Prices have risen by 21.6% this year.
Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said: "While the trend in the long term remains bullish, it wouldn't surprise me if the momentum continued to be bearish for a couple of more days."
The first target for the downside is $3,136. Next, it's $3,073 then $3,000, and finally, the biggest level.
After softer than expected consumer data, traders are now waiting for the U.S. Producer Price Index (PPI) to be released on Thursday. This will provide clues as to the Federal Reserve's policy direction.
As a zero-yielding investment, lower interest rates make bullion more appealing.
Silver spot fell by 1.8%, to $32.29 per ounce. Platinum dropped 0.5%, to $983.42. Palladium increased 0.1%, to $957.65. (Reporting by Sarah Qureshi in Bengaluru; Editing by Tasim Zahid)
(source: Reuters)