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UN: Conflict and climate will drive global hunger to record levels in 2024.
According to a U.N. release on Friday, acute food insecurity and malnutrition among children will continue to rise for the sixth consecutive year, in 2024. This will affect more than 295 millions people in 53 countries. This was a 5% rise on the levels of 2023, with 22,6% of people in the worst-hit areas experiencing hunger at crisis level or worse. The 2025 Global Report on Food Crises presents a shocking picture, said Rein Paulsen Director of Emergencies and Resilience for the U.N. Food and Agriculture Organization. He added that "conflicts, extreme weather and economic shocks" are often the primary drivers. The U.N. has warned that conditions will worsen this year. It cites the steepest projected decline in humanitarian food funding in the report since its inception, estimated anywhere from 10% to over 45%. U.S. president Donald Trump led the way by largely closing down the U.S. Agency for International Development (USAID), which provides humanitarian aid to those in need around the globe, and cancelling over 80% of their programs. Cindy McCain, head of the Rome based World Food Programme, warned that "millions of hungry people will lose or soon lose the lifeline we provide." Hunger will affect nearly 140 millions people in 20 countries by 2024. This includes areas experiencing "catastrophic levels" of food insecurity, such as Gaza, South Sudan and Haiti. Sudan has confirmed that famine conditions exist. Inflation and currency devaluation have contributed to the food crisis in 15 countries, including Syria and Yemen. This is nearly twice the level seen before the COVID-19 pandemic. El Nino, which causes droughts and flooding, has thrown 18 countries, including Southern Africa, Southern Asia and the Horn of Africa, into crisis. More than 96 millions people have been affected. The number of people living in famine-like situations has more than doubled, reaching 1.9 millions -- the highest level since the monitoring for the Global Report began in 2016. The report stated that malnutrition in children has reached alarming levels. The report said that nearly 38 million children aged under five are acutely malnourished in 26 different nutrition crises. These include Sudan, Yemen Mali, and Gaza. The forced displacement of people also increases hunger. Nearly 95 millions forcibly displace people, including refugees, and internally displaced individuals, lived in countries that were facing a food crisis, such as the Democratic Republic of Congo or Colombia. Despite the overall grim trend, there were some positive developments in 2024. Food insecurity has decreased in 15 countries including Ukraine, Kenya, and Guatemala due to improved harvests, lower inflation, and humanitarian aid. The report urged investment in local food systems to break the cycle. Paulsen stated that "evidence shows supporting local agriculture is the best way to help people with dignity and at a lower cost." (Reporting and editing by Toby Chopra; reporting by Crispian B. Balmer)
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Trump: UAE and US agree that Abu Dhabi will buy the most advanced AI chip.
Donald Trump announced on Friday that the United Arab Emirates (UAE) and the United States agreed to open a pathway for Abu Dhabi to purchase some of the world's most advanced artificial-intelligence semiconductors from U.S. firms, which is a significant win for Abu Dhabi in its efforts to become a hub for global AI. Trump's Gulf tour also included a visit to Saudi Arabia, Qatar, and the UAE. The UAE capital Abu Dhabi and wealthiest emirate of the UAE made a promise to increase the value of their energy investments to the U.S. by $440 billion over the next decade. He announced deals worth over $200 billion on Thursday, including Etihad Airways' $14.5 billion investment in 28 Boeing aircraft made in the USA. Trump said, "We work together, and the money made here comes back home to us", during a press event in Abu Dhabi. Trump was praising the U.S.-UAE business relationship. "We made it work and you know that they were being wooed." "But there's no wooing anymore, I think we are in good shape," said he. The crown prince replied, "Absolutely." The AI deal finalised on Friday is a major boost for the UAE. It has been struggling to maintain a balance between its relationship with the U.S., its longest-standing ally, and China, its biggest trading partner. The Trump administration is confident that the chips will be managed safely, and has required data centres to be managed by U.S.-based companies. Trump stated that "Yesterday, the two countries agreed to create a pathway for UAE to purchase some of the most advanced AI semiconductors in the world from American companies. This is a very large contract." He added that the UAE plans to be a major player in artificial intelligent will accelerate as a result. ENERGY INVESTORS The UAE's energy commitment was announced by Sultan Al Jaber during his presentation to Trump, the chief executive of the Abu Dhabi state-owned energy giant ADNOC, during the final stage of Trump's regional tour, which has attracted huge financial commitments. Al Jaber, who spoke to Trump, said that the enterprise value of UAE investment in the U.S. Energy sector would increase from $70 billion today to $440 billion in 2035. He added that U.S. firms in energy will also invest the UAE. "Our partners have committed to new investments of $60 billion for upstream oil, gas and new unconventional opportunities," Jaber stated in front of a slideshow showing projects in the UAE with the logos ExxonMobil and Oxy, two U.S.-based companies. Jaber, executive chairman of XRG and minister for industry and advanced technologies, said that XRG is looking to invest a large amount of money in U.S. Natural Gas. In March, senior UAE officials had already met Trump and committed to a 10-year investment framework of $1.4 trillion in the U.S., in sectors such as energy, artificial intelligence, and manufacturing, to strengthen reciprocal ties. Trump stated that "we're making progress" for the $1.4 trillion that the UAE announced it intended to spend in the United States. The tour, which focused on investment deals and not on Middle East security crises, such as Israel's Gaza war, has been primarily focused on publically on the Gulf. Trump engaged in diplomacy during his brief meetings with the biggest energy producers around the world. He met with Syria’s interim president Ahmed al-Sharaa and said that he would lift sanctions against Syria on the request of Saudi Arabia’s crown prince. This is a major shift in U.S. foreign policy.
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Information Minister: 51 mining licenses seized by Guinea
The information minister of Guinea said that the military government had reclaimed 51 mining licenses. It is stepping up its efforts to regain claims or concessions in which no operations have been conducted or where permits are not being used, he added. First reported that the government intended to cancel the licenses on Thursday. Fana Soumah said in a late-night televised speech that Guinea's ruler Mamady Dommebouya signed the decree of repossession, which includes bauxite concessions, as well as gold, diamonds, graphite, and iron. Soumah stated that the concessions were "returned to the state free of charge", citing several articles in Guinea's Mining Code as legal justifications for the withdrawal of the licences. Guinea has the largest reserves in the world of bauxite - the ore that is used to make aluminium. Its exports are vital to the global production of this industrial metal, especially to China and Russia. The company had already taken steps to remove bauxite licenses from Kebo Energy SA, and Emirates Global Aluminium. Tom Price, the head of commodities at Panmure Liberum Investment Bank, said that "government pressure is increasing on Guinea's Bauxite Industry." He added, "We suspect that Guinea's government consolidates the number of foreign miners and forces the industry to invest locally in downstream processing capability." Another analyst, familiar with the mining operations in Guinea, who declined to name himself, stated that the companies affected were minor players. The authorities of Guinea did not reply to our requests for comments on their next plans. The decree applies to mining operations that were granted licenses between 2005 and 2023. Some permits were already expired, while others would still have been valid for decades. This move reflects a complex operating environment in West Africa where military regimes have been tightening control over minerals assets in Niger since 2020 to increase revenues. (Reporting and editing by Joe Bavier; Maxwell Akalaare Adombila)
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Shanghai warehouse copper stock jumps, ending long withdrawals
This week, copper inventories in China increased sharply. They broke a run of three weeks of large withdrawals which had caused concerns about shortages due to the global pull of copper supplies toward the United States. Shanghai Futures Exchange warehouses reported a 34 percent increase in copper inventories, which reached 108.142 metric tonnes On Friday, there was the first weekly net increase since mid-March. The stock levels are still well above those of late 2023, when they fell below 30,000 tonnes twice. According to an anonymous analyst and trader, the rise in inventories can be attributed to tepid demand for copper in China as well as steady production from a growing and giant smelter industry that is not deterred by negative margins. The Shanghai daily warrant stock has been increasing every day in the last week. Chinese buyers have clearly backed off these higher prices," Alastair Mudro, senior metals strategist with broker Marex said. The increase in inventories may have allayed fears about shortages. However, this concern is based on the fact that vast quantities of global copper are being redirected towards the United States in order to take advantage of high prices caused by the threat to import tariffs. China's Yangshan Copper Premium Since March, the key indicator of import demand has steadily risen to US$100. It has been hovering around this level for the last two weeks. The trader said that there was panic in China when material that would normally go to China was diverted to the U.S. But that has been replaced with the realisation that demand is not really there.
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Copper prices fall due to demand concerns
The copper price fell on Friday for the second time in a row as the softer demand of price-sensitive buyers such as China, which was sparked off by the 90-day U.S. China trade truce, drove the metal's recent highs down. By 0959 GMT, the benchmark three-month price of copper at the London Metal Exchange was down by 0.8% to $9,495 per metric tonne. Metal, which is used for power and construction, reached $9,664 Wednesday. This was its highest price since April 2 and it has risen 4% this month. JP Morgan wrote in a report this week that "Copper Prices above $9,500 appear to be again encountering the same Chinese Price Sensitivity which has fundamentally and ultimately reined-in previous rallies in the last two year." The Shanghai Futures Exchange monitored warehouses in China, the top metals consumer. This week copper inventories grew sharply. The copper inventory rose by 34% to 108.142 tons, marking the first weekly net increase since mid March. The initial optimism regarding the 90-day suspension of most of Washington's and Beijing's retaliatory duties has faded as the focus of the markets has shifted back to the state of the global economy. A metals analyst in Shanghai said that "Chinese traders were happy with the 90-day break, but the market was still uncertain as to what would happen after 90 days." Yangshan Copper Premium This week, the, which measures China's appetite for copper imports, fell to $100 per ton, down from $103, and its highest level since December 2023. (Reporting by Polina Devitt; additional reporting by Hongmei Li Editing and Shreya Biswas) (Reporting and editing by Shreya Biwas; Additional reporting by Hongmei LI)
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Gold drops, heading for the worst week in six-months on the ease of trade tensions
Gold prices fell more than 1% Friday, and are heading towards their worst six-month period in recent memory. An overall stronger dollar and the temporary U.S. China trade agreement have weakened investor demand for this safe-haven. As of 0933 GMT, spot gold was down by 0.9% at $3,210.19 per ounce. Bullion is down more than 3% this week, and it's on track to have its worst performance weekly since November 2024. U.S. Gold Futures dropped 0.4% to $3213.60. Nitesh Sha, commodities strategist for WisdomTree, said: "We have had a week of optimistic signals regarding trade negotiations, and we've seen the dollar increase on its course, which has weighed on gold prices." The U.S. and China agreed earlier this week to temporarily reduce the harsh tit for tat tariffs that were imposed in April. This lifted the mood on the financial markets. Gold is less appealing to other currency holders because the dollar index has been subdued for the day but is on track for a fourth consecutive weekly gain. Last month, gold, which is often used as a store of value in times of political or financial uncertainty, reached a record high of $3.500.05 per ounce, thanks to central bank purchases, fears of tariff wars, and a strong demand for investment. This week, the United States economic data and signs of a slowing inflation have fueled bets on more Federal Reserve rate reductions this year. Gold that does not yield tends to flourish in an environment with low rates. Tim Waterer, Chief Market Analyst at KCM Trade, said: "On the positive side, gold prices continue to drop, showing that it remains a preferred asset. Global growth and inflation prospects are still murky." Silver spot fell 1.2% at $32.28 per ounce. Platinum fell 0.4% to $885.30, and palladium dropped 1% to $958.56.
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China issues a weather alert after high temperatures threaten wheat quality
China warned on Friday of a high-risk of hot, dry winds between Monday and Thursday, which could cause damage to winter wheat crops, especially in Henan, a major wheat-growing region known as "the granary" for the country. The China Meteorological Administration has predicted that temperatures will exceed 40 degrees Celsius during this period. CMA warns that extreme heat and wind could cause wheat to grow too quickly and disrupt the filling process. Henan will produce about 27% (or more) of China's total output of wheat in 2024. Harvesting usually begins around late May. China could increase its wheat imports if production declines. As reported previously, Chinese buyers purchased between 400,000 to 500,000 metric tonnes of wheat from Australia or Canada as the concern grows over the impact heat has on crops in China’s agricultural heartland. Reporting by Ella Cao & Lewis Jackson David Evans, Mark Potter and David Evans edited the article.
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Fiala: EDF's protests over nuclear deal with Czech Republic affect country's safety
Petr Fiala, Czech Premier, said that France's EDF has gone very far to appeal against the Czech Republic's choice of South Korea's KHNP as the contractor for a multibillion-dollar nuclear power project. This is impacting the security of the country. This month, the Czech government stepped up their rhetoric against EDF’s challenge as they seek to protect the largest energy investment in the country. The investment is a crucial part of the plans to replace coal-fired power plants and nuclear units that are getting older. EDF has won an injunction from a Czech court this month, preventing the signing of the final contract on the project that costs $18 billion at today's prices. It is also complaining to European Commission. In an interview published on Friday, Fiala said that there is logic to the idea of the unsuccessful bidder defending themselves. "I don't object to it, but I believe that they are going too far in this defence and that today it already touches upon the security interests and strategic interests the Czech Republic." Fiala said that the taxpayer should not cover any damages caused by delays, echoing CEZ's comments. He said that "it certainly shouldn't end with Czechs paying for damages. So some other steps must follow," without specifying what these steps could be. He said, "Let's avoid getting ahead of ourselves." EDF has opposed the conduct of this tender as well as any potential state assistance to KHNP. KHNP, CEZ (which ran the tender) and the Czech government have all rejected the complaints. The Czech government, CEZ and KHNP have all rejected the complaints. EDU II will build the two reactors of 1,063 Megawatts by 2036-2037 on CEZ's existing nuclear site in Dukovany. The government acquired 80% of EDU II from CEZ this month. CEZ owns the remaining 20%. (Reporting and editing by Jan Lopatka)
Iron ore prices fall on uncertain demand, but still head for a weekly gain
The price of iron ore futures fell on Friday, despite a trade truce that was reached between the US and China. This is due to signs of a softer near-term market demand as well as growing concern over the outcome of the Sino-U.S. Tariff War.
The September contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 0.95% lower, at 728 Yuan ($101.11), a metric tonne. This marked a 4.5% weekly increase.
As of 0703 GMT the benchmark June iron ore traded on the Singapore Exchange fell 0.83% to $100.35 per ton. This represents a 3.5% gain for this week.
Both benchmarks are up around 3% in May.
A survey by consultancy Mysteel revealed that the average daily hot metal production, which is a measure of iron ore consumption, fell 0.4% compared to the previous week, reaching around 2,45 million tons on May 15. This weighed down sentiment and prices.
Analysts and traders expect hot metal production to remain stable in May and June, as mills are encouraged by profit margins to keep up high operating rates. The easing of trade tensions is likely also to spur another round of early shipments of steel.
Benchmark Mineral Intelligence analysts forecast a $100 average annual ore price, reflecting a subdued outlook for demand, possible China steel production limits, and renewed optimism about easing trade tensions.
Coking coal fell by 3.84%, to its lowest level in over eight years. Meanwhile, coke dropped by 1.93%.
The benchmarks for steel on the Shanghai Futures Exchange have also fallen. Rebar fell 1.15%; hot-rolled coil dropped 0.95%; wire rod sank 1.25%; and stainless steel declined 0.65%. ($1 = 7,2002 Chinese Yuan) (Reporting and editing by Mrigank Dahniwala and Eileen Soreng; Amy Lv, Lewis Jackson)
(source: Reuters)