Latest News
-
Tennis-Challenge! Wimbledon say Avocados still in
Not banned, just sliced. The green avocado, the brunch staple, Instagram darling, and millennial favorite, is still on the menu. After reports that claimed Wimbledon was ditching avocados in favor of crushed peas, panic spread through brunch circles. The World Avocado Organisation also weighed in Thursday to defend the fruit’s reputation. Wimbledon organizers said on Thursday that there was no official ban. Avocados were spotted in an Itsu King Prawn Poke Bowl sold near Henman Hill. Fans can relax and stay calm. The All England Tennis Club has reduced the amount of avocados served on its premises and offers crushed British peas in some dishes. However, it was made clear that there is no ban, and the ingredient is still used in many products. The club has taken additional measures to reduce its emissions, including the removal from 30 of 42 kitchens, solar water tubes, and 100% renewable electricity for the grounds. It aims to achieve net zero emissions by 2030. Hattie park, AELTC’s senior sustainability manager and after a panel discussion on environmental issues, said: "We aim to achieve net zero in our operations by 2030, as well as net zero in everything else, including the supply chain, by 2040." We need to find an electric solution for the heating of the Centre Court and Number One courts. We're working on a solution to minimize disruption. The extreme heat is also a concern. On Monday, Wimbledon had its hottest start ever with temperatures reaching 32.3 degrees Celsius. Park, AELTC's Park, said: "I've worried about the extra heat for years." "We must adapt to climate change and reduce our fossil fuel impact." Park said that if we could have green and blue infrastructures, which are naturally cooling, they would help with natural resilience. (Reporting and editing by Ken Ferris; Amy-Jo Crowley)
-
Petrobras invests $4.8 billion to integrate Reduc and Boaventura
Petrobras, the Brazilian state-owned oil company, announced in a Thursday statement that it would invest 26 billion Brazilian reais (4.80 billion dollars) to integrate the Reduc refinery with the Boaventura complex of energy in Rio de Janeiro. Petrobras stated in a statement that the new structure would increase production by 76,000 barrels of diesel per day and by 20,000 barrels of jet fuel. Petrobras executives stated that the company plans to renovate a thermal plant in Reduc. The estimated cost is 860 million reais. The statement also states that the investment will be 2.4 billion reais in maintenance stops at Reduc up until 2029. Braskem, a Brazilian petrochemical company, announced that it was also planning to invest 4.3 billion reais in a polyethylene facility near Reduc. Petrobras owns 47% of voting share Braskem. Magda Chambriard, Petrobras' Chief Executive Officer, stated that the total investment by Petrobras and Braskem in petrochemicals as well as refining will be 33 billion reais. The announcement is made a day before Brazil's president Luiz inacio Lula da silva's visit to Reduc where he'll present the new investment alongside Chambriard. Lula, who began his presidency in 2023 has been pushing Petrobras to invest more in order to create economic growth and jobs in the region. Chambriard cited two cities from Rio de Janeiro as examples.
-
Sources say that BRICS will launch a guarantee fund to boost investments in member nations.
Two people with knowledge of the matter said that the BRICS group is about to announce a new fund to reduce financing costs and increase investment. Sources who spoke on condition of anonymity said that the initiative is modeled after the Multilateral Investment Guarantee Agency, or MIGA, which was established by the World Bank to help address global investment shifts in the face of uncertainty regarding U.S. policy. Brazilian officials consider the fund to be the focal point of the BRICS' financial agenda for the duration of Brazil's rotating presidency. Sources claim that the fund will be included in the joint declaration at the BRICS Summit in Rio de Janeiro, next week. Initially formed by Brazil and Russia, India, and China, BRICS later added South Africa, and expanded recently to include other developing countries to increase their influence in global governance. One source said that the proposed BRICS Multilateral Guarantee Mechanism (BMG), incubated by the NDB, had received technical approvals from the member states. It now awaits the final signoff of BRICS Finance Ministers. This is considered a formality. The Brazilian Finance Ministry has declined to comment. At this stage, the initiative does not require any additional capital from members. It aims instead to channel existing NDB funds to projects in developing countries. Officials involved in the negotiations have not disclosed the initial funding value, but they expect that each dollar of guarantees provided by NDB will mobilize between $5 and $10 in private capital to fund pre-approved project. This is a political guarantee instrument. One source stated that it sends a signal to the world that BRICS are alive and working on solutions. The technical preparations for the establishment of the fund should be completed by the end this year. This will pave the way for the pilot projects to get guaranteed funding in 2026. The BRICS nations face the same challenges as other developing countries in attracting private investment on a large scale in infrastructure, adaptation to climate change and sustainable development. Officials claim that the NDB's credit rating, which is higher than most of its member countries, can help to mitigate perceived risk for commercial banks and institutional investors. (Reporting and editing by Manuela Andreoni and Bernardo Caram)
-
Top cases heard by the US Supreme Court in 2025-2026
The U.S. Supreme Court is preparing to decide a number of cases during its upcoming term that begins in October. These cases include issues like transgender rights; campaign finance laws; gay "conversion therapies"; crisis pregnancy centers; religious rights and the death penalty. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. TRANSGENDER SPORTS PARTICIPATION On July 3, the court decided to hear Idaho and West Virginia's bid to enforce state laws that prohibit transgender athletes in female sports teams of public schools. This is another civil rights challenge against Republican-backed restrictions for transgender individuals. Idaho and West Virginia appealed lower court decisions siding with transgender plaintiffs. Plaintiffs argued the laws discriminate based upon sex or transgender status, in violation of U.S. Constitution 14th Amendment equal protection guarantee and Title IX civil right statute which prohibits sex discrimination in schools. The arguments have not been scheduled. CAMPAIGN-FINANCE On June 30, the court agreed to hear a Republican challenge, based on free speech grounds, to a federal campaign finance provision that limits spending by parties in coordination and cooperation with candidates for office. The case involved Vice President JDVance. Vance and two Republican committees, both of whom were running for U.S. Senate at the time the litigation started, appealed the ruling by a lower court that affirmed restrictions on how much money political parties can spend in campaigns, with the input of candidates they support. The question is whether the federal restrictions on coordinated campaign expenditures violate First Amendment protections against government abridgment. The arguments have not been scheduled. The Justices agreed on March 10, to hear the challenge of a Christian therapist on free speech grounds against a Democratic-backed Colorado Law banning "conversion therapies" that are intended to change a child's sexual orientation, or gender identity. Kaley Chiles, a licensed counselor, appealed the decision of a lower court that rejected her claim that a 2019 statute violated the First Amendment by censoring her communications with her clients. The state claims it regulates professional conduct and not speech. Chiles, a Colorado-based Christian therapist who believes that "people flourish when they live in accordance with God's plan including their biological gender," according to court documents. The arguments have not been scheduled. CRISIS PREGNANCY COUNTER The court agreed on June 16 to reconsider a New Jersey operator's attempt to stop the Democratic-led attorney general of the state from investigating whether a Christian faith-based organisation deceived the women into thinking it offered abortions. First Choice Women's Resource Centers has appealed the ruling of a lower court that said the organization had to contest the attorney general's summons in state court prior to bringing a lawsuit against it. Crisis pregnancy centers offer services to pregnant women in order to prevent them from getting an abortion. Abortion rights activists have called the centers deceptive because they do not publicize their anti-abortion position. First Choice argues that it has the right to take its case to federal court, because it alleges a violation of First Amendment rights for free speech and freedom of association. The arguments have not been scheduled. RASTAFARIAN INMATES The Justices took up on June 23, a Rastafarian's lawsuit against state prison officials in Louisiana for holding him down and shaving him bald, in violation of their religious beliefs. Damon Landor's religion dictates that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit filed under a U.S. statute protecting against religious infringements by state and local government. Landor was not allowed to sue officials individually for damages under this law, according to the lower court. The law in question protects religious rights for people who are confined to institutions like prisons and jails. The arguments have not been scheduled. DEATH ROW INMATES The court decided on June 6 to hear the appeal of Alabama officials against a ruling that an Alabama man convicted of murder in 1997 was intellectually disabled. This finding spared him the death penalty, but the Republican-governed State is still pushing to execute him. According to the lower court's analysis of Joseph Clifton Smith's IQ scores and expert testimony, he was deemed intellectually disabled. According to a Supreme Court precedent from 2002, the Eighth Amendment's prohibition on cruel and unjust punishment is violated by executing a person with intellectual disabilities. The arguments have not been scheduled. LOUISIANA ELECTORAL DISTRECTS The court will hear arguments for a third time in a dispute involving a Louisiana election map that increased the number of U.S. Congress districts with a majority of Black people in the state. Justices heard arguments on March 24, but ordered on June 27 that the matter be debated again. State officials and civil right groups appealed an earlier court ruling which found that the map of Louisiana's six U.S. House of Representatives district - now with two districts that are majority Black, instead of one - violated equal protection guarantees in the Constitution. The arguments have not been scheduled. COX COMMUNICATIONS PIRACY VERDICT On June 30, the justices took up a dispute over copyright between Cox Communications, an internet service provider, and a group music labels. This was in response to a court decision that had thrown out a $1 Billion jury verdict against Cox Communications for alleged music piracy by Cox users. Cox Communications appealed the lower court decision that it was still responsible for copyright violations by its customers despite the ruling overturning the verdict. Sony Music, Universal Music Group, and Warner Music Group are among the labels. The arguments have not been scheduled. CHEVRON and EXXON COASTAL POLLLUTION On June 16, the court agreed to hear an application by Chevron and Exxon Mobil, as well as other oil and gas firms to move lawsuits filed by two Louisiana municipalities accusing them of damaging the state's coastline over a decade-long period to federal court. The companies appealed the lower court's decision rejecting their claim that the lawsuits should be heard in federal court, because the parishes Plaquemines & Cameron were suing for oil production undertaken during World War II to fulfill U.S. Government refinery contracts. Federal court is a more friendly venue for such litigation. Arguments have not been scheduled. ENBRIDGE PIPELLINE DISPUTE On June 30, the justices decided to hear Enbridge’s request to change the venue of Michigan’s lawsuit to force the Canadian pipe-line operator to cease operating a line beneath the Straits of Mackinac (waterways connecting two of the Great Lakes) due to environmental concerns. Enbridge appealed the lower court's decision rejecting its request to transfer the case from state to federal court. Federal court is considered to be more favourable to defendants. The arguments have not been scheduled.
-
Do international carbon credits combat climate change?
The European Commission proposed a climate goal for 2040, which allows countries to use carbon credits purchased from developing nations in order to reach the EU target for the first ever. What does that mean? And why did the EU's move on Wednesday cause some criticism among scientists and campaigners? What are carbon credits? Carbon credits or offsets are projects that fund projects abroad to reduce CO2 emissions in lieu of reducing your own greenhouse gas emission. For example, converting petrol buses in a city to electric or restoring forests in Brazil are examples. The buyer can use the "credits" to reach its climate goals, while the seller receives funding for their green project. The system, according to its supporters, provides much-needed funds for developing countries' efforts to reduce CO2 emissions and allows them to work together with other countries in order cut emissions globally. The reputation of CO2 credit has been damaged by a series of scandals where projects that generated credits failed to provide the benefits claimed for climate change. Why is the EU buying them? Carbon credits purchased from other countries could cover up to three percentage points of the EU 2040 target, which is to reduce net emissions by 90 percent from 1990 levels. In order to achieve the EU's climate goals, countries must reduce their emissions completely at home. Last year, the EU's executive commission said it hoped that the EU would agree on a 90 percent reduction in emissions by 2040. Carbon credits were not mentioned. Since then, the geopolitical turmoil and economic struggles of European industries has fueled political resistance. Governments from Germany to Poland have demanded a softer goal. The Commission responded by saying it would introduce flexibility and chose carbon credits to achieve the 90% reduction in emissions while reducing domestic steps required to get there. The EU countries, the European Parliament and the European Commission must all agree on the final goal. What are the risks? Carbon credit project developers and countries like Germany welcomed the EU plan as it would boost climate finance. Environmental campaigners warned that the EU is shirking its domestic CO2-cutting effort and urged caution in relying on low-value, cheap credits. Climate science advisors in the EU also oppose buying credits under 2040 targets, as they say that this would divert funds from local clean industries. After a glut of cheap credits that had weak environmental benefits led to a crash in carbon prices, the EU banned international credit from its carbon market. In an effort to reduce the risk, the Commission announced that it would purchase credits in accordance with the global market and trading rules for carbon credits being developed by the U.N. They include quality standards that aim to avoid the problems unregulated credit trading faced in recent times. Next year, Brussels will also propose specific standards on the quality of the carbon credits that the EU purchases. How much will it cost? The EU does not yet know. Carbon credits can range from a few dollars for a tonne CO2 to over $100 depending on the project. According to EU emission records, the bloc would have to purchase at least 140 millions tonnes of CO2 to meet 3% of its 2040 goal. This is roughly equal to the Netherlands total emissions for last year. A senior official of the Commission said that the bloc is determined to not hoard cheap junk credit. "I don’t think it would add any value." "The credits that we see on the voluntary carbon markets today are extremely cheap and this probably reflects an absence of high environmental integrity," said the senior official. (Reporting and editing by PhilippaFletcher; Additional reporting by Virginia Furness)
-
AlixPartners estimates that only 15 electric car brands will be financially viable in China by 2030.
AlixPartners, a consultancy, said that only 15 of the 129 brands currently selling electric vehicles and hybrids in China are financially viable by 2030. This is because intense competition has forced consolidation, and others have left the market. AlixPartners, without naming brands, said that these 15 brands will account for 75% of China’s EV market and plug-in hybrids by the end decade. Each brand sells an average of 1,02 million vehicles annually. Stephen Dyer of AlixPartners, the head of their automotive practice in Asia said that consolidation in China would be slower than other markets because local governments might support brands which are not viable due to how important they are to regional economies, employment, and supply chains. Dyer stated that China is among the most competitive NEV markets in the World, with price wars and rapid innovation. New entrants are constantly raising the bar. This environment has led to remarkable technological and cost-efficiency advances, but many companies are still struggling to achieve sustainable profits. China's auto market, which is the largest in the world, is currently experiencing a price battle and significant overcapacity. Both of these factors are putting pressure on profitability. No other Chinese EV manufacturer has ever achieved profitability for a full year, except BYD. Chinese regulators called on automakers to stop the price war. Dyer, however, said that the price war would continue, but with "hidden factors" such as insurance subsides and zero-interest finance, rather than through direct price reductions. Dyer stated that the capacity utilization ratio in Chinese auto plants dropped to a low of 50 percent on average last year. This was the lowest level in 10 years and impacted profits.
-
As Europe bakes under heatwave, new fires threaten homes in Greece's Athens and a blaze in Crete displaces over 1,000 people
Firefighters fought a fire on Thursday that burned forests and olive trees and forced more than 1,000 people to evacuate. Meanwhile, another conflagration threatened homes near Athens, underlining Greece's vulnerability. The Greek authorities struggled to control the fires due to gale-force winds, aridity and the early summer heatwave that affected much of Europe. At least eight people died in the region. On Thursday afternoon, another fire broke out near the Athens suburb Pikermi. It threatened many homes and prompted the evacuation of 3 settlements. More than 100 firefighters fought to put it out. The area was engulfed in thick grey smoke, near the Athens airport and Rafina - the second largest port of the capital. Traffic was stopped on the main road connecting the suburb with Athens. The authorities warned that there was also a high fire risk on Friday. Around 230 firefighters were deployed in Crete along with 46 engines, 10 helicopters and 10 fire trucks to put out the fire that broke out near Ierapetra, a town located on the southeast coast of Greece's biggest island, a day before. The state broadcaster ERT reported that the authorities declared a general state of emergency on Thursday in Ierapetra and its surrounding areas. Vassilis Vathrakogiannis, the spokesman for the fire brigade, said that intense winds had sparked and hindered efforts to fight fires. At least four settlements were evacuated of more than 1,000 residents, tourists and visitors. Authorities said that most people took refuge in an indoor stadium at Ierapetra. Others transferred to hotels or left Crete via boat. Mikkel Sallin (26 years old Danish tourist) said that it was "very scary" when he was evacuated from his hotel. "We're just happy to be here and feel safe." Officials said that local media reported some damage to homes and that some people had been hospitalised for respiratory problems. George Tzarakis is the head of the hoteliers of the region and expressed concern about the future bookings. Tourism is the main source of income for this popular tourist island. 'WILDFIRE HOTSPOT' Scientists call the area around Greece and other Mediterranean countries "a hotspot for wildfires" because they are prone to blazes during hot, dry summers. The climate has changed rapidly in the last few years, making these fires more destructive. Scientists claim that heatwaves arrived in Europe earlier this year. Temperatures rose by as much as 10 C (50 F), with some regions experiencing temperatures of up to 50 F. Warming seas caused a heat dome to form over Europe, which trapped hot air masses. Vathrakogiannis, a fire brigade official, said that July is the hardest month for fires due to the high temperatures and strong wind. In Turkey, authorities are fighting wildfires for the second day in Cesme and Odemis district in Izmir's western coastal province. Local TV footage showed that winds hindered the firefighters' efforts as they approached a major highway leading to Cesme. Thick smoke billowed across mountainous regions. The Italian health ministry has issued a red alert for 18 major cities, as temperatures are expected to reach up to 38 degrees Celsius (100.4" Fahrenheit). Gilberto Pichetto Fratin, the Italian Energy Minister, warned that temporary blackouts could occur due to the surge in power consumption caused by air conditioners. Axpo, a Swiss utility, has shut down its two reactors at the Beznau Nuclear Power Plant due to high temperatures in river water. Reporting by Alexandros. Avramidis at Ierapetra; Renee Maltezou in Athens; Angeliki Koutantou in Ankara; Alvise Armellini and Miranda Murray, in Berlin. Editing by Bernadette. Baum.
-
Treasury Dept.: US sanctions target Iran oil trade and Hezbollah
Treasury Department: The United States announced sanctions against a network of businessmen who smuggle Iranian oil under the guise of Iraqi oil. They also targeted a Hezbollah controlled financial institution. Since at least 2020, the Department of State has said that the network of companies owned by Iraqi businessman Salim Ahmad Said have been purchasing and shipping billions in dollars of Iranian oil blended or disguised as Iraqi oil. Treasury Secretary Scott Bessent stated that Treasury would continue to target Tehran’s revenue sources, and increase economic pressure in order to disrupt the regime’s access to financial resources which fuel its destabilizing actions. Treasury Department sanctioned vessels accused of engaging covertly in Iranian oil delivery, increasing pressure on Iran's shadow fleet. The Treasury Department has also sanctioned several senior officials, as well as an entity affiliated with Hezbollah-controlled Al-Qard Al-Hassan. The department stated that the officials conducted transactions worth millions of dollars which ultimately benefited Hezbollah, but masked its true intentions.
Prices of copper remain near their multi-month highs due to supply constraints and US tariff fears
The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) both held copper near its highest level since late March. This was due to concerns about a tight supply in the region and an increase in shipments to the U.S., as traders rush to avoid potential import tariffs.
The most traded copper contract on SHFE fell 0.07%, to 80,560 Yuan ($11246.37) or its highest level since March 27, and three-month copper on LME fell by 0.35%, to $9,978 per ton at 0703 GMT.
The United States may decide to deal with the copper tariff later. This has given traders more time to transport copper to the United States, when prices are higher.
The SHFE copper stocks are too small in absolute terms, which is more supportive of prices.
The SHFE monitored warehouses had copper stocks totaling 81,550 tonnes by June 27. This was down 69.6% on the highest day of the year on February 28, or 74.5% on the previous year.
U.S. Comex Copper Futures rose by 2% on Wednesday to $5.199 per pound, with a premium of 14% over the LME Copper futures.
Total Copper Stocks
SHFE nickel rose 0.8% to 121 790 yuan per ton. Lead gained 0.5%, to 17,245 Yuan. Zinc was up 0.5%, at 22,325 Yuan. Aluminium edged higher by 0.07% to 20,680 Yuan. Tin fell 0.33%, to 268,420 Yuan.
LME nickel rose 0.44%, to $15,370 per ton. Lead grew 0.34%, to $2.066.5. Tin climbed 0.05%, to $33,730. Zinc fell 0.49%, to $2.744, while aluminium declined 0.34%, to $2.611.
Click or to see the top news stories about metals, and other topics. ($1 = 7.1632 Chinese Yuan) (Reporting and editing by Sherry Jab-Phillips; Vijay Kishore and Hongmei Li)
(source: Reuters)