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Trump team listens to pitches on Myanmar's rare Earths
Four people who were directly involved in the discussions confirmed that the Trump administration had heard competing proposals to change the longstanding U.S. foreign policy towards Myanmar. The goal was to divert its huge supplies of rare earth mineral reserves away from China, the strategic rival. Experts say that there are many logistical challenges and nothing has been decided. If the proposals are implemented, Washington will need to make a deal with ethnic rebels who control most of Myanmar's heavy rare earth deposits. One proposal calls for talks with Myanmar's ruling junta in order to reach a peace agreement with the Kachin Independence Army (KIA) rebels. Another proposes that the U.S. work directly with KIA, without engaging with the junta. Washington avoided direct talks after the military overthrew the democratically-elected government of Myanmar in 2021. Sources said that a U.S. lobbyist for business, a former advisor to Aung San Suu Kyi and a few outside experts had proposed the ideas to the administration officials in indirect discussions with the KIA. Conversations that have never been reported before Rare earths is a grouping of 17 metals which are used to produce magnets, which turn energy into motion. The so-called heavy rare Earths are used in the construction of fighter jets, as well as other high-performance weapons. The U.S. is dependent on imports of heavy rare Earths, as it produces very little. The Trump administration is focused on securing the supply of these minerals in order to compete with China. According to the International Energy Agency, China is responsible for almost 90% of global processing capability. The United States would make a radical change if they engaged the junta, especially given the sanctions Washington has placed on military leaders as well as the violence perpetrated against the Rohingya minority that Washington describes in its report of genocide and crimes committed against humanity. The Trump administration lifted sanctions on several junta ally last week. However, U.S. officials stated that this did not reflect a change in U.S. policies toward Myanmar. People familiar with the matter say that the ideas presented to the U.S. government include the following: easing President Donald Trump's threat of 40% tariffs against Myanmar; reversing sanctions against the junta, as well as its allies; working with India to process heavy rare earths exports from Myanmar and appointing an envoy for these tasks. A person in Vance’s office confirmed that some of these suggestions were discussed at a meeting held on July 17 in Vice President JD Vance’s offices. Adam Castillo was present, who is the former director of the American Chamber of Commerce of Myanmar and runs a security company in the country. Vance's advisers on Asian trade and affairs were present. Vance was not present, according to the source. Castillo said he suggested that U.S. officials play a role as peace broker in Myanmar. He also urged Washington, to take a leaf out of China's book by first brokering a bi-lateral self-governance agreement between the Myanmar military KIA. The ruling junta of Myanmar and the KIA have not responded to a comment request. Vance's Office declined to comment on Castillo’s visit to White House. However, a person familiar with the matter said that the Trump Administration has been reviewing its policy on Myanmar (also known as Burma) since Trump's inauguration in January and had considered direct discussions with junta regarding trade and tariffs. The White House refused to comment. REVIEWING MYANMAR POLITICS People familiar with the discussions described them as exploratory, in their early stages, and added that the talks could result in Trump not changing his strategy, given his reluctance to intervene in foreign conflicts or in Myanmar's complicated crisis. When asked about the meeting on July 17, a senior official in the administration said, "The officials met as a favor to the American business community to support President Trump’s efforts to reduce the U.S. trade deficit of $579 million with Burma." Castillo, who described Myanmar's rare-earth deposits as China's 'golden goose', said he told U.S. official that key ethnic armed group - especially the KIA – were tired of being exploited and wanted to collaborate with the United States. Heavy rare earths are produced in large quantities by mines in Myanmar's Kachin Region and exported to China. He said he repeatedly urged Washington officials to pursue a deal that included cooperation with U.S. Partners in the Quad Grouping - India - to process resources and eventually supply heavy rare earths to the United States. The United States, India, Australia and Japan are all part of the so-called Quad Grouping. The Indian Ministry of Mines has not responded to an email seeking comment. Unknown to the public, an Indian government official said that he did not know if Trump's administration had informed India of any such plan. However, he stressed that it would take several more years for such a move to become a reality, as infrastructure would need to be constructed to process rare earths. One pitch was in line with former president Joe Biden's Myanmar policy. Sean Turnell is an Australian economist who was a former advisor to Suu Kyi's government, which the junta overthrew in 2021. He said that his proposal for rare earths was meant to encourage the Trump Administration to continue to support Myanmar's democratic movements. Turnell met with officials of the State Department, White House National Security Council, and Congress during a trip to Washington in the early part of this year. He urged them to continue their support for the opposition. He said that KIA, for example, could provide rare earths to the U.S. In recent months there have been several discussions on rare earths between U.S. government officials and the Kachin Rebel Group through intermediaries, according to a source with knowledge of these talks. These discussions were not previously reported. OBSTACLES Since the coup, Myanmar is wracked by civil war. The junta, along with its allies, has been pushed from much of the borderlands of the country, including the rare-earths mining belt, which the KIA currently controls. According to a source in the rare earths sector, U.S. officials contacted the Kachin rare Earths mining industry around three months after the Kachin tookover of the Chipwe Pangwa mining belt. A person said that a new major supply chain for rare earths, which would involve moving minerals from remote, mountainous Kachin State to India and beyond, might not be feasible. Bertil Lintner is a Swedish author and expert in Kachin State. He said that the idea of China stealing rare earths out of Myanmar was "totally insane" due to the mountainous terrain. Lintner stated that there was only one way to get the rare earths out of these mines on the Chinese border to India. "And the Chinese will certainly stop it." The junta, for its part appears eager to engage Washington after years in isolation. Trump, as part of his trade offensive against the world, threatened to impose new tariffs on Myanmar exports bound for the United States this month. He did so personally in a letter signed by Min Aung Hlaing, chief of the junta. Min Aung Hlaing, in response, praised Trump's "strong leadership", while also asking for lower rates and a lifting of sanctions. He stated that he would be willing to send a negotiation team to Washington if necessary. Senior Trump administration officials claimed that the decision to lift certain sanctions had nothing to do with the general's email.
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In 2024, Vitol bought back shares for $10.6 billion from shareholders.
The company's filings show that the global commodity trading company Vitol Group will pay $10.6 billion in 2024 to its employees who hold shares of the company through an annual share purchase scheme. Vitol paid $10.6 billion for buybacks in 2023, up from $6.4 billion. This was the highest amount ever. In 2024, buybacks increased as earnings continued to rise despite a drop in profits from their previous highs. Vitol's net profit was between $8 and 8.5 billion dollars last year. This is down from $15 billion and $13 billion the previous years. Vitol, Trafigura, and Gunvor are global commodity traders that have made lower profits in the 2024 financial year. This is because markets stabilized after a turbulent period in 2022-2023 when trading houses had made record earnings due to Europe's Energy Crisis and Russia's invasion in Ukraine. Vitol's record earnings have been used to fund its share buybacks and invest in assets upstream and downstream around the world. Vitol purchased the Italian refinery company Saras in 2024. The company has also diversified its portfolio from its traditional oil-centric focus, expanding its activities into the natural gas, coal, and metals trading businesses. According to the earnings report, the total equity attributable by company owners in the financial year 2024 was $30.6 billion. This is down from $32.4 million in 2023. (Reporting and editing by David Gregorio; Robert Harvey is the reporter)
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Caribbean trade with Africa is booming as the traditional routes are eroding
The secretary-general of the Caribbean bloc, who spoke on Monday in light of the looming uncertainty surrounding its traditional trading partners, said that Caribbean nations were looking to "decisively expand" opportunities for trade with Africa. Why it's important In a time of increasing protectionism, stronger trade ties would be a major economic shift for a region that relies heavily upon trade with the U.S.A., Canada, and Europe. Washington imposed an initial 10% tariff in April on almost all of its trading partners. It has been levying its power to influence domestic Caribbean policies on issues such as Cuban medical services and citizen-by-investment programs. KEY QUOTE Carla Barnett, Secretary-General of Caribbean Community (CARICOM), said that "we must open the doors to greater trade and investment between our regions" at the opening ceremony of the AfriCaribbean Trade and Investment Forum held in Grenada. "CARICOM's trade with the Continent needs to grow beyond its current levels, which are less than 3%. This is especially true given the uncertainty surrounding trade with our traditional partners." By the Numbers According to the latest data of the Observatory of Economic Complexity, CARICOM's biggest trading partner is the United States. According to OEC figures, the U.S. purchased a quarter ($38.8 billion) of the $33.4 billion in goods shipped by the bloc throughout 2023 and sold 39% of the $43.4 billion of goods imported. CONTEXT Caribbean nations are particularly vulnerable to global shocks like inflation and pandemics due to their dependence on tourism, imported fuel and food, and their exposure climate-related disasters. Barnett noted that the region had already worked with Africa in unsuccessful campaigns to demand slavery reparations and compensation for climate change from wealthy nations. (Reporting and editing by David Gregorio; Sarah Morland)
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Angola fuel hike protests turn violent, local media report
Angola’s capital, Luanda, saw protests over the hike in diesel prices turn violent on Monday. Local media reported that looting and clashes between police and protesters led to several deaths and arrests. In a bid to reduce costly subsidies and strengthen public finances, the oil-producing nation in Southern Africa raised diesel prices by a third this month. The minibus taxi associations increased fares up to 50%, and began a 3-day strike on Monday. On its website, the Novo Jornal reported that three people were killed during the protests. One of them was a policeman. Novo Jornal reported that the police fired tear gas, smoke grenades and shots in the air, all to try and restore calm. In a press release, the police reported that shops had been looted in Luanda. The statement stated that police made arrests, but did not provide the number. Angola’s finance minister said in October that fuel subsides amounted to 4% of the country’s economic output in last year. The government will continue to remove them in stages. The protests were also deadly when the price of petrol was raised in 2023.
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President of Peru says that he is considering approving $6 billion in mining projects
Dina Boluarte, the president of Peru, said that her government is looking at approving 134 projects for mining exploration and exploitation worth an estimated $6 billion. Boluarte stated in an address before Congress that she expects the formal small-scale mine sector to generate over $5 billion in sales annually by the end this year, and that $4.7 Billion in formal projects are expected to have begun construction by 2026. Officials from Peru, third largest copper producer in the world, are in discussions with informal miners. They launched protests at the end of June, which blocked a major transport corridor used by MMG and Glencore. After over 50,000 miners informally removed from the formalization scheme by the government, the tensions escalated. The government now only wants to bring 31,000 of them into compliance with the regulations before the end this year. Boluarte stated that the government is working to establish a private mining funds which would provide small miners with better access to financing. (Reporting and writing by Marco Aquino, Sarah Morland and Natalia Siniawski).
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Chile will ask the U.S. for copper to be included in U.S. - Chile trade agreement
In an interview on Monday with the local radio station Duna, Mario Marcel, Chile's Finance Minister, said that he expects U.S. tariffs on copper to be discussed in Washington as part of broader U.S. Trade talks this week. Marcel said that Chile would request any tariffs be included in a larger trade agreement with the United States. The Trump administration announced that it would impose a 50% tariff on copper imports starting August 1. Chile is a major supplier of red metal to the United States and also of refined copper, though it sends a much larger volume to China. Monday is the beginning of a third round between Chilean officials, and the U.S. trade representative's office. Marcel stated that he hoped the discussions he and his colleagues will have in Washington today would also include copper. Because it would be unhelpful for us to have an agreement that excluded more than half our exports, like copper and wood. The minister responded that they would include any tariffs in a larger trade agreement. "We would like it to be included in the broader commercial discussion with Chile, not handled separately. It's an important issue," said the minister. Marcel pointed out that other countries had included exemptions and carving-outs in trade agreements. Fabian Cambero reported the story. (Writing by Daina Beth Solon; Editing by Natalia Siniawski.
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Orange Polska maintains full-year guidance, lifts Q2 net profit
Orange Polska announced a 18% increase in its second-quarter net income to 272 millions zlotys (74 million dollars) compared with the same period last year. The analysts polled expected the net profit at 272 millions zlotys. The company stated that the increase in profit was due to the sale of Orange Energia, its energy business, to the Finnish group Fortum. This transaction took place earlier this year. In a statement, CFO Jacek Kubinicki explained that the sales were part of an effort to focus on its core businesses. Why it's important Orange Polska, with a market capitalisation of 11.72 billion zlotys (approximately $9.96 billion zlotys), is the biggest listed telecoms in Poland. CONTEXT Orange Polska announced its strategy for the years 2025-2028 in March. The company set a dividend floor of 0.53 zlotys per share and projected organic cash flows of at least 1.2 bn zlotys a year by 2028. By the Numbers The Polish division of France's Orange saw its revenue in the second quarter 2025 rise 1%, to 3,16 billion zlotys. EBITDA (after leases) rose 4%, to 891 millions zlotys. KEY QUOTES In a recent press release, CEO Liudmila Climov said that "customer bases for all of our telecom services have maintained a healthy growth rate as we cope well with the competitive environment." She added, "In the second part of the year we will maintain strong commercial momentum through a variety of attractive offers that we roll out for our customers in advance of peak seasons."
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Gunmen kill 17 people in a mass shooting in a small town bar in Ecuador
The Attorney General's Office of Ecuador said that gunmen attacked a bar on the coast of Guayas Province in Ecuador, killing at least 17 and injuring 11 others. It was investigating the attack. According to the attorney's office, more than 40 pieces ballistic evidence have been recovered on site. Local media shared images of bodies on the ground covered with white sheets. The attack on Sunday took place in El Empalme in Ecuador, about 160 km north of Guayaquil. This area is considered one of the most dangerous in Ecuador, as organized criminals fight for control over key smuggling routes. At the beginning of last year, Daniel Noboa, President of Ecuador declared that there was an "internal conflict". However, despite measures taken by the state to curb violence in Guayas and other areas. Noboa may have claimed a 15% drop in violent deaths, but the interior ministry says the actual number is higher. again surged In the first half of 2025, 461 will increase by 47 percent. Last month, Ecuador’s National Assembly approved a law reform that gives the government greater legal authority to combat armed groups as well as dismantle drug trafficking networks which fuel their operations. (Reporting and editing by Sarah Morland; Alejandra Valencia)
What are the differences between the US and EU trade agreements?
On Sunday, the European Union and United States announced that they had reached a deal to impose a 15% tariff on most EU exports. This is nearly three months after Britain agreed to a baseline tariff of 10%.
Some politicians criticised the deal as being "unbalanced", and worse than Britain’s.
Details of both deals are more complex than headline figures, and the EU agreement has not been fully confirmed.
Here's a comparison between what we know and don't know about both deals.
BASELINE TARIFFS
The EU has agreed to a baseline tariff of 15% for the majority of its exports. This is lower than the rate of upto 30% that was threatened by U.S. president Donald Trump but higher than the base tariff rate of 10 % which is applied to British exports.
The EU agreement, however, stipulates that the maximum rate is 15%, which is not added to the existing rates. The 10% base rate for Britain is added to the MFN rates, which the U.S. applies to all goods imported from its trading partners. This means that the actual tariff rate can be higher.
The UK Fashion and Textile Association, for example, has pointed out that certain luxury goods face an MFN rate of 35% in the U.S. despite having a "baseline' rate of 10%.
PHARMACEUTICALS
In a few short weeks, the U.S. will announce its results of so-called Section 232 investigations into certain industries and determine tariff rates.
Officials from the United States said that the EU-U.S. agreement already determines 15% tariffs for European pharmaceuticals. The results of the investigation will not change this, they added.
In their deal with Britain, they said that it would negotiate "significantly preferred treatment outcomes in pharmaceuticals", depending on the results of the 232 investigation.
When asked if Britain's pharma sector would be affected by tariffs in August, Trump replied that he would deal with Britain in pharma. He did not think the sector would "block" talks.
In the interim, Britain's pharmaceuticals are not subject to tariffs. Britain has also promised to improve the environment for pharmaceutical firms in the country. However, it is still battling with multinationals on drug prices.
Von der Leyen stated that the tariffs on EU exports of steel and aluminum will remain at 50%. However, these would be reduced and replaced with a quota-based system in due course.
The United States imposes a 25% duty on British aluminium and steel exports. Both sides have agreed that this will be reduced to zero after the talks about quotas are completed.
These talks have been stymied by "melted and poured", rules that govern where and how the steel is produced.
Tata Steel, a British company that shut down its blast furnaces in the past year, has imported steel from India as well as from the Netherlands. The UK is now seeking to exempt itself from an American demand for steel to be "melted" and "poured" locally to qualify for lower duties.
The deal reached on Sunday imposes a 15% baseline tariff on car exports from Europe to the U.S. Although the full details of the deal have not yet been released, neither party has mentioned a number for cars that will be covered by the rate.
Britain has negotiated for a 10% tariff for its auto sector, but also has a 100,000 vehicle quota that leaves little room for growth in exports. British car exports above that quota are subject to a 25% tariff.
AEROSPACE
A Section 232 investigation into the aerospace sector is still ongoing, but the EU won't face any U.S. duties on its exports.
After the deal reached with Washington, Britain has also eliminated its 10% tariffs in its aerospace industry. Reporting by Alistair Smout, with additional reporting from Jan Strupczewski in Brussels and Philip Blenkinsop. Editing by Giles Elgood.
(source: Reuters)