Latest News
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French court blocks return of controversial pesticide to farming law
The French Constitutional Court blocked Thursday the reintroduction a pesticide that was accused of harming honeybees. This is the latest development in a bitter political battle within the largest agricultural producer in the European Union. The court ruled that the proposed re-authorisation for acetamiprid – a pesticide belonging to the group of neonicotinoid pesticides, which is banned in France – as part of a farm bill passed last week did not offer sufficient protections regarding the use of this crop chemical. A petition opposing the proposed relaxation of France’s neonicotinoid prohibition gathered over 2,000,000 signatures. This was a record on the National Assembly’s website for a petition. The ruling of the court is a blow to supporters including many French farmers' unions, conservative politicians and Senator Laurent Duplomb, who named the bill. The argument was that acetamiprid, which is approved in other parts of Europe, does not present the same risk as neonicotinoids, which are banned at EU-level. Without it, crops such as sugar beets or hazelnuts would suffer severe losses due to disease. The FNSEA and JA - two of France's largest farmer unions - welcomed the court's approval for most of the legislation. This included steps to simplify the planning permission for livestock structures and water reservoirs. The Elysee announced that French President Emmanuel Macron would, despite the fact that his centrist allies were divided on the legislation, sign it into law as soon as possible, in accordance with the court's ruling.
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BHP and Vale offer £1.4 billion settlement to UK lawsuit regarding Brazil dam disaster
The Financial Times reported that global miners BHP and Vale offered $1.4 billion in settlement of a class-action lawsuit filed in the United Kingdom over one of Brazil's most devastating environmental disasters. The lawsuit is a result of the failure of the Mariana Dam in Southeastern Brazil in 2015. It was owned and operated jointly by BHP and Vale, the joint venture Samarco. The tragedy prompted hundreds of thousands to file lawsuits. BHP is currently involved in a London-based lawsuit, which claimants' attorneys have estimated at up to 48.29 billion pounds (36 billion pounds). According to the report, which cited people who are familiar with the issue, the proposed settlement includes $800 million for compensation of victims, and $600 million towards legal costs in connection with High Court proceedings. Reports claim that the offer was made at a meeting held in New York, on June 15, with Pogust Goodhead (the British law firm representing Claimants) and Gramercy (the U.S. hedge-fund principally supporting the Claimants), the British law firm. BHP and Vale didn't immediately respond to requests for comments. BHP described the claims that profit-driven decisions overshadowed safety and contributed to the accident as "farfetched" and "unjustified" in October of last year.
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Oil prices, global stocks turn down; European shares close up
European stocks closed on Thursday at an all-time high, boosted by strong financial stocks and the hope of a ceasefire in Ukraine. Global equities as well as major Wall Street indexes fell. The oil price dropped after the Kremlin announced that Russian President Vladimir Putin will meet with U.S. president Donald Trump. Gold prices, which are seen as a haven of safety in turbulent times, reached a new two-week record. Wall Street fell following a report Federal Reserve Governor Christopher Waller Trump's choice for the Federal Reserve chair was a top contender, and this raised concerns about the independence of the Federal Reserve. The MSCI index of global stocks fell by 0.19 points, or 0.02% to 933.04. The Dow Jones Industrial Average dropped 0.77% to 42,851.17. The S&P 500 fell 0.47% at 6,315.33 and the Nasdaq Composite lost 0.30% at 21,104.91. " are persistent downside risks. Capital.com analyst Kyle Rodda said in a recent note that the number of negative surprises in official statistics is increasing. "Valuations also seem stretched. The forward price-to-earnings ratio is at its highest level in four years. "Trade uncertainty persists." The trade uncertainty persists." Investors weighed mixed corporate results and U.S. Tariffs as they weighed up the European share market's biggest daily gain in more than two weeks. The pan-European STOXX 600 closed at its highest level in a week. FTSEurofirst 300, the index for Europe, rose by 0.93%. The euro was also supported by the plans for a Trump-Putin meeting over the Ukraine war. Emmanuel Cau of Barclays, head of European equity strategies, said that a ceasefire would be "an extra positive". Four of the nine policymakers at the Bank of England, concerned about inflation, voted against a cut in interest rates. The BoE may be ending its rate-cutting spree. The pound rose 0.47%, to $1.3416. Dominic Bunning is the head of G10 FX Strategy at Nomura. Japanese shares had earlier reached a record-high. MSCI's broadest Asia-Pacific share index outside Japan closed at 1.03% while Japan's Nikkei rose 0.65%. Taiwan's benchmark stock index jumped up to 2.6%, reaching a record high of more than a year. The shares of chipmaker TSMC, who announced this year additional investments in their U.S. manufacturing facilities, and is therefore expected to be relatively unaffected by the U.S. duty on imported chips, soared at a record high. The U.S. Dollar gained 0.12% against foreign currencies, while the euro fell 0.21% to $1.1634. The yield on the benchmark U.S. 10 year notes increased 1.4 basis points, to 4.246%. Spot gold increased 0.68%, to $3,391.39 per ounce. Brent crude futures fell 0.45% to $66.59 a barrel, while U.S. crude crude dropped 0.51% to $64.02.
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South Africa joins international diamond marketing campaign
South Africa's Cabinet has approved the participation in a global effort to promote the marketing of actual diamonds. This is in response to the growing appeal of lab-grown gemstones. The initiative will be funded by a 1 percent levy on annual revenue of diamond companies. Natural diamond prices have fallen in recent years, due to the increasing demand for synthetic gems and the global macroeconomic volatility. De Beers, a division of Anglo American, and the leading African producers, as well as trade associations and De Beers, signed an agreement in June to work together on promoting natural diamonds and driving global demand. The Natural Diamond Council spearheads this initiative. Signatories plan to dedicate 1% of their annual revenue from rough diamond sales for funding. South Africa did not sign the agreement at first, but Minister Khumbudzo ntshavheni announced on Thursday that the cabinet approved the Department of Mineral Resources and Petroleum to participate in international agreements designed to help diamond-producing nations better market and promote natural diamonds worldwide. Ntshavheni stated that "for this to become a reality, the cabinet has approved that the diamond sector be asked to contribute 1% from their annual revenue generated by rough diamond sales in order to support marketing South Africa's actual diamonds for economic growth and to create jobs." Synthetic diamonds, with their reduced environmental impact and competitive pricing, are becoming more popular among younger ethically-conscious consumers. This shift is forcing traditional diamond mines and retailers to reconsider their strategies. South Africa is the 6th largest diamond producer in terms of volume. In 2024, its diamond production fell 0.9% to 5.8 million carats. Total sales were 13 billion rand (731.45 millions dollars), down 21% since 2023. At a Tuesday meeting with diamond producers, Mines Minister Gwede Mantashe stated that "lab-grown diamonds are eating our dinner". "I am convinced that marketing natural diamonds as a necessary action."
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Gaza suffers from a terrible thirst due to polluted aquifers, broken pipelines and contaminated aquifers
Gazans are weakened by hunger and must carry all of their drinking water, washing water and toilet paper across the ruined landscape every day. This is a heavy load which still falls far short of what's needed to maintain health. Aid groups say that the water crisis in Gaza is as serious as the starvation, which has been causing global concern after 22 months of an Israeli military offensive. A global hunger monitor claims that a famine is developing. Some water is sourced from desalination plants run by aid organizations, but the majority comes from wells that are located in a brackish, contaminated aquifer. Sewage and chemicals have seeped through the rubble and spread diarrhoea, hepatitis, and other diseases. COGAT, an Israeli military agency that coordinates aid in the Israeli occupied Palestinian Territories, claims to operate two water pipelines which provide millions of litres per day of water into the Gaza Strip. Officials from the Palestinian Water Authority say that these devices haven't been working lately. Israel cut off all water and power supply to Gaza in the early stages of the war, but later resumed some supplies despite the damage done to the pipeline network. The majority of water and sanitation infrastructure is destroyed, and pumps that draw from the aquifer rely on small generators for electricity - fuel is scarce. COGAT reported that the Israeli military allowed coordination with aid organizations to bring in equipment for maintaining water infrastructure during the conflict. Moaz Mukhaimar (23 years old, a student at a university before the war) said that he had to walk a kilometer and wait in line for two hours to fetch water. He goes to fetch water three times per day on a metal handcart, over rough terrain. How long can we stay in this state? He asked, pulling out two large canisters with very salty water for cleaning and another two smaller ones that contained cleaner water. Umm Moaz said that the water he collects will be used by the extended family, which consists of 20 people, who live in a small group of tents at Deir al-Balah, in the central Gaza Strip. The children are constantly coming and going, and the weather is hot. They want to drink. She said, "Who knows if we can fill up tomorrow?" The struggle for water is repeated across the tiny, crowded area where almost everyone is living in tents or temporary shelters, without sewage facilities or hygiene facilities, and with not enough water to cook, wash and drink as diseases spread. According to the United Nations, the minimum level of emergency water consumption per individual is 15 litres daily for drinking, washing, cleaning, and cooking. According to Israel's Central Bureau of Statistics, the average daily consumption is 165 litres. Bushra Khalidi is the humanitarian policy leader for Oxfam's Palestinian-Israeli occupied territories. She said that the average daily consumption in Gaza was now 3-5 litres. Oxfam reported last week that waterborne diseases, which are preventable and treatable, "ravage Gaza", with rates rising by 150% in the past three months. Israel says that it is providing adequate aid to Gaza's 2.3million residents and blames Hamas. QUEUES FOR WTER Danish Malik is a Norwegian Refugee Council official in charge of global water and sanitation. He said that water scarcity was increasing every day. People are rationing their water use between drinking and hygienic purposes. Many Gazans spend hours each day queuing and carrying water, which often involves jostling for position in the line. Gazans claim that sometimes fights have broken out. Children are often responsible for collecting water while their parents go out to buy food or other necessities. Munther Salem is the head of water resources at the Gaza Water and Environment Quality Authority. He said that children are now carrying plastic containers and running behind water vehicles to fill them up for their families. Many people who live near the beach, wash their clothes in the sea because water is so scarce. The United Arab Emirates are planning to build a new water pipeline that will serve 600,000 residents of southern Gaza. It will be fed by a desalination facility in Egypt. It could still take several weeks for the pipeline to be connected. Aid agencies claim that more needs to be done. UNICEF's James Elder, spokesperson for the organization, said that long-term poverty was becoming fatal. "Starvation, dehydration and other side effects are no longer a part of this conflict. "They are frontline effects." Khalidi, from Oxfam, said that a ceasefire was necessary and aid agencies should have unrestricted access to the area. "Alternatively, we will see people die from the most preventable illnesses in Gaza - as is already happening right before our very eyes."
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Vistra raises its profit forecast for 2026 and plans nuclear expansion in order to meet the power demand
Vistra raised its adjusted EBITDA forecast for 2026 and announced plans to increase nuclear capacity by 2030, as it prepares itself for an expected surge in U.S. demand. This comes as the company's second-quarter profits fell due to higher costs. The company's shares rose by nearly 4% during morning trading. Vistra expects to add 600 megawatts by mid-2030 in order to meet the rising demand for electricity, primarily from data centres and AI-related industrial expansion. The company was granted regulatory approval in July to continue operating its Perry nuclear power plant in Ohio until 2046. The Texas-based utility raised its midpoint 2026 adjusted EBITDA forecast to approximately $6.8 billion. This excludes contributions from the natural gas plants acquired in May. It reaffirmed that it expects to achieve a core adjusted profit of between $5.5 and $6.1 billion in the current fiscal year. This is broadly in line with analyst estimates. According to the U.S. Energy Information Administration, electricity consumption will reach new highs in 2025 or 2026. This is due to the surge in demand for data centers that are trying to meet Big Tech's AI goals. Vistra's results for the second quarter were still hampered by costs. The net income for the three months ended June 30 dropped to $327 millions from $467million a year ago. Unplanned plant shutdowns contributed to a decline in adjusted EBITDA, which fell from $1.41 billion to $1.35. Interest costs increased by nearly 26%, to $303 million. Interest rates that are higher for longer squeeze utilities in the United States by increasing costs of infrastructure maintenance and expansion. Jim Burke, CEO of the company, said that the company had returned to shareholders $6.5 billion through dividends and buybacks. He expects the return to be $1.8 billion more by the end 2026. (Reporting and editing by Shailesh Kuber in Bengaluru)
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Global stocks rise; BOE decision lifts pound
Global equity prices rose on Thursday, as positive earnings, rising hopes for a ceasefire and the expectation of U.S. interest rate cuts lifted sentiment. Meanwhile, oil prices stabilized after news broke that Presidents Putin and Obama would meet. Gold prices, viewed as a safe place in turbulent times, reached a new high. The MSCI index of global stocks rose by 0.45%, to 937.40. Japanese shares reached a new record high. The Bank of England lowered interest rates, but four of nine policymakers - worried about inflation - voted to maintain rates. The split vote suggests that the BoE may be about to end its rate-cutting spree. After the decision, sterling was up by 0.38%. Dominic Bunning is the head of G10 FX Strategy at Nomura. He said, "The vote split was clearly more hawkish that I expected." The U.S. increased tariffs on dozens of imports, bringing the average import duty in the U.S. to its highest level in a century. Investors have largely shrugged off the latest tariffs by U.S. president Donald Trump, including an extra 25% duty on U.S. imported goods from India due to purchases of Russian crude oil and a threat of a 100% duty on U.S. imported chips. Eddie Kennedy, Marlborough's head of discretionary funds and bespoke fund management, said: "It is surprising that the market continues to melt up despite everything being thrown at it." The pan-European STOXX 600 gained 1.04% while Europe's FTSEurofirst 300 index grew 1.06%. The euro was also supported by the plans for a Trump-Putin meeting over the Ukraine war. Barclays' head of European equity strategies, Emmanuel Cau said: "It would be an additional positive if there was a ceasefire." The Dow Jones Industrial Average dropped 0.32%, while the S&P 500 gained 0.24%. Capital.com analyst Kyle Rodda said in a recent note that Wall Street "seems to have gotten back its mojo". There are still persistent downside risks. He said that the number of negative surprises in official statistics is increasing. "Valuations have also been stretched with the forward price-to-earnings hovering at its highest level in four years. "Trade uncertainty persists." The Nikkei, Japan's stock market index, gained 0.65%. Taiwan's benchmark stock index soared as much as 2,6% to reach a record high. The shares of chipmaker TSMC, who announced this year additional investments in their U.S. manufacturing facilities, and is therefore expected to be relatively unaffected by the U.S. duty on imported chips, soared at a record high. The U.S. Dollar gained against other currencies as investors hoped for a more accommodative Federal Reserve policy. This was fueled by disappointing macroeconomic data, and the expectation that Trump would install new board members who share his dovish viewpoints. The yield on the benchmark U.S. 10 year notes dropped 0.9 basis points from 4,232% at late Wednesday to 4.223%. Spot gold increased 0.58%, to $3,387.11 per ounce. Brent crude futures fell 0.07%, to $66.64 per barrel. U.S. crude was flat.
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One person killed in crash of light aircraft in Nairobi's capital
The medical charity that operated the aircraft said that a light plane crashed into a densely populated area in Nairobi's capital, Kenya, on Thursday. At least one person was killed. AMREF Flying Doctors said that the Cessna aircraft, which was operated by the charity, crashed as it flew to Hargeisa in Somaliland's capital, Somaliland. Citizen TV reported that the plane crashed into buildings when it was carrying four people in Githurai, a suburb of northeastern Nairobi. According to a police source, at least two people were killed. One witness who requested anonymity said she heard a loud noise, saw a fireball, and debris scattered throughout the neighborhood. Videos shared on social networks that were not verified showed firefighters trying douse the fires in what looked like a residential compound. In eastern Africa, crashes involving light aircrafts are common. Kenya's top military official was one of 10 people killed in April 2014 when their Military helicopter The plane crashed soon after takeoff. Reporting by Ammu Kanampilly, Edwin Okoth and Humphrey Malalo; Writing and editing by Hereward Holland, Kevin Liffey, Andrew Cawthorne and Andrew Heavens
China's central banks extends its gold purchase for the ninth consecutive month in July
Official data released on Thursday showed that China's central banks added gold to their reserves in July, marking the ninth consecutive month they have done so.
China's gold reserves increased to 73.96 millions fine troy pounds at the end July, up from 73.90million ounces by the end June. Data from the People's Bank of China showed that the country's gold reserve was valued at $243.99billion at the end of July, up from $242.93billion at the end of the previous month.
Zain Vawda is an analyst at MarketPulse, by OANDA. He said that the continued purchases of gold by one of world's biggest central banks indicate underlying strong demand for it.
Vawda said that the decision was a strategic one, and a long-term one.
After a six-month pause that dampened Chinese investors' demand, the PBOC resumed its gold purchases in 2024.
Gold, which is traditionally viewed as a safe-haven asset in times of uncertainty has reached record highs this year due to concerns about tariffs, geopolitical tensions and central bank purchases.
In a poll conducted in July, it was revealed that investors are increasingly turning to gold as a safe asset due to concerns over the global economy and fiscal debt. This has led analysts and traders to raise their estimates. The median forecast for gold per troy-ounce was $3,220 in the poll of 40 traders and analysts. This is up from $3.065 in an earlier poll.
As of 0857 GMT, spot gold was trading for $3,380 per ounce.
The World Gold Council has downgraded their estimate of gold purchases this year by central banks. However, they have added that the long-term trend for central banks to reallocate assets from the U.S. to gold is still intact. Reporting by Xiuhao chen and Lewis Jackson in Beijing; Ashitha Shivaprasad, Bengaluru. Editing by Louise Heavens & Eileen Soreng.
(source: Reuters)