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Bessent: Chemicals, aircraft engines and other products could be used as leverage to influence US-China negotiations
U.S. Treasury secretary Scott Bessent stated on Wednesday that certain chemicals and aircraft parts from the United States could be a powerful tool for the United States to use in its negotiations with China. Bessent said on Fox Business Network’s “Morning with Maria” program that China was supplying rare earth minerals, but that the U.S. continued to work hard to ensure supplies of certain strategic products and goods. We have levers at our disposal. Bessent said that the company relies on us to provide a wide range of products, including aircraft engines, parts, chemicals, plastics and silicon. Bessent stated that the United States can use the initial public offering market to leverage its negotiations with China. He and other Trump Administration officials have spoken to their Chinese counterparts at least four times and will meet them again before November 10, when the pause on higher tariff rates expires. "We approach them with mutual respect." "They're the world's second largest economy, but we have made it clear that we have priorities and interests that we will defend." The Treasury Secretary stated that the U.S. would do everything possible to secure a supply of semiconductors manufactured by the United States and other close allies. This was done in order to reduce the risk, given Taiwan's near total dominance of the market. Bessent stated that "the single biggest failure of the global economy is the fact that 99% high-performance semiconductors are manufactured in Taiwan." He said, "They are doing a fantastic job. They have a wonderful eco-system, but we need to get that back to our allies in the U.S., or Japan, or the Middle East. We're working hard on it every day." Reporting by Andrea Shalal, Doina Chiacu and Alex Richardson. Editing by William Maclean & Alex Richardson.
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Former Russian agriculture official blames weather and high fuel prices for slow sowing
A former senior agriculture official said that the high cost of diesel and the dry weather had slowed Russia’s winter wheat planting campaign. Only half of all fields have been seeded so far, and time is running out. Russia is the top exporter of wheat in the world, but its agriculture sector has been hit by bad weather this year, as well as high interest rates, increasing export taxes, and high fuel and fertiliser costs. Interfax quoted Pyotr Chekmaryov as saying, "The soil is hard like stone and there's been no rain. Many are unlikely to plant." Chekmaryov stated that diesel, in particular, is now priced at around 80,000 rubles per ton. Even then, it is very difficult to purchase. The domestic wholesale price of gasoline and diesel has increased in Russia by about 40% this year due to a decline in production caused by the constant drone attacks on Russian refineries by Ukrainians. Chekmaryov stated that only 7.5 millions hectares of the 17 million allotted for winter wheat had been seeded. He stated that three major grain producing regions, Centre and Volga in particular, where the optimal sowing period has ended, have seeded winter wheat on 0.7 million hectares fewer than last year. Chekmaryov is quoted as saying, "Next year's crop farming has so far not been good for us." Reporting by Gleb Brynski, Editing by Peter Graff
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Local media report the death of Chinese architect Kongjian Yu in a plane crash in Brazil
Local media reported that the Chinese architect Kongjian Yu was killed in a plane accident late Tuesday night in the vast Brazilian marshes of Mato Grosso do Sul, citing both police and firefighters. Brazilian media reported that Yu, along with three others, including a pilot and two local film makers, died when their aircraft crashed near Aquidauana in the Pantanal Wetlands. Firefighters confirmed that a plane crashed in the area, but they did not identify the victims. They said the four men aboard were killed instantly. Yu's work was featured on the opening program for the Sao Paolo International Architecture Biennale. Newspaper Estadao said that he later joined a film crew to shoot a documentary on his work. Yu, aged 62, became a global architect and urban planner when the Chinese government adopted "sponge city" concept, which uses nature-based solutions for absorbing and retaining water, instead of concrete infrastructure that channels it away. Since then, the concept has been adopted by hundreds of cities in China and other urban areas in countries ranging from the U.S.A. to Russia. Turenscape is a Beijing design firm founded by Yu in 1998, which specializes in landscape architectural, urban planning and ecological restoration. A request for a comment made outside of normal working hours was not immediately responded to. Yu, Turenscape's principal designer since its inception, has grown the company into a team with more than 500 experts, according to Turenscape's website. (Reporting from Fernando Cardoso, Sao Paulo. Additional reporting by Eduardo Baptista, Beijing. Editing by Gabriel Araujo Brad Haynes Hugh Lawson.
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Saudi stocks jump the most in five years after a report easing foreign ownership rules
Saudi Arabian stocks rose the most on Wednesday since 2020, after a report that suggested the regulator of markets may relax rules limiting foreign ownership in listed companies. Bloomberg News reported on a possible easing of the cap on foreign ownership in listed companies. This could revive interest in the Arab World's largest stock exchange. In a report, CMA board member Abdulaziz Abdulmohsen Bin Hassan said that the law could be implemented before the end the year. The benchmark index has fallen 9.6% this year. This is below other regional markets like Dubai and Kuwait, which have risen 13.8% and 20.0% respectively, largely due to lower oil prices. Blue chips that were once the cornerstone of investor sentiment in the kingdom have been unable to maintain gains since 2025. Almarai, a consumer giant, has fallen by 10%, and Savola, a company that is a market leader, has dropped by 36%. Mohammed Ali Yasin is the CEO of Ghaf Benefits at Lunate. He said: "We know that despite the 49% foreign ownership cap, foreigners never own more than 15% of the company on average." He said that the rally on Wednesday reflects the expectation that a relaxation of rules will increase the weighting of Saudi public companies within the larger MSCI and FTSE indices, increasing foreign investment into these shares. Tariq Qaqish said, "This will also increase liquidity and depth on the Saudi market. It will also tighten spreads between bid and ask and expand participation by institutions." Tariq is deputy CEO at FH Capital Abu Dhabi. Saudi Arabia is trying to attract foreign investment by establishing exchange traded funds in Japan and Hong Kong. In January, regulators opened up the possibility for foreigners who own property in Mecca or Medina to purchase listed companies. Yasin said that the fall in Dubai and Abu Dhabi stocks of more than 1 percent on Wednesday could be a response to possible Saudi regulatory changes. Federico Maccioni, Hadeel al Sayegh and Kirby Donovan edited the report.
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Lithium Americas surges after Trump administration seeks equity stake
The U.S. listed shares of Lithium Americas soared by more than 70% on Wednesday before the bell rang. A report stated that the Trump administration was seeking up to 10% of the miner. This is the latest indication of Washington's push to invest in industries considered critical to the national security. Two people familiar with the talks said late on Tuesday that the administration is considering taking a stake in the company, as part of discussions to renegotiate the $2.26 billion loan from the government for the Thacker Pass lithium mining. Lithium Americas announced on Wednesday that it is in talks with the U.S. Department of Energy, and General Motors regarding the Thacker pass loan. This move highlights President Donald Trump’s increased use of direct government ownership in order to steer strategic industries and reduce reliance on China which dominates the refining of critical minerals. TD Cowen analysts stated that a stake by the government would give credence to a project's completion and expansion into multiple phases, with possibly enhanced economics. Trump's administration has recently taken a stake in Intel after a deal which would have made the Department of Defense MP Materials the largest shareholder. Jefferies stated that the Trump administration's preference to take equity stakes is seen as a lower political cost than tax hikes and can support funding, corporate profits, or favorable returns on capital invested. GM has the right, after investing $625 million for a stake of 38% in the mine, to purchase all the lithium produced by the first phase, and a portion of the second phase, for 20 years. However, Trump officials want a guarantee from GM that they will buy the material. Morningstar analyst Seth Goldstein stated that an equity stake may include offtake price guarantee, making Thacker Pass potentially profitable even if the lithium prices stay lower for longer. The Thacker project will begin production in 2028. It is a cornerstone for the U.S. effort to establish a domestic battery supply chain. In premarket trading, other lithium miners also benefited from the news. Albemarle rose 4.1%, while Sigma Lithium rose 6.6%. SQM's shares, listed in the United States, rose 2.5% on light volume. Reporting by Vallari Srivastava in Bengaluru, Arunima Kuma and Purvi Agarwal from Bengaluru. Editing by Sriraj Kalluvila.
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French utility EDF is facing difficulties in funding its $542 billion nuclear project, according to auditors
The French Court of Auditors stated on Wednesday that EDF, a French utility, will have to invest 460 billion euro ($542.39billion) by 2040. This investment is primarily in its nuclear fleet at home, but the rising debt and cash-flow issues are major obstacles. EDF is planning to build six new reactors in the coming decades, but nearly all of France's nuclear reactors are older than 30 years. They require a lot of maintenance to keep them operating. Ines Mercereau said that "everything related to...preserving the competitiveness of France's economy" involves energy bills at an hearing before the National Assembly. The Court of Auditors stated in a recent report that a fifth of all investments needed will be spent on keeping the nuclear fleet operating until it reaches 60 years of age. This would cost between 5 and 6 billion euro per year. EDF didn't immediately respond to an inquiry for comment. Utility is expected to finalise their plans for the EPR2 new reactors by year's end, which will allow them to evaluate costs and make a final decision on investment by the second half 2026. The court estimates that the cost of the six first reactors will be 75 billion euros. EDF'S DEBT IS A DIFFICULTY FOR FUND RAISING The report stated that Enedis's electricity network will require modernisation and reinforcement, which is why it expects to spend another 100 billion euro on the project. The report stated that EDF will have difficulty raising capital for these investments alone due to its debt which exploded in 2022, during the European Energy Crisis, and its cash-flow trajectory. EDF has had difficulty implementing its long-term contract system to replace its old system, which contracted out about one third of its production annually. The report stated that the plummeting prices on the market have affected EDF's capacity to attract clients. Nicolas Goldberg, partner of Colombus Consulting, explained that because EDF had refused to regulate its nuclear power sales in the past and its income was more closely linked to the falling market price, its income now is more than ever tied to the falling market price. LSEG data shows that the French prices for delivery in 2023 were above 100 euros/MWh when these long-term contracts announced late in 2023. However, prices have fallen sharply since then and are now below 60 euros/MWh. In order to address these concerns, the court encouraged the utility to continue monitoring the profitability of its investments in renewable energy and to ensure a clear division of costs and risk between the French government, EDF, and its customers. "This alone will not solve the EDF group debt situation," Mercereau said.
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Researchers discover key to preventing a common liver transplant complication
A study on mice suggests that researchers may have discovered a way to increase the success rate of liver transplants by finding a solution to a complication known to cause failure in the new organ. When the liver is removed from a donor, its blood supply is interrupted. The influx of blood that occurs when the blood supply is restored after transplantation causes inflammation in the liver. This is called ischemia-reperfusion damage. Graft failure and dysfunction can result from the cascade of molecular and cellular events that follow. Researchers discovered in previous experiments that a CEACAM1 protein helps protect the liver against injury during transplantation. In their most recent study published in JCI Insights they discovered that CEACAM1 together with another protein called Human Antigen R(HuR) act as protective switches to prevent ischemia and reperfusion injury. The researchers also discovered a way of boosting these switches in mice. This increased their protective effect, and reduced the harmful stress on the liver. Researchers found that the same protective relationship existed between HuR, and CEACAM1 when they examined discarded livers from humans deemed unsuitable to be transplanted. In a press release, study leader Kenneth Dery of UCLA's David Geffen School of Medicine said that the shortage of liver donors in the United States has resulted in high mortality rates among patients waiting for liver transplants. This could help to address the national shortage of transplants and reduce mortality. Air pollution may be damaging to children's eyesight A new study suggests that air pollution can harm children's vision. Cleaner air, on the other hand, may protect their eyesight and improve it. Researchers reported in PNAS that exposure to air pollution - specifically fine particulates (PM2.5) and nitrogen dioxide - is associated with the ability of children to see without glasses. Genetics and lifestyle, including screen time, can play a significant role in determining whether a child has myopia or short-sightedness. This condition causes distant objects to appear blurry. The research team found that environmental factors are also important. They used advanced machine-learning techniques to study the air pollution exposure of nearly 30,000 children aged between 6 and 18 years. They found that after accounting for the other risk factors of myopia, lower levels nitrogen dioxide and fine particle in the air are independently associated with improved vision. The study also showed that children in primary school and those with mild to moderate myopia benefited more from cleaner air compared to students who were highly myopic. This suggests that taking action early, before the problem becomes severe, can have a positive impact. The study cannot prove that air pollution causes myopia. In a press release, Professor Zongbo Schi from the University of Birmingham, UK, said that the study was among the first to identify air pollution as an important and modifiable factor in childhood myopia. Researchers said that installing air purifiers around classrooms to reduce pollution and creating "clean-air areas" to reduce car traffic could improve eye health. Shi added that "clean air is not just about respiratory health. It's also about visual health." Sign up for the newsletter to receive it in your mailbox. (Reporting and editing by Bill Berkrot; Nancy Lapid)
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Copper trade quiet as dollar gains strength
The copper price struggled to rise despite fears of tight supply, as the dollar strengthened amid a quieter trade in anticipation of a holiday week for China's top metals consumer at the beginning of October. As of 1019 GMT, the benchmark three-month price for copper at the London Metal Exchange had fallen by 0.2% to $9,957 per metric tonne. Dan Smith, managing Director of Commodity Market Analytics, said: "From a technological perspective, it appears fairly clear that it has hit a significant floor for the short-term." A trader stated that there were some new long positions in Copper, but not enough for the market to move. The price of copper is stuck at its current level. The U.S. Dollar Index strengthened by 0.4%. This weighed on the market despite the lingering concerns about supply due to the outage of the Grasberg Copper Mine in Indonesia. The dollar price of commodities increases when the U.S. dollar strengthens. Aluminium fell 0.4% per ton to $2,627 In the United States the premium to purchase aluminium from the physical market was a record-high of $0.74 per lb or $1,631 for a ton. The premium almost doubled from the end of last month after U.S. president Donald Trump increased the tariff on the import of the metal by 50%. CRU Senior Analyst Alex Christopher stated on a webinar held this week that a build-up of approximately 150,000 tons of inventory ahead of the tariff increase at the beginning of June had slowed the rise in premium. Christopher stated, "We believe that the product has now been consumed. That's why now we are seeing the full effect of the 50% tariff." Zinc was the only other metal to fall, falling 0.1%, at $2,884 per ton. This is despite LME zinc stockpiles. The total fell to 44.400 tons, its lowest level since April 2023. Nickel decreased by 0.3% while lead remained flat, and tin increased by 0.3%. Tom Daly is the reporter. Dylan Duan, Lewis Jackson and others contributed to this report. Janana Venkatraman, Mark Potter and Janana Venkatraman edited the article.
The new constitution in Guinea is approved by voters with 89% approval
According to the complete results of Tuesday's voting, 89% of voters backed a new constitution that would allow junta chief Mamady Dommebouya to be elected to office. Ibrahima Kalil Conde, the territorial administration minister announced that according to preliminary figures, which are subject to confirmation by Constitutional Court. 89.38% voted in favor of the proposed constitution with an 86.42% turnout from 6.7 million voters registered. The new charter replaces a transitional framework which had prohibited members of the ruling regime from running in elections. This opens the door to Doumbouya’s candidacy for the upcoming presidential election, expected in December 2020.
The new constitution introduces new institutional changes, such as a longer term for the president, from five to seven years, renewable only once, and an entirely new Senate.
Doumbouya took power in Guinea in 2021, the country with the largest reserves of bauxite in the world. This was one of eight coups in West and Central Africa that took place between 2020 and 2023. The opposition leaders Cellou Dalein Diallo and Alpha Conde, who are both currently banned from political activities, called for a boycott. However, the Guineans turned out in great numbers. A provisional turnout was 86.42%, and there were 5,951,807 votes across all constituencies. Many expressed a desire to end military rule.
The opposition politicians claimed that the turnout was "abnormally" high compared to what they observed at polling booths. Reporting by Guinea Newsroom; writing by Ayen deng Bior
(source: Reuters)