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Putin claims that the attacks on Ukrainian infrastructure are a destabilisation attempt by Russia
On Tuesday, Russian President Vladimir Putin said that Ukraine was attacking civilian infrastructures in Russia to try and destabilise the society. Ukraine's attacks against oil refineries has doubled since 2026. This has led to longer?lines in some areas and higher gasoline prices. Kyiv has said that its goal is to savage a 'key source' of war funding for Russia and to show Russians that the conflict is not a distant one. Putin made his first comments on the attacks, since Ukrainian drones struck a Moscow refinery a week ago. "Strikes on civilian infrastructure - what is their purpose?" "To destabilize society, amid such a massive assault, when the West is working on their behalf - and these drones are arriving in large numbers, to create a sense of ambiguity about the actions of Russian armed forces," he said during the televised meeting. He said that Russian troops are close to taking over Kostiantynivka - the southern anchor of the "fortress belt", which Moscow demanded Kyiv give up. Reporting by Alessandra Prentice, Writing by Gleb Brynski; Editing and proofreading by Gleb Brnski
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Stocks fall as Fed rate bets hurt tech royalty; dollar gains
Investors shifted to bonds and the dollar as they grew more confident that the Federal Reserve would be more aggressive about tackling inflation. Futures on the Nasdaq fell more than 2.5%. This suggests that Monday's 1.3%?slide could continue into Tuesday. SpaceX shares struggled to reach positive territory during Tuesday's premarket after losing nearly 17% the previous day. Alphabet, Meta Platforms, and Microsoft all also fell. S&P 500 futures fell 1.2%. STOXX 600 dropped 0.8% under pressure of declines by European chip and semiconductor makers. This followed declines among tech stocks in Japan, South Korea and South Korea. Seoul's KOSPI Index fell 10% on its biggest one-day drop since March. Trade Nation's senior market analyst, David Morrison, said that questions are being asked about AI infrastructure spending. This is especially true as some corporations plan to sell stock to fund expansion. The time will tell whether this is just another "buy the dip" opportunity or a sign of things to come. OIL REMAINS UNDER $80 A BARREL Brent crude futures were?below$80 per barrel on Tuesday as the number of ships transiting the Strait of Hormuz increased. Oil prices in the physical markets are almost back to their pre-war levels. Investors are now focused on the impact of the recent surge in energy prices, and specifically the Federal Reserve, on central bank policy. Kevin Warsh, the new chair of the Federal Reserve, is expected to be much more aggressive in his approach to inflation. The 2-year Treasury yields - which are most sensitive to changes in inflation expectations and interest rates - have risen to their highest level in 16 months. Longer term yields also rose sharply. Tuesday's 2-year and 10-year Treasury yields both fell by around 3 basis points, to 4.20% and 4.499% respectively. "The adjustment in U.S. rates is creating a challenging backdrop for risk asset in the near-term after strong gains over recent months," MUFG currency analyst Lee Hardman stated. Investors are almost ready to price in a rate hike by September, according to the money markets. In this context, the dollar has reached its highest level in a year against a basket currency. JAPANESE JEN AT 40-YEAR-LOWS A large part of this?strength came at the expense the Japanese yen. On Tuesday, it was flat at 161,58 against the dollar after having reached 40-year-lows the day before. Investors reduced their bets that the European Central Bank would raise rates further, and as a result, the euro dropped below $1.14. This was a one-year low. Satsuki Katayama, the Japanese Finance Minister, said that she held an online meeting with U.S. Treasury Sec. Scott Bessent one day earlier to discuss financial markets. Analysts?said this indicated an increased risk of Tokyo intervening to support the yen. On the 10th anniversary since the Brexit vote, which saw Britain leave the European Union and the euro, the pound was down 0.3% at $1.3216. Sterling fell on Monday after British Prime Minister Keir starmer announced he would step down, paving the way for an expected orderly transfer to Andy Burnham. Gold fell 1.7%, to $4,120 per ounce, as expectations of a rate hike in the U.S. this year increased. Bitcoin fell 3%, to $62,500. Ether dropped 4%, to $1,660. (Reporting from Singapore by Gregor Stuart Hunter; Additional reporting in Tokyo by Rocky Swift; Editing by Thomas Derpinghaus, Kevin Liffey and Kevin Liffey).
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Will US and International Sanctions on Iran be Lifted?
Under the interim agreement to end the war with Iran, the U.S. began lifting some sanctions. However, it will be difficult for any comprehensive agreement to unravel the tangled webs of restrictions that restrict the country's trade and activities. It is for this reason that any attempt to lift the sanctions against Iran may take many years, and foreign investment could be slow to return. WHEN WILL THE SANCTIONS AGAINST IRAN BE RELEASED? Since decades, the U.S. has imposed sanctions, trade 'embargos' and asset freezings on Iran over its nuclear program, human rights record, and support of groups in the region. As the next phase unfolds, Iran hopes to receive further sanctions relief by talking about its nuclear program. It is crucial that the ruling system, which has been plagued by unrest in recent years, including mass protests violently suppressed over economic woes last January. After a war that ended in a draw, it could be difficult for both sides of the conflict to reconcile their differences. What are the UN sanctions? U.N. sanction are linked to Iran's nucleo-program and assessed violations under the nuclear non-proliferation treaty. In 2006, 2007 and 2008, the U.N. Security Council adopted resolutions that imposed sanctions. These included an embargo on arms, a ban on certain nuclear materials and technology as well as a freeze on assets for some companies and individuals. The resolutions also prohibited Iran from engaging in any activity to manufacture ballistic missiles that could deliver nuclear weapons. The resolutions did not ban Iranian oil exports, but they did freeze the funds and assets held by the Islamic Revolutionary Guard Corps (IRGC) and the state-owned shipping company. The Security Council established a timeline for lifting sanctions against Iran after the Joint Comprehensive Plan of Action (JCPOA), which was signed in 2015. In 2018, however, President Donald Trump tore up the agreement and Iran stopped meeting some of its conditions. Last year, the U.N. sanction were reimposed via a "snapback?" mechanism. How hard will Trump find it to lift US sanctions? Washington sanctioned Iran for the first time in 1979, when students took over the U.S. Embassy in Tehran and held diplomats as hostages. Since then, numerous additional sanctions have been imposed, including measures to restrict Iranian oil and gas exports, Iran's support of groups the U.S. considers terrorist organizations, and the nuclear program. Washington has designated the IRGC as a terrorist organization, despite the fact that it is the most powerful entity in the nation and is deeply entangled with the economy. There is no easy, quick way to stop all sanctions. They are administered by Treasury, but they have different authorities, and different mechanisms. The authority to impose sanctions comes from two 1970s laws that granted emergency powers to presidents, which had to be renewed every year. Also from laws passed in 1996 and 2017, specifically targeting Iran and others. Trump can reverse sanctions imposed by his executive orders. The sanctions include a freeze on Iranian assets worth billions of dollars, an arms embargo and a ban on any trade or investment with Iran. The sanctions imposed by Congress are harder to remove, as they did not include any waivers or exemptions based on Iranian human rights violations and Tehran's support of groups Washington views as "terrorist organizations". There are many companies, people and government agencies that have been specifically designated. Removing them all could take some time. Does Europe also have sanctions against Iran? In 2012, the EU placed embargoes against Iranian oil exports. It also froze the assets of the Central Bank of Iran. The government imposed restrictions in the areas of foreign trade, finance and energy. In 2012, EU directives cut off large parts of Iran's banking system from foreign countries. Despite the JCPOA lifting some sanctions, others were reinstated later. Additional sanctions have been targeted at individuals as well as specific?missiles and drone components. The EU also sanctioned Iran's IRGC, and it imposed additional sanctions in this year due to Iran's blockade of the Strait of Hormuz. WOULD FOREIGN BUSINESSES RETURN TO IRAQ IF THE SANCTIONS WERE RELEASED? Many companies are concerned about legal repercussions if they return to Iran without a comprehensive lifting of sanctions. It could be hard for companies to know if they are not breaking the rules by accident because so many Iranian individuals and companies have been listed. Investors and companies could be sued by victims of attacks who may sue them for aiding certain groups. Where does Iran have frozen assets? Iran has tens billions in foreign bank accounts, mostly from its oil and gas exports, but it is unable to access them due to the sanctions imposed on its banking sector and oil sector. South Korea, China Japan, Luxembourg, and Iraq are all countries where Iran had unaccessible billions in bank accounts from its oil sales.
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Russell: India pivots towards Russian crude and coal in order to reduce the Iran war's fallout.
After the Iran conflict, when oil flows were disrupted and costs rose, India began to buy Russian coal and crude oil to boost its energy supplies. According to Kpler, commodity analysts, the world's third largest oil importer will see Russian crude arrivals surge to a new record of 2,55 million barrels a day (bpd). The imports of Russian goods in June?would have been higher than the 2.13million bpd recorded in May. This was?the?third-highest record, and only behind the 2.16million bpd registered for May 2023. In June, Russia's share will be slightly less than 50% of India's total crude oil imports (5.29 million bpd). This is a dramatic increase from 23% in the average three-month period prior to the beginning of the war in February when Israel and the United States launched an aerial attack against Iran. India's shift to Russian crude comes after President Donald Trump lifted sanctions on buying it to increase oil supplies after Iran effectively closed the Strait of Hormuz as a response to U.S.-Israel attacks. The waiver ended on June 17, and the U.S. Treasury did not extend it. Theoretically, this would mean that India should cut back on its Russian crude imports. However, whether they do so depends on the confidence of their government and refiners to buy Middle East oil again. India has not yet bought from certain Middle East producers. Kpler forecasts that imports from Saudi Arabia will be 349,000 bpd by June, down from the 832,000 Bpd predicted in the three-month period prior to the Iran conflict. COAL RUSSIAN India's imports of coal have also risen in the past few months. India will import 3,16 million metric tonnes of coal, all grades included, from Russia in the month of June. This is a slight decrease compared to May's 3.27 million. The imports in June are 51% higher than the average for the three months before the conflict. These two months rank second and third on the list behind May's 3.76 million ton record. In June, Russia will surpass Australia as the world's largest coal supplier to India. India is the world's biggest coal importer after China. India is increasing its production of steel and is competing with Russia to buy more metallurgical coking coal. India imported 2.02 million tonnes of Russian metallurgical coke in May. This was the second highest amount on record and well above the 1.49 million ton average for the three months before the Iran War. Imports of metallurgical coke from Australia also reached a record high in May, with 4.05 million tonnes, the highest since July 2017. This helped boost total imports to an all-time high of?8.05 millions tons. India's steel production is expected to increase from the current 168 millions tons per year to 400,000,000 tons by 2035. An estimated 25 million tonne of capacity will be added just this year. India's thermal coal reserves are vast, but its metallurgical output is just 6%. Its coal is also of lower quality than the coal imported from Australia, Russia, and other countries such as the United States or Mozambique. India will likely continue to increase its imports of metallurgical coke and seek out as many suppliers as it can to reduce its reliance on Australia as the largest shipper of this type of coal in the world. In the end, it is likely that Russia will continue to be a major supplier of coal for India. While New Delhi would like to continue buying Russian crude oil - much will depend on whether or not the Trump administration tries to enforce sanctions again against Moscow. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
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Vedanta CopperTech Metals aims for $3.6 billion in valuation at US IPO
CopperTech Metals aims to raise up to $3.57 'billion? in its U.S. IPO, joining a 'wave' of companies aiming for the crowded IPO market this summer. It said that the U.S. copper and cobalt company is looking to raise up to $423.5 by selling 23.5 million shares at a price between $16 and 18 per share. After a short lull, the IPO market is now booming. The stock markets are bouncing back and investors' appetite has increased. This week, e-bike startup Lime and silver?miner Sinda launched their U.S. initial public offerings. ITG, a digital infrastructure company, and Italian technology company Bending Spoons were also listed. Vedanta Resources is owned by Indian billionaire Anil Agarwal. Last year, CopperTech Metals was launched. CopperTech is the owner and operator of Konkola Copper Mines, located in Zambia's Copperbelt Province. CopperTech intends to invest $2.7 billion in the next five years to increase copper production at Konkola from fiscal 2030 to an average of?roughly 270 kilotonnes annually. The rapid expansion of AI infrastructure and grid modernization, as well as the electrification of power grids, are driving up demand for copper. Vedanta holds majority ownership in Konkola since 2004 and has invested over $3 billion. The company regained ownership of Konkola by July 2024, after it was taken over in 2019 by the previous Zambian administration led by former President Edgar Lungu. CopperTech owns 79.4% of Konkola, and Zambia's ZCCM Investment holds the remaining shares. Citigroup and Cantor are joint book-running managers. CopperTech is slated to list on NYSE under "CUX." (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Diti Pujara and Tasim Zahid)
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Mines minister: Botswana's diamond demand is recovering, but only slowly
Bogolo Joy Kenewendo, the mines minister of Botswana, said that a'soft recovery' in demand for diamonds is taking place in important?consumer?markets like the U.S. Kenewendo stated that Botswana will maintain its supply discipline in order to support a struggling global gems industry, despite the early signs of demand recovering on key markets. Global market is in a long-term downturn because of 'economic uncertainty' and the popularity of lab grown stones. Debswana Diamond Company - Botswana’s joint venture with DeBeers?which accounts for 90% the country's sales of diamonds - temporarily halted production last year at some mines. Kenewendo said: "We will continue to?be?disciplined. We were glad to do this because we are a disciplined company. DE BEERS SALE Anglo American placed De Beers on the market as part of an overall restructuring in response to falling diamond prices and a global increase of synthetic diamonds. Botswana has shown interest, as it already owns a 15% stake, Angola, and Namibia. Kenewendo stated that negotiations are in their "last stages", but refused to provide any further details citing confidentiality clauses associated with the talks. Diamantino Pedro Azevedo, Angolan Mines Minister, said on Monday that Botswana and Angola were "perfectly aligned" on the De Beers Sale. De Beers CEO Al Cook stated last week that a deal was likely to happen within weeks, and the new ownership would be a public/private partnership. According to sources, there are only two consortia left vying for De Beers stakes. This is down from six consortia in 2025. Sources said that the two remaining groups include governments from diamond-producing nations, Gareth Penny (former De?Beers CEO, now chairperson of asset manager Ninety One), a Qatari fund of investment, and Israeli businessman Nir LIvnat. (Reporting Olivia Kumwenda - Mtambo, Brian Benza and Miguel Gomes; Additional reporting in Luanda by Alexander Smith; Editing by Alexander Smith).
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Jordan News Agency reports that eight people were injured and one dead in a stampede as fans watched the World Cup match in Jordan.
Jordan News Agency reported that one?person was killed and eight others were injured by a'stampede' during a 'crowded' 'gathering' of fans in central Amman early Tuesday morning to watch Jordan's World Cup game against Algeria, citing the Public Security Directorate. According to the Jordan News Agency, the incident occurred at Hashemite square, where a large number of fans had gathered to watch Jordan's 2-1 loss to Algeria. Heavy congestion and crowd movements at the event led to a 'crush.' Nine injured people were transported to hospital by emergency teams. The PSD reported that one of the injured died later, and the others suffered minor to moderate injuries. It added that experts were investigating the exact cause of death. The capital was crowded with spectators who had come to watch the first World Cup match for Jordan. (Reporting Ashraf Hamed Atta; Editing by Alexandra Hudson)
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Extreme heat can be dangerous to your health
Europe, Asia, and parts of America are all experiencing scorching temperatures. What are the health risks? Heat can affect health in a number of ways. Heat exhaustion can cause dizziness, headaches and shaking. It is not serious if the person cools off within 30 minutes. Heatstroke is more severe when the core body temperature exceeds 105 degrees Fahrenheit (40,6 degrees Celsius). This is a medical crisis that can cause organ damage or death. Rapid breathing, confusion, seizures and nausea are all symptoms. Who is at Risk? Some people are at greater risk, including babies, older people and people who are active or more exposed (such as homeless people). Heat can also exacerbate existing conditions such as respiratory, cardiovascular and diabetes. According to a study published in The Lancet in 2021, there are an estimated 500,000 deaths worldwide each year due to excessive heat. However, data from low-income countries is not available. Climate change is responsible for 68% (24,400) of the estimated heat deaths that will occur in 2025. This study focused on 854 European Cities. Temperatures increased up to 3.6 C. Heat?waves can kill silently and without warning. "We don't see the impact they've had on human health until months after the death statistics are published," said Liz Stephens, professor of climate risk and resilience in Britain's University of Reading. RISKS LESS OBVIOUS Smoke from wildfires can also pose a serious health risk. This includes inflammation and tissue damage. A number of studies show that heat can also lead to low-birthweight babies and pregnant women. The timing of events is important Experts believe that more deaths occur in the early summer, when bodies haven't had a chance to "acclimatize". It is also important to consider the location. People are more at risk when they are in areas where they aren't used to heat like parts of Europe. There are still limits. People all over the world, especially those in physically demanding jobs, are at risk in extreme heat caused by climate changes. "It's more important than ever to put measures in place to limit harm on our health," Dr. Modi?Mwatsama said, the head of capacity for Wellcome, an international health charity based in London. She stated that this included providing shade, painting buildings white and investing in early warning?systems to detect climate-sensitive infectious disease like cholera. What You Can Do As temperatures rise to dangerous levels on the continent, several countries have issued warnings. Spain's weather agency warned that outdoor activities during the hottest time of the day can pose significant health risks. This is especially true for older people and those with medical conditions. Scientists are urging workers to take frequent breaks, adjust their clothing and check on isolated and older individuals. They warn that heatstroke can be a medical emergency and requires immediate treatment. (Reporting and editing by Jennifer Rigby, Kate Turton)
Energy Fuels signs $1.9 billion contract with VAC for the construction of a mine-to magnet supply chain
Energy Fuels announced on Tuesday that it would purchase a German magnet manufacturer Vacuumschmelze GmbH, for $1.9 billion, in cash and stock. This will create an integrated supply chain from a rare earth mine through to fabricated magnets for customers in the defense, automotive, and technology industries.
Energy Fuels shares fell 6.2% during pre-market trading.
The U.S., Europe, and other countries are working together to reduce reliance on China, the world's largest rare earth miner, processor, and magnet manufacturer.
Rare earth magnets are used in electric cars, defense systems and robotics. They also appear in semiconductors, data centers, and semiconductors.
Energy Fuels has agreed to purchase 100% of Vacuumschmelze GmbH (VAC) from U.S. based private equity firm Ara Partners in exchange for $718 millions in cash and 65.853 new Energy Fuels common shares.
Energy Fuels announced that the deal will combine its rare-earth mining and processing operations, with VAC's magnetic manufacturing capabilities. This will create a supply chain they control from mine to magnet.
The U.S. Office of Strategic Capital has given a conditional commitment of up to $725m for a 20-year loan. This is aimed at speeding up the expansion of the White Mesa Mill in Utah and construction of the American Metals Plant.
Ross Bhappu, CEO of Energy Fuels, said: "Together, we will enhance global rare-earth supply chains and magnet supply chain, providing a reliable and secure source for critical materials, from mines to highly valuable permanent magnets."
After the?completion?of the transaction?which is expected in early 2027?, VAC becomes a fully owned subsidiary of Energy Fuels. (Reporting and editing by Tasim Zaid in Bengaluru, Pooja M. Menon from Bengaluru)
(source: Reuters)