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US Cyber Defense Agency warns that hackers are increasingly targeting water system
U.S. civilian cyber defense agency warned on Thursday of an increase in hackers who target?technology that is used to maintain, control and monitor water and wastewater systems.?Operators of these systems are advised to remove them as quickly as possible from the internet. The warning comes just two days after Minnesota’s state IT agency reported that more than 30 water systems were the target of a “coordinated cyberattack” on July 26-27. In a late-night statement on Thursday, the FBI stated that at least seven state water and wastewater utilities had reported incidents to them. Some of these activities "degraded" water operations. The New York Times reported that U.S. officials are reviewing the case and believe it is probable that hackers with Iranian links are behind the Minnesota attacks. The Iranian government's representatives did not respond immediately to a comment request. The attacks come amid an intensification in the war between Iran and the U.S., as both sides have been exchanging missile attacks and are threatening to increase destruction. Hacking activity linked to Iran targeting the U.S. Water facilities date back to before the war. However, a number of groups have launched a series prominent cyberattacks against domestic U.S. organisations, including Stryker Medical Services and the Los Angeles County Metropolitan Transportation Authority. The FBI was contacted by the White House to answer questions regarding the Minnesota incidents. The FBI didn't immediately respond to an inquiry about the alleged Iranian involvement in these incidents. Officials from the state and local governments of Minnesota have said that these attacks do not pose a threat to water safety. However, in some cases systems had to be taken offline manually and reset. Cybersecurity and Infrastructure security agency issued an alert on Thursday warning that hackers had, in some instances, changed passwords in order to lockout operators and disconnect specific devices from networks. This resulted in "boil-water notices and sustained manually operations." According to the FBI, unidentified victims reported that the "operational effects of the attacks" included, in some places, loss of pressure and flood. Minnesota IT Services, which is the information technology agency of the executive branch in the state, said that an investigation was ongoing. The majority of confirmed incidents involved the technology used by water systems to remotely monitor equipment and control it, such as programmable logic controls (PLCs) and the computer screens that operators use to manage these. John Israel, Minnesota’s chief information security officer, stated in the statement that Minnesota has “provided relevant data to the federal government which is evaluating these activities in a broader national context, and leading efforts to determine if it can be attributed a specific threat agent.” IRAN SUSPECTED Cynthia Kaiser, a senior FBI cybersecurity official told reporters that it is highly likely that Minnesota hacking campaigns are a continuation of prior Iranian-affiliated attacks on PLCs and critical infrastructure technology, as noted by CISA and the FBI in an April advisory. The advisory was updated by CISA, the FBI, NSA and other federal agencies on July 22, to include more devices that were targeted than initially tracked as well as current techniques and hacking activities. The fact that "a new advisory" was released is indicative of either a broadening or new technical details, or a re-invigoration of the campaign. Chris Day, chief technical officer for cybersecurity firm Tenable in the public sector, said that the Minnesota incidents were "consistent" and "interesting" with previous events. He also noted the information publicly reported about some systems temporarily being taken offline. (Reporting and editing by Stephen Coates, Shri Navaratnam and AJ Vicens from Detroit)
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Vale reports 35% drop in Q2 Net Profit; reduces nickel and copper output forecast
Vale, a Brazilian miner, announced on Thursday a 35% drop in its second-quarter net profits compared to a year ago. Vale also revealed new shareholder remuneration as well as a narrowing of the range for copper and nickel production estimations for 2026. Vale, a major iron ore producer in the world, reported a net profit of $1.38 billion for the quarter April-June, which was below the $1.85 billion that an LSEG poll had predicted. EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 9% in comparison to the previous year, while revenue grew 19%. Vale also projected that copper production in 2026 would be between 360,000-380,000 metric tonnes, up from the previous range of 350,000-380,000. The firm estimates nickel production to be between?185,000-200,000 tons in this year. This is compared to a previous range of?175,000 - 200,000. Vale announced that it would be implementing a share buyback of up to 100 million shares over an 18-month period. It will also pay dividends and interest of 2.03 reais per share. (Reporting and editing by Chris Reese, Natalia Siniawski, and Andre Romani)
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Scientists say that climate change has made it more likely for Spain and France to experience 'fire-prone weather' conditions.
Scientists said that climate change caused by humans made extreme weather conditions in southwest France twice as likely. They also made the conditions driving fires in central Spain twenty times more likely. The ongoing wildfires that are raging in Spain and France forced thousands to flee and have scorched vast areas of land. Scientists from the World Weather Attribution Group used historical weather data to determine how conditions that are "fire-prone", such as hot, windy, and dry, have changed over time. According to the World Meteorological Organization, greenhouse gas emissions, mainly from the burning of coal, oil, and gas, has increased the average temperature on the planet to around 1.4 Celsius higher than pre-industrial times. The analysis said that extreme fires this intense are likely to occur once every 20 or so years in southwest France and once every 6 years?in central Spain. Clair Barnes is a research associate at Imperial College London who has co-authored a WWA analysis. Barnes said: "We have seen how climate change can increase hot, dry and flammable conditions, which are very conducive to wildfires." Barnes said that the findings were "extremely?scary" because it was still early in season and another heatwave is looming. A wet winter, which encourages vegetation growth, is followed by a dry spring and summer that dries this vegetation out, leaving large amounts of flammable fuel in the forests. WWA's analysis stated that reducing wildfire risks requires more than just emergency firefighting. It also calls for "risk-sensitive landscape planning and management" to help prevent fires. This could include clearing forests of dried-out plants before the wildfire season. Spain's'meteorological agency' has declared that this summer was the hottest on record. France is also experiencing its fourth heatwave this year. Recent scientific studies confirm that climate change caused by humans is to blame for the hot and dry weather in Europe. (Reporting and editing by Kate Abnett)
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White House officials: Trump restricts export of scrap minerals critical to the United States.
Two White House officials who are familiar with the issue say that U.S. president Donald Trump signed an order on Thursday giving federal officials the authority to block the export of 'old' batteries and other electronic waste containing critical minerals. The move is part of a larger push to increase domestic recycling and counter China’s hold on materials essential to national security. The Presidential Determination allows the Commerce Department, which is a common practice, to issue rules to prevent "e-waste", or electronic waste from being shipped overseas. Officials who requested anonymity for the sake of their jobs said that they were hoping to send these materials, primarily tungsten, and battery parts that have been shredded, known as "black mass", to domestic recyclers. According to Basel Action Network data, the U.S. exports 33,000 metric tonnes of e-waste per month, with a lot of it containing lithium and other minerals that are recyclable. The U.S. recycling sector has long been enraged by the e-waste exported from the United States. They have said that the material could be recycled in the U.S., and Washington would then better achieve its mineral production goals. People said that the Trump administration received complaints from recycling firms, who complained about the inability of domestic firms to compete with global competitors, who paid above-market prices for scrap. Several North American recycling companies, such as Li-Cycle, and?Ascend Elements both filed for bankruptcy in the last 18 months. Other?projects continue to move forward. Blue Whale Materials, along with two other companies in Oklahoma, are building battery recycling facilities. According to the U.S. Geological Survey, China is the largest producer of critical minerals, and the U.S. depends on Beijing for over a dozen vital substances. The U.S. has significant amounts of critical minerals as finished products, such as lithium-ion battery and magnets. However, it also heavily relies on imports. RECYCLING IS AN EFFECTIVE WAY TO ACCESS US MINERALS China has used its dominant position in the minerals industry to exert economic pressure on Washington, limiting exports of minerals like rare earths at times of tension. The Trump administration has decided to use a quicker solution, since it can take many years to build new mines and facilities. Instead, they are focusing on capturing minerals that are already in the U.S. Cirba Solutions, a recycler in Ohio, released a study a month ago that found 84% of Americans are more likely to recycle old electronics if it means reducing the U.S.'s reliance on foreign minerals. Defense industry and other manufacturers have just a few months left before a federal regulation deadline of January 1, 2027 to stop buying minerals from China. For tungsten, the stakes are particularly high. Since 2015, the U.S. has not mined commercial tungsten. The world's supply is dominated by Chinese exports and production, so scrap remains the only domestic source of this metal. It is used to make munitions and weapons. Amermin, an American privately-held recycler, wrote to Commerce Secretary Howard Lutnick in March that tungsten imports posed "an unacceptable threat to American industrial and military readiness." This order is part of a series of actions taken this year to reduce U.S. dependence on Chinese-controlled supply chains for minerals. Trump issued an executive order in 'January following a Commerce Department investigation that found imports of critical minerals and derivative products threatened U.S. security. On July 20, Trump signed an executive order that made it harder for defense contractors who wanted to purchase critical minerals from foreign suppliers. (Reporting from Washington by Jacob Bogage, Ernest Scheyder, and Jarrett Renshaw. Editing by Deepa Babington.)
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Fuel prices in Europe are near record levels due to refinery attacks
This week, European refiners made bumper profits from producing fuels such as gasoline and diesel. A wave of attacks against oil?refineries? in the Middle East and Russia tightened up supply and pushed prices higher globally. Fuel prices are rising, affecting consumers and businesses around the world. Fuel prices are increasing as a result of attacks on refineries caused by the wars in Iran, Ukraine and elsewhere. These attacks have destroyed a number of plants that convert crude oil into fuel. This is despite crude oil falling to $90 per barrel, which is well below 2008’s record of $147. The premium that European gasoil futures command compared to the crude oil price. This effectively captures refiners' profit margins from processing?crude into diesel On Thursday,'s all-time highs reached $74.66 per barrel. The Middle East and Russia both export diesel, which is a fuel widely used in agriculture, industry and transportation. Refinery profits for diesel production reached new highs in the month of July. Jeffrey Baird of Merritt Point Partners said, "The market signals that refining is now at least as important a problem as crude oil scarcity if not more so." Saudi ?Arabia shut down its 400,000-barrel-per-day Jizan ?oil refinery on July 27 following an attack by Yemen's Houthis. According to Kpler's data, the refinery has exported over 200,000 barrels per day of fuels in the last three months. Diesel and gasoil were the two main products. A power outage also forced parts of Kuwait's Al-Zour refinery to shut down. This is another major diesel producer. The Kremlin has imposed a ban on gasoline and diesel exports due to the drone attacks from Ukraine. Lukoil Perm refinery, with a capacity of 260,000 bpd was the last to shut down a crude distillation unit on Thursday after a drone strike. In recent weeks, gasoline refining margins have also reached multi-year highs. The premium of Eurobob gasoline to Brent futures on Wednesday was $42.21 per barrel, which is not far from the record high of $44.94 reached on July 17. According to LSEG, the margins for European jet fuel refining remained at or above $80 per barrel on July 29, although they were?down since their all-time peak of $109 in march. The LSEG data shows that the margins had never exceeded $80 before 2026. The margins of U.S. refiners also soared as fuel exports and domestic demand were both strong. U.S. gasoline cracked spreads reached $60 per barrel in mid-July. This was a level last reached in April 2020. Diesel?crack split hit a record high of $93.44 per barrel this week. Valero Energy is the second-largest U.S. refiner based on capacity. Valero Energy told investors on Thursday that it believes the industry's structural shift has occurred to a higher midcycle refining environment, based on their projections for future demand and planned additions. (Reporting from Robert Harvey in London, Additional reporting by Nicole Jao, Editing by Alex Lawler and Kirsten Donovan; David Gregorio, Kirsten Doovan & David Gregorio).
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Portugal approves a 33% windfall Tax on Oil Companies' Excess Profits
Portugal's government announced on Thursday that it has approved a windfall tax of 33% on profits earned by oil and refinery companies in 2026 as a result of a surge in energy prices triggered by the Iran War. In a press release, the finance ministry stated that the windfall taxes would be applied to the portion of 2026 profits for companies that exceeded by 20% the average profit recorded in 2024 and 2025. The report said that while oil and refinery companies had made extraordinary profits, it was due to external market conditions. It said: "It's fair and necessary to create a mechanism of solidarity by taxing a part of these exceptional profits in order to finance measures that will offset the impact of increased fuel prices on the households and businesses most vulnerable." It said that the measure would also support investments to reduce dependence on fossil fuels, and contribute to an economy more "sustainable and resilient". The tax is similar to one Portugal introduced during the energy crisis of?2022, which was sparked by Russia's invasion in Ukraine. The levy will 'hit all oil companies in Portugal. This includes Galp Energia which reported a 45% increase?in adjusted net profit for the second quarter to EUR540million on Monday, as the Iran War boosted crude prices and refinery margins. This prompted the company to increase its dividend by 10%. Now, the measure will be presented to Parliament for approval. It is expected that all opposition parties will support it.
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Sinochem, a Chinese company, sells a 14% Pirelli share to Michal Strnad (a Czech billionaire).
Sinochem sold a 14% share in Pirelli to Czech billionaire Michal Strnad on Thursday. The Chinese state-owned group has significantly reduced its investment in the Italian tyremaker. Sinochem said it sold shares as part of its 34.1% overall shareholding in a block trade deal, reducing its stake to 20,1%. This made Pirelli the second largest shareholder. Strnad’s investment company Lumina Crown issued a statement saying it had acquired a 14% stake in Pirelli, making it the third largest shareholder. It said that the investment was a “long-term” one. Strnad, the largest shareholder in the Czechoslovak Group (CSG), is a defence and industrial company. According to the data published on the Italian stock exchange's website, the shares sold for EUR6.50 each, which values the 14% stake around EUR987million ($1.14billion). Pirelli shares closed at 6.51 euro on Thursday. The sale puts an end to years of tensions that had existed between Pirelli's principal investors after Italy took steps to limit Sinochem's power at the company. Camfin, the vehicle of Marco Tronchetti Provera - an Italian businessman, who has been the Executive Chairman of the Milan-based tire maker for over 30 years - is now Pirelli's biggest shareholder, with a 26 percent stake. Sinochem's influence over the company has been severely curtailed after the Italian government intervened two times, in 2023 and this year. They used their so-called golden power rules to protect strategic resources. Sinochem is only allowed to have three representatives on the 15-member Pirelli board. The board, however, is controlled by Camfin. Sinochem's appointees also are barred from holding executive positions such as chief executive or chairman. Jefferies advised Lumina Crown in the deal. BNP Paribas advised Sinochem. $1 = 0.8674 euro (Reporting and editing by Keith Weir, Susan Fenton and Elvira pollina)
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Ameren analysis shows that Ameren’s mega-gas plant will not end the power crisis in US Midwest.
Ameren’s proposed mega?gas facility for the Midwest will still?leave the utility with a lack of?the?power and reserves required to meet the surging demand for data centers, according to the company's analysis ahead of an important approval process next week. The projected shortfall highlights the mounting strain on U.S. electricity grids, as demand for data centers grows faster than generation and transmission capacities needed to support them. Ameren, based in St. Louis, is in a rush to complete the project after signing contracts this year with Amazon and Alphabet’s Google to supply electricity to their data centers being developed in rural Missouri. Ameren states that the 2,100 megawatt West Alton Energy Center would be necessary but not restore enough reserve cushion to meet projected demand. The project will be located next to a coal-fired power plant along the Mississippi River, about 45 km (28 miles) north of St. Louis. Matt Michels, Ameren's Director of Corporate Analysis and?Reserve Margin, testified before the Missouri Public Service Commission on July 24, "The company’s resource capacity falls far short of the total demands" and planned?"reserve margin". Ameren will begin the approval process to build the power plant on August 20th with a prehearing hearing. Ameren expects the plant to be operational by late 2031. Michels testified that Ameren would have a capacity shortfall of 1,500 MW in winter 2032 and 2,300 MW in the following year. Ameren executives said the utility will also build capacity by upgrading existing power sources, developing sites for solar and battery storage energy?and buying power from the local grid. Ameren’s service area is part of the Midcontinent ISO. This ISO?manages? the flow of electricity for a territory which includes all or parts of 15 U.S. States in the Midwest and South. Ameren stock's total return over the last 12 months was 12.7%. This is higher than the 8.4% of the S&P 500 Utilities sector, because investors expect strong earnings growth in the next decade. Morningstar's Andrew Bischof said this week that Ameren expects to see more than $70 Billion in additional investment opportunities within the next 10 years. This will provide a runway for?growth. Bischof stated that the most promising opportunities include supporting data centers in Illinois and Missouri; new generation in Missouri; modernizing the grids in Illinois, Missouri and across the Midcontinent. (Reporting by Tim McLaughlin, editing by Timothy Gardner and Bill Berkrot).
Fortescue targets increased 2027 iron ore exports after record-breaking annual exports
Fortescue, an Australian iron ore mining company, forecasted a 'higher level of shipments in 2027 following a record year for exports.
The No. The world's No.
Iron Bridge is being expanded to a capacity of 22 million tonnes, while the company explores ways to increase port capacity. This is currently seen as a key constraint for volume growth.
Fortescue shipped 52,7 Mt of ore in the June quarter. This is 5% less than a year ago, but still above Visible Alpha's consensus estimate of 51,48 Mt.
Hematite C1 unit costs increased 6% over the previous quarter to $19.37 per metric ton of wet material, due primarily to higher diesel prices.
Dino Otranto, Fortescue Metals and Operations' Chief Executive said: "Ongoing volatility of global?diesel?prices only reinforces the...commercial case for eliminating fossil fuels from our operation."
(source: Reuters)