Latest News
-
On Independence Day, the search for victims of the Indonesia earthquake is underway.
Residents in villages?in eastern Indonesia?hit by a deadly earthquake that killed 68 people waited for?help?on?Monday as rescuers searched through collapsed structures to find people trapped under the rubble. Berton SP Panjaitan of Indonesia's disaster management agency said that the death toll had been raised from 54 to 68 late on Monday. He added that over 200 people were injured. Many people are afraid to go back to their homes because of the aftershocks. Panjaitan reported that residents in East Nusa Tenggara were jolted by nearly 1,600 aftershocks as of Monday. The tremor cast a dark shadow on Indonesia's Independence Day celebrations. Geophysics agency of Indonesia reported a magnitude 5.6 earthquake in the area on Monday morning. The quake caused landslides, and roads were blocked in the southernmost province of Indonesia. This included Sikka and Manggarai. Firmus Woge (64), a farmer from a village near the Ende region affected by the earthquake, was treated for asthma aggravated because of the panic caused by the quake. He was having trouble breathing overnight. "But it's getting even worse after this morning's earthquake," he gasped for breath. Emilianus Oro (56), a farmer from Ranukolo Village, told reporters that in tents nearby, 70 residents, mostly women, were without clean water. This led to children getting diarrhoea. He claimed that one elderly person suffered a stroke, and the residents had not received any aid. Veronika, 22 was swaddling her baby in a blanket with her mother in the back seat of a pickup truck, as her home was no longer habitable. She said, "I only eat rice and nothing else." We need help as soon as we can. "We are only salt farmers." SEARCH WILL CONTINUE Panjaitan stated that the search would continue on Monday despite no reports of missing persons being received. Fathur Rahman is the?chief of the Sikka capital Maumere's rescue office. He said on Monday that the search will be centered on aerial monitoring? for anyone who has gone missing, using?a helicopter?and an extrication tool?. Panjaitan reported that authorities were preparing planes for the delivery of aid, such as tents and food. Panjaitan said that the quake had damaged 500 homes. Benjamin Paulus Octavianus said that Indonesia will also build a?emergency field hospital in various areas. Benjamin stated that neurosurgeons and orthopedic surgeons are needed to treat broken bones and head injuries. I DON'T THINK ABOUT IT ANYMORE On Monday, in Jakarta, some 1,500 km (930 mi) west of disaster zones, President Prabowo Subito presided over a celebration marking Indonesia's 1945 independence from Japanese rule. Residents of an Ende village who fled their village in fear of tsunamis took their mattresses and clothes to higher ground. Gervas, a 42-year-old resident from Ende, was asked about his feelings about Independence Day celebrations. He replied: "I don’t think about it anymore. I only think about my wife and 4-year old twins." Reporting by Anandateresia and Stanley Widianto, with editing by David Stanway and Saad sayeed.
-
Zambia claims to have arrested opposition figures during the night of elections
The?government's statement said that the Zambian police had arrested several prominent opposition figures during the night of the national elections. They were accused of posing an imminent threat to the state. On?Monday, partial results from Thursday's presidential and legislative elections were still being counted. President Hakainde hichilema was in the lead. The election will be a test to see if Hichilema can win a second term as the country's major copper producer. Brian Mundubile said that heavily armed individuals had raided the residence of his main rival after the elections. He described it as an assault on his life. In a late-Sunday statement, the government stated that Mundubile was at 'the scene of arrests when 11 people were arrested, and that shots fired by law enforcement agents from within the building resulted in an exchange. The report said that individuals were found in possession of "high-grade military ammunition, weapons and other materials to be used in armed rebellion"?and had been under surveillance since months. The government has named six people it says are in custody, including Mundubile's spokesperson. According to the statement, "senior members of certain political parties in Zambia" were also arrested. The opposition had called for the safe release of some members of Mundubile’s inner circle, who they claimed had been arrested or disappeared. The government was accused by opposition parties and civil societies groups of increasing repression 'in the lead up to the elections,' including limiting their meeting and campaigning activities. The government denied these accusations. The government has denied the accusations.
-
Dollar slips, shares remain steady as markets reduce Fed rate risk
On Monday, global shares rose and the dollar dropped to its lowest level in a year after a series of'soft' U.S. data, which included an unexpected decline?in retail sales, led markets to reduce their bets on an impending rate hike by the Federal Reserve. According to CME Group's FedWatch, a hike in the next month has been priced at 30%. This is down from 50% a few weeks ago. STOXX, a benchmark index of 600 large European companies, rose 0.04% on the back of resource stocks, as gold prices increased. In the US, Nasdaq and S&P futures both gained 0.5%. The?Korean won was relatively flat after U.S. president Donald Trump ordered the Pentagon to reduce joint military drills with Korea. South Korean markets, however, were closed on a holiday. After last week's gains, oil prices are mixed. Iran called on the U.S. on Saturday to accept defeat while Trump encouraged Americans to accept higher gas prices while the conflict continues. Lebanese Health Ministry: Israeli strikes killed at least 11 people in southern Lebanon Saturday. These are some of the most deadly attacks since the country signed a U.S. mediated peace framework agreement with Israel. Brent crude rose 1% last week to $89.42 a barrel, after rising 6% the week before. U.S. oil reversed its earlier losses and is now up 0.5%. The U.S. will try to calm down the situation whenever oil prices rise above $100. This is the base case, according to Shane Oliver, Chief Economist at AMP. The risk is that there won't be a sustainable peace deal and the flow of oil from the Middle East will remain down by 10%-15% compared to normal levels. We will also have to pay higher oil prices due the depletion of reserves. FED RATE risk is decreasing. The stock market's bullish rally has been fueled by the diminishing likelihood that the Federal Reserve will increase interest rates next month. U.S. retail sale fell for the first time in nine months and consumer sentiment deteriorated more than expected in July, contributing to lower inflation. Investors scrutinise U.S. consumer strength as earnings are lower this week. This week, the main data point is the August S&P PMIs to determine whether the acceleration of U.S. business activity at mid-year can be sustained. The yields on U.S. Treasury bonds fell after a mixed week last week. The yield on the two-year U.S. Treasury fell 2 basis points, to 4.154%. It had fallen 3 basis point?last week and reached a low of?4.0977%. The yield on ten-year Treasury bonds fell to 4.688% after rising by 4 basis points in the previous week. The dollar has been weakened by the recent soft data, and the euro hit a two-month record of $1.1595. Australian and New Zealand dollar also reached 10-week highs at $0.7105 apiece and $0.5910 respectively. Gold prices rose 0.43%, to $4,394 per ounce, after a 0.8% increase last week. Reporting by Lawrence White, Stella Qiu and Stephen Coates. Editing by Jacqueline Wong, Gareth Jones and Stephen Coates.
-
A team led by Chile maps the genome of Antarctic plants in an effort to develop climate-resilient crop varieties
Researchers from Chile have produced the most comprehensive genetic map of the only two flowering plants that grow in Antarctica. This could help the development of crops resistant to extreme climates. Colobanthus evensis is a plant that has attracted scientists' attention for a long time because it can survive in Antarctica despite the extreme temperatures, the lack of water, and the high levels of UV radiation. Antarctica is one of the world's driest and coldest environments. The recent record heat and drought in many parts of the world has heightened the urgency for agriculture to adapt. Scientists said that they were now equipped to start assessing if the traits of the plant could be transferred into agricultural crops using gene-editing technologies. The study was published in the Oxford University Press journal, "Genome Biology and Evolution." It assembled all 40 chromosome scaffolds which?make up a plant's genetic blueprint as part of a project called Polarix. Eduardo Castro is an associate researcher with the Cape Horn International Center in Chile and the lead author of this study, along with Claudio Meneses from the Pontifical Catholic University of Chile. The idea isn't to create transgenic plant. Castro explained that the idea was to edit the DNA of a plant with nutritional values. It is easier to identify individual genes once the genome has been mapped. However, it still takes time. Castro stated that it could take between 5 and 10 years for scientists to develop commercial applications once the genome has been mapped. A team from California supported the Chilean researchers, who claimed that their work was based on efforts made by?the Korea Polar Research Institute. This 'work' produced only a partially completed genome, and it was never published. Reporting by Fabian Cambero, Nicolas Cortes and Fabiola Aramburo. Lucinda Elliot and Barbara Lewis edited the article.
-
Copper prices reach 6-month high on low inventories
On Monday, copper prices reached their highest level in over six months due to concerns about the availability of metals on the London Metal Exchange where inventories have been at their lowest since February. Benchmark copper was up?0.9% to $14,290 per metric ton as of 0923 GMT. It had previously reached a high of $13,396. Prices for the metals used in construction and power industries reached an all-time record high of $14,527.5. Stocks at LME-approved warehouses Since May, the amount of copper exported to the United States has decreased by half. This is because traders are moving the metal to the United States to avoid potential tariffs. If you see metal marked for delivery at 50% or cancelled warrants, it means that more copper will be leaving the LME system. Although the official data has not been published yet, we expect record imports in July. "They've been high for the entire year," said Albert Mackenzie. However, traders said that premiums or 'backwardations' for nearby copper contracts compared to longer-dated forwards would start to attract metals to the LME. Cash Copper Contract Premium The three-month futures closed Friday at $416.29, the highest level since November 2021. On Friday, copper deliveries to LME storages totaled 3,700?tons compared to outflows of only 850?tons. Copper stocks are 735,470 short tonnes or 667,207 metric tons in Comex registered warehouses Import tariffs imposed by President Donald Trump in February 2017 have increased nearly 700%. The Shanghai Futures Exchange monitors copper inventories in other warehouses. Since the middle of March, the number of tons has dropped by more than 80% to 69 731. The Yangshan premium The price of copper in China has dropped to $90 per tonne from $115 on 22 July, but is still 350% higher than it was in January. The weaker dollar has a positive impact on industrial metals, as it makes commodities priced in dollars cheaper for holders of other currencies. Lead rose 0.4%, while zinc gained 0.2%, bringing the price to $3,766. Tin increased by 0.3%, bringing it to $56,345; and nickel climbed 0.3%, bringing it to $16,860.
-
ADNOC, the UAE's oil company, sold at least 14 million barrels of crude oil in its latest tender.
In its most recent tender, Abu Dhabi National Oil Co. sold at least 14,000,000 barrels of'spot crude' to Asian refiners for premiums. ADNOC had issued its eighth tender?since? the start of June, as the state oil company of the United Arab Emirates continued to try and move crude produced within the Strait of Hormuz despite persistent shipping delays. ADNOC has now sold more than 108 million barrels of crude oil through eight different tenders. Sources said that Japanese refiner Cosmo Oil purchased 2 million barrels on Upper Zakum crude at a price premium of $10.50 per barrel over Dubai's benchmark for October. Taiwan's Formosa Petrochemical bought the same amount of barrels at a price premium of $10 per barrel. GS Caltex of South Korea purchased 2 million barrels 'of Das crude' at a premium 'of $6 a barrel' to the October Dubai benchmark, for loading via ship to ship transfer from UAE's Fujairah Port. Hyundai Oilbank bought 1 million barrels Upper Zakum based on DAP. Bharat Petroleum Corp. of India bought 1,000,000 barrels each Upper Zakum crude and Das crude at a price premium of $5-$6 per barrel over the benchmark Dubai on a delivered base, while Hindustan Petroleum Corp. bought 1,000,000 barrels Das crude. Sources say that the Indian private refiner HPCL Mittal Energy Ltd purchased 2 million barrels Upper Zakum. Sources said that Chevron purchased 2 million barrels for delivery to its Singapore joint venture refinery at a premium of $7.50 a barrel over Dubai benchmark based on DAP. ADNOC has not awarded any cargoes due to low bids from Chinese buyers, according to a trader. The companies don't usually comment on their business. In October and November, the cargoes offered for delivery or loading were delivered.
-
James Hardie is facing another class action lawsuit over earnings forecasts and disclosures
The law firm Slater and Gordon announced on Monday that it filed a class action against James Hardie Industries in an Australian court to seek compensation for losses suffered by investors due to the company’s earnings forecasts and market disclosures for fiscal 2026. The suit also claims that the conduct of the fiber cement maker artificially inflates its share price. It follows another action that was filed a few months ago, alleging that the company failed not to disclose adverse circumstances in its "North America" business. Slater and Gordon announced that it had begun court proceedings against investors who purchased James Hardie stock between May 21, 2025 when the company filed its guidance disclosure and August 19, 2025, the day before the company issued a downbeat forecast which sent the shares plummeting?35% in two days. James Hardie declined to comment on a request. Its Australian shares ended the day 0.2% lower. Esther Holloway is an equity analyst with Morningstar. She said that the class action shows Australian investors' discontent. They have been this way since the AZEK takeover, when they were not allowed to vote on the deal. This acquisition caused a stir among investors in Australia, and led to a reorganization of the board. Kirsten Morrison, Slater and Gordon's Class Actions Practice group leader, said: "When companies fail... to disclose material information that impacts investors in a material way... it undermines the confidence in our continuous disclosure regime and?the market as a whole."
-
Two deaths after gas leak at Indo Amines plant in India
Indo Amines, a manufacturer of specialty?chemicals, said that on 'Monday, two people, including an employee, had died following a leakage at their manufacturing facility in Mahad in western Indian state Maharashtra. The company reported that another person who worked at a nearby industrial unit died while undergoing medical treatment. It said that the exact cause and circumstances of the leakage were unknown at this time, adding the operations have been temporarily suspended. Local media reported on the incident during the weekend. Indo Amines expects no material impact to?its operations during the assessment. On Monday, the?company's share price fell by as much as 4.6%. It now stands at?124.02 rupies. The stock's last trade was 3.9% lower. This puts it on track for its?largest daily % drop since June 29, (Reporting by Mridula Kumar in Bengaluru; Editing by Shilpi Majumdar)
Copper prices soar to a six-month high due to a shortage
The week began with a strong start for copper, as it rose to its highest level in more than six months due to tight availability. This also helped the key spread increase beyond its largest?in five year.
Benchmark three-month copper on the London Metal Exchange was up 1.5% to $14,372 per metric ton at 0700 GMT. In earlier trades, it reached $14,396 per ton, its highest level since January. The Shanghai Futures Exchange's most traded copper contract grew 1.74%, to 109 540 yuan (16,255.36 dollars) per ton.
Copper prices have been boosted by material outflows into the U.S. in anticipation of potential tariffs on imported refined metals as well as broader supply concerns. Stocks in LME registered warehouses
Inventory shortages have helped to push the LME cash-to-three month spread up to its highest level since 2021. The LME Cash-to-Three Month Spread
Craig Lang, Principal Analyst at CRU's commodity research firm said that "shorts" are forced to purchase nearby contracts in order to close or roll their positions due to the limited availability of metal.
Consumer buying was reduced, which capped the rally in copper contracts. The Yangshan premium
Lang explained that the fall was primarily due to a deterioration in import economics as well as weaker near-term physical demand from Chinese buyers who are taking a 'hand-to-mouth' approach because of higher copper prices.
Dollars that were cheaper supported industrial metals. Aluminium?added 0.28 %, zinc 0.32%, tin 0.37%, and lead 0.61% on the LME.
The SHFE metals that gained the most were aluminium, which gained 0.38%. Zinc, which gained 0.7%; lead, 0.6%; nickel, 0.89%, and tin, 0.94%. $1 = 6.7387 Chinese Yuan Renminbi (Reporting and editing by Ronojoy Mazumdar).
(source: Reuters)