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Wildfires in Catalonia have put more than 18,000 people on lockdown.
The Spanish authorities ordered that more than 18,000 residents in the Tarragona Province, located in northeastern Spain, remain inside on Tuesday. Several dozen people were evacuated when a wildfire, which was out of control and consumed almost 3,000 hectares (7.413 acres) worth of vegetation, spread. After Spain experienced the hottest June ever recorded, large parts of Spain have been placed on high alert. On July 1, two people were killed in a fire in the region where Tarragona, Catalonia is located. Authorities said that the latest fire started early on Monday morning in a remote location near the village Pauls. Strong winds and rugged terrain had hampered efforts to fight fires. A military emergency unit and more than 300 firefighters were deployed in the area early on Tuesday. The regional firefighting service in Catalonia said that firefighters had been fighting the fire since midnight with gusts reaching 90 kilometres an hour (56 miles) per hour. They added that the strong Mistral winds were expected to subside by the afternoon. Fire engines raced through the Pauls Mountains overnight, with flames surrounding them, while crews assessed the situation and attempted to contain the fire. Residents of the nearby villages of Xerta, and Aldover spent a night without sleep as flames threatened to destroy their homes. "There was a lot (of) fear and crying because we were already at the edge of a fire. We couldn't leave the house last night because the wind was blowing smoke and fire. Rosa Veleda told reporters that the situation was "terrible, it's never happened before". Authorities claimed that they prevented the fire spreading to the Ebro River. This would have made the situation worse. Officials are investigating how the fire started. Approximately 30% is within Ports Natural Park. (Writing, additional reporting and editing by Emma Pinedo)
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Dollar helps copper prices despite growth concerns
Copper prices held steady on Tuesday. Supported by a lower US dollar, gains were limited by concerns about an economic slowdown, demand growth, and the tariffs imposed by U.S. president Donald Trump, as well as rising inventories. The benchmark copper price on the London Metal Exchange was up by 0.1% to $9,835 per metric ton, at 1030 GMT, towards the recent three-month high reached last week of $10,020.50 per ton. Dollar-priced materials have become cheaper due to the falling dollar. This could boost demand for industrial metals, such as copper. On Monday, the United States announced new tariffs of 25% to 40% that would take effect August 1, a postponement from July 9. Trump warned that a 10% additional tariff could be imposed if BRICS nations, including Brazil, Russia India and China, pursued what he called "anti-American policies" during their Brazil summit. Copper stocks In LME-registered storage warehouses, the stock was 102,500 tonnes. This is an increase of 13% or 11,875 ton since June 27, easing concerns about availability on LME. However, traders claim that deliveries should be increased. The cancellation of warrants for metals marked for delivery at 36% indicates that another 37,100 tonnes of copper will be leaving the LME system. Large warrant holdings are still dominant in nearby contracts. Tom-next, the premium charged for buying copper today and selling it tomorrow has risen to $13 per ton Before the settlement of next week when holders of short positions will need to reduce or rollover their contracts in order to sell. Meanwhile, aluminium inventories Storage in LME has increased by 47,450 tonnes to 384 350 tons since 25 June, helping to reverse the premium on the three-month cash forward. . Three-month Aluminium Lead was up by 0.4%, while zinc rose 0.8%. Tin increased 0.4%, to $33,410, and nickel fell 0.3%, to $15,130 per ton.
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TSX Futures are rising; US tariff proposals on the forefront
The futures linked to Canada's benchmark stock index rose on Tuesday as investors weighed up President Donald Trump’s new tariff proposals against several trading partners, and the new deadline set for trade agreements. Futures on S&P/TSX rose by 0.2% at 06:34 a.m. ET (1034 GMT). Trump sent letters on Monday to 14 countries, including Japan, South Korea and China, warning of sharply increased tariffs on U.S. imported goods, but also delaying their implementation until August 1. He said that the deadline is not 100% set in stone and he will consider extensions if other countries make proposals. After Trump's April launch of a global economic war, which roiled financial markets and forced policymakers to protect economies, countries have been under pressure from the U.S. to sign deals. Canada, which recently cancelled a digital tax on U.S. tech companies in order to preserve the trade talks with Trump aims to reach a deal by July 21. Prices of gold and oil fell on Tuesday. A government official revealed on Monday that Canada's Finance Minister has instructed all ministries to make savings, reduce duplication of work, and reallocate money from other programs towards priority projects. Aura Minerals announced that it was preparing to list shares on Nasdaq. This could give the Canadian gold and cobalt miner an estimated value of $2,14 billion. Toronto's S&P/TSX Composite index, which is heavily influenced by commodities, closed lower Monday. It followed the U.S. market, causing trade jitters for Canadian investors. CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and Editing by Shreya Biwas; Twesha Gupta, Sukriti.
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As dealmaking increases, activist investors will push for change.
In the months to come, activist shareholders will be more determined to press for corporate change. They'll also feel more confident to launch new campaigns now that the pace of deals is picking up. Investors, bankers and lawyers predict a rise in corporate leadership disputes, operational improvements, and spin-offs during the second half 2025. They said that many global corporations would prepare for time-consuming and costly battles. However, some activist investors might be willing to compromise. Alfredo Porretti is global co-head Shareholder Engagement and M&A Capital Markets for JPMorgan Chase. He said that the activity in the second half of the year would be more significant. "Activists have become more cautious, but they are still not taking action." After an unusually quiet quarter in which only 59 campaigns were launched, the expected rebound of global company campaigns will come after a second quarter that was unusually quiet. This included campaigns from Hewlett Packard Enterprise, a U.S. IT company, and Kenvue Consumer Healthcare, whose products include Band-Aids, Tylenol, and Band-Aids. The pace of investor campaigns to increase the price of shares slowed down by 16% between April and June compared to the first quarter. Barclays data shows that they were down by 32% compared to a year earlier. Investors reported that many activists were on the sidelines during the second quarter due to concerns about the impact of U.S. president Donald Trump's tax and tariff policies. Pam Codo-Lotti is the chief operating officer for Activism and Shareholder Advisory, Goldman Sachs. She said that "Activists reevaluated their public campaigns due to equity market volatility and macro-uncertainty in the second quarter." People familiar with the work of established corporate agitators like Elliott Investment Management and Jana Partners, as well as newcomers that have never publicly pushed companies to perform better are looking ahead to new ideas. Starboard Value, an activist group, bought a stake in Tripadvisor in the first few days of the second quarter with the intention to engage the management. Activists target companies in the fall and winter, well before the annual meetings of the following year. They often start off with private discussions before making their demands public. The companies are prepared for the anticipated onslaught. Two directors of large American companies who were not allowed to speak publicly about the preparations said that board members with a negative memory of previous activist pressure are pressing management to hire advisors to assess vulnerabilities now and to take pre-emptive actions. They said that long-serving directors could be replaced, or chief executives who are not keeping up with their peers may be fired. In times of economic uncertainty and volatility, Ingo Speich said, "Shareholder activism is more likely to be due to weak points in companies." Ingo Speich is the head of sustainability at German asset manager Deka Investment. Poor governance is the main source of shareholder activism. Companies in transition are more vulnerable, and this opens the door for more shareholder activism. In the first half 2025, 43% of activist campaigns have included a request for board changes. Mantle Ridge, an activist investor, successfully pushed board changes at Air Products and Chemicals and Elliott at Phillips 66. Bankers and lawyers are expecting a rise in demand for the sale of companies or spinoffs. This was only a part of 33% of campaigns during the first half. Investor confidence is increasing, they said. Goldman's Codo Lotti stated that "we expect public activism campaigns to increase in the second half, with renewed focus on M&A target, barring macro-headwinds." Bankers and lawyers say that after making their name with loud public campaigns waged years ago by investors such as Carl Icahn and Bill Ackman, many activists now want to lower their profile and avoid the headlines. According to a new study by SquareWell Partners, institutional investors who collectively manage $35 trillion in assets "overwhelmingly" view activism as an effective market force. 77% of them see it as catalyst for change, while 71% describe it as a driver of responsibility. After establishing their reputation, activists might be willing to settle for a quiet settlement rather than engage in costly and messy proxy battles. Jana Partners, for example, had long been pushing French-fry manufacturer Lamb Weston to make operational and board changes as well as possibly selling the company. The hedge fund avoided a high-profile fight in the boardroom by settling a dispute that placed four of their candidates on the board, and two others that both parties agreed upon. Porretti, JPMorgan's Porretti, said that "peace is indeed breaking out as more settlements have been reached and board seats are going to activists." He added "but settlements can only be reached if both sides feel a little weak." Reporting by Svea Autumn-Bayliss and Emma-Victoria Farr, Frankfurt; editing by David Gregorio
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OBR: Global 3C climate warming will hurt UK economy more than predicted
The Office for Budget Responsibility estimated on Tuesday that a rise in global temperature to nearly 3 degrees Celsius (5.4 degree Fahrenheit), above pre-industrial levels, would hurt Britain's economic growth by much more than was previously thought. In its Fiscal Risks and Sustainability Report, the OBR stated that the combined fiscal impact of climate damage and mitigating it could add up to 74% of the GDP in government debt in early 2070, compared to the latest long-term forecast. According to a United Nations report released in October of last year, current climate policies will result in global warming exceeding 3 degrees Celsius in the next century. The OBR has reduced its estimate of the cost to transition to a net-zero economy from 30% to 21% in 2021. However, they have increased their estimates of the impact of climate change on output. OBR estimates that a scenario with an increase of almost 3 degrees in global temperatures will reduce GDP levels by 8% early in 2070, as opposed to the previous estimate of only 5%. This would increase the primary government borrowing, which excludes interest payments on debt, by around 2% compared to a previous estimate that was 1.3%. (Reporting and editing by William Schomberg, Susan Fenton, and Andy Bruce)
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Investors assess new tariffs and gold falls as US bond yields increase
Gold prices fell on Tuesday as a result of higher U.S. Treasury rates, following the announcement by U.S. president Donald Trump that he would be imposing new tariffs on trade partners such as Japan and South Korea. As of 0905 GMT, spot gold fell 0.3% to $3324.19 an ounce. U.S. Gold Futures dropped 0.3% to $3333.60. The yield on the benchmark 10-year U.S. notes reached a two week high, which made non-yielding gold less attractive. Giovanni Staunovo, a commodity analyst at UBS, said: "Gold is caught between a stone and a brick wall." The U.S. decision of extending the deadline for trade deals for many partners is negative for gold prices. Positive for gold prices is that U.S. key trading partners in Asia may have to face higher tariffs soon, which could weigh on economic growth prospects. Trump announced on Monday that he would be imposing tariffs of up to 40% in the next phase of his trade war, which he began in April. Trump stated that the new deadline is firm and he will consider extensions only if other countries make proposals for a deal. To allow time for negotiations, "reciprocal tariffs", which were supposed to be limited to 10%, had been set to 10% up until July 9, but so far only agreements with Britain and Vietnam have been made. Washington and Beijing reached an agreement in June on a framework for tariff rates. China warned Trump's administration to avoid re-igniting trade tensions and has threatened to retaliate by cutting the U.S. out of its supply chain if it does. Trump's tariffs are fueling inflation fears and complicating the path of the U.S. Federal Reserve to lower interest rates. Investors are waiting for the minutes of the Fed’s June meeting due on Wednesday to get more insight into the bank’s policy outlook. Silver spot was unchanged at 36.72 dollars per ounce. Platinum fell by 0.3% to 1,366.25 dollars, and palladium increased 0.5% to 1,116.86. (Reporting from Brijesh Patel and Anmol Chaubey in Bengaluru).
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Sources claim that India will import 10% of its cooking gases from the US by 2026.
Four industry sources with knowledge of the matter have said that India intends to import about 10% of its domestic cooking gas from the U.S. starting in 2026. This is part of an effort to increase energy purchases and narrow the trade gap between Washington and India. Middle Eastern LPG producers are the world's largest importers and consumers of liquefied gas. In 2024, more than 90% (or 20.5 million tons) of their imports will come from this region. LPG, a mixture of butane and propane used as a cooking fuel, is imported mainly by state retailers Indian Oil Corp. Bharat Petroleum Corp. and Hindustan Petroleum Corp. and sold to households at a subventioned price. India rarely purchased U.S. LPG before due to the higher freight costs. However, state retailers started buying U.S. LPG after China imposed retaliatory tariffs on U.S. LPG imports. Sources have previously said that India intends to eliminate the import tax on U.S. butane and propane used to make LPG. India has committed to increasing U.S. energy purchase by $10 to $25 billion within the next few years. The two nations also agreed in February to aim for $500 billion of bilateral trade by 2030. Data obtained from sources revealed that India's imports of U.S. crude oil have more than doubled in the past year. We are looking at the U.S. for a reliable source of crude oil and LPG. "We need to diversify the LPG sources we use," said one source who declined to give his name because he wasn't authorized to speak with media. India is diversifying its crude suppliers to support its growing refinery capacity and reduce geopolitical risk. LPG is mainly purchased from the Middle East on a FOB basis. The 10% Chinese tariff on U.S. propane has opened arbitrage opportunities for Indian customers, further encouraging a move to U.S. cargoes. He said: "We prefer to buy U.S. crude on a delivery basis, to reduce freight risks." Two sources reported that the Indian state refiners see an annual LPG growth of 5% to 6 %, and total imports will rise to 22 to 23 million metric tonnes by 2026. The Indian oil ministry as well as the three state fuel retailers have not responded to comments immediately. A third source in the industry said that pricing will be key in determining exact volumes of U.S. LPG imported. The International Energy Agency predicts that India's LPG consumption will grow by an average 2.5% per year between 2024 and 2030. This would amount to 1.2 million barrels of LPG per day or approximately 37,7 million tonnes. (Reporting and editing by Tony Munroe, Kate Mayberry, and Nidhi verma)
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Biochar boom? South Africa invests in super charcoal to create green jobs
Sithandekile Nyathi, a confident woman, climbs into the compact loader and lowers the metal cage around the vehicle. She then drives to large mounds wood chips. The chips are then transported by conveyer belt to a converter where they're heated up and transformed into activated carbon, a form of "biochar" that can store carbon and help reduce the planet-warming carbon dioxide emissions. "I was a maid before, and I never imagined I would be working in an industry which also benefits lives and the environment," said Nyathi. She is a controller in the Brakpan plant of Adsorb, South Africa's manufacturer of activated charcoal. South Africa, a country rich in coal, has become the face of international efforts to move towards cleaner industries and energy. These efforts have been slowed by funding issues, high unemployment and political divisions. This has raised questions about the best way to make this transition. Darryl Phipps is a chemical engineering and manager of Adsorb, where Nyathi also works. He believes that the plant, located in Brakpan east of Johannesburg, may be the first plant of its kind worldwide. It is possible because the wood chips are converted into biochar or activated charcoal using the heat generated by the converter. This allows the organic molecules to adhere to the surface of the charcoal and produces only clean flue gases. Experts say that some proponents believe the biochar industry can create jobs and capture carbon, but it is struggling due to a lack in South African data. According to the International Biochar Initiative, the global industry is expected to reach US$600 millions in 2023. This represents a 97% increase from 2021. Dataviz https://public.flourish.studio/visualisation/24074049/ Researchers, farmers, and industry experts have praised biochar and activated charcoal for their ability to improve soil quality, water retention, absorb toxins, and capture carbon. According to Frontiers, when used as a fertilizer, biochar increases water-holding capability, which helps plants survive in drought conditions. According to researchers at the University of Venda, initial studies in South Africa's agriculture sector showed that biochar improved maize yield as well as soil health. However, they called for more long-term, intensive research. The South African Department of Forestry, Fisheries and the Environment did not reply to requests for comments on the size and future of the biochar industry in the country. Workers like Nyathi, however, are optimistic. She said, "If I grow with my company, then I will also grow." JOBS CREATED AND CARBON CAPTURED South Africa's high rates of unemployment, funding cuts, and the size of the coal sector have all slowed the movement towards green energy and jobs. Phipps stated that Adsorb's converter can be replicated in other parts of South Africa as well as the world. Adsorb uses wood chip from pallet repair centers that originate from responsibly managed forests. The gas produced when the wood is heated to 1000 degrees Celsius first produces biochar, and then activated carbon. According to the academic journal Science of The Total Environment, activated charcoal can be used for industrial pollution removal and has a greater adsorption capability than biochar. Adsorb wants to convert this gas into electricity. Adsorb has captured approximately 750 tons of CO2 by 2024. It supplies activated carbon to the fertiliser, animal feed, and cosmetic industries. They are also looking at water treatment, mine rehabilitation, and cleaning mercury from coal gas. Phipps said that processing centres could be set up in areas that previously had coal mines or other mining operations. This could include communities producing biomass and supplying them to these processing centers. He estimated that if enough plants were built, they could create tens or even hundreds of thousands of jobs. Needs for DATA and FUNDING Experts said that despite the enthusiasm for biochar, there are few data and the estimates of the size of the South African market vary greatly, possibly due to the different classifications used when defining biochar. Romain Pirard is an environmental economist at the School for Climate Studies of Stellenbosch University. He said that to his knowledge, there was "no centralisation or policy specific to biochar". Phipps said that finding willing customers was also a challenge in the promotion of Biochar. He said that farmers are very cost-sensitive. If anything increases costs, this will damage the potential sales. Pirard stated that subsidies could be used to encourage farmers to "use biochar instead of chemical fertilizers" and use invasive, alien tree biomass as a way of helping biochar "take-off". Pirard stated that despite the fact that biochar has the potential to create green jobs, efforts to establish a biochar organization to centralise information and data on initiatives failed. The feasibility of the sector is still to be proven, he said. Phipps insists that they will be on to something great if additional finance is received.
Trump administration asks Supreme Court to stop briefly cases as it reassesses policy
President Donald Trump's. administration asked the U.S. Supreme Court on Friday to place on. hold prepared arguments in a quote by fuel manufacturers to challenge. California's requirements for car emissions and electric vehicles. under a federal air pollution law. The brand-new Republican politician administration likewise made similar demands in. three other cases involving the actions of federal firms,. providing an early indication that it will take a fresh look at a. variety of legal concerns before the court and possibly change. positions from Trump's Democratic predecessor Joe Biden.
The anticipated modifications in the federal government's position might be a. closer ideological fit for the Supreme Court's 6-3 conservative. majority, which includes three justices appointed by Trump.
The dispute over California car standards centers on an. exception granted to that state in 2022 by the U.S. Environmental Protection Agency during Biden's presidency to. national vehicle emission standards set by the agency under the. landmark Clean Air Act anti-pollution law.
Though states and towns are generally preempted. from enacting their own limitations, Congress let the EPA waive the. preemption rule to enable California to set specific policies. that are stricter than federal requirements.
In asking the Supreme Court to stop briefly the case, Performing. Solicitor General Sarah Harris said in a filing, After the. modification in administration, EPA's acting administrator has. figured out that the firm needs to reassess the basis for and. stability of the 2022 reinstatement decision.
The EPA's action renewed a waiver for California to set. its own tailpipe emissions limitations and zero-emission car. mandate through 2025, reversing a 2019 decision throughout Trump's. initially term in office rescinding the waiver.
Valero's Diamond Alternative Energy and related. groups challenged the reinstatement of California's waiver,. arguing that the choice exceeded the EPA's power under the. Clean Air Act and inflicted damage on their bottom line by. decreasing demand for liquid fuels.
The U.S. Court of Appeals for the District of Columbia. Circuit threw out the suits, finding that Valero and the. states lacked the required legal standing to bring their. claims.
Harrison told the Supreme Court that the EPA's reassessment. of the matter could prevent the requirement for this court to. identify whether the challengers have legal standing.
The Supreme Court has actually taken a hesitant view towards. expansive authority for federal regulative agencies, and has. restricted the powers of the EPA in some crucial judgments in. recent years. In June, the court obstructed the EPA's Great Next-door neighbor guideline intended. at decreasing ozone emissions that may get worse air contamination in. surrounding states. In 2023, the court hobbled the EPA's power. to protect wetlands and battle water pollution. In 2022, it. enforced limitations on the firm's authority under the Clean Air Act. to decrease coal- and gas-fired power plant carbon emissions. On Monday, his very first day back in workplace, Trump said in an. executive order that he was looking for the repeal of a new waiver. approved to California in December by the EPA enabling the state. to end the sale of gasoline-only automobiles by 2035. That guideline has. been adopted by 11 other states.
Trump said the EPA must terminate where suitable,. state emissions waivers that operate to limit sales of. gasoline-powered vehicles.
(source: Reuters)