Latest News
-
Rare protests in Russia over plan to build a church for war dead at a city park
Locals in the southern city Krasnodar, which is home to a riverside park, have made a rare protest against plans to build a memorial church to Russia's war-dead. They publicly appealed for President Vladimir Putin to stop it. A video posted online shows a resident reading out the appeal in front of a large group, which chanted its approval. The message called on Putin to protect the park located in the Yubileiny District, near the Kuban River, as a green area for his children and grandchildren. "We do not oppose religion." "We are for the law", it stated. "The authorities do not listen to us." We have to shout. "Yubileiny is against the development." The date of the public meeting was unclear. In 'Russia, protests are very rare. Since the invasion of Ukraine by Russia in February 2022, virtually all forms dissent have been suppressed. The Kremlin has said that the church is dedicated to the "heroes of the special military operations", which is how they refer to the war. The war connection was not the main focus of the people's opposition. Alexander Safronov is a Communist Member of the Local Parliament. He said that residents are not against the church in principle but do not want to see the embankment developed. Spas, an evangelical religious television channel, said that Krasnodar needed more churches, and called the opponents to the project "raving Communists". Safronov claimed that the channel had "lied?and filth?" on the protesters but that this had only led to their increase in number. In a Krasnodar VK chatroom, the issue was discussed in a lively manner. Some residents complained that there are already too many churches in the city. One person wrote: "Prayers won't solve what is going on in this country." Reporting by Mark Trevelyan, Editing by Gareth Jones
-
Drafts reveal that the EU will extend the carbon border tax to new products.
Draft documents from the European Commission, seen by, show that the European Union intends to 'extend its upcoming border tax on carbon to include imported products such as car parts, washing machines and refrigerators. This is to close any loophole that foreign firms could use to avoid paying this levy. The EU will publish a set of measures related to the world's first carbon border tariff on Wednesday. This is before the CO2 emissions cost on imported steel, cement, and other goods begins in January. The draft Commission proposal stated that "the proposal will expand the scope of Carbon Border Adjustment to address the risk of carbon leakage in products further down the value chain of the steel and aluminium products which are currently within CBAM scope." Un spokesperson for the Commission declined to comment on this draft which may still be revised before publication. The new tax would be applied to all products Based on an assessment of their exposure to “carbon leakage” - the risk industries will relocate outside Europe to avoid the strict climate policies in the region. The Commission wants to close an existing loophole that allows foreign producers of steel and aluminum to reduce their metal exports to the EU to avoid paying the CO2 fee, and instead ship?assembled products that are heavy in either aluminium or steel, as these products do not currently pay the EU fee. According to the draft, the Commission will "consider" extending the carbon border tax in the future in order to cover additional downstream products from the cement, fertilizer and hydrogen sectors. (Reporting and Editing by Charlotte Van Campenhout, Louise Heavens and Kate Abnett)
-
Indonesia auctions 629, 000 metric tons bauxite stocks
An official from the energy ministry said that Indonesia will auction?629,000 tons of bauxite taken over by the government on Tuesday. The auction is expected to earn it about 200 billion Rupiah (12 million dollars). A miners' association warned that the move could harm the industry as the available processing capacity is still limited. Jeffri Huwae said in a?statement that the auction is intended to increase state revenues, and provide legal certainty for assets under government control. Huwae explained that the'stockpile' was the remnants of mining operations conducted by companies with mining permits. These permits are now expired, and the material is still not sold. According to the law, the management of mining operations, and any output produced by the previous operator reverts?to the government upon expiry of the permit. The ministry did not identify the holders of the permits. The auction will begin on Tuesday, and finish on December 22. $1 = 16,690 rupiah (Reporting and editing by David Stanway, Clarence Fernandez).
-
Ghana bans mining on forest reserves in order to reduce environmental damage
Ghana has banned mining within forest reserves as part of environmental protections to protect water bodies and stop deforestation. Africa's leading gold producer, which is also the world's largest, is fighting a rise in small-scale mining, which is degrading forests, rivers and cocoa farms. It is also increasing sustainability risks to its mining industry, resulting in protests. Industrial miners have reported frequent incursions of illegal operators on concessions. This has forced key operators such as Gold Fields AngloGold Ashanti Newmont Asante Gold and Newmont to increase their investments in surveillance drones and community engagement programs. According to data from the government, illegal mining has spread across 13 of Ghana's 16 regions. This includes key cocoa belts located in Ashanti, Western, and Eastern. The authorities have been reorganizing the industry by granting licenses to artisanal miner, establishing community schemes and providing'security' in order to stop illegal gold mining and?mining. The Environmental Protection (Mining in Forest Reserves Regulations), introduced in 2022 allows controlled mining in forests reserves. The repeal came into effect after a constitutional period of 21 days and will give the second largest cocoa producer in the world stronger legal tools to help protect forests, farmland and water sources,? the ministry stated late Wednesday. Healthy forests protect our farms and give life to communities. "Clean rivers secure our drinking?water and our future," said Acting Environment Minister Emmanuel ArmahKofi Buah. Daryl Bosu, of environmental advocacy group 'A Rocha Ghana', says that the?move marks an important shift in Ghanaian environmental policy. It restores protections for forest after opening up nearly 90% of reserves to mining. "The repeal will not solve all problems. We have the opportunity to address the teething problems of encroachment by logging and agriculture and to implement a national development program to restore and grow forests for present and future generations." Christian Akorlie is the reporter. Maxwell Akalaare Adombila is the author. Mark Potter (editing)
-
Copper prices fall on the back of weak Chinese economic data
Prices of copper fell on Tuesday as a result of weak economic data coming from the world's largest consumer, China, and renewed fears about an artificial-intelligence bubble. The Shanghai Futures Exchange's most traded copper?contract closed daytime trade down 0.79% to?91.840 yuan (about $13,041.01) per metric ton. As of 0700 GMT, the benchmark three-month price for copper at the London Metal Exchange dropped 0.42% to $10,607 per ton. According to Monday's data, China's factory production slowed down to its lowest level in 15 months, and new home prices also continued to fall. Red metal, used in construction, manufacturing, and power plants, declined because of disappointing data. This is despite the weaker dollar, which supports commodities that are traded in greenbacks by making them more affordable for investors using other currencies. Copper also suffered from renewed fears of the AI bubble burst, which triggered a sell-off after the metal reached an all-time peak on Friday. Nickel, another base metal in the SHFE, fell to a low of 111.770 yuan per ton, a drop of 40 months. The daytime trading closed down by 2.36% at 112,290 yuan per ton. The Shanghai nickel followed the 'London benchmark which fell as low as $14,235 per ton on a Monday. This was the lowest price since April. On Tuesday, the three-month nickel price on the LME fell 0.36%, to $14,295 per ton. Nornickel, a Russian mining giant, raised its nickel surplus expectations on Monday. The 2025 surplus, which is a substantial increase from the 120,000 tons they projected in July, is estimated at 240,000 tons. In 2026, the surplus is also expected to rise significantly from the 130,000 tons predicted in July. Since?2023, nickel, a metal that is used in stainless steel, batteries and other products, has seen a large supply surplus due to a surge in production from Indonesia. The traders stated that the recent weakness is due to the weak demand for?metal before year-end. Nickel pig iron (NPI), Nickel sulfate Since mid-October, the number of shipments has been declining. NPI is used as a "key feedstock" for stainless steel and nickel sulfate, a raw material?for batteries. Shanghai nickel is down more than 11 percent this year and London copper is down by almost 7%. The tin market in?Shanghai posted the largest decline. Daytime trading closed down 3.15 % to 320.620 yuan per ton. Aluminium fell 0.21%, while zinc and lead both lost 1.44%. Tin fell 0.92% on the LME, while zinc dropped by 0.94%. Aluminium gained 0.40%, and lead grew 0.15%.
-
South32 will mothball Mozambique's smelter by March, as power talks fail
South32, an Australian company, announced on Tuesday that it would place the Mozal aluminium plant in Mozambique, under care and maintenance by March. The cost will be $60 million. The Perth-based company has been in negotiations with the Mozambique government and power providers for years to come up with an agreement that would allow it to continue its energy-intensive operations. The parties remained in deadlock over an appropriate electricity rate, which was exacerbated due to the ongoing drought conditions affecting HCB's electricity supply, said South32 CEO Graham Kerr. Kerr was referring to the hydroelectric producer Hidroelectrica de Cahora Bassa. Eskom, the South African utility, will take over if HCB, Mozal's primary power supplier, is unable to provide all of Mozal’s electricity needs. South32 said that the contract expires in March and it has not purchased raw materials to continue operations after this date. Aluminium production is energy-intensive. This makes a reliable and affordable electricity supply an important concern for producers of aluminium, such as South32. Mozal, in which South32 has a stake of 63.7%, is a major contributor to the aluminium production by South32, with just under 29% of total aluminum production for fiscal 2025. South32 reported a $372 million impairment to the Mozal Smelter's results for fiscal year 2025, reflecting "the financial impact" of the shutdown. The company's shares closed the day at 2% less than they started, just minutes before the news was released. (Reporting and editing by John Biju, Bengaluru. Harikrishnan Nair and Janane Venkatraman)
-
Investors turn cautious as they await US year-end data
Gold prices fell on Tuesday as investors became cautious in anticipation of important U.S. inflation and jobs data that could give clues to Federal Reserve policy for the New Year. As of 0637 GMT, spot gold fell 0.3%, to $4,290.33 an ounce. Bullion is up 64% this year, breaking multiple records along the way. U.S. Gold Futures fell 0.4% to $4,316.40. "We are right at the previous?high of $4,380 that was set in mid-October. The market is asking if there is enough conviction to continue higher or if momentum is starting to fade. According to CME's FedWatch, traders?have priced in a 76% chance of a U.S. 25-basis point rate cut?in January. Some?even expect two cuts. The data docket for this week is expected to provide new clues as to how quickly the Fed will ease policy in 2026. After a 43-day shutdown of the government, data collection was curtailed, including October's unemployment rates. Fed Governor Stephen Miran stated that current inflation is above target but does not reflect the underlying dynamics of supply and demand which are driving price increases. The markets are also awaiting the weekly jobless claims - and the Fed's preferred measure of inflation, the Personal Consumption Expenditures Index, which is due this week. Bullion that does not yield is typically found in environments with lower rates. Silver spot fell 1.4%, to $63.03 per ounce after reaching a record high of $64.65 an ounce on Friday. Tim Waterer, KCM Trade's Chief Market Analyst, said that silver still has a bullish tone as the?industrial demands show no signs of abating after a 121% rise this year due to a firm industrial demand and tightening inventory. The spot price of platinum rose 1.3%, to $1.806.46, and palladium grew 1%, to $1.582.68. (Reporting from Ishaan arora and Sherin Elizabeth varghese, Bengaluru. Editing by Sherry j. Phillips and Harikrishnan Nair.
-
South Africa increases coal exports after Colombia ban
South African miners have increased thermal coal exports after Colombia, the top supplier, in August banned all shipments of this fuel for power generation to Israel. Data from Kpler LSEG, and DBX Commodities revealed that. Colombia and South Africa are among Israel's loudest critics. The South American nation issued a presidential decree that enacted the export ban, after accusing Israel for killing tens-of-thousands in Gaza, including children. South Africa accused Israel of genocide before the International Court of Justice. Israel's prime minister Benjamin Netanyahu rejected this claim. Data from Kpler shows that Colombian coal exports into Israel fell to zero during the three-month period ending November after Bogota redoubled its efforts to ban and blocked supplies under long term deals. South Africa's exports increased by 87% in the last three months of November, to 474,000 tons on a yearly basis. It is expected to ship 170,000 tons next month. The South African Revenue Service's latest data showed that coal exports to Israel increased 20% in the three months ending October, to 667.442 tons - the highest three-month period for the last two years. Patrick Bond, Director of the Centre for Social Change at the University of Johannesburg, who tracks coal exported from South Africa to Israel, said: "Four words describe this profound hypocrisy. Talk left, walk right." Bond stated that more than a dozen South African coal exporters are shipping electricity-grade coal to Israel since 2023. Kpler data shows that all cargoes Israel imported since September were from South Africa. The South African mines ministry has not responded to requests for comment. Trade Minister Parks Tau stated last year that sanctions imposed on Israel could expose the country to legal challenges under World Trade Organization regulations. Colombia, a member of the WTO, has also not faced any challenges following the implementation of its ban. SOUTH AFRICA EXPORTS SURGE Kpler data shows that South Africa's coal exports to Israel have increased over the past four years. By 2025, its coal exports to Israel will be at their highest level since 2017. Its share of the seaborne coal market in Israel is expected to triple from levels in 2024 to 55%. According to data, Colombia will account for 42 percent of Israel's 2,000,000 tons of coal imports in this year. The data shows that Russia exported just one cargo weighing 55,000 tons in 2024. This represents less than 3%. Alexandre Claude of London's DBX Commodities said, "I expect Colombian exports into Israel to stay close to zero in the short- to mid-term." "Colombia is re-directing a little more coal to other buyers." He said that the country's portfolio is already highly diversified. Israel's energy and economy ministries have not responded to requests for comment. Israel Electric Co. senior official said that the country will stop using coal for its major energy source by 2027. "The coal era in Israel is over." The official stated that we will stop importing the coal and instead use natural gas for our main energy source. Coal will only be used as a back-up in an emergency. (Reporting from Sudarshan Varadhan in Singapore, Wendell Roelf and Steven Scheer respectively in Cape Town and Jerusalem; Additional reporting provided by Nelson Banya at Cape Town; Editing done by Jamie Freed).
Imperial Oil raises its 2026 spending and output forecast to boost cash flow and cut costs
Imperial Oil Canada announced on Monday that it will increase its capital expenditure and upstream production by?2026. The company is doubling down on high-return oil sands projects in order to reduce costs?and create a stronger cash flow.
Oil companies are focusing more on efficiency and high-return projects, and less on large new developments.
In September, the oil producer said it would 'cut about 20% of its staff by end-2027. This is part of a restructuring which will reduce its Calgary presence amid lower 'crude prices due to higher OPEC+ production and trade policy uncertainties.
"Our 2026 Plan builds on Imperial's strong foundation and positions Imperial to structurally increase cash flow by moving?towards unit and volume cash cost targets in Kearl and Cold Lake," CEO John Whelan said.
Imperial, which owns major oil sands assets across Canada including Cold Lake Kearl Syncrude and Syncrude sees capital and exploration expenses for '2026 between C$2.0 billion and C$2.2billion, an increase from C$1.9billion to C$2.1billion estimated for this year.
The company expects upstream production to range between?441,000 and?460,000 barrels per day in 2026, compared with?433,000 to?456,000 boepd?it predicted for 2025.
It expects to?throughput be between 395,000-405,000 barrels a day on the downstream front. This is down from 405,000-415, 000 barrels a day. The reason for this is planned turnaround activities at its Sarnia, and Strathcona, refineries. Reporting by Yagnoseni das and Varun sahay in Bengaluru, Editing by Vijay Kishore & Shailesh kuber
(source: Reuters)