Latest News
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US telecoms regulator chief: curbs on Chinese tech imported aim to boost production and counter security risks
Brendan Carr said that the U.S. Federal Communications Commission chair was aiming to boost U.S. manufacturing and address national security concerns by imposing restrictions on the import of Chinese robots. Since December, the FCC (which regulates U.S. telecoms) has prohibited new models of drones, robots, routers and power inverters from being imported. It granted waivers to non Chinese suppliers, while effectively shutting Chinese manufacturers out. Carr added, "We do not want to find ourselves in a position five years from now, where there are thousands, if not millions, of these devices that pose a threat to national security." Last month, the FCC?banned imports from China of new quadruped and humanoid robots as well as connected power inverters that allow renewable energy sources to be connected to grids and equipment for data centers. Chinese retaliation was launched earlier this week. The FCC is drafting a new ban on U.S. Imports of Chinese Data Center Components, also known as optical Transceivers. This is to protect the infrastructure that supports the AI boom. Carr deferred questions about the report to other agencies. The executive branch and national security agencies make the decision. They make the decision. Then we implement their?decision. He said:?I'd ask them to comment on any future plans they might have. Democratic FCC commissioner Anna Gomez welcomed Carr's actions aimed at national security, but criticised the process. She said that many American companies and leaders in the tech industry are concerned with the chaotic, haphazard manner, by which the FCC has implemented its "basically profound" changes to the FCC's technology policy. "If we want to avoid the appearance of favoring certain actors from others, we need transparency....Otherwise, this actually looks like is just industrial policy," she added. (Reporting and writing by David Shepardson, Alexandra Alper, and David Shepardson. Editing and proofreading by Mark Porter and Sanjeev miglani).
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Crude oil rises as Iran's Hormuz plan lifts gold
Gold reversed its course on Thursday, falling as the rise in oil prices following reports that Iran would review restrictions on vessels transiting through the Strait of Hormuz which were deemed "hostile", reignited inflation concerns and raised expectations of rate hikes. By 12:40 pm EDT (1640 GMT), spot gold had fallen 0.3% to $4,233.64 an ounce. Earlier in the session, prices had reached their highest level since June 18. The yellow metal gained over 4% in one day, its largest gain since February. U.S. gold futures dropped 0.3% to $4.291.30. A semi-official Iranian news agency, Fars, reported that an Iranian parliamentary committee was reviewing a preliminary bill which would ban U.S. vessels, Israeli ships and other "hostiles" from transiting through the Strait of Hormuz. Jim Wyckoff is a market analyst for American Gold Exchange. He said that the draft Iranian bill "probably has an impact because of increased inflation?if crude prices are going back up." Brent crude futures are up more than 4%. As manufacturers pass on costs to consumers, higher energy prices can lead to inflation. This encourages central banks to maintain a high-for-a-longer policy to combat the price pressures. Bob Haberkorn is a senior market analyst at StoneX. He said that the Federal Reserve's outlook for gold will continue to be the primary driver of the price of gold, and the U.S. employment data on Friday will have an impact on what the central banks says about interest rates. Haberkorn stated that "a lot of money which was 'on the sidelines' started coming back to gold yesterday after some technical levels were breached." According to the CME FedWatch Tool, traders are pricing in a?57% probability of a rate increase at the central banks?September meeting and an 80% chance of one in December. Gold becomes less appealing to investors when interest rates rise. Silver fell 1.5%, to $61.13 an ounce. Palladium increased 0.6%, to $1371.00, while platinum fell by 0.7%. (Reporting by Sukanya Mitra, Swati Verma and Anjana Anil in Bengaluru; Editing by Leroy Leo and Joyjeet Das)
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Carney defends workers when pressed about Trump's "nasty" Canada comment
Mark Carney, the Prime Minister of Canada, was asked about Donald Trump's comments that "Canada is a nasty country" on Thursday. Carney responded by saying Ottawa stood up for local workers and businesses. Carney told reporters in Saguenay in Quebec that Canadian negotiators were in Washington having a detailed discussion with their U.S. counterparts on a review of the U.S. Mexico-Canada trade agreement. Trump claimed in a speech on Wednesday,?in Las Vegas, that "Canada is nasty," referring to the "nasty leaders" of Canada. Trump is still far from Ottawa and has threatened to increase tariffs on Canadian imports if Ottawa does not make concessions. Carney is clear that he wants a comprehensive deal and not just a partial one. "Yes, this is a difficult negotiation." Carney responded to a question about Trump's remarks by saying that you can use the word 'nasty.' But for Canada, the issue is the future of Canadian businesses and jobs. Since Trump returned to the White House last year and imposed a slew of tariffs and demanded that Canada become the 51st state in the U.S., relations between Canada and the U.S. are strained. Reporting by David Ljunggren, Editing by Maria Cheng & Andrea Ricci
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Houthi attacks kill 30 Yemeni troops
Government sources reported that at least 30 Yemeni troops died in attacks on military camps on Thursday in Yemen's Hadramout and Marib provinces. They added that the death toll 'could?rise. Later, the Iran-aligned Houthis?claimed? responsibility for drone and missile strikes against what they called Saudi military deployments within two provinces. Houthis claimed to have struck Saudi troops in Al Ruwayk and Al Abr areas with drones and ballistic missiles. The group claimed that hundreds of Saudi-aligned militants were killed or wounded and that military camps and weapons depots, as well as vehicles, were destroyed. Could not immediately verify the Houthi Account. The Houthis claimed they began the operation when they detected what they called a large Saudi buildup in anticipation of a military escalation towards?areas they control. Yemen's health minister has ordered that medical facilities in Marib, Hadramout and Hadramout be more prepared to treat soldiers who are injured. He said that the attacks targeted military positions located in Al Ruwayk, Al Abr and the surrounding areas. The U.S. Mission in Yemen sent condolences and expressed its regret to the families of Yemeni soldiers killed at Marib and Hadramout. It said that the attacks were "yet again" an example of the "terrorism" perpetrated by the Houthi against the Yemeni people. Since last month, the Houthis have declared an international naval blockade against Saudi Arabia in the Red Sea in response to their accusation that Saudi Arabia is waging a siege in Yemen. Riyadh denies this allegation. Saudi Arabia has been leading a coalition of armed forces in Yemen to support the internationally recognized government since 2015. This was after the Houthis had seized the capital Sanaa, in 2014. The conflict in Yemen has devastated the country and caused a severe humanitarian and economic crisis.
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Ariana Resources targets gold production of 2028 from rare Zimbabwe greenfield mining
Kerim Sener, Managing Director of Ariana Resources (a London-listed company), said that the company expects to begin producing gold in Zimbabwe from its "greenfield" project by 2028. Ariana Resources' Dokwe Project, located about 110 kilometres north-west from Bulawayo (Zimbabwe’s second largest city), is a 'large-scale greenfield' project. South Africa has a rich history of gold mining, but it has been unable to attract substantial investment after international mining companies such as Rio Tinto, Delta Gold, and Kinross left the country more than 20 years ago due to a political crisis and economic crisis. A few mid-tier miners and many small-scale operators have helped Zimbabwe increase its annual gold production from 3 tons in 2008 to 46,7 metric tons by 2025. This was mainly achieved by revitalizing and expanding older mines. Among the top mining companies in the country are the Caledonia Mining Corporation, a foreign listed company; Namib Minerals; the state-backed Mutapa Gold Resources; and a unit of Padenga. According to a prefeasibility report, Ariana expects the open pit mine to produce 100,000 ounces annually over a project life of 20 years. The definitive feasibility study should be completed by the first quarter of 2027. Sener? told. Ariana is attracted to the greenfield deposit of Dokwe, he says, "bucking the established trend" of buying brownfield assets. Sener stated that "Dokwe presented an opportunity to take on what is currently the largest undeveloped deposit of gold in Zimbabwe." The other thing is the metallurgy. He added that it appears to be a fairly simple process, as a significant portion of the gold can be recovered by gravity. Sener stated that there was a 'continuing shift' in foreign investor sentiment toward Zimbabwe under President Emmerson Mnangagwa. He took over the long-time leadership of Robert Mugabe following a coup in 2017.
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Constellation Energy sells gas plant to LS Power and raises profit forecast
Constellation Energy, a power company, announced?on Thursday that it would sell a?gas?plant in Texas to LS Power, for $860 millions, and increased its current-year earnings forecast due to robust demand. Shares rose 1.3% in the morning trading. Constellation has completed its $16.4 billion acquisition of Calpine assets by selling Brazos Valley Energy Center to LS Power. Constellation is the largest nuclear power company in the U.S. Constellation has been expanding its fleet beyond nuclear, and its Calpine purchase adds a large portfolio of gas-fired generators, which gives it greater flexibility in markets with high demand, such as Texas. On a conference phone, executives said that a large portion of the?data centers in Texas are still under construction and have not yet been?connected to the grid. In a separate statement, LS Power stated that its deal to purchase the Texas plant is expected to close before the end of the year. This will increase its capacity to 14,100 MW and enhance its presence in ERCOT - one of the fastest growing power markets. LIFTS FORECAST ROBUST POWER REQUEST Constellation has said that most of its current generation output will be contracted until 2050 or beyond. This provides long-term revenue certainty. The company announced on Thursday that it had signed agreements for the supply of 'an additional 920 Megawatts (MW), of nuclear energy to a variety of 'investment-grade clients, over a period of 15 to 20 years. Supply is expected to start in 2029 and 2032. The company has also submitted applications to the 'Nuclear Regulatory Commission' to extend its operating licenses for the 'Ginna Clean Energy Center in New York and the Nine Mile Point Unit 1 Reactor to 2049. This would be a 20-year expansion if approved. According to data compiled and analyzed by LSEG, the company reported operating earnings?of 2.55 per share, exceeding analysts' average esti?ations of $2.28. It increased its forecast for annual operating earnings from $11.00 to $12.00 per share. (Reporting by Dharna Bafna in Bengaluru; Editing by Leroy Leo)
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Bosnia's UNESCO Vjetrenica wind cave' offers relief from heatwave
The UNESCO listed Vjetrenica Cave is a refuge for tourists in spite of the 40 degree Celsius heat in southern Bosnia. Vjetrenica (wind cave) is situated in the south part of Bosnia-Herzegovina, approximately 25 km (15 miles) north of Dubrovnik. In high season, cruise ships arrive daily with thousands of tourists. The cave is only open to a limited number of people due to the sensitivity of its environment. The cave's constant temperature of 11 degrees Celsius (52 F), year-round, has made it a haven for biodiversity and humans alike. Visitors groups up to 80 people can explore the labyrinthine 7.5 km of dark corridors, spacious chambers and eerie caverns. According to legend, fairies once danced all the way to the Adriatic Sea. "At first, when we enter the cave, there's a nice breeze. Then it gets very cold, and not only does it cool your eyes, but it also cools your body," said Ranjithkumar rajendran, a German neurobiologist who visited the cave with his family. "It is literally free air conditioning," said Mila Jankovic a young Serb who lives in England. Davor Bakovic is the director of Vjetrenica, the public institution which manages the cave. He said that the intense summer heatwaves meant that over half of last year's visitors arrived in the summer. He said that Vjetrenica is also working with scientific organisations in order to protect the biodiversity of the cave, which was home to hundreds organisms. Proteus Anguinus is the European Blind Cave Salamander, which can live for up to 100 Years. (Reporting and editing by Barbara Lewis; Daria SitoSucic)
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Constellation sells gas plant to LS Power and raises operating profit forecast
Constellation Energy, a power company, announced on Thursday that it would sell a 'gas plant' in Texas to LS Power. It also increased its forecast for current-year earnings on the 'back of robust power demand. In premarket trading, shares of 'the company' were up 5%. Constellation must complete its $16.4 billion acquisition of Calpine assets by selling the Brazos Valley Energy Center to LS Power. Constellation is expanding beyond its nuclear fleet. Its Calpine purchase has given it a gas-fired portfolio, which gives them more flexibility in markets with high demand like Texas. Joe Dominguez, CEO of the company, said: "We are strengthening our nation's energy infrastructure to meet growing demand. In a separate press release, LS Power stated that its deal to purchase the Texas plant is expected to close by the end this year. This will increase its 'total capacity of 14,100 MW after completion' and enhance its presence in ERCOT - one of the fastest growing power markets. LIFTS FORECAST ROBUST POWER REQUEST Constellation is the largest nuclear operator in the U.S. and has benefited from the robust power consumption across the country. The company announced on Thursday that it had?signed agreements for an additional 920 Megawatts (MW), of nuclear energy to a variety of investment-grade clientsfor 15 to 20 years, with the supply to begin in 2029. The company has also?filed?applications to the Nuclear Regulatory Commission for the extension of the operating licenses at its Ginna Clean Energy Center in New York and?Nine Mile Point Unit 1, a reactor located there, to 2049. This would be a 20-year expansion if approved. According to LSEG, the Baltimore, Maryland based company reported operating earnings of 2.55 per share. This was higher than analysts' average estimates of $2.28 per shares. The company increased its operating earnings forecast to an estimated range of between $11.50 and $12.50 per shares, up from the previous $11.00 to $12.00 per share. (Reporting by Dharna Bafna in Bengaluru; Editing by Leroy Leo)
Orlen's core profit in the second quarter of Poland exceeded estimates, as margins downstream widened.
Orlen, Poland's largest energy group, posted an adjusted core profit for the second quarter that exceeded analyst expectations on Friday. The company's downstream business was boosted by higher refining margins and petrochemicals.
The company's core profits adjusted for?changes of value in its oil inventories, and impairments or?EBITDA LIFO was 13.9 billion Zlotys ($3.7billion) in the third quarter. This is?above what analysts expected in a company compiled consensus.
The company reported that refining margins increased as the Middle East conflict drove prices of?refined fuels like jet fuel and diesel up faster than crude oil costs.
Orlen's retail business was partially offset by these gains. A government cap on pump prices, which began on March 31, weighed on the margins until it was phased out on June.
The energy segment's core -profit for the second quarter rose by 36% to 3.45 billion zlotys. This was due to higher volumes of electricity and gas distribution, hedging and lower coal and fuel prices.
The net profit of the state-controlled firm for the second quarter increased?fivefold from 1.43 billion zlotys a year ago. ($1 = 3.7300 zlotys)
(source: Reuters)