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Panama removes a portion of the copper stockpiled at First Quantum mine
Panamanian officials announced on Monday that more than a quarter (25%) of the copper concentrator stockpiled by First Quantum Minerals at its Cobre Panama mine, since the mine closed in 2023, has been shipped out. The removal of 33, 000 metric tons of copper out of a total 120,000 tons at the site seems to have ended the uncertainty about the stuck-on copper and may signal a possible thawing in the relationship between President Jose Raul Mulino’s government and the Canadian company. First Quantum has declined to comment. The mine was closed by the previous administration of Panama after public protests about environmental concerns. Panama's Trade and Industry Ministry said that the copper stockpile would be removed gradually, but did not provide a date or any further information about the shipment. "More 33,000 tons of concentrate have been shipped." The ministry stated that the removal of the concentrate will be gradual, depending on weather, technical and logistical factors, and other factors. The ministry said that it, as well as Panama's maritime authorities, customs, and environmental authorities were overseeing the process. First Quantum announced in March that it had agreed to end the arbitration process over the mine. This allowed for the government to resume talks with First Quantum. Reporting by Elida Moreno in Panama City, and Divya Raagapal in Toronto. Editing by Daina Beth Solow, Kylie Madry, and Sonali Paul.
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Businesses call on EU to not weaken sustainability standards
Over 100 investors and companies warned on Tuesday against rolling back European Sustainability Rules that they say support economic growth. The EU is negotiating cuts to these rules in order to reduce costs to local industries. In a joint statement, a group of 29 companies and 80 investors, including EDF and Nokia, and financial institutions, such as Allianz, said that the rules, rather than hindering economic growth, were "conducive" to growth and competitiveness, and also long-term value and returns for investors. The European Union is negotiating proposals to ease corporate sustainability reporting requirements for the majority of businesses. They are also easing a requirement that firms check their supply chain for abuse. This comes amid criticisms from governments and industries who claim that excessive bureaucracy hinders productivity. Germany, France, and certain businesses have called for a dramatic reduction in the reporting requirements. But environmentalists and a larger group of companies and investment firms say that the rules will help them to manage climate risk and to drive capital into the green transition. The rules promote transparency and responsible conduct and are conducive to better risk management, growth and reorienting investments to green technologies. This statement was signed by Ingka Group, IKEA’s parent company. Carine de Bouissezon, EDF's chief impact officer, said that "where there is room for intelligent simplification, we should tweak the regulation. But, we must stay the course, and be proud to do so, to assert our leadership." The group suggested that EU reporting rules be applied to firms with more than 500 workers and that they adopt "transition plan" to show how they are aligned with climate goals. The European Commission has You can find out more about this by clicking here. Exempting companies that have fewer than 1,000 workers - this will cut more than 80% from the approximately 50,000 employees currently covered. Currently, the law applies to companies with more than 25 employees. Some EU legislators want to further scale back the laws to cover only companies with a minimum of 3,000 employees. The final rule changes must be approved by both EU member states and legislators. (Reporting and editing by Virginia Furness, Paul Simao).
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Trump's tax bill gives a break to coal used in steel production
The latest version of Donald Trump's proposed tax bill includes a reduction in the price of coal used to produce steel. This subsidy could amount to hundreds of millions over a period of 10 years, for a fuel which is mainly exported to China. In April, Trump issued executive orders directing Chris Wright, former CEO of fracking and energy secretary, to determine if metallurgical coal, or met coal, is a critical mineral. Wright did so in May. The latest version of Trump’s One Big Beautiful Bill, released by the Senate over the weekend, allows met coal to claim a tax credit for advanced manufacturing production, which is available for critical minerals and would cover 2.5% of the cost of the fuel. Sonia Aggarwal of Energy Innovation, an non-profit organization, said that allowing met coal get credit was insane as it could hurt efforts to switch to fuels with less carbon intensity. Robbie Orvis is a director at Energy Innovation and estimates that the credit for met coal producers could be worth $300,000,000 over a ten-year period. He also said the subsidy might help China compete against U.S. made steel. If Trump decides to use emergency powers, he could increase production by giving met coal the "critical mineral" classification. This is usually reserved for minerals used in high-tech defence systems. Conor Bernstein is a spokesperson of the National Mining Association. He said that the bill promotes jobs in the United States, manufacturing, and the economy. "Providing incentives to encourage steel-making coal is a way to achieve each of these objectives." The Metallurgical Coal Producers Association of West Virginia has not responded to our requests for comment on how the tax credit will benefit producers. West Virginia, a top U.S. mining state, has experienced several layoffs of met coal workers in the last few months. Ben Beakes of the West Virginia Met coal Association blamed layoffs in local media on inflation. (Reporting and editing by Marguerita Choy)
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Brazil Celebrates UN Recognition of Environmental Gains of Multicropping for Jet Fuel
Brazil's Energy Minister said on Monday that a UN decision recognizing the environmental benefits of Multicropping for Sustainable Aviation Fuel (SAF), was a win for the South American nation, where farmers grow more than one type of crop on the same piece land. Two sources claimed that the United States planned to object to a recommendation made by the 36 members of the International Civil Aviation Organization (ICAO). This was revealed in reports published earlier this month. In a press release, Brazil's Minister for Mines and Energy Alexandre Silveira said, "This victory is further proof that Brazil has been the leader in global energy transformation, and we lead with sustainable, equitable and inclusive solutions." According to the Brazilian government, the ICAO made the decision on Friday, June 27 to recognize the benefits multicropping in producing SAF. The ICAO did not respond to a request for comment. The U.S. State Department refused to comment. Tammy Bruce, spokesperson for the State Department, said in March that the recommendation would penalize U.S. farmers and give Brazil unfair advantage over the rest the world. Bruce also stated that it would lower the carbon score of multicropping or farming, which is when two or three crops such as corn and soybeans are grown on the land. This practice is common Brazil. Oliver Griffin and Allison Lampert report from Sao Paulo.
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Dollar falls, stocks hit new record highs
The dollar fell and is set to have its worst performance of the first half in over 50 years. Canada has halted the digital services tax that targeted U.S. tech firms, just hours before its scheduled implementation date. This was done to help advance the stalled negotiations between Washington and Ottawa. Mark Carney, Canadian Prime Minister and Donald Trump, U.S. president will resume negotiations to reach a trade agreement by July 21. This is an extension of Trump's July 9 deadline. Officials have said that most deals can be completed by Labor Day, September 1, although the July 9 deadline is still valid for other countries. Scott Bessent, the U.S. Treasury secretary, said on Monday that the U.S. might return to the tariffs that were in place when Trump announced a range of harsh duties against nations around the world, and that any decision to extend negotiations would be left to Trump. Wall Street saw modest gains in U.S. stock prices, with the S&P 500, Nasdaq, and Dow Jones closing at record levels. The technology sector led the way, with a gain of 1%, while the consumer discretionary sector was the weakest performing of the eleven major S&P sectors. Roy Behren said, "Animal spirits appear to have taken root here," said Roy Behren. He is the co-president at Westchester Capital Management. It is not uncommon for the final two days of a quarterly to be strong due to the window dressing. The Dow Jones Industrial Average increased 275.50, or 0.63 percent, to 44.094.77. The S&P 500 gained 31.88, or 0.52 percent, to 6,204.95. And the Nasdaq Composite gained 96.28, or 0.48 percent, to 20,369.73. Investors are likely to be watching a number of labor market reports during the holiday-shortened week. The government payrolls report on Thursday will be the highlight. The report will be released a day earlier, and the U.S. Stock Market will close on Friday because of the Independence Day holiday. Jerome Powell and other Fed officials have stated that the strength of labor market allows the central bank to delay cutting rates until it can better gauge the impact of Trump's tariffs on inflation. Federal Reserve Bank of Atlanta president Raphael Bostic stated Monday that the economy still has not fully experienced the impact of Trump's tariffs. He said he expects the Fed to make one more cut this year. Chicago Federal Reserve Bank president Austan Goolsbee, however, said there was no evidence of stagflation. However, he did see the possibility of both inflation and unemployment getting worse at the same time. Investors also monitored the progress of the massive U.S. spending and tax-cutting bill that is slowly making its slow way through the Senate. The Republicans will attempt to pass the bill on Monday. The Congressional Budget Office estimates that the bill will add $3.3 trillion in debt to the United States over a ten-year period, testing the appetite of foreigners for U.S. Treasury bonds. MSCI's global stock index gained 3.88 points (0.42%) to 918.67, and was on course for its third consecutive session of gains, after reaching an intraday high of 919.47. The pan-European STOXX 600 closed down by 0.42% but still managed to secure its second consecutive quarterly gain despite a drop of more than 1%. The dollar index (which measures the greenback in relation to a basket of currencies) fell by 0.41%, falling to 96.80. Meanwhile, the euro rose by 0.55%, reaching $1.1783. The dollar has been struggling all year due to expectations that the Fed will be more aggressive about cutting interest rates in the coming year after Powell is replaced. The dollar has dropped 10.5% in the first half of the year, marking its largest drop since 1973 when the U.S. switched to a freely-floating currency rate. The dollar fell 0.47% against the Japanese yen to 143.97, while the pound rose 0.08% to 1.3725. The yield on the benchmark U.S. 10 year notes dropped 4.9 basis points, to 4.234%. U.S. crude oil settled down by 0.63% at $65.11 per barrel. Brent settled for $67.61 a barrel, down by 0.24%.
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Chevron Scotland to close office as part of restructuring
Chevron, the U.S. oil company, announced on Monday that it will close its Aberdeen office in Scotland. This move is part of the ongoing restructuring. Chevron's spokesperson stated in a press release that the closure of Aberdeen will occur between December 2025-2026. Chevron announced last year that it would sell the remaining UK North Sea oil assets, and leave the basin after 55 years to focus on assets with higher profits. The company has announced plans to cut up to $3 billion of costs by the end next year. This includes the layoff of up to 20% employees. Chevron's presence in the UK will be maintained through its London office. When asked about the number of jobs that would be lost by closing the Aberdeen office, the spokesperson did not respond immediately. Reporting and writing by Shadia Nasralla, London; editing by Cynthia Osterman
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Stocks reach new record highs on optimism about trade and dollar weakness
The dollar fell and is on course for its worst half-year performance since more than 50 years. Canada has halted the digital services tax that targeted U.S. tech firms, just hours before its scheduled implementation date. This was done to help advance stagnant trade negotiations with Washington. Mark Carney, Canadian Prime Minister and Donald Trump, U.S. president will resume negotiations to reach a trade agreement by July 21. This is an extension of Trump's July 9 deadline. Officials have said that most deals can be completed by Labor Day, September 1, although the deadline for other countries is still July 9. Scott Bessent, U.S. Treasury secretary, said on Monday that countries should be aware that the U.S. may return to the tariffs that were in place when Trump announced a range of steep duties around the world. He also stated that any decision to extend negotiations will be made by Trump. Wall Street saw modest gains on the back of Friday's record-breaking closing. Financial names led the way, with consumer discretionary the least performing among the 11 major S&P sector. Peter Cardillo is the chief market economist of Spartan Capital Securities. He said: "There's a hope that there will eventually be an accordance with U.S. traders and that slow economic activity will keep inflation in check." The Dow Jones Industrial Average climbed 146.03, or 0.34 percent, to 43.967.14, while the S&P 500 rose by 10.13, or 0.17 percent, to 6,183.75, and the Nasdaq Composite jumped 15.44, or 0.09 percent, to 20,291.55. Investors are likely to be watching a number of labor market reports during the holiday-shortened week. The government payrolls report on Thursday will be the highlight. The report will be released a day earlier, and the U.S. Stock Market will close on Friday because of the Independence Day holiday. Some Fed officials have stated, including Jerome Powell, that the strength of labor markets gives the central banks the flexibility to delay cutting rates until they have a better understanding of how Trump's tariffs may impact inflation. Federal Reserve Bank of Atlanta president Raphael Bostic stated Monday that the economy is yet to feel the full impact of Trump’s tariffs. He said he still expects the Fed to make a rate cut this year. Chicago Federal Reserve Bank president Austan Goolsbee, however, said there was no evidence of stagflation. However, both unemployment and inflation could worsen simultaneously. Investors also monitored the progress of the massive U.S. spending and tax-cutting bill that is slowly making its journey through the Senate. Republicans will attempt to pass it on Monday. The Congressional Budget Office estimates that the bill will add $3.3 trillion in debt to the United States over the next decade, testing the foreign appetite for U.S. Treasuries. MSCI's index of global stocks rose 1.49 points or 0.16% to 916.25, and was on course for a third consecutive session of gains, after reaching an intraday high of 9167.05. The pan-European STOXX 600 closed down by 0.42% but still managed to secure its second consecutive quarterly gain despite a drop of more than 1%. The dollar index (which measures the greenback versus a basket currencies) fell 0.32% at 96.88. Meanwhile, the euro rose 0.47% to $1.1774. The dollar has been struggling all year due to expectations that the Fed will be more aggressive about cutting interest rates in the coming year after Powell is replaced. The dollar has dropped 10.5% in the first half of the year, the biggest fall since 1973 when the U.S. switched to a freely-floating currency. The dollar fell 0.34% against the Japanese yen to 144.16, while the pound rose 0.01% to 1.3716. The yield on the benchmark U.S. 10 year notes dropped 5.3 basis points to 4.2%. U.S. crude dropped 0.63%, to $65.11 per barrel. Brent was down to $67.63 a barrel on the same day.
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Football-FIFPRO considers longer halftimes and more cooling breaks in extreme heat
FIFPRO, the global players' union, is investigating whether increasing halftime from 20 minutes to 20 minutes or introducing more cooling breaks can better protect players against extreme heat. Nine of the sixteen host cities of the 2026 World Cup are at "extreme" risk for heat-related illnesses. Atlanta, Boston Dallas, Guadalajara Houston, Kansas City Miami Monterrey, Philadelphia, and other cities are likely to experience dangerously high temperatures and humidity. This could pose a threat to player safety and lead some to call for cooling aids and schedule changes. FIFPRO's assessments of heat risk are based upon wet bulb globe temperatures (WBGT), which is a measurement that combines temperature, humidity and solar radiation with wind speed in order to estimate the environmental conditions that affect a person's body's ability for cooling itself. According to FIFPRO guidelines a WBGT above 28 degrees Celsius indicates that matches should be postponed, or rescheduled in order to protect the health of players. FIFA's guidelines, which set the extreme-risk threshold at 32 degrees Celsius, are higher. However, even with this standard, six out of nine cities will still exceed the safe limit. Major League Soccer has a threshold temperature of 29 degrees Celsius. Vincent Gouttebarge is the Medical Director of FIFPRO. He said, "Cooling Breaks at 30th Minute and 75th Minute are very traditional but it doesn't make any sense from a physiologic point of view." Even if you consume more than 200 ml of fluid you cannot drink it all. I'd like to see a project that looks at the effectiveness of more frequent, but shorter, cooling breaks. Every 15 minutes rather than one every half. LONGER HALFTIMES Gouttebarge questioned if the 15-minute interval at halftime is enough when matches are played under extreme heat. He said that a 15-minute halftime might not be sufficient to lower the core temperature. It could be 20 minutes of halftime, which would be important. This has been proven in the lab and FIFPRO will test it in Portugal with the national union on August. This month's Club World Cup made it clear that there is a need for stronger heat protocols. Two matches, Benfica-Bayern Munich and Chelsea-Esperance both exceeded the WBGT threshold FIFPRO deems unsafe. Gouttebarge stated that "according to our opinion, these games should have either been postponed or rescheduled later in the day." FIFPRO officials acknowledge that FIFA responded in a constructive manner during the tournament, lowering the thresholds for cooling breaks that are mandatory and improving pitch side hydration. However, they stress that proactive planning is essential. Alex Phillips is the FIFPRO General Secratary. He said that FIFA was very responsive to their needs once the tournament started. The team has adapted their approach to heat during matches in response to FIFPRO's advice, and this is a credit to them. It would have been best if this had happened in advance. However, they are better off for having adapted. FIFPRO has warned that the risks highlighted during the Club World Cup could be a preview for what players may face at the expanded World Cup in 2026. Alexander Bielefeld is the Director of FIFPRO's Policy & Strategic Relationships. He added, "We need to find a better balance between the commercial interests of football clubs and their players' health and safety." This was in reference to earlier kickoff times for European television audiences. (Reporting and editing by Ken Ferris; Reporting by Julien Pretot)
Stop Israel from bombing Iran's oil sites, Gulf states desire US
Gulf states are lobbying Washington to stop Israel from attacking Iran's oil sites since they are concerned their own oil facilities could come under fire from Tehran's proxies if the conflict intensifies, 3 Gulf sources informed Reuters.
As part of their efforts to prevent being caught in the crossfire, Gulf states including Saudi Arabia, the United Arab Emirates and Qatar are likewise declining to let Israel fly over their airspace for any attack on Iran and have actually conveyed this to Washington, the 3 sources close to government circles stated.
Israel has guaranteed Iran will pay for its missile attack last week while Tehran has said any retaliation would be satisfied with large destruction, raising fears of a broader war in the region that might absorb the United States.
The moves by the Gulf states followed a diplomatic push by non-Arab Shi'ite Iran to encourage its Sunni Gulf neighbours to use their influence with Washington amidst rising concerns Israel could target Iran's oil production centers.
Throughout meetings today, Iran alerted Saudi Arabia it could not guarantee the security of the Gulf kingdom's oil facilities if Israel were provided any support in performing an attack, a. senior Iranian authorities and an Iranian diplomat told Reuters.
Ali Shihabi, a Saudi expert close to the Saudi royal court,. said: The Iranians have actually stated: 'If the Gulf states open. their airspace to Israel, that would be an act of war'.
The diplomat said Tehran had sent a clear message to Riyadh. that its allies in countries such as Iraq or Yemen might react. if there was any local support for Israel against Iran.
A prospective Israeli strike was the focus of talks on. Wednesday in between Saudi de facto ruler, Crown Prince Mohammed. bin Salman, and Iranian Foreign Minister Abbas Araqchi, who was. on a Gulf trip to rally support, Gulf and Iranian sources stated.
The Iranian minister's see, along with Saudi-American. interactions at defence ministry level, become part of a. coordinated effort to resolve the crisis, a Gulf source near to. government circles informed Reuters.
A person in Washington familiar with the conversations. confirmed that Gulf authorities had actually been in touch with U.S. counterparts to express issue about the potential scope of. Israel's expected retaliation.
The White Home decreased remark when asked whether Gulf. governments had asked Washington to guarantee Israel's reaction was. determined. U.S. President Joe Biden and Israeli Prime Minister. Benjamin Netanyahu spoke on Wednesday about the Israeli. retaliation in a call both sides referred to as positive.
Jonathan Panikoff, previous deputy U.S. nationwide intelligence. officer on the Middle East and now at the Atlantic Council. think-tank in Washington stated: Gulf states' anxiety is likely. to be an essential talking point with Israeli counterparts in trying to. encourage Israel to undertake a thoroughly adjusted reaction.
OIL AT RISK?
The Organization of Petroleum Exporting Countries, OPEC,. which is de-facto led by Saudi Arabia, has enough spare oil. capability to make up for any loss of Iranian supply if an Israeli. retaliation knocked out some of the nation's facilities.
But much of that spare capacity remains in the Gulf area so if. oil centers in Saudi Arabia or the UAE, for example, were. targeted too, the world could deal with an oil supply issue.
Saudi Arabia has actually been wary of an Iranian strike on its oil. plants given that a 2019 attack on its Aramco oilfield closed down over. 5% of international oil supply. Iran denied participation.
Riyadh has actually had a rapprochement with Tehran in the last few years,. however trust stays an issue. Bahrain, Kuwait, Qatar, Saudi Arabia. and the UAE all host U.S. military centers or troops.
Concerns over oil facilities and the capacity for a broader. regional conflict were likewise main to talks in between Emirati. officials and their U.S. equivalents, stated another Gulf source.
In 2022, the Iran-aligned Houthis in Yemen fired rockets. and drones at oil refuelling trucks near an oil refinery owned. by UAE's state oil company ADNOC and claimed the attack.
The Gulf states aren't letting Israel use their airspace. They will not allow Israeli missiles to go through, and there's. likewise a hope that they will not strike the oil facilities, the Gulf. source stated.
The 3 Gulf sources highlighted that Israel might route. strikes through Jordan or Iraq, however using Saudi, UAE, or Qatari. airspace was off the table and tactically unnecessary.
Analysts likewise pointed out that Israel has other options,. consisting of mid-air refuelling abilities that would enable its. jets to fly down the Red Sea into the Indian Ocean, proceed to. the Gulf and then fly back.
' MIDDLE OF A MISSILE WAR'
According to 2 senior Israeli authorities, Israel is going. to adjust its action and, since Wednesday, it had not yet. decided whether it would strike Iran's oilfields.
The alternative was among a number provided by the defence. facility to Israeli leaders, according to the officials.
Israeli Defence Minister Yoav Gallant said on Wednesday:. Our strike will be lethal, accurate, and above all - unexpected. They will not understand what happened and how it occurred. They. will see the outcomes.
The 3 Gulf sources stated that Saudi Arabia, as a. leading oil exporter in addition to oil-producing neighbours - the. UAE, Qatar, Kuwait, Oman and Bahrain - had eager a interest in. de-escalating the circumstance.
We will remain in the middle of a missile war. There is severe. concern, specifically if the Israeli strike targets Iran's oil. setups, a 2nd Gulf source stated.
The three Gulf sources said an Israeli strike on Iran's oil. infrastructure would have a worldwide effect, particularly for. China - Iran's leading oil client - as well as for Kamala Harris. ahead of the Nov. 5 governmental election in which she is. running versus Donald Trump.
If oil rates surge to $120 per barrel, it would harm. both the U.S. economy and Harris' opportunities in the election. So. they (Americans) will not allow the oil war to broaden, the first. Gulf source said.
Gulf sources stated protecting all oil setups. stayed a challenge, regardless of having advanced rocket and. Patriot defence systems, so the main approach remained. diplomatic: signalling to Iran that Gulf states present no hazard.
Bernard Haykel, professor of Near East Research Studies at Princeton. University, kept in mind that Riyadh was susceptible since the. Iranians can swarm those setups given the brief range. from the mainland.
(source: Reuters)