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Canadian Carbon Tech Startup attracts US Interest Post-Trump
After Donald Trump was elected, a Canadian startup has reported an increase in inquiries from U.S. firms. Deep Sky, a startup, recently finished construction of its "Alpha Direct Air Capture" test ground, in Alberta. It will allow 10 companies to fine-tune and deploy technologies as they work towards developing commercial-scale plants. Deep Sky CEO Alex Petre stated that due to the Trump administration’s decreased focus on climate and uncertainty regarding the future funding support of DAC technology in the U.S., Deep Sky has received more inquiries from U.S. carbon tech developers than they expected. She said that the changes south of border has actually put Canada in the spotlight. Deep Sky, which was awarded $40 million by Bill Gates Breakthrough Energy last year, has signed agreements with eight companies from the U.S.A., Canada and the U.K. to operate on the site. The carbon removal process at the testing site, which will capture approximately 3,000 tonnes CO2 annually, is set to begin this summer. DAC differs from more established technologies for carbon capture and storage. DAC is different from traditional carbon capture technology, which filters out CO2 at industrial smokestacks and stores it before it reaches our atmosphere. The technology is expensive and difficult to scale. Iceland's largest DAC plant, which is the largest in the world, can only capture 36,000 tonnes CO2 per year. According to the UN Intergovernmental Panel on Climate Change, stabilizing the climate of the planet could require removing DAC at a scale of millions or billions of tonnes per year by 2050. The U.S. is facing a broader backlash from politicians against funding public technology for climate change. The U.S. Department of Energy, under former president Joe Biden pledged over $1 billion of funding support to two proposed DAC Hubs in Texas and Louisiana. Sources told us in March that the Trump administration could eliminate the grant funding. Petre stated that Deep Sky plans to launch a commercial DAC project once the Alberta test hub has been fully operational. She expressed her encouragement at the new commitment of Prime Minister Mark Carney to identify and accelerate infrastructure projects that are in Canada's national interest, as part of an effort to make Canada a superpower for conventional and clean energy. Petre stated, "There are many interesting developments that seem to be taking place (in Canada), which I believe will help us."
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The scorching Club World Championship raises concern for 2026
The soaring temperatures of this year's Club World Cup has raised concerns about the afternoon kickoff time at the 2026 World Cup. This is because the expanded tournament poses challenges to the organisers. In a heatwave that swept the United States, Borussia Dortmund's players faced South Korea's Ulsan on Wednesday in Cincinnati. The temperatures were over 90 degrees Fahrenheit (32.22degC), with kickoff scheduled for 3 p.m. The players took advantage of FIFA’s cooling breaks every half-hour at matches this week, while Chelsea manager Enzo Maresca told reporters that it was "impossible to organize regular training sessions" in Philadelphia’s sweltering afternoons. The global players' union FIFPRO stated that the current conditions should serve as "a wake-up" call. A FIFPRO representative said: "As the climate changes, extreme weather conditions including dangerous heat are becoming an urgent issue for all in the football industry. The risk posed by kickoffs at very high temperatures is growing and real." FIFPRO called on global soccer bodies to reconsider kick-off times in order to address the heat conditions. FIFA was praised for its flexibility when it comes to adding cooling breaks during games. FIFPRO said that there was still much more to be done in order to prioritize player safety and health. "Current laws and protocols of the game need urgent revision. This is a task that the entire football industry should take on." FIFA did not respond immediately to a comment request. The match times for the co-hosted 2026 World Cup by the United States of America, Mexico and Canada have not yet been announced. However, organisers could face difficulties if the hot weather returns. Those who attended the 1994 tournament, when the United States was the host country, will not be surprised by the heat issues. The Los Angeles Times reported that a week after the tournament began, high temperatures were making fans steamy. In Pasadena where temperatures reached 100 degrees Fahrenheit, more than 90,000 people gathered to watch the final. This was the first time a World Cup Final was played in daylight. 'IT'S COMPLICATED' Due to the expansion of the tournament from 32 teams to 48, it may not be possible to avoid afternoon kickoffs to accommodate scheduling and lucrative European broadcasting markets. Madeleine Orr is an author and sports ecologist. She said that the big broadcasters invest a lot of money in their schedules, so changing it to accommodate heat would mean they wouldn't make as much revenue from advertising. Orr, who co-authored a study earlier this year, said that cities with the highest heat risks in 2026, such as Miami, Monterrey and Philadelphia, Kansas City, Boston, New York, should avoid kickoffs during the hottest afternoon hours. Orr suggested that moving more afternoon games indoors to Atlanta, Dallas Houston or Vancouver, one of four venues available for the tournament, could be a solution. Orr said, "You must be happy with your broadcasters." It's simple if we start with safety. It's complex if we're discussing hosting a large event, making it financially viable and seeing the event take place at all. (Reporting from Amy Tennery, New York; additional reporting by Julien Pretot, Miami; and Lori Ewing, Manchester; Editing by Toby Davis).
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South Korea's nuclear watchdog has approved the first dismantlement at a nuclear power plant
The Nuclear Safety and Security Commission of South Korea approved the first decommissioning of a nuclear plant in the nation, the Kori-1. It was permanently closed down in 2017 following 39 years of operation. It said that the panel approved a plan for the nuclear operator Korea Hydro and Nuclear Power to shut down the plant over a period of 12 years at a cost 1.1 trillion won (810 million dollars). This would include the disposal of 170,000 tonnes nuclear waste. This is the first time that the International Atomic Energy Agency has ranked the United States as the fifth largest producer of nuclear power in the world and the second-largest global builder of nuclear power plants. The Nuclear Safety Commission said that it found the plan submitted to them by KHNP satisfied the technical requirements of the nuclear safety laws in the country. Experts say that the dismantlement could allow South Korea to enter the global market for nuclear decommissioning, currently dominated by the United States. Other countries like Japan and Germany have also joined the race. According to data from the government, South Korea will generate 31.7% its electricity through nuclear power plants in 2024. The country operates 26 power stations, and the Kori-1 plant was the first commercially operated power station in 1978. ($1 = 1,357.4100 Won) (Reporting and Editing by Jack Kim and Joyce Lee)
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Stocks extend record run despite Fed pressures as dollar falls to 3-year low
On Thursday, the dollar fell to its lowest level in three years while global stocks reached their second record high within three days as new bets were placed on rate cuts by the U.S. The Wall Street Journal reported that the U.S. President, who has been pressing the Fed to lower rates more quickly, was considering the possibility of replacing Chair Jerome Powell in the coming months before his departure in May of next year. The greenback is down by more than 10% this year. If the greenback continues to fall in the next few days, it will be the biggest drop for the first half of the year since the 1970s. The European stock market edged up again on signs that the ceasefire between Israel and Iran appeared to hold. Also, European Union leaders are preparing their position for U.S. tariff talks before a Trump-imposed July 9 deadline. STOXX 600, the region's leading index, was up by 0.2% for the day. MSCI's world stock benchmark rose 0.4% and is now almost 8% in front of the year. The euro rose 0.6% to $1.173, the highest level since 2021. Michael Metcalfe, State Street, said that the dollar has been struggling to appreciate in virtually any market regime. He added that the US dollar was now at its lowest level since the COVID Pandemic. Euro traders were also encouraged by the result of Wednesday's NATO Summit, where the members of the alliance agreed to spend 5% of their output on defense - 3.5% for troops and weapons and 1.5 % on less restrictive defence measures. Overnight, the Nikkei in Tokyo rose 1.65%, reaching its highest level since last January. MSCI's broadest Asia-Pacific index outside Japan also finished marginally higher. On the currency markets, both the Swiss Franc and the Japanese Yen strengthened to new highs. The yen was also able to drop below the 144-dollar mark. Trump has also intensified his criticisms of the Fed for not acting quickly enough. He has repeatedly attacked Fed chief Powell. His idea to name a successor before Powell leaves his office could create a dark shadow that could be used against him. Tony Sycamore is a market analyst for IG. He said: "It's a certainty that Trump's choice to replace Powell will be someone who sits on the highly dovish side and will support Trump’s agenda of lowering rates." "The problem with this (is) that it will bring back questions raised earlier in the year about the Fed's independent, which, we saw, undermined confidence in the Fed, and the USD." After its decline this year, the dollar index, which compares the U.S. dollar to six other currencies, is now at its lowest point since March 2022. The markets are also watching as Trump's deadline of July 9 for a trade deal to be reached approaches. If not, sharply higher import tariffs will take effect. The CME FedWatch tool shows that traders now price in a near 25% chance of the Fed reducing rates at its end-of-July meeting, compared to just 12.5% last weekend. The yield on the two-year U.S. Treasury, which moves typically in line with interest rate expectations was down 1.5 basis point at 3.764%. Its lowest level in 7 weeks. Oil prices rose Thursday, after a sharp drop following the Trump-brokered truce between Middle East rivals Israel and Iran early this week. Brent crude futures increased 0.37%, to $67.93 per barrel. U.S. West Texas Intermediate crude rose 0.45%, to $65.21.
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Researchers in Zurich pioneer the recycling of rare earths from electronic waste
Researchers at the ETH University of Zurich developed a method that efficiently recovers rare earth elements from electronics waste. This advances sustainable recycling, and reduces mining dependence. Rare earth elements are essential in modern electronics. They power fluorescent lamps, hard drive magnets, and they're used to produce generators for wind farm turbines. According to ETH Zurich University, less than 1% rare earth materials can be recycled due to the enormous energy and chemical effort required to separate the elements within the materials. This comes at a significant cost. ETH Pioneer Fellow Dr. Marie Perrin and Professor Dr. Victor Mougel, Associate Professor in the Department of Chemistry and Applied Biosciences at the University of Toronto, developed a method to separate these elements efficiently, by using a specially-designed extractant that alters their solubility. Mougel stated that "we can separate these elements very well and in particular one of these elements - europium - which is found in fluorescent lights." The discovery is timely as the European Union pushes for greater recycling of rare-earth metals due to rising environmental concerns as well as geopolitical and other pressures. Perrin said that this innovation aims to help the EU meet its objectives under the Critical Raw Material Act, which was agreed upon in 2023. Under the act, the EU aims to mine 10 percent of its raw materials by 2030 and process 40 percent. AlixPartners, a consultancy, said that China dominates the rare earth metals industry, with up to 70% global rare-earths production and 85% refining capacity. Perrin said that the next step is to work with industrial partners to scale up the technology so they can have their own recycling capacity. (Reporting and editing by David Evans; Olivia Le Poidevin)
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The US inflation data is the focus of attention as gold gains due to weakening dollar
The dollar fell on Thursday due to worries about the future independence of the U.S. Federal Reserve. Meanwhile, the market's attention shifted to the upcoming U.S. Inflation data to get clues on interest rate expectations. As of 0851 GMT, spot gold was up 0.5% to $3,347.39 an ounce. U.S. Gold Futures rose 0.5% to $3360.90. Dollar-denominated Gold is more appealing to other currency holders because the U.S. dollar has fallen. U.S. president Donald Trump called Federal Reserve chair Jerome Powell on Wednesday "terrible". He said that he had three or four candidates in mind for the top Fed position. Powell said that the Fed will proceed with caution in reducing rates if Trump's tariff plan leads to persistent inflation. Han Tan, the chief market analyst of Nemo.Money, said that "spot gold will remain in the range $3,000 to $3,500, barring more certainty about the timing of the Fed’s next rate reduction." The U.S. GDP report is due on Thursday, and the Personal Consumption Spending (PCE) Report on Friday. Tan stated that a surprise drop in the Fed's preferred measure of inflation could see spot gold move above its 21-day average and closer to the psychological level of $3,400 once again. Gold is seen as a hedge to inflation and economic unrest, but it loses its appeal in an environment of high interest rates, since it provides no yield. Palladium climbed 4.3% to reach $1,103.70. This is the highest price since late-2024. Platinum rose 3.5% to $1.402,57, its highest level since 2014. Nitesh Sha, commodities strategist with WisdomTree, says that internal combustion vehicles will likely remain relevant as long as governments continue to delay their phase-out goals. Biofuel adoption is still dependent on platinum group metals. Shah stated that the supply will likely remain tight due to geopolitical restrictions and limited new supply. Spot silver rose 0.5% to 36.49 dollars. Reporting by Ashitha shivaprasad, Bengaluru. Editing by Rachna uppal
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Trade talks between India and the U.S.: Key issues ahead of the July 9 deadline
Sources in the Indian government said that trade talks between India and U.S. had hit a snag over disagreements regarding duties on auto components, steel, and farm products. This has dashed hopes of reaching a temporary deal before President Donald Trump's deadline of July 9 to impose reciprocal import tariffs. Here are some of the main issues: HURDS TO A TRADE DEAL India's dependence upon agriculture, a major source for rural employment, has made it difficult for New Delhi, despite the risks posed by subsidised U.S. agricultural products, to accept U.S. requests for steep tariff reductions on corn, soy, wheat, and ethanol. Fearing the competition of U.S. companies, domestic auto, pharmaceutical and small-scale businesses are pushing for a slow opening of protected sectors. The U.S. wants greater access to agricultural products and ethanol. They cite a significant imbalance in trade, as well as expanded market access for automobiles, pharmaceuticals and alcoholic drinks, and medical devices. "Lack of Reciprocity" India has offered to reduce tariffs on a variety of farm products and give preferential treatment to U.S. companies, as well as increase energy and defence purchasing. However, Indian officials are still waiting for substantive proposals from Washington, given Trump's unpredictable trade policies. Indian exporters are still concerned by the U.S. tariff increases, which include a 10% base tariff on average, a 50% tariff on steel and aluminum, and a 25% tariff on auto imports. A proposed reciprocal duty of 26% is also on hold. ASSESSMENT OF STRATEGIC ALIGNMENT Indian policymakers view the U.S. over China as their preferred partner, but are cautious to compromise policy autonomy in international affairs. The U.S. has been India's biggest trading partner for many years. It is also a major supplier of technology, energy and defence equipment. Tensions over Pakistan India is wary of deeper strategic relations after Trump's perceived tilt towards Pakistan during the recent conflict between neighbours raised doubts regarding U.S. reliability. GROWING INDIAN IMPORTS TO U.S. New Delhi believes that exports will grow in the future, particularly in garments, electronics, and engineering goods, thanks to the tariff advantage it has over Vietnam and China. India's exports of goods to the U.S. will reach over $87 billion by 2024. This includes pearls, gemstones, and jewellery, worth $8.5 billion; pharmaceuticals worth $8 billion; and petrochemicals worth around $4 billion. Services exports, led by IT and professional services, were valued at $ 33 billion in 2024. With over $68 billion cumulatively in FDI from 2002 to 2024, the U.S. also ranks third among India's investors. US Exports to India U.S. manufacturing exported to India will be worth nearly $42 billion by 2024. However, there are high tariffs on these products. These range from 7% for wood products and machinery, to 15% to 20% for footwear and transport equipment and up to 68% on foods. According to a White House fact sheet published recently, the average tariff applied by the U.S. on farm products was 5% as opposed to India's 39%. (Reporting and editing by Raju Gopikrishnan; Manoj K. Kumar)
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World Bank and IAEA will cooperate on nuclear energy development and safety
The World Bank, the United Nations Nuclear Watchdog and other international organizations have signed a new agreement on cooperation in the development of safe nuclear energy for developing countries. This includes extending the lives of existing reactors. Ajay Banaga, President of the World Bank and Rafael Grossi, Director General of the International Atomic Energy Agency were to sign a memorandum in Paris as part of the return of the World Bank to nuclear energy finance. In a joint statement, the IAEA, the World Bank, and other international organizations have agreed to collaborate to improve knowledge of the nuclear industry, including the World Bank Group’s understanding of nuclear security, safety, energy planning and waste management. The institutions said that they would also work together to extend existing nuclear power plants' lifespans as a source of cost-effective, low-carbon energy and to accelerate the development of modular small reactors. They stated that these reactors have the potential of being widely adopted in developing countries. Banga stated in prepared remarks that nuclear energy's reliable baseload electricity was crucial for sectors which generate jobs, such as infrastructure and agribusiness. "Jobs need electricity. The same goes for factories, hospitals and schools. As demand increases -- due to AI and development -- we need to help countries provide reliable, affordable energy," Banga said. "That's the reason we embrace nuclear energy as a part of the solution - and reaffirm it as a part of the mix that the World Bank Group can provide developing countries in order to achieve their goals." Grossi stated that the landmark agreement is "a sign of a return to realism in nuclear power". It will also open up the possibility for private investors and multilateral development banks to look at nuclear power as an option for energy security. He said the partnership was a "crucial step" in clearing the path to financing small modular reactors, which have the potential to power developing economies cleanly. (Reporting and editing by Saad Saeed; David Lawder)
The union warns that more than 500 jobs are at risk as Stellantis switches oil suppliers in Italy
A trade union warned on Wednesday that more than 500 jobs were at risk after Stellantis, an Italian automaker, switched from Malaysia's Petronas brand to France's Total.
Stellantis did not respond to a request for comment immediately.
Petronas is the owner of the Selenia motor oil brand, an Italian supplier that was previously a part of Fiat and sold products under the name "Olio Fiat".
Stellantis, a new company created in 2021 by the merger of Fiat-Chrysler and France's PSA (maker of Peugeot and Citroen vehicles), was formed from the merger between Fiat-Chrysler and France's PSA. Also included in the group are Opel and Jeep.
The Uilm union announced in a press release that Selenia had lost its "historical" contract of supply with Stellantis, after 112 production years. The result of a competitive bid led to the change.
Uilm said that Petronas had announced the decision in a meeting held with its employees. He added that this affected the job security of 450 Fiat workers in Turin, Fiat's home town, and 70 others in Naples in southern Italy.
The union has pledged that it will use "all tools available" to protect Petronas employees and other auto suppliers, who are "under severe stress" as a result of Stellantis' decision.
The FIM-CISL union reported in January that Stellantis, Italy's only major automaker and the country's sole manufacturer, had a production level of around 475,000 cars in 2016, the lowest since 1956. Reporting by Giulio Pieovaccari, Alvise Armellini and Keith Weir.
(source: Reuters)