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Zelenskiy reports that Russian air strikes have killed six-year-old boy in Kyiv.
Ukraine officials reported that Russia launched drone and missile attacks on Kyiv early Thursday morning, killing six people, including a boy aged six and his mother. At least 82 other people were also injured. Volodymyr Zelenskiy, the president of Ukraine, said that Russia had launched over 300 drones as well as eight missiles against residential buildings in Kiev. "Today, the world saw Russia's response once again to our desire for peace in America and Europe. Zelenskiy stated on Telegram that peace is impossible without strength. Vitali Klitschko, Kyiv's mayor, said that nine children had been injured. This was the most number of injuries in one night since Russia began its full-scale attack almost three and half years ago. Yurii Kravchuk (62), was wrapped in a towel and bandaged around the head, standing next to a destroyed building. He was aware of the missile alert, but did not reach a shelter before it ended. "I started to wake up my wife, and then there was a blast... My child ended up in hospital." In the search for survivors, emergency crews cut through concrete blocks and put out fires. Kyiv was rocked by explosions for several hours, and fires lit the night sky. Officials said that schools and hospitals were some of the buildings which suffered damage in 27 different locations across the city. Air force officials reported 21 drone strikes and five direct missiles in 12 different locations. In recent months, Russia has increased airstrikes on Ukrainian cities and towns far from the front lines of the war, despite its denial that it is targeting civilians. Donald Trump, the U.S. president, said on Tuesday the United States will begin imposing tariffs on Russia in "10 days" if Moscow does not make progress towards ending the conflict. Yulia Shvyrydenko, Prime Minister of Ukraine, said that this was Putin's answer to Trump's deadlines. "The world needs to respond with a court and maximum pressure." Zelenskiy uploaded a video showing burning ruins and said that people were still trapped beneath the rubble from a partially-ruined residential structure. Ukrainian air defence units shot down 288 drones and 3 cruise missiles. (Additional reporting and editing by Dan Peleschuk)
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Outokumpu Finland beats earnings expectations in challenging environment
Outokumpu, a Finnish stainless steel manufacturer, reported Thursday a core income that was above the market expectation for the second quarter. It also said that it has increased its target of short-term savings to 60 million euro ($68.6 millions) by 2025. Outokumpu's consensus forecast had analysts expecting 69 million euros. In an earnings report, CEO Kati Ter Horst stated that "we continued to benefit from the strong market positions we have in Europe and the U.S." She did say, however, the quarter was marked with uncertainty and increased geopolitical tensions. This led to an increase in caution among customers. The tariffs imposed by President Donald Trump on U.S. imports will be a challenge for European steelmakers who are already facing a weak demand, high prices and fierce competition from Chinese imports. Trump's tariffs, which were first introduced at 25% and then increased to 50%, divert shipments intended for the U.S. Outokumpu stated that "Asian imports into Europe remain high in comparison to the low demand on the stainless steel market." It said that the company's deliveries of stainless steel rose to 483,000 tonnes during the second quarter but will decline between 5-15% due to seasonality and the market's weakness in the third. (1 euro = $0.8744) (Reporting and editing by Milla Nissi-Prussak, Gdansk)
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After a 16-month war, Russia claims to have captured the Ukrainian town of Chasiv Yar
After nearly 16 months, Russia announced on Thursday that it had taken the town of Chasiv Yar (in eastern Ukraine) after fighting. If confirmed, the advance would be a major victory for Moscow and allow them to push on toward key "fortress cities" in the Donetsk Region, such as Kostiantynivka and Sloviansk. On Thursday morning, the Ukrainian General Staff said that Russian forces attacked areas near Chasiv Yar. DeepState is a Ukrainian mapping site with open-source data that shows the frontlines. It showed Ukraine's troops controlling the western portion of the town. The battle for Chasiv Yar started in April of last year when Russian paratroopers reached the eastern edge. The Russian state media reported that Russian soldiers began calling their Ukrainian counterparts in the town, demanding they surrender or face being wiped out with aerial guided bombs. Before the war, this town had more than 12,000 residents and an economy centered around a brick factory and a factory producing reinforced concrete. It is located just west of Bakhmut. Russia took Bakhmut in 2023, after one of its bloodiest battles. Mark Trevelyan, Sharon Singleton and Anastasiia malenko reported from Moscow and Kyiv respectively. Mark Trevelyan wrote the article.
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Hungary to import US small modular reactor technology with Polish partner
Hungary has made a major step in importing technology for small modular reactors by partnering up with Poland's Synthos Green Energy. Synthos Green Energy holds the central European rights to GE Vernova Hitachi technology. Hunatom, a Hungarian firm that develops nuclear energy in Hungary, signed a letter with Synthos. Synthos is the project developer of BWRX 300 reactors for this region. Peter Szijjarto, the Hungarian Minister of Foreign Affairs, said that this agreement was about initiating technological, infrastructure, financial and legal preparations needed to bring American nuclear technology into Hungary. GE Vernova Hitachi, a joint venture of General Electric and the Japanese conglomerate Hitachi, is a successful business. The number of reactors that Hungary wanted was not immediately known. Csaba Lantos, the Energy Minister of Hungary, said that by 2023 at least one modular small reactor will be needed. After the signing ceremony, Robert Palladino said, "The United States of America and Hungary are deepening their relationship in all areas: in defense and commerce, space and energy." Hungary has four VVER reactors, originally brought on line between 1982 and 1987. In 2014, Hungary and the Russian nuclear company Rosatom signed a deal worth 12,5 billion euros for two new 1.2 gigawatts reactors to be built at Paks. These reactors will be added on top of four existing reactors. The project, known as Paks 2, is still a long way behind schedule. The project was given to Rosatom by the government without any tendering process. This is seen as a sign that NATO and European Union members Hungary and Russia are still close, despite their war in Ukraine. (Reporting and editing by Anita Komuves)
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Asian stocks fall on weak China data and yen firms following BOJ decision
Asian stocks fell on Thursday due to weaker than expected Chinese data and a drop in copper prices. The yen, however, firmed up after the Bank of Japan increased its inflation forecast and kept rates unchanged. The revised forecast reflected cautious optimism, indicating that Japan's deal with the U.S. could help to avert an economic downturn. It also set the BOJ in a position to raise interest rates later this year. Governor Ueda is scheduled to speak with the media at 0630GMT. The yen rose 0.4% to 148.62 dollars per yen immediately after the central banks unanimously maintained short-term rates at 0.5%. David Chao is the global market strategist at Invesco for Asia-Pacific. The announcement made today increases the likelihood of a rate increase earlier than anticipated. We could see a rise in rates as early as October. The decision had little impact on the Japanese stock market, which was last up by 0.9%. Japan's short-dated bonds have pared their losses since the Bank of Japan statement caused market participants push back expectations of any future interest rate increases. Investors also digested a trade agreement between the U.S., South Korea and a Federal Reserve's decision to keep rates unchanged, as well as strong earnings from tech megacap firms. The Korean won increased by 0.3% following the announcement that U.S. president Donald Trump would impose a 15% tariff on South Korean imports. In return, South Korea will invest $350 billion into U.S. projects as well as purchase $100 billion of U.S. Energy Products. The announcement is part of a series of deals on trade policy rushed to be announced before the August 1 deadline in order to avoid the impositions of "Liberation Day", April 2, tariffs. Malaysian Prime Minster Anwar Ibrahim announced Thursday that, after a phone call with Trump, the tariff rate for Malaysian goods will be announced on Friday. The Malaysian Ringgit fell by 0.2%. The Thai baht remained stable after Thailand's Finance minister said that the country expected to receive information about the U.S. Tariff rate within 24 hour. Trump's tariff campaign cast a shadow over global markets. Negotiations on trade with India are still underway after Trump announced earlier that the U.S. will impose a 25 percent tariff on goods imported to the country. Indian stocks fell 0.4%. Copper futures fell 19.4% as Trump announced that the U.S. would impose a tariff of 50% on copper pipes and wires, which was less than the expectations of broad restrictions. Nasdaq Futures soared by 1.3% following better-than expected earnings from Microsoft, Meta Platforms and other companies. S&P futures rose 0.8% while European futures rose 0.17%. The MSCI index for Asia-Pacific stocks outside Japan, which is the broadest measure of Asia-Pacific stock prices, fell by 0.7% in July. However it still remained on course to achieve its fourth consecutive month-to-month gain. Hong Kong and China stocks led the declines following official PMI gauges showing weaker than expected economic activity in July. On Wednesday, the Federal Reserve's interest rate-setting panel voted by 9-2 to keep rates unchanged for the fifth time in a row. Two Fed governors dissented for the first times in over 30 years. Fed Chair Jerome Powell’s comments following the decision undermined confidence that borrowing rates would start to drop in September. The dollar index stood at 98.812, just below the two-month peak of 99.987 that was reached on Wednesday. The index will record its first monthly gain since 2025, a 3.1% increase. The Federal Reserve may decide to cut rates at future meetings, despite the fact that they decided to maintain the current rate at their recent rate setting meeting. This is because of the possibility of persistent inflation and the softening economy data. The U.S. Gross Domestic Product growth was higher than expected in second quarter. However, the report's details painted a picture that the economy is losing momentum and is plagued with uncertainty due to Trump's protectionist policies. Brent crude futures, due to expire Thursday, were down by 0.19%, at $73.1 per barrel. U.S. West Texas intermediate crude, for September, was unchanged at $70.01 per barrel. The Brent October contract, the more active one, eased by 0.14% at $72.37 a barrel. (Reporting and editing by Tom Hogue, Jamie Freed, Ankur Banerjee. Additional reporting by Gregor Stuart Hunter.
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Bangladesh cleans brick industry, but ignores workers
Bangladesh wants to reduce pollution by closing clay kilns Migrant workers face high risks and low pay If transition is to be fair, workers need new jobs Tahmid Zami Tahmid Zami They don't think that any "green" change they are forced to make will be easy. They fear being sent back to the fields where they earn a meager living. "It is hard work, and the pay does not match the effort, but we need the income," said Mansur Miya. A 35-year old who has been working in the kilns since 2008. More than 8,000 brickkilns are located in Bangladesh. These sprawling sites are staffed with migrants during the dry period, which is from December to June. The World Bank estimates that there are about one million workers: men, woman and children, some as young 10 years old, who come from all over the country to bake bricks, mold clay and stack them. The Bangladesh government has announced plans to close a number of brick-making sites over the next few decades in an effort to reduce air pollution. "We come to these kilns to earn extra money during the dry seasons because life as farm workers is not easy back home," said Nasima a 35-year old brickworker who provided only her first name to protect her anonymity. Concrete blocks are a good alternative to clay, which pollutes air and destroys topsoil vital to agriculture. The company plans to shut down 3,500 brick kilns that lack legal approval as part of a gradual phase out of all clay brick manufacturing. Syeda Rizwana Hasan is the head of the ministry for environment, forests, and climate change. She denied that the closure of the kilns will be a major shock to the low-paid workers. Hasan stated that the transition will be fair. The brick kiln workers, however, said that despite the fact that they were being exploited in terms of pay and conditions at work, they still needed the extra money. Moogdho Mazab, an economic at the International Food Policy Research Institute said that brickworkers could be swept away under the reform initiative. He said that as the government and the development organizations promote better technologies and techniques in the industry, workers need some sort of support. BONDED, LANDLESS AND ABUSED Brickwork is not an easy task. Every year, Bangladeshis from all walks of life descend on the stricken south and the poorer pockets of the northern part of the country to work as bonded workers under the contract of kiln owner contractors. Abdur Rouf runs a brick-kiln on the outskirts Narayanganj in central Bangladesh. He said that owners give advances to contractors who, in turn, issue loans to workers, provided they work through the dry season. The working day can last from 3 am to 10 pm. Nasima, a bonded laborer, came to Baktabali Kiln from Mymensingh in the north of capital a few year ago with her husband Ramzan, a landless farmer, and son Ramzan, 10 years old. Two adolescent girls stayed at home to wait for marriages as their parents could not afford schooling. Nasima receives 400 taka ($3.30), for each 1,000 bricks that she moves by hand. Not much for a long day's labor. The kiln owner's association decides the pay of the workers. Mohammad Dulal is a 55 year old labourer in the southern district Barguna. Dulal stated that since workers are hired by contractors who give them high-interest loans (or 'dadon), they cannot expect to receive the minimum wage, let alone any pensions or retirement benefits. He said, "Some owners are nice to us but the government doesn't pay much attention to us." According to a study published in the Journal of Public Health and Epidemiology in 2017, many workers experience serious respiratory issues due to the harmful gasses and particles released by coal combustion. Local media regularly report on labour abuses in the brick fields, which are located along the outskirts of the cities and rural outposts. Police launch sporadic rescue operations to free workers held in brick kilns, either shackled and without pay or confined. Sectoral reforms by governments and development organizations have mainly focused on technology upgrades to reduce pollution and energy usage - not workers' protection. Shafiqul alam, an energy analyst with the Institute for Energy Economics and Financial Analysis, says that switching from clay to concrete could create permanent jobs, but also more automation and better safety standards.
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The first quarter nickel output at Sumitomo’s Ambatovy Project fell by nearly 13%
Sumitomo Corp, a Japanese trading company, reported Thursday that the Ambatovy nickel project in Madagascar had experienced a 13% drop in production during the first quarter. The firm's full-year forecast remained unchanged. In the first quarter of this year, the company produced 7,000 tons of nickel. This is down from 8,000 tonnes last year. In February, production at the Ambatovy Project was halted for inspections of a pipeline which had ruptured in September last year. The company reported that operations gradually increased from April, and stabilised fully in early May. Sumitomo expects to produce nickel at the project between mid-30,000 tons this year. The company plans a shutdown of the entire plant from October through November. Sumitomo has struggled with Ambatovy to stabilize production and increase profitability. Yoshiyasu Fuse, the head of the accounting and controlling department, said at a press conference held on Thursday that "we are continuing to explore all options" for Ambatovy. Fuse said, "As shareholders, we have put all options on the table. We are now focusing our considerations." Since last year, the company has examined all options available for the future of the project and written down its book value to zero. Fuse stressed that, regardless of which option is chosen, stabilising operations and improving cost competitiveness are key to strengthening the foundation for the business. (Reporting and editing by Eileen Soreng; Yuka Obayashi and Katya Glubkova)
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Copper demand is soaring due to the expansion of global power grids
The copper demand is growing faster than expected, due to the billions of dollars invested in modernising and expanding power grids worldwide for the digital and renewable energy revolutions which require vast amounts of electricity. A lack of investment into new mines is limiting the supply of major producers, including Chile and Democratic Republic of Congo, which will lead to a long period of high prices. Analysts predict that copper prices will reach record levels above $12,000 per ton by the end of this decade. This is a 23% increase from the current level of $9,700 per ton. Copper's superior durability, conductivity and versatility have made it difficult to replace. According to the International Energy Agency, grid investment will reach $400 billion this coming year after reaching a record of $390 billion by 2024. Copper is often an undervalued component of grid infrastructure. Many people understand the need for grid expansion, but underestimate the amount of copper that will be required. Michael Finch is the head of strategic initiatives of Benchmark Mineral Intelligence, a consultancy. He pointed out the investment needed especially in the U.S.A., UK, and China. BMI's latest figures reveal that the global demand for copper to upgrade power generation and transmission systems will increase to 14.87 millions metric tons in 2030, up from 12.52million tons this year. DATA CENTRES ELECTRIC VEHICLES DRIVE GRID ON DEMAND Michael Widmer, an analyst at Bank of America, predicts that global copper demand will increase by 10% from this year to 30,32 million tons in 2030. Widmer predicts that the global copper market will be in deficit of 1.84 million tonnes by 2030. In regions where artificial intelligence and machine-learning data centres are rapidly expanding, the need for resilient grids becomes even more acute. Peter Charland, Global Information and Communications Technology Lead at AECOM (a global infrastructure consultancy company), said that "Artificial Intelligence and Machine Learning data centres require bigger, better and faster computing." This means more power. CRU, a consultancy, said it expected copper demand in data centres to increase from 78,000 tonnes in 2020 to 260,000 tonnes this year and exceed 650,000 tons by 2030. "The electricity grid infrastructure is a bottleneck, and it's not just for data centres." This includes onshore and off-shore wind power, solar, and electric vehicles," Egest Balla said, wire and cable analyst at CRU. The copper content of electric vehicles is also significantly higher than that of traditional internal combustion engines. BMI predicts that the demand for copper in electric vehicles will increase to 2.2 millions tons by 2030. This is up from just 204,00 tons in 2020. Maria Cristina Bifulco is the chief investor relations officer and sustainability officer of Italian cable manufacturer Prysmian. Prysmian is the largest copper buyer in the world. Prysmian purchases 2%-3% global refined copper production. ALUMINIUM, FIBRE OPTIC CABLING CONSIDERED The looming shortages of copper and the record-high prices have led to a wave innovation, including recycling and substitution in industries like construction and manufacturing. Copper costs make up a significant portion of production costs. Aluminium has long been regarded as a cheaper option, but at a cost of about a third that of copper, it has been abandoned in the wiring of data centres. Charland, from AECOM, said that there was a time when copper wasn't meeting the demand. Some people coated aluminum cables with copper. "That was short-lived due to the performance issues." Recycling can help achieve sustainability goals as it uses 65% less energy to refine or produce secondary copper than primary production. Analysts predict that scrap copper will increase to 11 million tonnes in 2030, up from 10 million tons currently. Fibre optic cables have already replaced copper in the data transmission industry. They are more efficient and offer a higher bandwidth. Matt Miller, Global Networks Lead at AECOM said: "It is cheaper to make glass than to mine copper." "Silicon can be found in abundance on the beach. You can grab as much of it as you like." Analysts say that it is unlikely that the copper supply shortage will be resolved anytime soon. This is especially true for structural projects on which governments base their economic growth plans. "You can do green energy, but without a grid to support it, you will have a problem." CRU's Balla said.
How a US tariff of 50% could affect Brazilian exports
U.S. president Donald Trump announced that he will impose tariffs of 50% on all Brazilian products starting August 1. This could have a significant impact on South America’s agricultural powerhouse.
Brazil's second largest export market is the United States, behind China. Brazil's primary export to the U.S. is oil, but it is also a major market for Brazilian manufactured products such as aircraft and machines.
COFFEE
Brazil is the largest coffee exporter in the world. The U.S. is the primary destination. Brazil exports 16.7% of its coffee to the U.S.
Four sources in the trade told us that U.S. roasters will not be able pay more than 50% for the beans. Brazilian exporters are unable to cut the prices to the required level. This could cause roasters to look elsewhere to buy their beans. Brazil is likely to divert its cargos to Europe or Asia.
The U.S. ranks as the second-largest market for Brazilian beef. Brazilian meatpacker Minerva claimed that tariffs could reduce its net income by up to 5% per year. JBS and Marfrig are two major meatpackers that have a significant part of their operation in the U.S. This would insulate them against a big impact. Tariffs may increase beef prices, which are already high in the U.S.
ORANGE JUICE
CitrusBR, a group representing the industry, warned that Trump's new tariffs could have a severe impact on Brazil's orange-juice industry, which is the largest in terms of production.
The U.S. was a major market for orange juice in Brazil during the harvest of 2024/25, which ended June 30. CitrusBR stated that the tariff was "unsustainable" as the profit margins of the industry were too small to absorb additional costs. The group said that other importers wouldn't be able offset the drop in shipments into the U.S.
According to data from commodities consultancy StoneX, Brazil exported 13% of its total oil last year.
According to BTG Pactual, the loss to Brazil would be "modest" as the sector is more flexible in terms of commercial and logistical capabilities to divert shipments to different markets. StoneX estimates that the U.S. will also not feel the impact of the tariff, since Brazil has supplied less than 3 percent of the U.S.'s consumption so far in 2025.
AIRCRAFT Embraer of Brazil, the third largest aircraft manufacturer in the world, with a large market for its regional jetliners and executive planes in the U.S., would be among the most affected companies by the tariffs.
According to analysts from BTG Bank, Brazilian aircraft exports to America, specifically airplanes, accounted for around 63% last year of the total number of aircraft exported.
TIMBER
According to BTG analysts, the U.S. accounted for more than 40 percent of Brazil's total timber exports last year.
Cogo Inteligencia em Agronegocio is a consulting firm that said forest products from Brazil will become less competitive compared to other countries, like Canada and Chile.
Citi reported that Suzano, the pulp giant, with 15% of its revenue in the U.S. could be in trouble in the near future, but it benefits from low costs, the flexibility to reallocate volume, and the global scale.
MACHINERY ENGINES & ELECTRONICS
According to BTG, the U.S. accounted for 60% of Brazil's exports in the engine, machinery, and generator industries. UBS BB analysts said that the tariff would hurt WEG.
According to the Brazilian Electrical and Electronics Industry Association, the U.S. also is the top destination for Brazilian electronic products.
(source: Reuters)