Latest News
-
US forces kill an alleged senior ISIS terrorist in Syria
The U.S. Military said on Friday that it carried out an operation in Syria which resulted in the death of a senior Islamic State terrorist. The Iraqi Counterterrorism Service announced earlier on Friday that a senior Islamic State official was killed during a security operation carried out in Syria in coordination with the U.S. led international coalition. According to the U.S. Military statement, Omar Abdul Qader was killed in the raid. He had been "seeking an attack on the United States." The statement didn't mention if civilians were also killed in the raid. The Iraqi service reported that the militant, also known as "Abdul Rahman Al-Halabi", was the head of the group's external operations and security. The Iraqi service claimed that he was responsible for planning and executing attacks in Europe and America, including the bombing Iran's embassy, as well as overseeing multiple attacks across the globe, including the bombing Iran's embassy. The U.S. Central Command conducted a series strikes against Islamic State figures within Syria. U.S. officials warned that the group was hoping to stage a return in the country after the fall of Syrian president Bashar al-Assad in December last year.
-
Type One CEO: Tennessee Valley Authority will harness its fusion technologies
Type One Energy CEO Christofer Mowry announced on Friday that the Tennessee Valley Authority, a government-owned utility in the United States, plans to use the technology of Type One Energy at the retired coal fired Bull Run plant. This plant will become the site for a commercial fusion facility. After decades of stagnation in the U.S., nuclear power is making a comeback. This is due to the record demand for electricity from AI data centres as well as electrifications of industries like transportation and manufacturing. Type One Energy announced that it would provide stellarator technology. This is an advanced version of the Tokamak reactor, and it is the only fusion tech shown to work in a steady and stable state, making it suitable for power generation applications. Nuclear fission is the current method of nuclear power plants, which involves splitting larger atoms to smaller ones. Nuclear fusion, however, joins together two or more small particles into one larger particle, providing greater energy without producing large quantities of radioactive waste. Fusion is at the experimental stage, as developers are yet to reach a net energy gain that can be commercially viable. However, investment has been boosted due to a rush of interest by Big Tech groups who have entered this sector along with investors like energy giants Chevron Shell and Siemens. In an interview, Mowry stated that fusion energy has a light regulatory structure. "The timeline and cost of licensing and permitting is a fraction of what is seen in nuclear projects," he said. Type One has not disclosed the exact value signed by TVA for the contracts. Axios reported today that TVA will use Type One technology in the plant. (Reporting and editing by Shreya Biwas and Krishna Chandra Eluri in Bengaluru.
-
The central bank of Peru raises its growth forecast for 2025 and holds steady the outlook for 2026
Peru's central bank on Friday slightly raised its economic growth forecast for 2025 to 3.2%, from 3.1% previously, citing stronger-than-expected non-primary sector activity and private spending. The bank projected that annual inflation would be 1.7% at the end 2025, and 2.0% at the end 2026. This was supported by the diminishing impact of supply shocks as well as an economy operating close to its potential. In August, annual inflation fell to 1.11%. This is the lowest level in seven years. It brings it closer to the lower limit of the 1%-3% target range set by the central bank. Last year, inflation was 1.97%. In its report the central bank forecasts a fiscal surplus of 2,4% of GDP in 2025, and 2.1% of GDP in 2026. Last week, the central bank's chief economist Adrian Armas stated that the economy was expected to grow by around 3% during the third quarter of the year. The bank's growth forecast for 2026 is 2.9%. Julio Velarde, the chief of the Central Bank, said that the projection takes into account the temporary effects from the presidential election next year. Velarde said that if this effect was not present, there would be a greater growth rate. Dina Boluarte is expected to leave the presidency in July 2026. She has one of the lowest approval ratings around, at 2%. (Reporting and editing by Gabriel Araujo, Aurora Ellis and Natalia Siniawski)
-
Oil prices drop as Fed cuts are outweighed by robust supply
The price of oil fell on Friday, as fears about large supply and decreasing demand overshadowed expectations that the first interest rate cut by the U.S. Federal Reserve this year would lead to more consumption. Brent crude futures fell 97 cents or 1.44% to $66.47 per barrel at 10:42 AM CDT (1542 GMT), whereas U.S. West Texas intermediate futures dropped 72 cents or 1.13% to $62.85. Both benchmarks are still on course for a second weekly gain. Andrew Lipow of Lipow Oil Associates said, "Oil supply continues to be robust and OPEC has reduced its oil production cutbacks." "We have not seen any impact on Russian crude exports." The Fed reduced its policy rate on Wednesday by a quarter-point and said that it would continue to do so as a response to signs of weakness within the job market. Low borrowing costs usually boost oil demand and drive prices higher. Phillip Nova analyst Priyanka Sackdeva said, "The market is caught between contradicting signals." Sachdeva stated that all energy agencies including the U.S. Energy Information Administration have expressed concern over a weakening of demand. This has tempered expectations for significant price increases in the near term. Lipow pointed out the continued decline in refinery demand. He said that "the refinery turnaround will further reduce the demand." Turnarounds are the term used to describe the shutdown of production units at refineries in spring and autumn for major overhauls. The increase in U.S. stockpiles of distillate was higher than expected, and pushed up prices. The latest economic data has also raised concerns. While the U.S. job market is softening, single-family homebuilding fell to a multiyear low in august, a result of an oversupply of new homes that have not been sold. According to PVM Oil Associate analyst Tamas Variga, an uneven recovery in the U.S. economy is one factor that's holding down oil prices. He said that the corporate sector was benefiting from the ongoing deregulation while consumers were beginning to feel the pressure of import tariffs. Both the housing and labour markets showed signs of weakness. (Reporting from Erwin Seba, Stephanie Kelly, and Sudarshan Varadhan in London. Additional reporting by Sudarshan, David Goodman, Jan Harvey, and David Gregorio.
-
Hezbollah's chief of staff makes overtures to Saudi Arabia in order to front against Israel
Naim Qassem, the Hezbollah leader, urged Saudi Arabia on Friday to "turn a new page" and put aside past disputes in order to create a united front against Israel. This comes after years of hostility which strained Riyadh’s ties to Lebanon. Saudi Arabia and the other Gulf States designated Shi'ite Hezbollah as a terrorist organization in 2016. Riyadh, Washington, and Hezbollah rivals in Lebanon have been pressing the Lebanese Government to disarm Hezbollah, which has been severely weakened since last year's conflict with Israel. Qassem, in a Friday televised speech, said that regional power should view Israel and not Hezbollah as the primary threat to the Middle East, and suggested "mending relationships" with Riyadh. Qassem stated: "We assure that the weapons of resistance (Hezbollah), are aimed at the Israeli enemy and not Lebanon, Saudi Arabia or any other entity or place in the world." He said that dialogue will "freeze disagreements from the past at least during this extraordinary phase so that we can face Israel and curb it" and that pressing Hezbollah is "a net gain for Israel." Saudi Arabia spent billions of dollars in Lebanon in 2006, helping to rebuild the south following a war between Hezbollah & Israel. But the group grew more powerful with the help of Iran. In 2021, the relationship deteriorated dramatically when Sunni Saudi Arabia expelled the Lebanese Ambassador, recalled their own envoy, and banned Lebanese Imports. In a statement published in Saudi state-run media, it was claimed that Hezbollah controlled Lebanon's decision making processes. Hassan Nasrallah, then Hezbollah secretary general, called Saudi Arabian crown prince Mohammad bin Salman "a terrorist" and criticised Saudi Arabia's role against Yemen repeatedly. In recent months, the political landscape in the Middle East has changed dramatically. Israel destroyed Hezbollah in 2014 and killed Nasrallah. Rebels then toppled Bashar al Assad, the group's Syrian partner. Reporting by Laila Basam and Maya Gebeily, Writing by Enas alashray, Editing by Alex Richardson and Aidan Lewis
-
Sources: RPT-Commodity traders Mercuria is betting on a boom with its foray into Uranium.
Three sources familiar with the matter said that Mercuria is the first major commodity company to start physical trading of uranium. It joins banks Natixis, Citibank and others as the expected nuclear energy boom fuels the interest in this niche market. Sources said that Mercuria started trading uranium earlier this year. Two sources confirmed that Citibank and Natixis both launched uranium trades this year. The information provided by the three sources is confidential, so they asked that their names not be disclosed. Citi and Natixis (part of French financial group BPCE) declined to comment. Three new banks will be competing with Goldman Sachs, Macquarie and other major players in the $15 billion market. Analysts and consultants expect institutions to benefit from the wave of new nuclear plants planned that will require financing and fuel supply. The World Nuclear Association predicts that the demand for nuclear fuel will double by 2040 as governments strive to achieve zero-carbon targets, and technology companies scramble for energy to support AI. Mercuria of Geneva, which is a major player in the energy market, has been expanding its metals business in recent years using cash from high oil prices. Louis Csango, who has worked for Goldman Sachs since the 1970s and is well-versed in uranium, was hired by the group in December to lead its uranium operations and work on gas and power. The traders said that it makes sense for Mercuria, which has a power desk already, to use the information about utilities in both areas. Bram Vanderelst, a trading manager at Curzon Uranium - one of the largest firms in the industry - said that there was a lot interest not only from traditional European trade houses, but also from banks from the U.S. He refused to name names. Goldman Sachs, Macquarie and some hedge funds have increased their activity in the sector in recent years. HISTORICALLY HIGH URANIUM PRICES SEEN RISING Uranium has a small market in comparison to other commodities like oil, copper, and aluminium, which are traded by Mercuria or commodity banks. According to UxC, the total global utility demand for Uranium Oxide Concentrate (U3O8) was around 175 million pounds in 2012. Of that, 47 million pounds or 27% were traded on the spot markets. Yellowcake or U3O8 is a fine powder that is packaged in steel drums and is created when uranium is chemically processed. Jonathan Hinze is the president of UxC. He said, "If there's a doubled market in nuclear power and uranium I am sure that traders will have more opportunities." He added, "It is not a market that you can break into quickly. It may take a few more years before you get your footing on the market." The price of uranium at the spot market has doubled in the last five years, to $77 per pound. However, it is still down on the peak of $106 reached in February 2024 - the highest since November 2007. Citi analyst Arkady Gvorkyan expects spot prices to reach $100 per pound in the next year, as miners might not be able keep up with demand. In the last 20 years supply has always lagged behind demand but secondary supplies have balanced the market. "This era is ending relatively quickly," he said.
-
Sources say that Brazil will be the first country to invest in the global forest fund
Three people familiar with the plans said that Brazil would be the first to announce an investment into the Tropical Forests Forever Facility. This multilateral funding mechanism was proposed by Brazil to support the conservation of endangered forest globally. The President Luiz inacio Lula da So will announce the investment at the U.N. on Tuesday in New York. This is a move to unlock more contributions both from wealthy and developing countries, who have been at odds over funding global climate policies. The Brazilian government believes that the TFFF could be the main deliverable for the U.N. Climate Summit known as COP30, which it will host at the Amazonian town of Belem this November. The Brazilian government has not confirmed the amount of investment it plans to make, but according to two government sources who asked to remain anonymous to discuss their private discussions, the figure will be "considerable", and is meant to serve as a benchmark to other countries. Reports at the time state that Chinese Finance Minister Lan Fong told Fernando Haddad, his Brazilian counterpart, in July, that China would contribute to the fund. He did not specify how much. China's investment would be a significant shift in climate financing, which relies on the wealthy nations that are most responsible for global heating. According to those involved in the negotiations, the TFFF also has received some initial support from countries such as the United Kingdom and France, Germany, Norway Singapore and the United Arab Emirates. "MONEY WHERE MY MOUTH IS" The TFFF is envisioned by policymakers as a $125-billion fund that combines contributions from the private and sovereign sectors. It will be managed like an endowment, with countries receiving annual stipends based upon how much of their rainforests remain. According to preliminary estimates, Brazil will need the governments and major philanthropies contributing $25 billion in order to achieve this lofty goal. This would then attract an additional $100 billion of private investment. Three sources say that diplomats from countries interested in investing have told Brazil recently that Brazil's initial contribution will help them to prepare their own announcements. Brazil wants to demonstrate that it trusts the proposal it has made enough to "put money where their mouth is" as one source put it. Brazil is the country which will receive the highest payouts because it is the home of the largest tropical forest on earth. The Finance Ministry is still in final discussions with Lula who will be traveling to New York Sunday. Sources said that the decision to invest has already been taken. (Reporting and writing by Lisandra paraguassu, Manuela Andreoni, Editing by Brad Haynes & Mark Porter).
-
Valterra CEO predicts global supply of platinum to shrink by 15-20% in the next decade
Valterra Platinum CEO Craig Miller stated on Thursday that global primary platinum group metals production could drop by up to 20% by the decade's end, causing a growing supply deficit. Miller stated that the demand for platinum, palladium, and rhodium from automakers who use them in catalytic convertors has remained strong, due to higher sales both of conventional and hybrid cars, and because energy transition is taking longer than expected. He also said that the demand for jewellery was strong. South African mining firms, which supply more than 70% the world's total platinum, have reduced unprofitable production in the last two years due to the collapse of metal prices, despite warnings about the terminal decline of the industry. Although the recent platinum rally brought relief to miners, it still falls below levels required to support new production. Miller, after taking reporters on a tour through Valterra's converters and processing facilities, told them that the recycling costs are still too high. He stated that the company expects primary supply to decline between "15 and 20 percent" by the decade's end due to the lack of investment made in new mines, and the failure to extend the life of existing assets. Miller stated that "you'd have to see the PGM price basket increase another 50% over where it is now, and maintain it at that level in order to encourage new greenfield production to come online and earn a kind of 10% return," Miller explained. He added that the energy transition will not be as expected, and "we could see ICE vehicles (petrol) or hybrid vehicles for a much longer time". "Hybrids have higher PGM loadings in comparison to ICE vehicles." (Reporting and editing by Jan Harvey; Nqobile Dudla, reporting)
Stellantis introduces a lighter and faster-charging EV Battery
Stellantis revealed a prototype electric vehicle on Friday, featuring a lighter, faster charging and more affordable battery. This eliminates the requirement for an inverter or charger.
IBIS, the Intelligent Battery Integrated System (Intelligent Battery Integrated System), was developed by TotalEnergies subsidiary Saft in partnership. Stellantis stated that it is the first system of its kind, and offers weight and space saving and is easier for service.
The new system has a 10% higher efficiency than an electric vehicle with the same size battery, and it reduces charging times by one hour.
The public has been unable to accept EVs because of the lack of affordable models, and long charging times.
The German manufacturer Porsche has also been working on a concept for a "modular multiple-level inverter", which integrates numerous electrical components into one unit.
The new IBIS Battery is currently being road tested in a Peugeot E-3008.
Stellantis stated in a release that "this milestone marks a significant step forward in electrifying mobile and stationary applications of energy."
According to the Franco-Italian-American automaker, this technology could be integrated into its production vehicles by the end of the decade.
Modern EVs use inverters to convert direct current from the battery into alternating to power the motor. In the charging mode, the grid's alternating current is converted to direct current.
Stellantis stated that the IBIS integrates these functions directly into the battery, using electronic control through 200 transistors. This reduces vehicle weight by up to 40 kg (88 pounds), and frees up space while reducing charging times by 15 percent. (Reporting and editing by Gilles Guillaume)
(source: Reuters)