Latest News
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BHP is liable for the 2015 Brazil dam collapse: UK court rules on mammoth suit
The High Court of London ruled that BHP is liable for the collapse in 2015 of a dam located in the southeast region Brazil. This ruling was made in a case which lawyers representing the claimants had previously estimated at up to 48.32 billion pounds (36 billion pounds). BHP was sued by hundreds of thousands of Brazilians as well as dozens of local governments, and about 2,000 companies, over the collapsed Fundao Dam in Mariana (southeastern Brazil), which BHP's joint venture with Vale, Samarco, owned and operated. Brazil's worst ecological disaster released a toxic sludge wave that left 19 dead, thousands homeless, inundated forests, and polluted the entire length of the Doce River. In her ruling, Judge Finola O'Farrell stated that the continued raising of the height of dam even though it was unsafe was "direct and immediate" cause of its collapse. This means BHP is liable according to Brazilian law. BHP announced that it would appeal the ruling and continue the litigation. Brandon Craig, BHP's Minerals Americas President, said in a press release that "240,000 claimants" in the London case had already received compensation in Brazil. He added: "We think this will reduce the value and size of the claims in the UK collective action." ($1 = 0.7451 pound) ($1= 5.4039 reais). (Reporting and editing by Sarah Young, Kate Holton, and Sam Tobin)
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UN Rights Council considers fact-finding missions in emergency session on Sudan
On Friday, the U.N. Human Rights Council held a special session to discuss the situation in al-Fashir in Sudan. States will be considering a request for an investigation into the reported mass murders that occurred as the city of Darfur fell under paramilitary control. A draft resolution would include a fact-finding investigation to identify those responsible for alleged violations committed in al-Fashir by the Rapid Support Forces (RSF) and their allies. In his opening remarks to delegates, U.N. Human Rights Chief urged the international Community to Act. "There's been too much show and pretense, but too little action." "It must stand against these atrocities, a display displaying naked cruelty that is used to subjugate an entire population," said U.N. Human Rights High Commissioner Volker Turk. Rogue actors, not the RSF, are responsible for such actions. UN RIGHTS CHAIR WARNS OF SURGERY VIOLENCE IN KORDOFAN Turk called for actions against those "fuelling" and "profiting" from war in Sudan. He also issued a warning regarding the escalating violence in central Sudanese Kordofan region, where people are being forced to leave their homes and bombardments and blockades have been imposed. Kordofan, a region made up of three states, is used as a buffer zone between the RSF-held western Darfur and the army-held eastern states. The RSF's control over the Darfur region was cemented by the fall of al-Fashir on October 26, a year after the civil war began with the Sudanese Army. The draft text that is being considered by the council strongly condemns reports of ethnically motivated killings and the use of rape by RSF and its allies in al-Fashir. The international community has not taken any action to investigate the role of the external actors that may be supporting RSF. This was criticised by the ambassador of the permanent mission of Sudan to Geneva, who said his country faces an "existential conflict" as a result of the failure to act. Hassan Hamid Hassan stated that "We warned all over the U.N ....calling to pressure the rebel militia, and the country who is sponsoring them with military equipment. I mean the UAE." UAE STRONGLY denies support for RSF Sudan's Army has The United Arab Emirates are accused of providing weapons to the RSF. Jamal Al Musharakh, the UAE ambassador at the U.N. Geneva office on Thursday, categorically denied claims that the UAE provides any support to either side in the conflict. The United Kingdom and the European Union as well as Norway and Ghana have expressed their support for this resolution. They strongly condemned the violence in Sudan which, they warn, could threaten regional stability. "Staying quiet is not an option...The Council should send a clear signal that impunity will be not tolerated", said Kumar Iyer. He was the ambassador of the permanent mission to the United Kingdom at Geneva. The resolution calls on the RSF to ensure that life-saving aid reaches the people trapped in the famine-stricken city. Women who fled the city reported systematic rape and killings, while others described drone attacks and civilians being attacked on the street. (Reporting and editing by Aidan Lewis, Sharon Singleton, Emme Farge. Additional reporting by Olivia Le Poidevin.
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Gold gains shrink as Fed cuts hopes fade following hawkish Fed comments
Gold prices pared gains earlier on Friday, as hawkish remarks from U.S. Federal Reserve representatives clouded the prospects for a rate cut in December. However, they remain set for a week-long gain supported by wider uncertainty. As of 0930 GMT spot gold remained steady at $4169.58 an ounce after reaching $4211.06 earlier during the session. Bullion has risen 4.3% this week. U.S. Gold Futures for December Delivery eased by 0.2% to $4.185.90 an ounce. The cautious mood on financial markets is helping to support gold prices. However, there are growing doubts that the Federal Reserve will cut rates in December due to the lack of new economic data, said ActivTrades Analyst Ricardo Evangelista. After a 43-day record shutdown, which disrupted the flow of important economic data, the U.S. Government reopened. White House, on the other hand, has tempered expectations for clarity in regards to the economy by stating that it is possible that October's employment data will not be available. Evangelista stated that "gold may also face pressure from the closing of positions to meet margin demands triggered by falls in equity markets." The equity markets fell on Friday following a global sell-off triggered after hawkish Fed signalling. Some Federal Reserve officials have given their opinions on the rate-cutting expectations by citing inflation concerns and relative stability in the labor market following two rate reductions earlier this year. CME Group's FedWatch tool shows that traders see a probability of 49% for a rate cut by a quarter point in December. This is down from 64% this week. Alex Ebkarian is the COO of Allegiance Gold. He noted, however, that as the shutdown costs become clearer and spending increases, "the inflation plus uncertainty growth regime favors precious metals". Gold that does not yield tends to do well in periods of economic instability and low interest rates. Silver spot rose 0.9%, to $52.78 an ounce, and is on course for its best weekly performance since September 2024. Palladium fell by 0.8% on Friday to $1,414.94, while platinum dropped 0.7% to 1,569.85. (Reporting and editing by Philippa Feletcher in Bengaluru, Anmol Choubey from Bengaluru)
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Ethiopian Investment Holdings signss agreement with Rusal for an aluminium plant
Ethiopian Investment Holdings announced on Friday that it had signed a preliminary contract with Rusal for the establishment of a large-scale aluminum smelter in Ethiopia. This is the latest major investment in Ethiopia. Ethiopian Investment Holdings announced in a press release on its X Account that the proposed facility will have a production capacity of 500,000 metric tonnes per year. The first phase is estimated to cost $1 billion. The investment firm stated that the project covered by this memorandum will be completed in three to four year and will operate for up to fifty years. Ethiopian Investment Holdings stated that preliminary activities, including site identification and an extensive feasibility study, are already in progress to ensure a timely progression. Rusal has declined to comment. Ethiopia and Nigeria’s Dangote Group in August signed an agreement for the construction of a $2.5 Billion fertiliser manufacturing facility in Ethiopia’s south-east. In September, Russia signed a plan of action with Ethiopia for the construction and development of a nuclear plant. (Reporting and editing by Jan Harvey; Additional reporting in Moscow by Anastasia Lyrchikova; Reporting by George Obulutsa, Vincent Mumo Nzilani)
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India's highest court orders lawyers to debate online due to worsening air quality
Media reported that the Supreme Court of India has ordered lawyers to refrain from arguing cases in person and to do so on a virtual platform. This is the latest disruption in life in Delhi caused by the deteriorating quality of the air. New Delhi's air pollution index hovered over 400 this past week and was rated in the "severe category". This prompted authorities to tighten restrictions on industrial and construction activity. The Supreme Court, describing the situation as "very serious", asked lawyers to consider using the virtual hearing facility on Thursday. "This (air pollution), will cause permanent damages... "Even masks aren't enough", said Justice P S Narasimha according to India Today and other media. The Supreme Court didn't immediately respond to an inquiry for comment. According to India's Central Pollution Control Board (which rates readings between 0 and 50 as "good"), the air quality index at the closest monitoring station to the Supreme Court was 437 on Thursday. The Supreme Court has 34 judges. It is one of over a dozen courts, tribunals, and other institutions that are scattered throughout the capital. This hub of litigation, where hundreds of attorneys argue their cases, is a hotbed for litigation. The authorities used to blame the smoke that engulfed the city each winter on farmers who illegally burned crop stubble in neighbouring states like Punjab and Haryana. According to experts, many Supreme Court directives regarding air quality from the past decade have not been implemented properly. A study from 2023 showed that the smog can reduce life expectancy in South Asia by five years. Residents in the city gathered at the weekend to demand action against the toxic air. (Reporting and editing by Clarence Fernandez; Arpan Chaturvedi)
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The aftermath of the Iberian wildfires has left villagers struggling
Photo essay: See here Simon Rodriguez, a taxi driver, says that the fire began on his birthday. Four months later he is hauling water jugs out of the car's back. "And here are we, fighting it!" Residents in Spain's northwest Galicia region still have to deal with the aftermath of the wildfires, which ravaged Spain and Portugal last August. Water contamination is now a problem as the autumn rains wash down ash and sediment from deforested hillsides. This clogs waterways and makes drinking water unsafe. We can't take a shower because the water has turned black. I haven't shower in two days. "We have to wait until the rain stops before we shower," Rodriguez, 33 says, while delivering water to residents of the municipality Villamartin de Valdeorras. Residents have been warned since late October not to use water for drinking or cooking. While governments and business leaders gather in Brazil for the annual UN Climate Negotiations, where the focus is on providing funding to adapt to climate changes, communities around the world are suffering from the increasing impacts of global emissions on their homes, livelihoods and health. They call on governments to do more and spend more money to repair the damages. Natural Water Filters - Ash Clogs As the rains of October began in Galicia, the vegetation layer that had become ash started to clog up the sandtraps, locally known as areneros, which decant the rainwater and prevent debris from reaching water level, feeding the reservoir. Enrique Alvarez Barreiro, the Mayor of Villamartin de Valdeorras Council, said that local crews are hiking in three times a day to scoop out heavy sand, but that it is now practically impossible to provide water to residents in a condition acceptable to them. Raul Lopez, an employee for the municipality, said, "We've been here almost a whole month now, working to remove ash mixed with dirt." "We've never seen anything like this in our lifetimes" My grandfather, my father or anyone else can't remember such a catastrophe. Wildfires in the summer are common throughout Spain and Portugal. They are vital to the ecosystem and help regenerate the soil. According to World Weather Attribution, climate change increased the likelihood of hot, windy, and dry weather, which fueled deadly wildfires across Spain and Portugal, by 40 times. Cristina Santin is a northwestern Spanish biologist who studies the effects of fires. She said, "What happened here was crazy." "You wake up one morning and find your region on fire in a way that's completely unprecedented." Home reduced to rubble Susana Fernandez Gonzalez described her return to the family home she grew up in in San Pedro de Cansoles in Castilla y Leon as "as if a (bomb) had been dropped" She said that the civil guards and psychologists escorted her back into the house. "Everything had been shattered." According to Mark Parrington of the Copernicus Atmosphere Monitoring Service, the smoke plume from Iberian fires has severely degraded the local air quality. The impact was felt in parts of France and the UK, as well as Ireland. The Spanish COAG national farmer's association estimated that fires caused damage of at least 600 millions euros ($699.72million) to crops, buildings and livestock. COAG also reported that beekeepers lost 7,000 hives. This loss could increase if there is no vegetation to feed the bees. WILDFIRES RAISES EMISSIONS UP TO REPORT LEVELS The Copernicus Atmosphere Monitoring Service, which has been monitoring global wildfire emissions since 2003, found that the total estimated emissions in Europe and the UK as a result the fires in Spain were the highest ever recorded. Spain struggles to find ways to improve forest management in areas where local populations have shrunk, and the countryside is rewilded without any controls. The Prime Minister Pedro Sanchez acknowledged the need for more effort to prevent wildfires. He pledged to take whatever steps are necessary to make sure that such fires never happen again. Locals are worried about future water shortages as rainwater is now being carried by rivers and streams instead of percolating down into the aquifer. This ash is also carried to the sea. Everyone knows that ash can be a problem along the coasts. Alvarez Barreiro said that the problem is not over for us. The hillsides will not be suitable for livestock to graze in the near future. Alvarez Barreiro plans to use drones to plant seed to protect areneros. The cost will be around 12,000 euros for an area covering approximately 40 hectares. He said: "I don't think we are close to addressing the magnitude of the problem." ($1= 0.8575 euro) ($1= 0.8575 euro) (Reporting and editing by Sharon Singleton; Additional reporting by David Latona; Reporting by Nacho doce, Violeta Santis Moura; Pedro Nunes; Ali Withers)
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Iron ore prices rise as investors digest mixed China news
The iron ore futures price range was narrow on Friday as investors digested mixed signals. Investors were looking at data that showed a surprising increase in demand, but also a still-weak property market in China, the top consumer. The day-trade price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.26% higher, closing at 772.5 Yuan ($108.45). As of 0722 GMT, the benchmark December iron ore price on Singapore Exchange was down 0.33% at $102.45 per ton. The fact that the data was better than expected, with the average daily output of hot metal, which is a measure of ore consumption, increasing by 1.1% over the previous week to a new three-week-high of 2.37 million tonnes in the week ending November 13 showed, according to consultancy Mysteel. Winter is a time when mills reduce their operations and steel consumption slows down. A number of data points to a constantly struggling property market as a major steel user. China's New home prices In October, the rate of decline was the highest in over a year. Leading indicators such as property investment and new building starts showed a continuing trend. You can also decline In addition, the number of new loans from Chinese banks dropped sharply by October compared to the previous month, and fell short of market expectations amid economic uncertainty and tensions between Washington and Beijing. Analysts say that both benchmarks are up around 1% on a weekly basis this week. This is due to the hopes that Beijing will announce new stimulus measures at the Politburo Meeting scheduled for late December in order to boost the Chinese economy. Analysts at Jinrui Futures stated in a report that further price gains will be limited due to a growing supply and seasonal slowing of demand. Coke and other steelmaking materials, such as coking coal, fell by 1.77% and 0.98 percent, respectively. The benchmarks for steel on the Shanghai Futures Exchange are mixed. Hot-rolled coils were little changed. Wire rod was down 1.81%. Stainless steel fell 0.76%.
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Copper falls on China's weak data and US caution
After a four-session run of gains, copper prices fell on Friday as investors awaited delayed U.S. economic data in order to gauge the health and performance of the largest economy. The most traded copper contract at Shanghai Futures Exchange ended the daytime trade down by 0.49% per metric ton. It finished the week up 1.50%. The benchmark three-month Copper on the London Metal Exchange fell 0.45% at $10,906.5 per ton, as of 0733 GMT. This represents a weekly gain of 1.53%. Data from the National Bureau of Statistics revealed that China's industrial production grew by 4.9% on an annual basis in October, and retail sales grew 2.9%. Both were the lowest in over a year. New home prices dropped 0.5% monthly, the most since October 2024. According to data released by the People's Bank of China, new loans from Chinese banks dropped sharply from the previous month in October. This number was also below expectations, which indicates weak private demand in the face of a downturn in the property market. After the federal government reopened, the markets became cautious as they awaited the release of U.S. Economic data. The chances of an interest rate cut by the U.S. Federal Reserve in December have also diminished after a growing group of Fed policymakers expressed reluctance to ease further. On Friday, all base metals traded on the Shanghai and London markets declined. Aluminium, zinc, lead, nickel, and tin all saw declines. (Reporting by Dylan Duan and Lewis Jackson; Editing by Subhranshu Sahu) (Reporting and editing by Subhranshu SAHU; Lewis Jackson, Dylan Duan)
Newspaper reports that the ACC, backed by Stellantis, will scrap plans for Termoli's gigafactory.
The Stellantis-backed ACC Joint Venture is "definitely" giving up plans for a megafactory in eastern Italy. This was reported by the newspaper MF on Friday.
MF said that a decision on the Termoli plant, which ACC had designated as one of three European hubs for electric vehicle batteries, should be made by the end of this year or early in 2026.
Italian newspaper cites sources to report that the project "is not sustainable due to technical, strategic, and financial difficulties".
ACC continues to assess its investment plans in Italy, as well as in Germany. The goal is to make a decision by the end of the year.
Mercedes and TotalEnergies also own shares in the joint venture.
Termoli, a plant that makes Stellantis petrol engines, was originally one of three ACC plants planned in Europe.
One plant has started operating in France, while another is on hold in Germany due to the slow market demand for electric cars.
The spokesman stated that "ACC, while awaiting the completion of its assessment of investment, is focused on driving manufacturing efficiency and competition in its gigafactory at Billy-Berclau in France."
He added that approximately 10,000 vehicles were already equipped with ACC battery one year after the production began.
(source: Reuters)