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Sources say that Codelco has reshuffled its mine leadership.
Sources at the Chilean copper?miner Codelco confirmed on Friday that a new executive had been appointed to oversee its troubled El Teniente Mine, while also replacing two other mine heads. The changes are being made as the new Chief Executive Jorge Gomez reviews the operations of Codelco following an investigation into irregularities found in production numbers reported for 2025. Two?sources claim that Codelco's current head of mineral resource, development and innovation Julio Diaz will be transferred to El Teniente - the company's flagship mine. According to two sources, Mario Quinonez will replace Diaz, who worked with Gomez in the Collahuasi Mine. Diaz's appointment would give Codelco a senior executive to oversee El Teniente after a fatal accident that killed six workers in July 2025 and disrupted construction projects. Codelco announced in February that it would undergo a "radical reorganization" at El Teniente following an internal audit which found serious breaches of duties?related to a accident in 2023 and flaws with reporting to the mining regulatory. Codelco is also replacing the general managers at Ministro Hales and Chuquicamata mines, according to?sources?. Sources say that Lindor Quiroga - currently the interim head of operations - is expected to take charge of the northern?operations for the company, including Chuquicamata and Ministro Hales, as well as?Radomiro Tomic. Sources said that Francisco Carvajal would lead the southern operations of the company. Codelco is also evaluating how to reprioritize its projects, as delays in?key development weighs on the output and prevents the company from reaching its original production goals in the next years. (Reporting and editing by Daina Beth Solon)
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US SEC will not interfere with shareholder proposals, worry activists
Investor activists are worried about the loss of influence after the top U.S. financial regulatory agency made its decision permanent to "cease judging" whether companies can exclude shareholder resolutions at annual meetings. The Securities and Exchange Commission of the United States announced a change that extends the freeze put in place by the Securities and Exchange Commission last November to decide whether or not to approve corporate requests for voting to be skipped on shareholder proposals. These letters were referred to as "no action" letters, because they responded to corporate requests that the agency not take any action if executives refused votes on proposals which often dealt with hot-button topics like carbon emissions and?workforce diversification. Executives claimed that such measures could micromanage or focus on ordinary business not worthy of attention by investors. In a website statement, the SEC said that the latest'move' will allow the Division of Corporation Finance to focus its resources on a more comprehensive review of filings. The SEC said that it had created a "extensive set of guidelines" on whether shareholder proposals should be excluded or not. Nobody is happy with the change. It hasn't had much of an impact yet. Freshfields, a law firm, found that 66% of all known proposals had been placed on proxy votes as of 15 June. This compares to 59% of the previous year. Few people are happy with the current status quo. Paul Atkins, the SEC chairman, called CEOs in July "lackadaisical", for not using tools such as this new policy. Investor activists claim they have to sue to get votes on certain items. "Instead, investors will have to consider other options when a company unilaterally excludes a resolution that has inadequate arguments," Tim Smith, senior advisor for the Interfaith Center on Corporate Responsibility, which includes resolution filers, said. Marc Lindsay, managing director of corporate governance for consulting firm Jasper Street Partners said that while the change on Friday was expected, it increases the risk of litigation for companies who exclude?proposals. He said that five of six lawsuits brought over exclusions resulted in favorable outcomes for the proponents. Lindsay stated that "while litigation is not common, the distractions and costs it can cause are a real concern to companies who consider exclusions. And?it could be worse by 2027." Subscribe to our newsletter to stay informed about environmental, social, and corporate governance issues.
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US-Iran claim that the control of Hormuz is a major factor in oil prices after tanker attacks
Crude oil prices rose on Friday, mainly due to renewed attacks against tankers and a verbal war between the Trump administration and Iran's leaders. Brent futures rose 80 cents or 0.92% to $87.87 per barrel at 10:48 am CT (1548 GMT), whereas U.S. West Texas intermediate crude futures increased 43 cents or 0.53% to $81.69 per barrel. Brent and WTI are on track to gain 5.09% a week and 4.37% a week, respectively. Bjarne Shieldrop is the chief commodities analyst for SEB Research. He said that higher oil prices are a result of U.S. policy towards Iran. This latest approach 'implies little hope for a resolution in the near future,' he added. The U.S. announced on Thursday that it could maintain a blockade against Iran indefinitely, and put more economic pressure on Tehran as a result of the stalled ceasefire negotiations. "Watch this space because more announcements are coming next week," said Scott Bessent, Treasury Secretary on Newsmax's program "Rob Schmitt Tonight." Schieldrop stated that "a return to normal flow out of the Strait?of Hormuz" is no longer a near-term hope. TRAFFIC SLOWS DOWN THROUGH STRAIT. As the U.S. claimed control over the strait and Iran claimed the opposite, the shipping traffic in the channel dropped below the average for the month. The strait was responsible for about a fifth of the world's oil and liquefied gas before U.S./Israeli attacks began on Iran in late February. The state-owned Abu Dhabi National Oil Company's two vessels were attacked Thursday while they transited the strait, according to the United Arab Emirates' WAM state news agency. Phil Flynn is a senior analyst at Price Futures Group. He said, "That headline is what pushed prices up: Tankers were attacked." Three sources said that the?drone attack on the Sheskharis terminal in the Black Sea port Novorossiysk caused the suspension of crude oil exports. This was a major disruption at one of Russia's main export outlets. Flynn also said that the Ukrainian attack against?the Port of Novorossiysk boosted prices. OPEC forecasts indicated a weaker growth in demand, and U.S. crude inventory posted its largest weekly rise in over 3-1/2 years. The IEA's and?EIA's reports this week were very revealing. Norbert Rucker is the head of economics at Julius Baer. He said that storage has held up "much better" than expected, and this should help to lower oil prices. Reporting by Erwin Seba, Mohi Nrayan, and Helen Clark, in Houston; Editing by Mark Potter. Barbara Lewis, Paul Simao. Rod Nickel.
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Since 2021, the scarcity of copper and pre-expiry drives has increased.
Investors covering bearish positions drove 'prompt copper price into the most extreme reversal?since 2021, on Friday. This was ahead of a benchmark contracts expiration next week. Backwardation, a market structure in which?prices? for prompt delivery are higher that those further ahead, highlights a severe shortage of inventories. The cash LME copper contract premium is the difference between the forward three-month price and the cash LME copper contracts. The price of a metric tonne has risen to $434, from $45 just two weeks earlier. This is the highest since October 2021 when it was at more than $1100. Alastair Munro is a senior base-metals strategist with broker Marex. He said: "The curves for copper are tight, and trade shorts have no choice but to buy outright or roll over their positions." Investors who are short or bearish can buy back positions or roll them over before next Wednesday expiry. But physical metal is scarce. Stocks outside of the U.S. Since months, traders have been positioning for the threat of U.S. Tariffs. The situation has also been exacerbated by a breakdown at Freeport Indonesia’s Gresik smelter which processes copper from the Grasberg Mine. LME copper stock Since late May, the total weight of these products has decreased by almost 50% to 204 975 tons. LME's available copper stocks (those that are not earmarked for disposal) have fallen even further to 94,875 tonnes, which is slightly more than a day's global consumption. The LME has established procedures for managing low-stock situations, such as those currently seen on the copper market. COMEX stocks of copper are a large part of the exchange inventories in the United States The number of short tons has risen by 47%, reaching a record high of 733,653 (665,558?metric tons). The tightness in the market was only reflected by a 0.1% increase on Friday for the benchmark three-month contracts, as traders expected it to be a short-term issue before next week's expiration. (Reporting and editing by Barbara Lewis, Tom Daly, Polina Devitt)
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Fuel subsidies announced for the transport sector in Peru amid protests against rising prices
Keiko Fujimori, the Peruvian President, said that the government would 'implement short-term fuel subsidies for drivers working in the cargo and passenger transport sector. This is to help offset the cost increases which have sparked protests across the country. Fujimori stated that the subsidies would begin Saturday and last for three months. The levels will vary between 15% to 20%, depending on price fluctuations. Fujimori, in a joint press conference with Economy Minister Elmer Cuba, said: "This is a direct support, particularly to those who most need it." This is a temporary measure to offset the dramatic increase in fuel costs. This comes after protesters and transport workers blocked roads in Pucallpa and set tires ablaze on Wednesday, in response to the steep rise in fuel prices. Local groups have also gone on strike in the eastern region Ucayali to demand government action to'mitigate higher prices which?they claim are squeezing businesses and households far from Lima. (Reporting and editing by Kylie Madry; Marianna Hernandez and Marco Aquino)
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Britain may ease 2030 zero-emission car targets
Britain announced a number of options on Friday that could help ease pressure on automakers to switch new sales over to zero-emission cars. The review was launched of the 'existing targets' which gradually phase out new petrol and diesel vehicles. Introduced in 2024, the mandate requires automakers to increase their sales of zero-emission cars. EVs will account for 33% in 2026, 80% by 2030, and 100% in 2035. The policy is intended to speed up the transition of the industry to electric vehicles. Manufacturers who fail to meet the targets will be fined. The carmakers have argued that the supply-chain disruptions, and lack of consumer demand, make it difficult to meet these requirements. On Friday, the government launched a consultation to gather industry views on four different paths for achieving the targets. Three of the four options would keep the 2035 target but reduce the 2030 goal to as little as 50%. The fourth option would be to 'keep the current path, but introduce new flexibility for manufacturers in order to comply. In the context of complex and challenging global economic conditions including supply chain disruption, tariff and trade uncertainties, the UK is reviewing its targets to ensure that they are pro-business and grounded on the real world, according to a statement from the Department for Transport. The Society of Motor Manufacturers and Traders (SMMT) has argued previously for an urgent revision of the entire mandate. They said that higher energy 'prices, inadequate charging infrastructure and low consumer confidence held back a?demand despite manufacturers providing?substantial discounts? on EVs. Last year, the Labour government, who inherited the ZEV policies from the Conservative Party after it came to power in 2024 introduced a series of 'technical changes' that made it easier on manufacturers to reach the targets. New AutoMotive published data earlier this month showing that battery EVs made up 27.4% new car registrations. This showed that sales exceeded the required level for compliance when existing flexibility within the mandate was taken into consideration.
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Yonhap reports that SK Group Chairman Chey has appealed the divorce settlement decision.
SK Group Chairman, Chey 'Tae-won, has appealed a South Korean court ruling? ordering him to?pay 944 billion won ($668.52 mln) in a divorce settlement record, according to the Yonhap News Agency, citing his attorneys. The Seoul High Court ruled late in July that Chey'should' make the cash payment in order to divide marital assets while retaining his shares of SK Inc., the holding firm of South Korea’s second largest conglomerate. The Supreme Court ruled that the alleged 'funds' from Roh Taewoo, the former president of South Korea, were not protected contributions by law. Chey’s appeal could prolong a closely-watched case, which has brought investor attention to Chey’s control over SK Group. This case is attracting attention due to the AI boom that has increased the value SK Group's semiconductor assets - and, therefore, Chey Holding Company's stake. SK Hynix is a'major supplier' of high-bandwidth memories (HBMs) used in AI processors. It has been one of the biggest beneficiaries?of the global demand for AI infrastructure. The chipmaker listed American depositary shares in Nasdaq on July. This broadened its access to global investors following a surge? in its market value that was linked? to the AI rally. ($1 = 1,412.0800 won) (Reporting and Editing by Alison Williams and Aidan Lewis; Additional Reporting from Hyunsu YIM in Barcelona)
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Rolls-Royce and Reliance will develop a combat engine for fighter aircraft
Reliance Industries announced a partnership with Britain's Rolls-Royce on Friday to develop and produce an engine for India’s fighter jet programme. The?country is aiming to build its most advanced stealth combat aircraft. The Advanced Medium Combat Aircraft prototype is expected to be ready in 2028. It will play an important role in India's air combat strategy. India approved last year a framework to build its most advanced stealth jet fighter and invited interest by defence firms weeks after a conflict with Pakistan, a nuclear-armed neighbor. The country has also approved the model of the Advanced Medium Combat Aircraft (AMCA), a programme that will allow domestic companies to take part in the development of the twin-engine stealth aircraft. In the proposed partnership announced Friday, Reliance will work with Rolls-Royce to form a dedicated gas turbine complex for aerospace in India. The engine would be jointly developed. Anant Ambani, Reliance's Executive Director, said that the company and Rolls-Royce were working together to create an "indigenous aero-engine ecosystem" in India. The announcement could position the British aero-engine manufacturer against France's Safran. Safran has proposed separately a joint venture with India's GTRE, a state-run company. This would develop a more powerful engine for future versions of the AMCA. General Electric has had supply chain problems that have caused delays in the delivery of engines to Hindustan Aeronautics, which manufactures the Tejas fighter aircraft. Rolls-Royce has supplied engines to a range of civil and defence aerospace applications.
IMF cuts 2026 global growth to 3%; sees rebound in 2020
The International Monetary Fund lowered its global growth forecast for 2026 again on Wednesday, to 3.0%. It warned of the ongoing risks caused by the Middle East war, trade fragmentation, and possible corrections in the market expectations regarding AI.
Global lender said the war had prevented a more severe downturn in the global economy, and that the demand-driven growth in the tech industry helped?to _offset the drop in energy supply caused by the war. Growth is expected to rebound in 2027 at 3.4%, which is below the 3.5% average seen in 2024-2025.
The IMF increased its headline inflation forecast for 2026 by 0.3 percentage point to 4.7%, from April. However, it said that the rate should fall to 3.9% in 2019. The IMF said that energy prices are 25% higher than they were before the February 28 war started and will remain so. According to the new forecast, the Strait of Hormuz is expected to begin reopening in mid-July and reach prewar conditions by march 2027.
The IMF stated that the global economy has fared better than expected in the wake of the conflict. It also noted that the outlook for countries with a strong technology integration and energy exporters was more positive. However, commodity importers who are less well-positioned to reap the benefits from AI development saw their growth projections lowered.
Global trade growth is expected to drop sharply from 5% to 3.5% by 2026, following a year of heavy front-loading in anticipation of U.S. Tariffs. It will then rebound to 4.3% in 2027. Deniz Igan of IMF Research Department’s World Economic Studies division said that the global economy proved more resilient in April than expected, despite the effects of war and the closing of the Strait of Hormuz. Prices were up, confidence was low, but the release of strategic reserves and commercial inventory, along with increasing energy efficiency, helped offset supply shortages. Private sector also quickly adapted, finding alternate routes and supplies. She said, "So far, things are going well, but it doesn't remove the risks that exist, especially with the war." The collapse of the deal and renewed fighting would pose major risks because countries are largely out of reserves and have little room for maneuver. After three oil tankers were struck in the Strait of Hormuz by the U.S. military, the U.S. military launched a new round of strikes on Iran and revoked the license that allowed the country to export its oil. This put pressure on the fragile ceasefire.
Igan added that the simultaneous efforts of many countries to rebuild oil reserves may also cause a spike in prices.
She said that if there was a perception of a longer period, both the incentive to use reserves and the space to do so would shrink quickly. Igan stated that inflation and inflation expectations are rising, but mainly in the short term. There is little evidence to suggest that they will change in the medium-term. SCENARIOS HAVE CHANGED The IMF’s updated World Economic Outlook has dropped the three scenarios that it released in April before the United States reached a ceasefire agreement with Iran, and reverted to a more traditional baseline forecast. The April reference forecast assumed a shorter conflict.
The IMF raised its forecast for 2027 by 0.1 percent points to 2.2%, compared with the April forecast.
The forecast was lowered from 1.1% to 0.9% in April and the 2027 forecast remained unchanged at 1.2%.
The growth forecast for Japan in 2026 was lowered by 0.1 percentage points to 0.6%. In 2027, the forecast was raised by the equivalent amount to 0.7%.
The forecast for 2027 was also raised by 0.3 percentage points, to 4.5%.
China's growth is now expected to reach 4,6% in 2026. This is up from April's forecast of 4.4%. In?2027, growth will reach 4,1%, which was up from April's 4%. India, which is one of the fastest-growing economies in the world, was also downgraded to 6.4% from 6.5% for 2026, while the IMF raised its forecast for 2027 to 6.7%.
The IMF raised its forecast for 2027 by 1.9 percentage point to 6.5%. (Reporting and editing by Christian Schmollinger; Andrea Shalal)
(source: Reuters)