Latest News
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Wildfire prompts evacuation alert in metro Vancouver
As blazes continued to spread in Western Canada due to the dry and hot weather, a wildfire caused an evacuation warning on Wednesday. Anmore's acting mayor Doug Richardson told residents that he and his small team would do their best to keep them informed. Doug Richardson, acting mayor of Anmore, told residents that "we are a small team but will do our best to update our?residents". Metro Vancouver reported that the fire is nearly contained in the region of 'Belcarra Park,' located near Sugar Mountain Trail. It is estimated to be about 1.5 hectares. At this time, it is not anticipated that the fire will spread beyond the current containment line. Metro Vancouver stated that crews would remain on site throughout the day in order to "extinguish any hotspots" and secure the fire. The Canadian Interagency Forest Fire Centre (CIFFC), which coordinates wildland fire resources from around the world, reported that it has 40 New Zealanders and Australians and 100 Mexicans in BC. A spokesperson stated that around?200 Mexicans will be mobilized within the next few weeks in BC. The BC Wildfire Service said that hot and dry weather is expected to prevail in British Columbia. This will increase the risk of fires. The agency stated that these conditions, combined with light winds, could allow smoke to linger and become more visible in the southern part of the province. Over 4,500 fires have been started in Canada this summer, which is home to some of the densest forest on earth. The fires have burned 3.9 million acres. As of Wednesday, firefighters in BC, Ontario, and other provinces were battling 129 wildfires that had gotten out of control.
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Petrobras reduces refinery usage after months of exceeding capacity
Petrobras, the Brazilian state-run oil firm, has reduced its 'utilization rate' of its refineries to 98% in august after operating at or above their nominal capacity for two months. William Franca (director of Industrial Processes and Products at Petrobras) said that the utilization rate dropped from 101% to almost 100% in July before further reducing this month. "Though?that is still a high-level," he said. Petrobras had 'been running their refineries over capacity to curb the necessity for fuel imports during a period when international prices were high due to the oil-shock related to the U.S. and Israeli war against Iran. The company has been concerned about the price of diesel and liquefied gas. It has also sought to maximize its domestic fuel production. Despite a slight decrease in refinery usage, Petrobras achieved a record in diesel production for the month of July. According to Franca, the total diesel production reached 3.903 bln liters. This is a record, exceeding the previous record of 3.85 bln liters in May.
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Stocks fall ahead of US jobs data on Friday; oil prices rise after Iran news
The?major?stock indexes slid on Thursday, ahead of the Friday U.S. jobs data. Meanwhile,?oil prices rose on the back of recent?developments? in Iran. Iran's semiofficial Fars news agency reported, citing an Iranian lawmaker, that a parliamentary committee was reviewing a draft bill that would prohibit U.S. vessels, Israeli ships, and other "hostiles" from transiting Strait of Hormuz. The draft bill could impose fines up to 20 percent of the value of a ship’s cargo for violating proposed restrictions. U.S. crude climbed 3.39%, to $77.78 per barrel. Brent rose 4.12% to $82.72 per barrel. Oil prices rising are bad for the economy and consumers. "It is better to have the Strait open than not. Will Compernolle is a macro-strategist at FHN. He said that the more this back and forth continues, the greater the impact it will have on inflation expectations. The three major U.S. indexes fell, and a global index was also down. The Dow Jones Industrial Average fell by 374.38 points or 0.69% to 53,974.74. The S&P 500 dropped 15.36 points or 0.20% to 7,708.09, and the Nasdaq Composite lost 8.37 points or 0.03% to 26,355.07. MSCI's global stock index fell 4.46 points or 0.39% to 1,145.08. Media and telecoms stocks drove the pan-European STOXX 600 Index to a new record high of 0.16%. The United States data shows that unemployment claims increased last week while layoffs fell to a 2-year low, indicating a stable labour market. The data on claims has no impact on the Labor Department's July employment report, which is scheduled to be released this Friday. Many economists and traders still expect the U.S. Central Bank to increase interest rates next year unless inflation improves. The yield on the benchmark 10-year U.S. notes increased 5.06 basis points to 4.668% from 4.617% at late Wednesday. U.S. Dollar rose against the Japanese yen due to safe-haven positions. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others)?rose by 0.31%, reaching 99.97. Meanwhile, the euro fell by 0.28%, at $1.1519. The dollar gained 0.44% against the yen to reach 158.43. The yen rose after U.S. & Japanese government intervened on the market Friday.
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US telecoms regulator chief: curbs on Chinese tech imported aim to boost production and counter security risks
Brendan Carr said that the U.S. Federal Communications Commission chair was aiming to boost U.S. manufacturing and address national security concerns by imposing restrictions on the import of Chinese robots. Since December, the FCC (which regulates U.S. telecoms) has prohibited new models of drones, robots, routers and power inverters from being imported. It granted waivers to non Chinese suppliers, while effectively shutting Chinese manufacturers out. Carr added, "We do not want to find ourselves in a position five years from now, where there are thousands, if not millions, of these devices that pose a threat to national security." Last month, the FCC?banned imports from China of new quadruped and humanoid robots as well as connected power inverters that allow renewable energy sources to be connected to grids and equipment for data centers. Chinese retaliation was launched earlier this week. The FCC is drafting a new ban on U.S. Imports of Chinese Data Center Components, also known as optical Transceivers. This is to protect the infrastructure that supports the AI boom. Carr deferred questions about the report to other agencies. The executive branch and national security agencies make the decision. They make the decision. Then we implement their?decision. He said:?I'd ask them to comment on any future plans they might have. Democratic FCC commissioner Anna Gomez welcomed Carr's actions aimed at national security, but criticised the process. She said that many American companies and leaders in the tech industry are concerned with the chaotic, haphazard manner, by which the FCC has implemented its "basically profound" changes to the FCC's technology policy. "If we want to avoid the appearance of favoring certain actors from others, we need transparency....Otherwise, this actually looks like is just industrial policy," she added. (Reporting and writing by David Shepardson, Alexandra Alper, and David Shepardson. Editing and proofreading by Mark Porter and Sanjeev miglani).
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Carney defends workers when pressed about Trump's "nasty" Canada comment
Mark Carney, the Prime Minister of Canada, was asked about Donald Trump's comments that "Canada is a nasty country" on Thursday. Carney responded by saying Ottawa stood up for local workers and businesses. Carney told reporters in Saguenay in Quebec that Canadian negotiators were in Washington having a detailed discussion with their U.S. counterparts on a review of the U.S. Mexico-Canada trade agreement. Trump claimed in a speech on Wednesday,?in Las Vegas, that "Canada is nasty," referring to the "nasty leaders" of Canada. Trump is still far from Ottawa and has threatened to increase tariffs on Canadian imports if Ottawa does not make concessions. Carney is clear that he wants a comprehensive deal and not just a partial one. "Yes, this is a difficult negotiation." Carney responded to a question about Trump's remarks by saying that you can use the word 'nasty.' But for Canada, the issue is the future of Canadian businesses and jobs. Since Trump returned to the White House last year and imposed a slew of tariffs and demanded that Canada become the 51st state in the U.S., relations between Canada and the U.S. are strained. Reporting by David Ljunggren, Editing by Maria Cheng & Andrea Ricci
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Orlen's core profit in the second quarter of Poland exceeded estimates, as margins downstream widened.
Orlen, Poland's largest energy group, posted an adjusted core profit for the second quarter that exceeded analyst expectations on Friday. The company's downstream business was boosted by higher refining margins and petrochemicals. The company's core profits adjusted for?changes of value in its oil inventories, and impairments or?EBITDA LIFO was 13.9 billion Zlotys ($3.7billion) in the third quarter. This is?above what analysts expected in a company compiled consensus. The company reported that refining margins increased as the Middle East conflict drove prices of?refined fuels like jet fuel and diesel up faster than crude oil costs. Orlen's retail business was partially offset by these gains. A government cap on pump prices, which began on March 31, weighed on the margins until it was phased out on June. The energy segment's core -profit for the second quarter rose by 36% to 3.45 billion zlotys. This was due to higher volumes of electricity and gas distribution, hedging and lower coal and fuel prices. The net profit of the state-controlled firm for the second quarter increased?fivefold from 1.43 billion zlotys a year ago. ($1 = 3.7300 zlotys)
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Houthi attacks kill 30 Yemeni troops
Government sources reported that at least 30 Yemeni troops died in attacks on military camps on Thursday in Yemen's Hadramout and Marib provinces. They added that the death toll 'could?rise. Later, the Iran-aligned Houthis?claimed? responsibility for drone and missile strikes against what they called Saudi military deployments within two provinces. Houthis claimed to have struck Saudi troops in Al Ruwayk and Al Abr areas with drones and ballistic missiles. The group claimed that hundreds of Saudi-aligned militants were killed or wounded and that military camps and weapons depots, as well as vehicles, were destroyed. Could not immediately verify the Houthi Account. The Houthis claimed they began the operation when they detected what they called a large Saudi buildup in anticipation of a military escalation towards?areas they control. Yemen's health minister has ordered that medical facilities in Marib, Hadramout and Hadramout be more prepared to treat soldiers who are injured. He said that the attacks targeted military positions located in Al Ruwayk, Al Abr and the surrounding areas. The U.S. Mission in Yemen sent condolences and expressed its regret to the families of Yemeni soldiers killed at Marib and Hadramout. It said that the attacks were "yet again" an example of the "terrorism" perpetrated by the Houthi against the Yemeni people. Since last month, the Houthis have declared an international naval blockade against Saudi Arabia in the Red Sea in response to their accusation that Saudi Arabia is waging a siege in Yemen. Riyadh denies this allegation. Saudi Arabia has been leading a coalition of armed forces in Yemen to support the internationally recognized government since 2015. This was after the Houthis had seized the capital Sanaa, in 2014. The conflict in Yemen has devastated the country and caused a severe humanitarian and economic crisis.
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Ariana Resources targets gold production of 2028 from rare Zimbabwe greenfield mining
Kerim Sener, Managing Director of Ariana Resources (a London-listed company), said that the company expects to begin producing gold in Zimbabwe from its "greenfield" project by 2028. Ariana Resources' Dokwe Project, located about 110 kilometres north-west from Bulawayo (Zimbabwe’s second largest city), is a 'large-scale greenfield' project. South Africa has a rich history of gold mining, but it has been unable to attract substantial investment after international mining companies such as Rio Tinto, Delta Gold, and Kinross left the country more than 20 years ago due to a political crisis and economic crisis. A few mid-tier miners and many small-scale operators have helped Zimbabwe increase its annual gold production from 3 tons in 2008 to 46,7 metric tons by 2025. This was mainly achieved by revitalizing and expanding older mines. Among the top mining companies in the country are the Caledonia Mining Corporation, a foreign listed company; Namib Minerals; the state-backed Mutapa Gold Resources; and a unit of Padenga. According to a prefeasibility report, Ariana expects the open pit mine to produce 100,000 ounces annually over a project life of 20 years. The definitive feasibility study should be completed by the first quarter of 2027. Sener? told. Ariana is attracted to the greenfield deposit of Dokwe, he says, "bucking the established trend" of buying brownfield assets. Sener stated that "Dokwe presented an opportunity to take on what is currently the largest undeveloped deposit of gold in Zimbabwe." The other thing is the metallurgy. He added that it appears to be a fairly simple process, as a significant portion of the gold can be recovered by gravity. Sener stated that there was a 'continuing shift' in foreign investor sentiment toward Zimbabwe under President Emmerson Mnangagwa. He took over the long-time leadership of Robert Mugabe following a coup in 2017.
Crude oil rises as Iran's Hormuz plan lifts gold
Gold reversed its course on Thursday, falling as the rise in oil prices following reports that Iran would review restrictions on vessels transiting through the Strait of Hormuz which were deemed "hostile", reignited inflation concerns and raised expectations of rate hikes.
By 12:40 pm EDT (1640 GMT), spot gold had fallen 0.3% to $4,233.64 an ounce. Earlier in the session, prices had reached their highest level since June 18. The yellow metal gained over 4% in one day, its largest gain since February.
U.S. gold futures dropped 0.3% to $4.291.30.
A semi-official Iranian news agency, Fars, reported that an Iranian parliamentary committee was reviewing a preliminary bill which would ban U.S. vessels, Israeli ships and other "hostiles" from transiting through the Strait of Hormuz.
Jim Wyckoff is a market analyst for American Gold Exchange. He said that the draft Iranian bill "probably has an impact because of increased inflation?if crude prices are going back up."
Brent crude futures are up more than 4%.
As manufacturers pass on costs to consumers, higher energy prices can lead to inflation. This encourages central banks to maintain a high-for-a-longer policy to combat the price pressures.
Bob Haberkorn is a senior market analyst at StoneX. He said that the Federal Reserve's outlook for gold will continue to be the primary driver of the price of gold, and the U.S. employment data on Friday will have an impact on what the central banks says about interest rates.
Haberkorn stated that "a lot of money which was 'on the sidelines' started coming back to gold yesterday after some technical levels were breached."
According to the CME FedWatch Tool, traders are pricing in a?57% probability of a rate increase at the central banks?September meeting and an 80% chance of one in December.
Gold becomes less appealing to investors when interest rates rise.
Silver fell 1.5%, to $61.13 an ounce.
Palladium increased 0.6%, to $1371.00, while platinum fell by 0.7%. (Reporting by Sukanya Mitra, Swati Verma and Anjana Anil in Bengaluru; Editing by Leroy Leo and Joyjeet Das)
(source: Reuters)