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Reports of CATL restarting a China mine have dragged lithium miners around the world
Shares in lithium mining companies around the globe fell after a report by China's state-run media said that Contemporary Amperex Technology, or CATL, is likely to resume production soon at a mine of lithium in Yichun in Jiangxi Province in south China. The prices of futures for lithium carbonate in China dropped more than 7% to a more than month-low on Wednesday. The potential reopening of the massive mine adds a fresh blow for the sector, which has been struggling with a glut following weaker-than-anticipated growth in demand for electric vehicles. Securities Times' report about the restart of production at CATL’s lithium mine was released during premarket trade in the U.S. Tuesday. This sent U.S. listed shares of lithium mining companies lower due to easing supply worries. On Tuesday, shares of Albemarle Corp., the world's biggest producer of lithium-ion batteries, and U.S. listed Sigma Lithium Corp. ended lower by 11.5% and 6.9%, respectively. In Sydney, Pilbara Minerals lost as much 16.7% - the highest among Australia's listed lithium miners - while IGO and Liontown Resources both shed as much 12.7% and 15%, respectively. As of 0126 GMT, the lithium miners also weighed heavily on the S&P/ASX 200 index benchmark, which was mostly flat. Shares of Tianqi and Ganfeng, both listed in China, opened at a loss of about 5%. CATL suspended operations at Jianxiawo Lithium Mine following the expiration of a license on August 9. This led to an increase in the prices of lithium futures and lithium mining companies' shares. (Reporting and editing by Sumana Aich and Rashmi Nandy in Bengaluru)
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Elliott reports that it has taken a stake in Japan's Kansai electric
The Financial Times reported on Wednesday that activist investor Elliott Management is now one of the three largest shareholders in Kansai Electric Power, with a stake between 4% and 5 %, according to people familiar with the situation. Kansai's shares rose 6% after the report. According to the report, Elliott has urged Kansai, a major nuclear operator, to increase dividends, and buy back shares, by selling non-core assets worth 150 billion yen per year. The FT reported that Elliott had identified non-core assets worth over 2 trillion yen. These include a stake in a building firm and property worth more than 1 billion yen. Kansai Electronic declined to comment about individual shareholders, but stated "we remain committed" to maintaining careful communications with our shareholders. Elliott did not respond immediately to a comment request. The Tokyo Stock Exchange and regulators are putting pressure on Japanese companies to increase shareholder value and returns, which is driving interest from foreign investors in the market. Elliott has expanded its investment activities in Japan, targeting companies such as Tokyo Gas and Dai Nippon Printing. Kansai Electric, Japan's largest nuclear power company by the number of reactors it operates, is planning to build a reactor in Fukui Prefecture in western Japan. ($1 = 147.4700 Japanese yen) Reporting by Rishabh Jaisewal in Bengaluru, Anton Bridge and Yuka Obaashi in Tokyo and editing by Himani Sarkar
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Oil prices increase after Israeli attack on Qatar and Trump's Russia tariff push
The oil prices rose Wednesday, after Israel attacked Hamas leaders in Qatar and U.S. president Donald Trump requested Europe to impose tariffs against buyers of Russian crude. However, a weak outlook for the market capped gains. Brent crude futures rose by 35 cents or 0.53% to $66.74 per barrel at 0033 GMT. U.S. West Texas Intermediate Crude futures also gained 36 cents or 0.57% to $62.99 per barrel. Prices settled at 0.6% higher in the previous session, after Israel claimed it had attacked Hamas leaders in Doha. Qatar's Prime Minister said that this attack threatened to derail talks between Hamas & Israel. Oil prices were seen to be relatively low due to the overall weakness of the market. Both benchmarks rose by almost 2% after the attack but then fell after the U.S. assured Doha that such an event would never happen again. The modest reaction of crude oil prices in response to the news, coupled with skepticism about President Trump's claims that sanctions could be increased against Russian oil, leaves crude oil vulnerable for lower prices," IG analyst Tony Sycamore wrote in a report. Sources claim that Trump has asked the European Union (EU) to impose tariffs of 100% on China and India in order to exert pressure on Russian President Vladimir Putin. China and India have been major purchasers of Russian oil since Russia invaded Ukraine in 2022. This has allowed Russia to maintain its finances despite the heavy sanctions imposed by the U.S. "The expansion to secondary tariffs for other major buyers, such as China, could disrupt Russian crude oil exports and tighten the global supply. This would be a bullish sign for oil prices," LSEG analyst wrote. "However there is uncertainty over how far the Administration will go as aggressive action may conflict with efforts to control inflation and influence Federal Reserve to lower interest rates." The Federal Reserve is expected to lower interest rates at its meeting next Monday, which will boost the economy and increase demand for oil. But fundamentals remain weak. U.S. Energy Information Administration warned that global crude prices would be significantly impacted in the months to come due to rising inventories, as OPEC+ increased output. (Reporting and editing by Stephen Coates; Colleen howe)
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Campaign group says hybrid cars do not meet EU CO2 target.
A report released by the transport research and campaigning group T&E on Wednesday said that hybrid cars emit far more carbon than their official ratings suggest. They should not be considered low-emissions vehicles in order to meet European Union goals. European auto executives will air their complaints regarding EU CO2 emission targets during a Friday meeting with European Commission president Ursula von der Leyen to discuss the future of the EU industry. In a letter sent two weeks ago, two of the main EU automobile associations stated that plug-in electric cars would play an important role in the future and asked Brussels to not tighten regulations on them. T&E stated that data from the European Environmental Agency revealed real-world CO2 emissions of more than 130 grams per kilometre. This is equivalent to a midsize petrol car, and almost five times higher than the official values. William Todts, T&E's executive director, said that plug-in hybrids were marketed as "low-emission" vehicles. However, when compared to petrol-powered cars, the performance is very similar. T&E stated that the main reason for the discrepancy in ratings between the real world and the official ones was due to an overly positive assessment of the percentage of vehicles operated solely by electricity, also known as the utility factors. T&E stated that the gap between official and real emissions will narrow in 2025/2026, 2027/2028. However, real emissions will still be 18% higher than official figures. T&E stated that the changes would persuade the automakers to increase battery range in hybrids, making them more electric. According to the EU automaker association ACEA, in 2024, new electric vehicle sales in Europe will drop to 13.6%, but plug-in hybrids and other hybrids will make up 38% of all vehicles sold. Reporting by Philip Blenkinsop
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Iran and UN nuclear watchdog come to an agreement on cooperation
Iran and UN nuclear watchdog IAEA reached an agreement about the resumed cooperation, Iranian Foreign Ministry Abbas Araqchi stated in a Tuesday statement. He warned that the implementation of UN sanctions against Iran would mean the termination of the "practical measures" detailed in the deal. Since the United States and Israel bombarded Iran's nuclear facilities in June, the International Atomic Energy Agency (IAEA) has been denied access to its key nuclear installations. Iran adopted a law following the attacks that suspended cooperation with IAEA, and said any inspections would have to be approved by the Supreme National Security Council. "I conducted the final round to reach an agreement on how to implement Iran’s safeguards obligations, in light of illegal actions taken against Iran’s nuclear facilities. We were successful in achieving this." In a statement released by the state media, Araqchi stated: In a Tuesday post on X, U.N. Nuclear Watchdog Chief Rafael Grossi called the agreement "an important step towards the right direction". Grossi wrote in his blog: "In Cairo, we agreed with Iran's foreign minister... on practical modalities for resuming inspection activities in Iran". The Iranian Foreign Minister said that the agreement signed on Tuesday in Cairo fully complies to the law passed by Iran’s parliament following the US and Israeli attack. Araqchi stated that the agreement creates a practical method of cooperation which reflects Iran's "exceptional circumstances in security" as well as the technical requirements of the agency. The talks take place in the context of Europe's three top powers initiating a 30-day process to reimpose sanctions against Iran on August 28. The restrictions were lifted as part of a 2015 deal between Iran, major powers and the United States. However, it unraveled after President Donald Trump withdrew the United States from that agreement in 2018. The E3 (France, Britain, and Germany) have stated that they will reimpose sanctions in the "snapback process" unless the IAEA resumes full inspections of Iran and Tehran accounts for the large stock of near weapons-grade uranium, and resumes talks with the United States. "I want to emphasize that if Iran is attacked, and the UN Security Council Resolutions are reinstated, Iran will regard these steps as complete. ", Araqchi said. (Reporting and editing by Elwely Elwelly, Francois Murphy and Chris Reese; Alistair Bell and Chris Reese)
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MAHA Report on US Children's Health Targets Food and Drug Marketing
In its second report, released on Tuesday, the Commission "Make America Health Again" said that it will tackle what is perceived as an epidemic among American children. It has called for changes, such as full-fat dairy in cafeterias, and to limit marketing of drugs and food. The commission was established by Donald Trump via an executive order, and is led by Robert F. Kennedy Jr. a longtime anti-vaccine activist. It builds on the findings of a commission report from May. This report linked the rising rates of childhood diabetes, obesity, autism and ADHD to processed foods, overprescriptions of medications, and vaccinations. The report also alarms food industry groups by pointing out pesticides such as glyphosate - a key ingredient in weedkillers that has been the subject of thousands lawsuits - as a possible health risk. Sources first received drafts of the latest strategy document in early August. It calls for changes to school meals, including full-fat dairy products, and suggests investigating vaccines and prescription drug safety. The report does not recommend any changes to the U.S. approval or regulatory process for agrochemicals, which is a major demand from some MAHA activists. The report states that the Environmental Protection Agency (EPA) will instead work to increase public confidence in their pesticide review processes and reform their agrochemical approval processes to ensure "timely availability" of these chemicals to farmers. Last month, health advocates and other experts stated that the draft recommendations lack scientific basis and do not address the true causes of poor child health. The report calls on increased federal oversight and enforcement for direct-to consumer prescription drug advertising. It places a particular focus on violations that involve children, social media and telehealth. In order to combat misleading marketing, the report proposes to explore new guidelines that limit direct advertising to children of unhealthy food. The Department of Health and Human Services and Department of Agriculture should work together with restaurants to raise awareness and educate children about healthy foods that are age-appropriate. Peter Lurie of the Center for Science in the Public Interest told the media ahead of the publication of the report that "the topics (Kennedy), wishes to focus on are not the main causes of chronic diseases and many are missing (tobacco reduction, alcohol reduction, sodium reduction, sugar reduction)." The contents of the previous report had also been criticized by industry groups. After the release of the MAHA Commission's first report, more than 250 groups representing farmers and ranchers as well as agrochemical firms called for greater participation in the activities of the Commission. In response, the White House held meetings with farm and food groups during the summer. Kennedy stated during a Senate Hearing last week that HHS met with 140 agricultural interests in the last three months. He said, "We consult every stakeholder within the farming community on everything we do." Focus on Nutrition, Not Regulation The report suggests that some meat-processing plants and farms should loosen their water discharge standards and other pollution standards. The report includes a number of policy recommendations, including the creation of a National Institutes of Health Chronic Disease Task Force and a government-defined definition of "ultraprocessed foods." It also proposes restrictions on artificial food dyes that, according to a May report, were potentially associated with autism. However, this was not backed up by any evidence. Kennedy has in the past promoted debunked claims that vaccines cause autism. This area is a controversial one. The report recommended that the EPA work with Agriculture Department in order to promote precision pesticide applications with the goal of reducing the overall use of pesticides. However, it did not recommend any regulatory action. In the report, it was recommended that the EPA, USDA and NIH collaborate to develop a framework for studying cumulative chemical exposures. This includes pesticides. The report recommends using advanced methods that use human-relevant models in research. Pesticides have exposed a growing divide between MAHA activists, and Republican politicians who are closely linked to the agriculture industry. In August, hundreds sent a protest letter to the White House against a proposal by Congress that would shield manufacturers of pesticides and "forever chemicals" from lawsuits. Reporting by Ahmed Aboulenein in Washington and Leah Douglas, Renee Hickman and Waylon Cunningham from Chicago and New York. Editing by Caroline Humer & Bill Berkrot.
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Bolsonaro is called the leader of a coup attempt by Brazilian Supreme Court Justice
Brazilian As he cast his first vote in the last phase of Jair Bolsonaro's trial, Supreme Court Justice Alexandre de Moraes labelled the former president as the leader of a group of criminals that attempted to overturn 2022 elections. Bolsonaro will be sentenced within a few days for orchestrating a coup attempt to stay in power following his defeat by Luiz Inacio Lula Da Silva, formerly the leftist president, after he lost the 2022 presidential election. The charges are the result of a massive investigation which has revealed alleged plots. These include plans to assassinate Moraes who presided over the 2022 elections, and is now in charge of the coup trials. Bolsonaro is accused of being a member of an armed criminal group, trying to violently eliminate democracy, organizing a military coup, damaging government property, and protecting cultural assets. His lawyers maintain his innocence in all cases. Bolsonaro is accused of inciting riots when he allegedly incited thousands of his supporters to storm and destroy the Congress, the presidential palace and the Supreme Court of Brasilia in the capital of the country in January 2023. Moraes, the first of five members in a panel of justices to start public deliberations Monday, was the member who began it. He said that the crimes alleged had been acknowledged by the high courts in previous rulings, and the task now is to find the perpetrators. Moraes stated that "there is no doubt" that an attempt was made to eliminate the democratic rule-of-law, that a coup was attempted, and there was a criminal group that damaged public property. Moraes' role in the case made him a targeted by Bolsonaro allies. This included U.S. president Donald Trump and his government, who imposed sanctions against the judge and imposed 50% tariffs on Brazilian imports into the U.S. After Moraes is expected to vote Justice Flavio Dino. He was Lula's former Justice Minister. Luiz Fux will follow him, followed by Carmen Lucia and Cristiano Zánin, an ex-attorney for Lula, who preside over the panel. The panel does not include two Supreme Court Justices who were appointed by Bolsonaro. The verdict is expected to be announced by the end this week. Bolsonaro could face a sentence of over 40 years if convicted. However, the maximum prison term in Brazil is 40 years. Bolsonaro may be able to avoid the full sentence even if convicted. His supporters, who are already barred from him running for office before 2030, hope that a future president will grant a pardon. Sao Paulo Governor Tarcisio de Freitas The former Bolsonaro cabinet member, who pushed Congress to grant amnesty to the ex-president last week, was seen by many as positioning the Governor as the heir apparent to Bolsonaro’s coalition for next year’s elections. (Reporting and writing by Ricardo Brito, Brendan O'Boyle and Isabel Teles; editing by Sharon Singleton Brad Haynes and Paul Simao).
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EIA: US natgas production and demand will reach record highs by 2025, before declining in 2026
The U.S. Energy Information Administration released its Short-Term Energy Outlook Tuesday, predicting that the U.S. Natural Gas Production and Demand will both reach record highs by 2025 before declining in 2026. EIA predicted that dry gas production would rise from 103.2 billion cubic feet per day (bcfd) in 2024 to a record 106.6 bcfd by 2025, before slipping to 106.0 bcfd by 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.5bcfd by 2025. It then eases to 91.4bcfd by 2026. The EIA forecasts for August 2025 for production and demand were lower than the September projections. EIA expects falling oil prices and rising gas prices in 2026. This should result in crude oil's lowest premium over gas since 2005. The agency expects that drilling activities in the U.S. will be centered more in regions with high gas production in 2026. The agency predicted that average U.S. LNG exports will rise to 16.3 bcfd by 2026, from 11.9 bcfd at the record level in 2024. The EIA predicted that U.S. coal output would increase from 512.1 million short tonnes in 2024 (the lowest since 1964) to 521.9 millions tons in 2020, before dropping to 492.5 millions tons in 2030, the lowest level since 1963. EIA predicted that carbon dioxide (CO2) emission from fossil fuels will rise from a low of 4,777 billion metric tonnes in 2024, to 4.849 in 2025, as oil, gas and coal use increase, before decreasing to 4.826 in 2026, as oil and coal usage decline. (Reporting and editing by Mark Porter, David Gregorio and Scott DiSavino)
Foreign Minister: Iran will not expand conflict with Israel but will defend itself
Abbas Araqchi, the Foreign Minister of Iran, said that Iran did not want to see its conflict with Israel spread to its neighbouring countries, unless it was forced. He added that its response to Israel had been in self-defence.
Araqchi stated that Tehran was responding to an aggression from abroad, and if the aggression stopped, Iranian responses would cease.
The Foreign Minister said that the Israeli attacks on the South Pars offshore gas field Iran and Qatar share were "a blatant act of aggression"
He said that dragging the conflict into the Persian Gulf was a strategic error, with the aim of dragging the war outside Iranian territory.
Israel, according to the foreign minister, was trying to sabotage Iran-U.S. Nuclear Talks. He said that this could have led to an agreement. Tehran was scheduled to make a proposal on Sunday, during the sixth round of negotiations that were cancelled due to recent tensions.
Araqchi stated that Tehran did not believe American claims that Washington was not involved in recent attacks.
It is important for the United States not to support Israeli attacks on Iranian nuclear facilities, if they wish to demonstrate their good will." (Reporting and editing by Dubai Newsroom)
(source: Reuters)