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Brazil raids Amazon rainforest to target illegal logging
By Ueslei Marcelino PORTO VELHO (Brazil), 17 February - Brazilian environmental agents seized more than 5,000 truckloads in an operation targeting the Amazon rainforest's most heavily logged region in recent weeks. Operation Maravalha was launched in the Amazonas, Para, and Rondonia states. It is a one-year project named after a sawdust type. Maravalha is expected to be the biggest operation of this kind in more than five years. Ibama (the environmental protection agency), which was in charge of the raid, shut down nearly a dozen mills and imposed fines totaling $15.5 million reais. Jair Schmitt said that the operation's aim is to stop illegal logging on protected lands and Indigenous lands, which have some of the highest rates of deforestation in the country. Schmitt said that investigators also audit timber projects on private land suspected of falsifying government documents to conceal the true origin of native wood obtained illegally. Schmitt stated that after the raids Ibama intends to suspend certain timber projects which were being used illegally to launder wood taken from protected areas. The operation's goal is to stop the illegal extraction of timber from the Amazon. This is the first step in deforestation, said Schmitt as he stood in front of a pile illegal timber that his team had seized in Porto Velho, Rondonia’s capital. Schmitt explained that after valuable timber has been extracted, the remainder of the forest will often be razed in order to create pasture for cattle. The profits from timber sales are used to pay for the costly process of converting lush forests into pastures. Schmitt stated that while 90% of the illegally harvested timber in Brazil's Amazon forest is sold locally, a small amount still makes its way to the United States and Europe. In Porto Velho, investigators found wood from several Amazonian species, including the endangered ipe. Ibama's timber will be donated to various government projects and agencies. Last year, under President Luiz inacio Lula, who pledged to protect the Amazon in his 2022 campaign and promised to do so, deforestation of the Brazilian rainforest reached its lowest level for almost a decade. Conservationists say that despite government data on deforestation, illegal logging is still damaging forests. (Reporting and writing by Ueslei Marcino, Editing by Brad Haynes & Lisa Shumaker).
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Andy Home: Congo is China's strategic supplier of copper
China's massive investment in mining in the Democratic Republic of Congo is paying off in the form of a surge in physical copper imports. In 2024, the Congo will increase its exports of refined copper by 71% per annum to 1,48 million metric tonnes. The Congo is the largest metal refiner in the world. Chinese operators dominate Congo’s copper belt, and the metal flow between the two nations is emerging as a structural change in the global marketplace. It is a risky one, however, as it could reduce the usefulness in reading China's pulse on copper imports to gauge Chinese demand. The total imports of refined Copper last year was the second highest ever, but how much demand and how much African Supply pushed? Import Strength A flurry unprecedented of Chinese exports popped the bull-bubble of copper in the middle last year. This shattered a narrative of a shortage on the market. The unusual outbound flow was caused by an equally unusal dislocation in global arbitrage due to a squeeze of the CME Copper contract. Most of the exports from China went to London Metal Exchange in Taiwan and South Korea, to take advantage of the price surge. In the second half, the outbound flood was reduced to a trickle. Imports, that had been remarkably steady during the export boom, increased in the final months of 2024. In fact, the total amount of imported refined copper increased by 8.6% per year to 4,04 million tons in 2030, which was only exceeded in 2020 when imports reached a record high of 4.67 million tonnes. According to data from the local provider Shanghai Metal Market, China's production of refined cuproum rose 5.4% or 620,000 tonnes last year. Copper price and macroeconomic indicators do not confirm the recovery in demand that comes from the combination of high domestic production with high imports. The official PMI for China showed a contraction in manufacturing activity in January. Meanwhile, LME's three-month copper has struggled to maintain the $9,500 per ton level, let alone surpass last year's record highs of $10,000. CONGO RISE China's copper exports to Congo may be increasing simply because Congo's production has increased and its output is going by default to China. The CMOC Group of China has flooded the cobalt markets with surplus supply from its Congo operations, but cobalt is only a byproduct of copper. Copper production has risen by 55% in the last year, reaching 650,000 tonnes in 2024. The Congo is now the second-largest copper producer in the world, surpassing Peru. Chilean metal was once the dominant copper supplier to China, but in 2024, shipments dropped to a 18-year low and only accounted for 14.3% of total imports. Congo's share in Chinese copper imports increased from 10% to 36.7% by 2020, with volumes increasing steadily over the fourth quarter. The 167,735 tonnes of copper imported in December set a monthly record. The Lobito corridor project, which upgrades the railway between Angola's port of Lobito, and Congo's mines for copper, will facilitate more exports into the West. In August of last year, Lobito Atlantic Railways shipped its first shipment to the United States. Chinese owned mines will continue to ship most of their metals to China, unless they have a strong financial motivation to divert it to another market. LIMITED EXCHANGE OPTIONS Exchange delivery is not likely to be the incentive. CME does not have any registered brands for DRC copper, and LME only has two - SCM and COMIKA. The 122,400 tonnes of copper produced annually is a small percentage of Congo's total production. At the end of last month, DRC copper stocks registered on LME were just 3,775 tonnes. Shanghai Futures Exchange also doesn't register any Congo brands, which means that the metal is likely to trade at a lower price on the Chinese domestic market. Congo's surge in supply has bypassed visible stocks to head straight for China's physical market due to the lack of delivery options. It's unlikely that this will change, as China continues to focus on supply-chain security. The flow of metal from Congo to China will increase as the production increases, regardless of the Chinese demand. These are the opinions of the columnist, an author for.
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European shares reach record highs amid hopes for peace in Ukraine
European shares reached record highs on Monday, with defence stocks leading the way, as regional leaders demanded an urgent summit to discuss the Ukraine conflict amid increasing U.S. demands to increase military spending to ensure security. The pan-European STOXX 600 Index was up last 0.4% as a gauge for defence and aerospace stocks soared almost 4% in value to lifetime highs, after having more than doubled since Russia invaded Ukraine 3 years ago. Analysts have called this "supercycle" in the sector. It is expected that earnings will continue to grow in the defence industry due to the significant increase in budgets for new security requirements. Bruno Schneller is the managing director of Erlen Capital Management. He said that a resolution to the conflict could bring positive growth for Europe. This includes improved consumer confidence, reduced energy prices and easier financial conditions. The demand for banks was also high, with a 1.2% increase and a jump to the highest level in 17 years, thanks to soaring bond yields. French President Emmanuel Macron hosted an emergency summit about Ukraine on Monday after U.S. officials said that Europe would not have a role in any talks in Saudi Arabia this week aimed at ending conflict. The British government said that it would be ready to send troops to support any agreement, and Russian and U.S. officials were preparing to hold their own talks in Saudi Arabia on Tuesday. Volodymyr Zelenskiy, Ukraine's president, said that his country will not recognize any decisions taken in discussions where it was not present. DELETED THREATS The threat of reciprocal U.S. Tariffs has receded, but there was still a concern that these levies could include taxes based on the value added tax in other countries. "Trade policy is still a wildcard with the possibility of incremental tariffs, and their impact upon inflation and growth. Although the tariffs announced have not yet changed the economic landscape materially, further escalation may introduce new uncertainty," Schneller said. The Financial Times reported Sunday that, in order to protect its farmers and to follow the reciprocal trade policy of U.S. president Donald Trump, the European Commission will explore strict import limits for certain foods manufactured to different standards. The U.S. market is closed on Monday due to Presidents Day, which means that trading volume will be lower than usual. However, the S&P500 futures and Nasdaq Futures both rose by 0.2%. The S&P 500 gained 1.5% for the week while the Nasdaq rose 2.6%. In Europe, the markets are also watching German elections at this weekend. The dollar dropped almost 0.6%, to 151.46 Japanese yen, as the euro fell by 0.2%. Investors waited for the employment and inflation figures to be released later this week. The pound remained at $1.2593 - just below its high of two months. Both the Australian and New Zealand central banks are expected to reduce interest rates during their policy meetings this coming week. Gold fell from Friday's record-highs to $2,899 per ounce after seven weeks of gains. Bloomberg News, citing delegates, reported Monday that OPEC+, the oil producer group, is considering delaying a series monthly increases in supply due to start in April, despite Trump's calls for lower prices. Brent crude oil rose by 9 cents, to $74.82 per barrel. U.S. crude oil gained 13 cents, to $70.87 a barrel. (Reporting and editing by Ed Osmond, Angus MacSwan.)
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Germany's election: polls, parties, and policy debates
Germany will hold an immediate national election on February 23 after the collapse of the three-way coalition led by Chancellor Olaf Scholz. The main political parties, their polling positions, and key policy issues are listed below: Parties Germany has two "big-tent" centrist parties: Scholz’s centre-left Social Democrats and the opposition Conservatives, an alliance between the Christian Democrats (CDU), and their Bavarian counterpart party, the Christian Social Union CSU. In recent years, smaller parties like the Greens or Alternative for Germany (AfD), a far-right party, have gained ground. All four parties, the SPD, Greens, Conservatives and AfD, have candidates running for chancellor. According to polls, the Free Democrats (FDP) who support the market are also running. They are in danger of failing to reach the 5% threshold for entering parliament. According to the Forsa Institute's latest survey, published on February 16, the conservatives are leading the national polls by more than two year and have reached 30%. The AfD is at 20%. Scholz' SPD has fallen to third place from first in the election of 2021. The Greens are on 13%, and Linke is on 7%. According to the most recent poll, the FDP polls at 5% and the BSW at 4%. Analysts claim that polls can change quickly, as voters have become less loyal. The conservatives were unable to maintain their lead in the 2021 campaign. They fell from the frontrunners to the runner-ups within a matter of months. What are the key issues? The AfD, BSW and other mainstream parties in Germany are all for helping Ukraine to repel Russia's invasion. However, the AfD wants to stop weapons deliveries to Kyiv. They also want to resume good relations with Moscow. Scholz and the SPD, however, have struck a more conservative tone recently, highlighting the importance of diplomacy, than the FDP, Greens, and Conservatives who all support the delivery of long-range Taurus rockets from Germany to Kyiv. Reviving the Economy Europe's biggest economy contracted in 2024 for the second year running, its worst performance in twenty years. The high energy prices are a major factor in this and continue to be a challenge for both households and businesses. CDU, SPD and Greens all agree that renewable energy should be expanded to reduce costs. However, they differ in their financing strategies. The CDU, AfD and SPD also suggest assessing the return to nuclear energy. This idea was rejected by SPD and Greens. The AfD is against renewable energy subsidies in any form. Scholz proposed a 100 billion euro fund to encourage private investment and modernise infrastructure. Scholz' SPD plans to give businesses a 10% direct tax rebate on their equipment purchases. Robert Habeck, a Greens member, has called, along with Scholz, for reforms to Germany's constitutionally-enshrined "debt brake" in order to increase public spending. Friedrich Merz of the conservative party had shown some flexibility in regards to a moderate debt brake reform, but his manifesto pledged that it would be retained. Both the AfD (AfD) and FDP (FDP) are staunch defenders for the cap on public borrowing. In the CDU/CSU's manifesto, they have proposed a wide range of financial reliefs for citizens and companies, including tax reductions on income and corporations, as well as lower electricity rates. The CDU/CSU have not stated how they would finance these. The AfD is calling for Germany to abandon the euro and reintroduce its own currency, the Deutsche Mark. It also wants the country to leave the EU. Migration - A series of violent attacks in Germany linked to foreign suspects have heightened public concern about security and immigration, leading political parties to call for stricter migration measures. Merz broke a taboo by sponsoring a bill with AfD's support. This was a first for Merz, who had never worked with the far right party before. However, Merz failed to get a majority to implement it. The conservative CDU, in general, has taken a more strict stance against immigration over the past few years. They have called for the deportation of asylum seekers, as well as limits on family reunions and naturalisations for refugees. AfD, an anti-Islam and anti-migration party, has called for the closing of borders and a ban on family reunifications. AfD senior members went further with their comments, and attended discussions between far-right activists on the deportation of millions of people from foreign countries including German citizens. The SPD has a tougher stance on immigration, enforcing more strict border controls and increasing deportations. The Greens, on the other hand, maintain a more liberal asylum policy. They support state-backed initiatives for sea rescue, simplify family reunification procedures, and enhance integration. (Reporting and editing by Angus MacSwan, Helen Popper, Maria Martinez and Riham Alkousaa)
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Sources say that India's NTPC is planning to spend $62 Billion on nuclear power.
Three sources claim that the Indian state-owned power company NTPC plans to build nuclear power capacity of 30 gigawatts over the next 20 years, which is three times higher than anticipated, and at a cost $62 billion. Sources with direct knowledge of the situation said that the country's largest power producer, which runs mainly coal-fired plant, is looking for land to implement its ambitious plan. Sources said that NTPC had set a target of 10 GW but has now tripled it after the government announced this month plans to open the sector up to foreign and private investors. One source said, "NTPC will lead India's nuclear energy plan as it did... in the thermal sector." "The identified sites have the potential to add large capacities." A spokesperson for NTPC did not respond when asked to comment. India has committed itself to setting up at least 100 GW nuclear power by 2047 and 500 GW non-fossil energy generation capacity by 2030. The state-run Nuclear Power Corp of India currently operates the nearly 8 GW of capacity in the country, with a goal of increasing that to 20 GW before 2032. NTPC has already built two 2.6 GW nuclear power plants, one in Madhya Pradesh, and the other in Rajasthan. Sources said that the government is in the process to seek early approvals of land in eight states in order to conduct detailed studies at 27 locations. Public resistance and acquisition issues had hampered the country's ambitions in atomic energy. These states include Gujarat, the native state of Prime Minister Narendra Modi, in the west. Uttar Pradesh is in the north. Madhya Pradesh is in central India. Andhra Pradesh and Tamil Nadu are in the south. LAW CHANGES Sources said that the locations could allow for a minimum of 50 GW to be installed. Reports have indicated that private Indian utilities, conglomerates, and companies such as Vedanta and Adani Power are interested in nuclear energy. Sources said that NTPC Parmanu Urja Nigam, a newly-created unit of NTPC, is likely to invest in this sector, and may do so through partnerships. Last week, a company executive said that NTPC had been in discussions with foreign companies about the construction and operation of small nuclear reactors. These firms included those from Russia and America. According to sources, potential partners include EDF France and General Electric and Holtec International of the U.S. EDF stated that it would be willing to work with Indian partners on a project to build a small modular nuclear reactor. Holtec International responded to a question by saying that it was in the early stages of talks with NTPC and that they were awaiting authorization from the U.S. government and India. It said that the company expected to sell 200-300 small modules reactors in India before 2047. General Electric has not responded to comments immediately. Modi said that during his recent visits to France, the U.S. and Canada, the government will work with these countries to develop India’s nuclear industry. The Atomic Energy Act of 1964 currently prohibits private investment in nuclear power plants. Meanwhile, the Civil Liability for Nuclear Damage Act 2010 imposes strict liability on foreign suppliers of fuel and equipment such as GE or Westinghouse. The Indian Finance Minister Nirmala Sitharaman proposed amending both Acts and promised to spend 200 billion rupees (2,30 billion dollars) on research and development for SMRs. At least five SMRs will be operational by the year 2033.
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The cybersecurity firm of Austrian ex-chancellor Kurz has been valued at $1 billion
The cybersecurity company founded by the former Austrian Chancellor Sebastian Kurz in collaboration with Israeli entrepreneurs is now valued at $1.1 billion, after it received another $100 million as part of a new round of funding. Dream, a company founded in January 2023 and focusing on AI, describes itself as a firm that protects critical infrastructure and governments from cyber-attacks. Dream announced that a $100m Series B round led Bain Capital Ventures had given the company a valuation of $1.1 billion. Group 11, Tru Arrow and Tau Capital are also investors, according to the statement. Dream has announced that it will sell more than $130,000,000 in annual sales to government agencies and cybersecurity organizations in 2024. The company, founded by Kurz with Shalev Hulio, former CEO of Israeli spyware group NSO Group and Gil Dolev, a cyber expert, has offices in Tel Aviv and Abu Dhabi. Kurz, a conservative politician, was one of the youngest world leaders when he became chancellor at age 31 in 2017, leading a coalition of far-right Freedom Party. He was removed from power in 2021. Last year, a Vienna court convicted him of lying over a political dispute, giving him an eight-month sentence with a suspended jail term, which he appeals. (Reporting and writing by Pritam Biwas in Bengaluru, Dave Graham; editing by Mrigank Dahniwala and Hugh Lawson).
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Russell: China's response to Trump's tariffs will change coking coal prices and flows.
The impact of China's retaliatory duties on U.S. energy exports will be felt most strongly in the seaborne coal market. Beijing imposed an import tariff of 15% on U.S. coal, liquefied gas (LNG), and crude oil on 4 February after U.S. president Donald Trump imposed an additional 10% tax on all imports. Tariffs could kill energy trade between China and the United States. The United States is the biggest exporter of LNG, but ranks fourth for coal and crude oil. The U.S. shares of China's crude oil and LNG imports are small at around 2% each, so the global markets should be able adjust quickly and easily. The story is different for metallurgical coking coal, which is also called coking coal. It's the primary fuel used to produce steel. According to Kpler commodity analysts, China's total seaborne coking coal imports in 2024 were 43.02 millions metric tons, with the United States providing 5.02 million, or an 11.7% share. The United States is the fourth largest supplier of seaborne coal to China. This was behind Australia, with 15.91 millions tons, Russia, with 11.68 millions, and Canada, with 7.79. The steelmakers in China will need to find alternatives if the new tariffs make U.S. coal uncompetitive. The U.S. exporters of coking coal could, of course, choose to reduce the price to remain in the China market. However, they would be more inclined to try to sell their cargoes to other buyers, including India, Japan, and South Korea, who are the top importers. What is the most likely place that China will be able source coking coal in order to replace U.S. supply, assuming its demand for 2025 stays constant from 2024? The coal could be delivered to the wrong places by overland trucks and trains, as seaborne coal is largely used for coastal steel plants. It is also doubtful if Russia can increase its production and rail capacity enough to replace U.S. coal. The only other options are Australia and Canada, both of which have the capacity to meet China's demands. This may cost more, however, because Chinese steel producers may be forced to offer higher prices to Australian and Canadian miner to divert their supply from other countries. AUSTRALIA PRECEEDENT China's informal ban on Australian coal mid-2020 resulted almost in a complete cessation of imports, but prices for seaborne grades rose. China was forced to pay an additional premium for coal from countries such as Indonesia, the United States, and Canada. China will have to compete with Indian buyers if it wants to replace U.S. coal with Australian and Canadian cargoes. According to Kpler, India will be the largest coking coal importer in the world in 2024. It is expected to take in 67,6 million tons. Australia was India's largest supplier, with 34,88 million tons, just over half of the total. Russia came in second with 14,74 million, and the United States came third with 8,4 million. It is logical that China would want to stop buying coking coal from the United States by increasing its purchases from Australia. India, on the other hand, should buy less from Australia and take more from America. It is possible, but it will come with a premium price, at least at first. The price of seaborne coking coal has been falling for the past 16 months. Australian benchmark contracts traded in Singapore went from $363 per ton at mid-October to $188 by February 14, which is a 48.2% drop. Argus, a commodity reporting agency, assessed U.S. low volatile coking coal in east coast ports at $187.50 per ton on 13 February. This was the same as the Australian benchmark. It's possible that Australian coking coal prices will be higher than their U.S. counterparts if Chinese buyers switch to buying more Australian or Canadian coking. This is especially true if U.S. producers are scrambling to find alternative buyers for cargoes destined for China. These are the views of a columnist who writes for.
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Minister: South Africa is open to bids for nuclear projects from Russia or Iran
A senior government minister has said that South Africa may turn to Russia or Iran in order to increase its civilian nuclear energy capacity. Analysts say this could cause a rift between the United States, and delay the renewal of the strategic energy agreement. South Africa, the only nuclear power station in Africa, Koeberg plans to increase its capacity by 2,500 megawatts to combat electricity shortages that have plagued Africa's economy, and reduce emissions. We can't accept a condition that Iran or Russia cannot bid. This is not acceptable," said Gwede Mantashe. He's one of the leading government advocates of expanding nuclear capability. He said, "We'll accept any country if they have the best offer." Washington is closely watching the country after Donald Trump's executive order to halt aid was issued this month. The order also criticized South Africa for "reinvigorating" its relationship with Iran in order to develop military, commercial and nuclear agreements. The office of South African president Cyril Ramaphosa stated that Pretoria does not have any bilateral cooperation with Iran in nuclear technology or nuclear power. The spokesperson for the U.S. State Department did not comment about whether Iran or Russia could help South Africa increase its civilian nuclear capability. The South African nuclear project tender, originally planned for last January, has been postponed for more consultations following legal challenges brought by the Democratic Alliance, the former opposition party that is now part of coalition government. A TALK EVERY YEAR FOR A DECADE? Pretoria had sought to reach an agreement with Washington, known as a Section 123 Agreement after nearly a decade of discussions. This was a requirement for the exportation of nuclear fuel and equipment made in the United States. The allegations in the executive order could make it difficult to renew the agreement, said Isabel Bosman. She is a researcher on nuclear energy at the South African Institute of International Affairs. The spokesperson for the State Department did not comment whether Trump's Executive Order would affect negotiations between the two nations. The previous 123 Agreement, which was implemented in 1997, expires in December 2022. Zizamele Mbambo said that although the technical aspects of the new agreement had been completed, there was still no sign-off as both legal processes were not complete. He added, "As far we know, both sides are firmly committed in concluding this new agreement." Industry analysts claim that if a new agreement is not reached, Eskom will be unable to purchase reactor fuel for Unit 1 in Koeberg from Westinghouse. Framatome, a French company, supplies Unit 2. Analysts said that it could also prevent U.S. firms, like TerraPower, which is backed by Bill Gates, and ASP Isotopes from investing in South Africa at a time when the global atomic renaissance is booming. (Reporting and editing by Joe Bavier, Emelia Sithole Matarise, and Timothy Gardner in Washington)
Police: US-born girl killed by father in Pakistan after TikTok videos
Pakistani police reported that a man who brought his family from the United States back to Pakistan on Wednesday admitted to killing his teenage daughter because he disapproved of her TikTok contents.
The shooting took place on a street of Quetta, a city in southwest Pakistan. Anwar ul-Haq initially claimed that unidentified gunmen killed his 15-year-old American-born daughter, before he confessed, Babar Baloch, a police official, said.
Zohaib Mhsin, a police investigator, stated that "our investigation has so far found that the family objected to her dress, lifestyle and social gathering", another police investigator. We have her mobile. He said, "It is locked." "We are investigating all aspects including honour killing."
Baloch stated that the family recently returned to Balochistan, a province of Pakistan dominated by Muslims, with conservative social values, after living in the United States.
The officer confirmed that the suspect is a U.S. citizen. Haq told him that his daughter had created "objectionable content" on TikTok, a social media platform, when she was living in the United States.
He said that she continued to upload videos to the platform even after she returned to Pakistan. Baloch claimed that the brother-in law of the main suspect had been arrested for the murder.
The police said that Haq had been charged with murder. The police did not provide any proof of Haq’s U.S. Citizenship except the suspect's testimony. They also declined to confirm whether the U.S. Embassy had been informed about the incident.
His family refused to comment on a request for comments.
In Pakistan, which has a population of 241 millions people, more than 54 million use TikTok. In recent years, the government has repeatedly blocked TikTok due to its content moderation.
Islamabad has been requesting that social media platforms remove content it deems "obscene" for some time now.
According to the independent Human Rights Commission of Pakistan, over 1,000 women die each year in Pakistan as a result of perceived "honour" damage.
This could include eloping with a man, posting content on social media, fraternising or other actions that violate conservative values for women.
(source: Reuters)