Philippines

Mark Carney, Canada's prime minister, will make his first official trip to Asia this Friday. He is hoping to strengthen trade and security links at a moment when North America struggles to reduce its dependence on the U.S. Canadian officials have said that Carney's trip could include a meeting between him and Chinese President Xi Jinping in an effort to restore a relationship previously strained by a trade war. Donald Trump, President of the United States Termination of trade talks Canada responded to a political ad in Ontario that featured Ronald Reagan, the Republican icon who said tariffs caused economic...

Mark Carney, Canada's prime minister, will make his first official trip to Asia this Friday. He is hoping to strengthen trade and security links at a moment when North America struggles to reduce its dependence on the U.S. Canadian officials have said that Carney may also meet with Chinese President Xi Jinping during his week-long visit, as part of a possible attempt to restore a relationship previously strained by a trade war. Analysts say Carney will need to make it clear to Asian leaders that Canada is not as closely aligned to the U.S. President Donald Trump, who has threatened...

Trafigura, a global commodity trader, said that its UK-based Greenergy biofuel producer will consult with employees about closing the biodiesel factory in Immingham. A spokesperson said that the consultation process will affect 60 jobs. This would be the latest blow to Britain's fuel sector, just a week after Lindsey's oil refinery owner Prax declared insolvency and put 420 jobs on the line. Greenergy closed down the plant at the end May and placed it in strategic review, citing the "unsupportive market conditions" despite having "implemented significant cost-reduction measures". The plant was negatively affected by the company Trafigura acquired last year....

Oliver Tan, the Chief Executive Officer of Citicore Renewable Energy Corp in the Philippines, said in an interview with The Philippine Star on Wednesday that he expects to see a nearly ninefold increase in solar installed capacity by 2026. This will amount to approximately 2,56 gigawatts. Tan, one of the Philippines’ largest solar power producers, behind ACEN Corp., said that Citicore would add 1 GW by the end this year and another 1.17 GW by 2026. The company has 0.29 GW installed solar capacity. This is the result of a 20% stake purchased by the renewable energy division of Indonesian...

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

According to a petition from investors, Vietnam's state-owned power utility has reduced the subsidised prices that it pays for electricity generated by solar and wind farms. These farms now face defaulting on their bank debts. The document was sent to Vietnam's highest authorities on May 16, and follows a letter from the majority of signatories in which they warned that billions of dollars were at risk due to retroactive changes made by Vietnamese authorities to subsidies, even though they were targeting a massive expansion of solar energy capacity. Documents show that, starting with invoices for January, a subsidiary EVN's Vietnam...

Apptronik announced on Thursday that it had raised $350m in a funding session led by B Capital, Capital Factory and Alphabet's Google, for the production of AI powered humanoid robotics. Austin-based company, Apollo Robotics, is developing a humanoid or human-like robot that will be able to perform tasks in manufacturing plants and warehouses, such as moving packages. Apptronik is joining the ranks of competitors like Tesla and Nvidia's Figure AI, in the race to create human-like robots. Artificial intelligence advances have led to major breakthroughs in robotics. Tesla CEO Elon Musk stated in October of last year that "a great...

Indian billionaire Gautam Adani has actually been arraigned by U.S. prosecutors for his supposed function in a $265 million bribery scheme in India, plunging his conglomerate deep into crisis for the 2nd time in 2 years. Gautam, his nephew Sagar Adani, and Adani Green Energy Ltd. previous CEO Vneet Jaain were charged with breaking securities. and wire scams laws, and the Adanis were likewise charged by the. U.S. Securities and Exchange Commission in a civil case. The SEC likewise charged Cyril Cabanes, an executive of Azure. Power International Ltd, for his supposed role in the scheme. The Adani Group has...

Hurricane Usagi damaged sharply on Friday after bearing down on the Philippines' northern towns, blowing away homes in its course as authorities brace for another storm that might hit the capital Manila over the weekend. Usagi, known locally as Ofel, magnified into an extremely tropical cyclone as it made landfall in the town of Baggao in Cagayan province on Thursday afternoon. Philippine meteorological firm Pag-asa stated that Usagi has because weakened and is now headed towards Taiwan. Usagi is the 15th cyclone to hit the Philippines this year. Authorities are currently bracing for another typhoon, Man-yi, which might strike eastern...

The world's leading multilateral banks pledged to ramp up environment financing to low and middle earnings nations to $120 billion a year by 2030 as part of efforts at worldwide talks in Azerbaijan on Tuesday to concur an enthusiastic annual target. Declaring an objective of topping worldwide warming at 1.5 degrees Celsius above the pre-industrial average by 2050, the brand-new figure is a more than 60% increase on what the group of 10 multilateral advancement banks (MDBs) had actually funnelled to poorer nations last year, according to a declaration launched throughout the U.N. climate summit in Azerbaijan's capital Baku. The...

The world's leading multilateral banks pledged on Tuesday to increase environment financing to low and middle earnings nations to $120 billion a year by 2030 as part of efforts at worldwide talks in Azerbaijan to agree an enthusiastic yearly target. Declaring a goal of capping international warming at 1.5 degrees Celsius above the pre-industrial average by 2050, the lending institutions said the new figure would consist of $42 billion to assist adjust to the effects of severe weather. With the U.S. government under Donald Trump anticipated to pull back from global efforts to fight environment change and lots of other...

The Asian Advancement Bank ( ADB) stated on Friday it has approved a $500 million policybased loan to money a program developed to assist Indonesia's energy transition efforts. Resource-rich Indonesia, which is going for net-zero carbon emissions by 2060, has been attempting to lower the use of coal in its energy sector with the financial backing from the G7's Just Energy Transition Partnership (JETP), however disbursement of funds has been slow. Highlighting Indonesia's dependence on coal, the ADB stated in a declaration the program focuses on establishing a robust policy and regulatory framework for clean energy transition, enhancing sector governance...

The nickel price has been on a rapid rise as investors bet that Indonesia, which is the world's biggest producer of battery metals, will slow down its explosive output growth. The London Metal Exchange (LME) 3-month metal has risen from a low of $14.235 per metric tonne in mid-December to a peak of $18,905 on January 14, a level last traded in 2022. Indonesia's Energy and Mineral Resources minister Bahlil lahadalia, in mid-December, triggered a nickel resurgence with his?promise? to cut production. An official from the Energy Ministry confirmed that this year, the annual mining permits for ore will be...

The nickel price has been rocketing as investors bet that Indonesia, which is the world's biggest producer of battery metals, will slow down its explosive output growth. The London Metal Exchange's (LME) 3-month metal price has risen from a low in mid-December of $14,235 to a high of $18,905 on January 14, a level that was last traded in 2022. Indonesia's Energy and Mineral Resources Minister Bahlil?Lahadalia, mid-December, sparked the nickel revival with a promise of reducing production. An official from the Energy Ministry confirmed that this year's annual "mining" permits will be reduced to 250-260 millions wet tons ore,...

Arif Perdana Kumara, chairman of Indonesia's Nickel Smelter Association?FINI, said that the association expects domestic smelters to demand nickel ore in excess of 350 million metric tonnes next year. He said that the demand outlook is for an annual growth of between 40 and 50 million tons. New production capacity will be online by next year. Indonesia, with the largest nickel ore reserves in the world, announced plans to reduce mineral production quotas for next year to boost prices and government revenues. Details are not yet available. Arif stated that the 'policy' could cause ore shortages in smelting plants and...

James Hardie, a fiber cement manufacturer, forecast underlying earnings for the full year below expectations on Wednesday as rising borrowing costs and tariffs in the U.S. dampened housing market activity and demand. James Hardie predicted adjusted operating earnings of between $1.05 and $1.15 for fiscal year 2026. This is below Visible Alpha's consensus estimate of $1.23. It earned $1.1billion in fiscal 2025. In a press release, CEO Aaron Erter stated that "over the course of the summer the single-family construction activity was weaker than expected and we have adjusted expectations to account for the softer demand." Homeowners defer large-ticket remodeling...

The top U.S. economic officials and Chinese representatives will resume their talks on Monday in Stockholm to address long-standing economic disputes that are at the heart of a trade conflict between the two largest economies. They hope to extend the truce for three months while preventing tariff increases. China faces an August 12 deadline for a lasting tariff agreement with the Trump administration. Beijing and Washington had reached preliminary agreements in May and early June to end weeks' worth of escalating tariffs, and to stop the cutoff of rare-earth minerals. If there is no agreement, the global supply chain could...

The top U.S. economic officials and Chinese economic officials are scheduled to resume their talks on Monday in Stockholm to address long-standing economic disputes that have been at the heart of the trade war between two of the world's largest economies. They hope to extend the truce for three months while preventing tariffs from rising sharply. China faces a deadline of August 12 to reach a lasting tariff agreement with the administration of President Donald Trump. Beijing and Washington had reached preliminary agreements in May and early June to put an end to weeks of escalating tariffs, including a ban...

Senior U.S.-Chinese negotiators met in Stockholm, Sweden on Monday to address long-standing economic disputes that are at the heart of the trade war between the two countries. They hope to extend a ceasefire to keep tariffs from rising sharply. China faces a deadline of August 12 to reach a durable agreement on tariffs with the administration of President Donald Trump, after Beijing reached a preliminary agreement in June. This was to put an end to weeks' worth of escalating tariffs. If there is no agreement, the global supply chain could be thrown into turmoil by duties of more than 100%....

Cemex, the Mexican cement manufacturer, reported a 18% drop in its core earnings in the first quarter of the year on Monday. This was largely due to headwinds in local markets. Cemex's earnings were $601 million in line with expectations, due to the weaker peso and lower volumes in Mexico, according to its filing. Cemex reported that the peso had caused an EBITDA hit of $65 million, and volumes in Mexico dropped due to a rush to complete government infrastructure projects last year before presidential elections. On Monday, the firm reiterated its forecast that it expects to reach an EBITDA...

B2Gold, a Canadian gold mining firm, plans to reduce 300 jobs in Namibia by the end of this year. The company will continue its phased downscaling at Otjikoto after it has exhausted open pit reserves. Otjikoto, which started commercial production in March of 2015, produced an unprecedented 198,142 gold ounces last year. This accounted for almost a quarter B2Gold’s total output. "By 2025, we will reduce our permanent staff from 700 to 400. This means that 300 employees will be affected during 2025", B2Gold Namibia’s country manager John Roos told reporters Monday at a company presentation. Otjikoto also reported a...

Chile's staterun copper miner, Codelco, will begin using explosives with a substantially lower carbon footprint at its Radomiro Tomic mine, the business revealed on Thursday. Dynamites are utilized in mines to break up rocks to more quickly process them and extract important metals. WHY IT is essential Codelco is the world's largest copper manufacturer and its choice to use alternative explosives underscores the increasing pressure on mining companies to boost their ecological standards and decrease greenhouse gas emissions. The pressure is especially high for copper mining which has traditionally been more carbon-intensive. BY THE NUMBERS The new dynamites are anticipated...

Indonesia intends to handle nickel ore supply and demand to support prices, its mining minister said on Friday, amid reports of hold-ups in the quota approval procedure requiring some smelters to import ores from the Philippines. Indonesia, a significant producer of nickel ore, has from this year changed the credibility of its mining quota file, known as RKAB, to three years from one year, although it will figure out mining volumes for each year. The state must exist to preserve supply and demand. If the supply is sufficient while need is low, the price will drop, mining minister Bahlil Lahadalia...

Global nickel prices may have struck a flooring, according to a Macquarie analyst who sees a. market recovery driven by strong need from the steel sector. and as a surplus of ore supplies diminishes after Indonesia slowed. production authorizations. Our belief is that we have actually seen the bottom, we've seen the. supply modifications, we see the unpredictability in future supply, and. that is providing us rather a lot of support where the costs are. today, Macquarie analyst Jim Lennon informed a conference organised. by Shanghai Metals Market in Jakarta this week. He forecast LME money nickel prices at $17,379...