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Officials say that Russian attacks have killed at least five people in the east of Ukraine.
Officials said that Russian shelling on Monday killed at least 5 people in eastern Ukraine's frontline areas. Vadym Filashkin, governor of Donetsk Region, focal point of Russian military's slow western advance, stated that one person died and two were injured in the city Kramatorsk. If Russian forces continue to advance through the Donetsk Region, this city will be a major target. Filashkin reported that three more people were injured and two killed in Illinivka, a town located further south. Prosecutors in Kharkiv, further north, said that two women were murdered in a village to the south of Kupiansk. The village has been under Russian attacks for several months. Last month, the mayor of Kupiansk said that his city had been 90% destroyed.
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Alberta wildfires interrupt 7% of Canada’s oil production
Calculations show that wildfires in Canada's oil producing province of Alberta affected the production of more than 344,000 barrels of oil sands per day, or approximately 7% of Canada's total crude oil output. Over the weekend, at least two thermal oil-sands producers south of Fort McMurray, the hub of the industry in Canada's north, evacuated their workers and shut down production. Canadian Natural Resources announced that it had evacuated its Jackfish 1 site and halted production of approximately 36,500 Bpd. Cenovus Energy announced that it had evacuated all non-essential staff from the Christina Lake oil sands facility and had shut down production of approximately 238,000 barrels per day. The company stated on Sunday that it was not aware of any damages to its infrastructure, and expects its Christina Lake operations to resume in the near future. MEG Energy announced on Friday that it had evacuated its Christina Lake facility. The company continued to produce at the site, but said that Saturday the fires had caused a power failure that was delaying the startup of Phase 2B operations. This represents approximately 70,000 barrels of production per day. Wildfires also have affected Alberta's conventional oil and gas production. Aspenleaf Energy was forced to stop production due to a fire burning in the north of the province near Swan Hills. Canada produces approximately 4.9 million barrels per day. According to provincial data, Alberta has 49 active wildfires. Manitoba has 24 active fires. Saskatchewan has 16. According to the AirNow page of the U.S. Environmental Protection Agency, Monday's air quality in parts of Minnesota, North Dakota and Wisconsin reached unhealthy levels. In 2023, Canadian fires will blanket the U.S. East Coast with smoke. This will force millions of Americans indoors. Alberta Premier Danielle Smith announced on Monday that 400,000 hectares (988.422 acres), up from 9,000 last week, had now burned across the province. She added that nearly 5,000 people had been evacuated and that the government has reactivated its cabinet committee for emergency management due to concerns about the worsening situation in the province. Smith told Saskatoon reporters, "We have to be able respond quickly." According to the Canadian Interagency Forest Fire Centre, as of June 1 a total area of 1.4 millions hectares had burned across Canada. Manitoba warned 17,000 people last week to leave the remote northern part of the province due to wildfires. In the last decade, wildfires have affected oil and gas production in Canada. Suncor Energy, Canada’s second largest oil sands company, temporarily halted production at its Firebag Complex due to an adjacent fire. Alberta's wildfires will burn more than 100 times in May 2023. This means that companies will shut down at least 319,000 barrels equivalent to oil per day or 3.7% of Canada’s total production. In 2016, thousands were evacuated from Fort McMurray as a wildfire destroyed a large part of the town. This forced companies to cut their oil production by one million barrels a day.
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Ivanhoe to restart flooded Congo copper mine partially in late June
Ivanhoe Mines announced on Monday that it will restart a closed section of the Kakula Copper Mine in the Democratic Republic of Congo, which was shut down due to underground seismic activity. After tremors damaged underground infrastructure and caused flooding, the Canadian miner temporarily halted operations at its Kakula mine. Ivanhoe said it plans to resume operations in the west side of the Kakula Mine, where the pumping equipment has been working. Ivanhoe stated that the eastern section of mine will resume operation once the water pumping is complete. Ivanhoe's shares in Toronto rose by as much as 7.7%. After installing temporary underground pumping equipment, the company claimed to have stabilized water levels. Ivanhoe stated that additional pumping equipment was ordered to remove all water from the mine. Vancouver-based miner Ivanhoe initially suspended certain mining activities on 20 May after the Kakula underground mine was struck by frequent underground earthquakes. Ivanhoe has confirmed that mining and ore processing at the nearby Kamoa mine are not affected. Last year, the Congo mines produced approximately 437,000 metric tonnes of metal. Ivanhoe suspended last week its production forecast for this coming year. It had been originally set between 520,000 to 580,000 metric tonnes of copper.
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Trump's tariffs on steel and aluminum are a reality
U.S. president Donald Trump intends to double tariffs for steel and aluminum imports from Wednesday to 50%, increasing pressure on global producers of steel and intensifying his trade war. Why is Trump doubling tariffs? Trump wants to encourage and support investment in the domestic production of aluminum and steel, two essential materials for construction. Aluminium is used in transport and packaging. These tariffs are already causing higher prices for consumers of steel and aluminum, as well as a decline in manufacturing. Meanwhile, the hurdles, such higher electricity prices, are very high. About a quarter (25%) of the steel used in America is imported. The majority of this comes from Mexico and Canada, our neighbours. The vast majority of aluminium imported into the United States comes from Canada. In fact, Canada exported 3.2 millions tons of aluminum to the United States in 2013. What has been the impact of tariffs on U.S. prices? The physical market premium covers freight, taxes and other costs. On Monday, the premium AUPc1> increased by 54% to 58 U.S. Cents per lb ($1,279 per metric ton) from Friday. The premium has increased by more than 120% this year. Goldman Sachs estimated that the premium needed to increase to $0.68 to $0.70 per lb in order to reflect the import tariff of 50%. COMEX steel prices for hot rolled coils (HRCs) rose 6%, reaching a new session high of $910 per short ton ($1,003 per metric ton). Josh Spoores, Director of Steel Americas Analysis for consultancy firm CRU, said: "The U.S. imports steel at a net rate, and we need imports to meet demand." This action will not prevent imports, but it will raise prices for domestic steel consumers, including manufacturers, in the U.S. The Institute for Supply Management's (ISM) data showed that U.S. Manufacturing, which is heavily dependent on imported raw materials for its production, contracted for the third consecutive month in May to a six-month minimum, and factories continued to lose jobs. Will the Tariffs Support U.S. Production? Analysts say that higher steel and aluminum prices will boost profits of local U.S. producers like Nucor. However, building smelters may take up to five years or more. This would mean the completion of these smelters is likely to be beyond Trump's presidency. Trump said that Nippon Steel would invest billions in modernizing U.S. Steel mills, with the aim of buying U.S. Steel. This will increase production. Emirates Global Aluminium announced last month plans to build the United States' first new primary aluminum production plant since 1980. The plant will have a capacity of 600,000.00 tonnes of primary aluminum per year. Century Aluminum, with federal funding, is also looking to build a "green" low carbon aluminium smelter. Industry sources say that power prices pose another problem for companies trying to produce aluminum in the United States. They were also the reason behind the closing of many U.S. Smelters due to difficulties in agreeing on competitive long-term power purchase contracts because of a variety of factors, including volatile markets and regulations.
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Trump's proposal will lift Biden's limits on Alaskan oil drilling
On Monday, the administration of U.S. president Donald Trump proposed rolling back Biden's limits on oil drilling in Alaska. This area is the largest undeveloped public land tract in America. This move is in line with Trump's energy agenda, which includes reducing regulations on oil and gas production and increasing domestic fuels. The Alaska National Petroleum Reserve is made up of 10.6 million acres (4.39 million hectares). NPR-A is the name given to a 23 million-acre (9,3 million-hectare) area of Alaska's North Slope, which was designated in 1923 for emergency oil supplies by the U.S. Navy. In the 1970s, the land was made available for commercial development. It is now administered by the Interior Department Bureau of Land Management. The Interior Department stated that the Biden-era regulation was in conflict with the 1976 Naval Petroleum Reserves Production Act which authorized oil and natural gas leasing. Interior Secretary Doug Burgum stated in a press release that Congress was clear in its intent to create the National Petroleum Reserve (NPR) in Alaska for responsible development in support of America's energy independence. The 2024 rule did not follow this mandate. It prioritized obstruction over production, and undermined our ability to harness American resources at a critical time for energy independence. It was reported that the Interior Department of the Biden administration had finalized a regulation in April last year to prevent oil and gas development within 40% of Alaska’s National Petroleum Preserve. This would protect the habitats of polar bears and caribou, as well as the way of living of Indigenous communities. Environmental groups praised the Biden Rule for protecting habitats, cultural resources and the U.S. economy. But Alaska officials claimed that the restrictions would result in job losses and increase the U.S.'s dependence on foreign resources. According to the U.S. Energy Information Administration, Alaska's North Slope is responsible for just under 3% of U.S. crude oil production. (Reporting and editing by Nichola Gardner and Timothy Gardner)
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Petrobras Brazil has cut gasoline prices for first time since 2023
Petrobras, the state-owned oil company of Brazil, has announced that it will lower gasoline prices for distributors starting Tuesday. This is the first time since October 2023 that the price of the fuel has been reduced. Petrobras announced in a Monday statement that gasoline prices would drop by 5.6%, to an average of 2.85 reais ($0.5005)/litre. This represents a 0.17-reais reduction per litre. According to ANP data, gasoline sales in Brazil increased 4.6% from April of last year, and reached 3.81 billion litres. Gasoline sales in the first four months of the year totaled 14.74 billion litres. This is a 3.5% increase compared to 2024. Last year, sales declined compared to the previous year. Petrobras, since 2023 has implemented a new price policy to prevent the transfer of international volatility to the domestic market. Petrobras' last price adjustment occurred in July 2024 when it raised gasoline prices 7%. Petrobras will reduce its prices, but it won't be immediately felt by consumers. This is because the price reduction will be dependent on factors like tax collection, ethanol blends, and margins for distribution and retail. $1 = 5.6939 Reais (Reporting and writing by Marta Nogueira, Editing by Aida Pelaez-Fernandez, Susan Fenton).
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Botswana will cut its growth forecast due to the prolonged downturn in the diamond market
A senior official in the financial ministry said that Botswana's economic growth projection for 2025 will be cut to zero because of a prolonged decline in the diamond industry. The budget deficit is also expected to increase due to the reduced diamond revenues. Botswana has the highest value of diamonds in the world. Its economy is heavily dependent on diamond exports which contribute to around 30% of its national revenue and 75% of its foreign exchange earnings. Ndaba Gaolathe, the finance minister, had forecasted a 3.3% increase in this year's budget in the 2025 Budget announced in February. This was based on the expected recovery in the diamond industry. He had predicted a budget deficit of 7.56 % of the gross domestic product for the financial year 2025/26, which runs from April to march. This was lower than his previous estimate of 9% GDP. Tshokologo Alex Kganetsano, permanent secretary at the Ministry of Finance, told a meeting of the Parliamentary Audit Committee on Monday that these estimates are no longer achievable. Kganetsano stated that "in view of the events since...February, we will revise downwards this growth projection." We have a preliminary number of almost zero percent. However, this figure must be vetted internally before it can be made public. The International Monetary Fund predicts that Botswana’s economy will contract by 0.4% in this year. The Botswana economy is expected to contract by 3% this year, mainly due to the downturn in the diamond markets. However, the government was expecting mineral revenues to increase significantly, including diamonds. This would have helped it avoid another recession. Kganetsano stated that "the trend does not seem to be improving, but rather it is a deteriorating." He added, "As a result of the slowdown in inflows, we are sitting on unpaid invoices for government suppliers." He said that a significant drop in revenue has led to massive liquidity issues, which threaten the financial sustainability and viability of government operations. (Reporting and editing by Alessandro Parodi, Susan Fenton and Brian Benza)
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A man convicted of burning Koran in front of London's Turkish Consulate
The man who burned a Koran in front of the Turkish Consulate in London on Monday was found guilty of a religiously aggravating public order offense. Critics said that the verdict effectively reinstated the abolished law of blasphemy. Hamit Coskun was fined $325 at London's Westminster Magistrates' Court for being disorderly after he shouted "Fuck Islam!" while holding aloft a burning book in front of the consulate near central London's in February. The lawyer for Coskun whose father is Kurdish, and his mother Armenian, and who lives in central England had argued the prosecution amounted a return of a blasphemy act that was abolished by England in 2008. Coskun denied the charges and claimed on social media that he was protesting against the Turkish Government. He was attacked while holding the book up by a man who had a knife and spit at him. "Burning religious books, while offensive to some, is not necessarily disorderly," stated Judge John McGarva. The timing and place of his behavior, as well as the abusive language that accompanied it, made him a disorderly person. It was unnecessary for him to direct the "F-word" at Islam." The National Secular Society, which paid his legal fees and echoed the Conservative Party's main opposition, called the prosecution "a significant blow" to freedom of speech. "Britain does not have a blasphemy law." This verdict, however, creates a blasphemy law de facto," posted the party on X. "Parliament has never voted in favor of it. The British people don't want it. This decision is wrong." This decision is wrong."
K-pop's profligate CD output draws fire as South Korea hosts plastic waste talks
Kpop music may be South Korea's buzziest export however the industry unnecessarily creates mountains of plastic in its home market by producing CDs that most fans don't even listen to, critics state.
What the fans have an interest in are the photos of band members that include the CD and basically function as trading cards, often ending up being collectors' products. The catch is, each CD will usually include pictures of just one band member, it's not clear what images will be in the CDs and fans frequently purchase multiple CDs until they get their favourite band member.
The practice, while very profitable for K-pop agencies, is hugely inefficient, says Kim Na-yeon of activist group Kpop4planet.
The group plans to highlight the issue while South Korea hosts United Nations settlements over a treaty to control plastic waste next week and will take part in a demonstration to raise awareness about the environment crisis this Saturday.
Most people listen to music through streaming and a lot of don't. even have CD players, stated Kim.
Certainly, just 8% of South Koreans use physical albums to. listen to music, according to the Korea Creative Material. Agency's 2024 white paper on the music industry.
It's not uncommon for some fans to purchase state 10 CDs, keep the. pictures however throw out a lot of the real CDs. Some will even purchase. much more as often a purchase will immediately put the purchaser. into a lotto for tickets to meet-and-greets with band members.
Kim Do-yeon, a 24-year-old K-pop fan, stated while it wasn't. ideal for the environment, she typically purchases numerous CDs including. the same music from her favourite band.
I purchase numerous CDs due to the fact that each variation is packaged. differently - in particular, the pictures are various, she. said.
Such marketing strategies from K-pop companies have indicated that. in South Korea, sales of physical albums - which are practically all. CDs - have almost tripled over 3 years to more than 119. million in 2023, according to South Korean album sales tracker. Circle Chart.
That's been a major aspect behind a 13% jump in global. physical album incomes in 2015, according to the Worldwide Music. Report by industry body IFPI.
The amount of plastic used by K-pop companies has thus. surged, hitting about 800 metric heaps in 2022, a 14-fold. boost from 2017, according to a declaration from South Korean. legislator Woo Won-shik that cited environment ministry information.
The problem of K-pop's marketing strategies has actually likewise been debated. in parliament's environment and labour committee meetings but. the practice shows no sign of ending.
K-pop agencies emphasise that they are using recycled or. environment-friendly materials and have actually begun releasing sustainability. reports.
Asked to respond to the criticism of the market's CD. marketing practices, HYBE, K-pop supergroup BTS'. company, said it prepared to significantly broaden its offerings of. so-called Weverse albums, where fans gain access to music and digital. material such as photos by acquiring by means of a QR code.
Other K-pop agencies SM Entertainment and JYP. Entertainment did not respond to Reuters demands. for comment while YG Entertainment referred to its. sustainability report.
Kpop4planet argues that the firms owe it to the fans to do. more and that unless there is a modification in their CD marketing,. using recycled product in CDs is tantamount to. greenwashing.
The majority of K-pop fans are young, they're the future generation in. their teens or 20s who will be directly impacted by a climate. crisis, said Kim Na-yeon.
(source: Reuters)