Latest News
-
US, Mexico set more USMCA talks for September amid differences over autos content
U.S. officials and Mexican officials announced on Thursday that they would meet in September for a 'fourth round' of negotiations to revamp North American trade agreements. This follows a week-long discussion which revealed disagreements about changes to the automotive content rules, among other things. This week, U.S. trade representative Jamieson Greer held a meeting with Mexican President Claudia Sheinbaum as well as Economy Minister Marcelo Ebrard during a third round discussion on the U.S.-Mexico-Canada Agreement. In a statement released after the conclusion of the talks, Greer and Sheinbaum said they discussed autos and economic security, agriculture, electronic payments, and steel and aluminum. The statement stated that "Ambassador Greer" and President Sheinbaum had agreed on the importance and urgency of bilateral cooperation, and emphasized the need to?grow North American manufacturing and strengthen regional supply chains, and address free-riding by non-parties like China. The statement stated that Greer and Ebrard had agreed to hold a fourth round of bilateral negotiations in Washington, D.C. in early September. Ebrard, in a statement released separately on Thursday, said that the conversations were "constructive" and had led to progress on topics such as steel, aluminum, and import substitution from Asia. Canada was excluded from the bilateral talks. The talks come as the two countries are renegotiating the six-year-old deal, which governed nearly $1.6 trillion of regional trade in the past that was duty-free. Negotiations could extend into next year and prolong the uncertainty in business and investments that Mexico and Canada are trying to reduce. Two sources who were familiar with the negotiations, but spoke on condition of anonymity due to the sensitivity of the closed door talks, said that the two sides are still far apart on important issues. Sticking Points Washington's requirement that cars contain at least 50% U.S. content in order to be eligible for preferential access is one of the main sticking points. One of the sources stated that the proposal was a non-starter with the Mexican government. Mexico will not accept "even 1 percent" of American content. One of the sources added that this provision would "open the door to a possible increase in the future". The current trade agreement requires that vehicles contain at least 75% North American-made content in order to be eligible for duty-free treatment. 40% of the vehicle's components must be produced by workers who earn at least $16 an hour, a threshold which is met both in the U.S.A. and Canada. The agreement does not specify a specific percentage of content from any country. Mexico wants Washington to lower "Section 232", national security tariffs, of 25% on automobiles and 50% on aluminum and steel from Mexico and Canada, before it makes concessions on any other issue. Trump, however, has not shown any signs of easing tariffs. Mexican auto factories currently face a cost disadvantage compared to their competitors from Japan, South Korea, and the European Union who are subject to a 15% duty to export vehicles to the U.S. without any regional content requirements. A source familiar with these talks stated that the U.S. had told Mexican officials to come up with alternative solutions to Trump's goals, which include bringing more auto production to the U.S. and replacing Asian components in the North American supply chains. The Trump administration decided not to extend the USMCA on July 1. Instead, it started a 10-year clock that would wind down the agreement unless changes could be agreed. Greer stated in his Senate testimony on Wednesday that he hopes to reach interim trade agreements this year with Mexico and Canada, while taking on the more difficult USMCA questions such as auto content standards, labor, and environmental regulations in 2027. Kevin Brady, former U.S. Representative from Texas, who chaired the influential U.S. House Committee on Ways and Means and is a supporter of the North American Trade Pact, said: "At this stage, each (negotiation round) adds value." "The negotiations are in a good place."
-
Wisconsin protesters demand justice after a man is killed by police
On Thursday, hundreds of protesters gathered in Madison, Wisconsin, to demand that police be held?responsible for the death of a man, which was captured by witnesses on video. Social media went wild with the shooting death of Corey Ruiz. Local community advocates and Wisconsin media outlets identified him as Black. This rekindled some of the anger that arose after the Minnesota police killed George Floyd in 2020 and other deaths which 'have raised questions about racism in police force use in the United States. The police said Ruiz was armed with a blade that injured one of the officers who wrestled Ruiz down. According to the video, during the struggle, the officer pulled out his handgun and shot what sounded like three shots from a close range. Demonstrators gathered late on Wednesday at the scene, and also at the Capitol where a concert outside was cancelled due to the protests. Demonstrators returned on Thursday to the scene, and placed flowers in the streets. The organizers introduced Ruiz's relatives, including his daughter, to the crowd. On Thursday morning, several protesters demanded that the officers should be jailed. They held up signs like "Corrupt cops also deserve to die !!!" A video from Wednesday shows a?man being wrestled by four uniformed officers amid shouts such as "Let him go" and "He has a knife." Patterson stated that an officer had used a Taser at some point to?try and subdue this man. However, for unknown reasons, it was not successful. Ruiz was stopped by police after reports that a man had been looking in parked cars. Patterson believes that a second call at the same time, about an "unlawful entry to a home", may have increased police presence. Patterson stated that the Wisconsin Department of Justice, Division of Criminal Investigation, is conducting an independent investigation into homicide. (Reporting and editing by Donna Bryson, Christopher Cushing, and Daniel Trotta from Vista in California)
-
Japan's June core inflation increases, but remains below BOJ target
Japan's core price inflation rose in June, but it remained below the central bank's target of 2% for a fifth consecutive month. This suggests that firms have not yet aggressively passed on rising input cost to consumers. Analysts expect that consumer inflation will accelerate in the second half of this year, as the recent spike in producer prices, fueled by the rising cost of fuel and imports from the Middle East conflict, and the weakening yen, filters through to the rest the economy. Analysts say that the yen's decline to its lowest level in four decades is likely to increase inflationary pressures and maintain market expectations of future interest rate increases by the Bank of Japan. Sarah Tan, an economist with Moody's Analytics, said that the inflation outlook is heavily dependent on what happens in?the Middle East? and its impact on global commodities prices. The concern is that nominal wage increases may not keep up with inflation. This will impact real wages and consumer spending. "A renewed depreciation would intensify imported inflation." Data showed that the core consumer price index (CPI), excluding volatile food prices, increased 1.6% from a previous year in June, a rise that was in line with market expectations and faster than the 1.4% increase seen in May. This is partly due to the effect of the sharp drop in gasoline prices last year, caused by government subsidies. The data revealed that food inflation declined due to the falling price of rice. Meanwhile, service inflation fell to 1.2% in June from 1.4%, despite gains in wages. The BOJ closely monitors an index that excludes volatile fuel and fresh food, which is a better measure of inflation. It rose by 1.7% from a year ago in June after rising 1.8% in May. Next week, the central bank is expected to examine the data at its policy meeting and announce new?quarterly forecasts. Marcel Thieliant is the Asia-Pacific head at Capital Economics. He said that there are no clear signs that BOJ's fears about inflation risks are becoming a reality. "Producer price inflation accelerated in recent months," the Bank said. The Bank's concern about inflation risks will not have diminished as crude oil prices approach their recent highs - and the yen falls to new lows against the US dollar. The producer price index jumped 7.1% in June, the fastest rate in over three years. The BOJ increased?interest rates in June to a high of 31 years, a milestone in its policy normalisation. It was a sign that it is ready to tighten even more as it concentrates on taming the price pressures caused by the energy shock caused by the U.S. and Israeli war against Iran.
-
IAEA: Military activity affects water supply at Zaporizhzhia Nuclear Plant and nearby town
The U.N. nuclear watchdog reported on Thursday that military activity had affected water supplies in parts of the Russian-held Zaporizhzhia Nuclear Power Station and nearby areas of southeast Ukraine. In the first few weeks of the Russian invasion of Ukraine in February 2022, Russian forces captured the largest nuclear power station in Europe, with six reactors. Since then, both sides have accused each other of actions that compromise nuclear safety. Rafael Grossi said that there is no shortage of water to keep the fuel cool in reactors. The attacks on and around Enerhodar - where many plant staff live - "targeted local electrical infrastructure and led to a loss of water supply in the ZNPP and the city." Grossi added that IAEA monitoring staff stationed in the plant had only limited access to water since 18 July. Grossi has visited the plant a number of times since the Russians took over the operation. He made no mention of either Russia or Ukraine in relation to the military activity. The IAEA?on-site?team has not been able?to?visit an emergency operations center nearby since December due to security concerns. Last week, Rosatom, the state-owned nuclear corporation of Russia said that a Ukrainian drone killed the plant's chief engineering. Grossi reiterated in his latest statement that the nuclear power plant employees "must always be protected."
-
Newmont's profit beats expectations on higher gold prices
Newmont beat analysts' estimates for the second quarter profit on Thursday as higher gold prices helped to offset lower production. Gold prices have been rising on the back of a steady demand for safe-haven assets and hopes that U.S. rates will be cut. However, a stronger dollar as well as inflation fears fuelled by oil price volatility during the Iran War has?limited gains. Gold prices that are higher usually boost revenue and margins for miners. Prices for 'the yellow metal' averaged $4,606.41 per ounce during the second quarter 2026. This is up 37% from one year ago. Newmont's average quarterly realized price of gold was $4,414 per ounce. This compares to $3,320 an ounce one year ago. The quarterly gold production was 1.29 million, down from 1.48 million the year before. In extended trading, its shares dropped 1%. According to data compiled and analyzed by LSEG, on an 'adjusted' basis, the company earned a profit of $2.10 for the quarter - ended June 30 compared to the analysts' average estimate of $1.99.
-
Chile investigates Antofagasta’s Los Pelambres Mine after rainwater discharge
Antofagasta Minerals, a Chilean copper mining company, said on Thursday that its flagship mine Los 'Pelambres is safe following an investigation by Chile's environmental regulator into a water discharge incident caused by extreme weather. On Wednesday, the regulator said that Antofagasta released water into the Pupio Waterway from a drainage pool after heavy rains caused an?avalanche near the site. Antofagasta has said that the controlled release of water from two pools downstream the tailings?dam?wall was part of its water management system. Water from the tailings dam was channeled to the Pupio stream whose flow had already increased significantly because of rain. The company reported that the tailings pond was "stable and in accordance with its design parameters and safety parameters with no risk to people or surrounding?environment." * The regulator stated that it will continue to evaluate whether any further action is needed. Chile has been hit by heavy rains?from the north-central region to the south causing flooding, road closures, and home damage. * Copper mines are usually prepared for winter with contingency plans. However, the intensity of the storm has forced some to reduce their activities. *?Los Pelambres is the largest copper mine in Antofagasta, located in Chile's Coquimbo region.
-
Officials say five Palestinians were killed in an Israeli strike and violence in the West Bank.
According to Palestinian officials and the Israeli military, an Israeli airstrike on Thursday killed two Palestinians, including two children, in northern Gaza. Three other Palestinians were also shot dead in the West Bank. Israel's military claimed it had targeted "militants" in Gaza. A senior Israeli military official confirmed that a civilian killed two Palestinians after they had stabbed an Israeli and injured him during a dispute. After a separate stabbing attack in which an Israeli soldier was injured, the Israeli military confirmed that its forces had shot a third Palestinian. Israel has launched nearly daily attacks on Gaza in what it claims are attacks against Hamas militants. This is more than nine month after the U.S.-backed "ceasefire" in the enclave. According to Palestinian and Israeli statistics, more than 1,160 Palestinians as well as four Israeli soldiers were reported dead since the fragile truce began in October. Palestinian medics claim that the majority of those killed are civilians. The Palestinian Authority's official media agency WAFA reported that Israeli soldiers and settlers attacked Palestinians in the West Bank as they attempted to extinguish a nearby fire. Two Palestinians stabbed a soldier, according to an Israeli military official. "Friction" broke between Israeli settlers and Palestinians while trying to put out the fire. Official, who did not want to be named, claimed that an Israeli "civilian", which is an apparent reference of a settler killed the two Palestinians. The West Bank has been a hotbed of tensions due to the escalating violence between Israelis and settler groups, as well as Israeli plans to expand settlements in territory Palestinians consider a "key" part of their future state. Around 700,000 Israelis live with 2.7 millions Palestinians in the West Bank and East Jerusalem. Most foreign governments claim that Israel's settlement activities in the West Bank, where the Palestinian Authority has limited autonomy, are illegal under international law. Israel disagrees with this view. Reporting by Ali Sawafta and Steven Scheer; Writing by Pesha Magd; Editing Andrew Heavens
-
Blackstone CEO addresses AI concerns raised by the community
Stephen Schwarzman, Blackstone's CEO, said that the company is addressing the social and environmental implications of artificial intelligence, as opposition to the construction of data centers in the United States grows. Blackstone and private capital firms pour tens or hundreds of millions of dollars in infrastructure and businesses that are aiming to increase computing capacity and run models that consume a lot of power. A June /Ipsos poll found that the deeply divided American electorate was united by their opposition to the construction of data centers. Only 14% said they would "support" a facility being built for technology companies in their locality. Schwarzman, on a recent conference call, said that Blackstone works closely with its portfolio companies, including the data-center business, "to address workforce, environmental, and community implications through the creation union jobs, training for the workforce, water-free cooling systems, increased power generation, as well as significant local economic investments." Schwarzman stated that while AI's impact could be similar to the Industrial Revolution, which ultimately raised living standards, it also causes anxiety because of the uncertainty about how technology will evolve. Blackstone, the private equity firm that bought QTS for $10 billion dollars in 2021, announced earlier this month it had halted a Virginia project after years of planning. The project was halted after years of planning due to a'strong local opposition, litigation and disagreements. The U.S. administration of President Donald Trump sees AI development as a race with China but also works to protect households from the rise in energy prices that will follow. Schwarzman, who has been a Trump donor for many years, said he personally spent "a lot of time" with leaders in the AI industry and policymakers to think about ways to deal with these issues while maintaining America's AI lead. (Reporting and editing by Nia William; Isla Binnie)
Sources say that China is investing in the Brazil-led Global Forest Fund
Two people familiar with the negotiations said that China had signaled the Brazilian government it would invest in the Tropical Forests Forever Facility. This is a multilateral fund to conserve endangered forests all over the world. China's investment in the fund that Brazil proposed first in 2023 would be a significant shift in climate financing, which relied on funding coming from wealthy nations responsible for global warming up to this point. China's commitment could allow emerging economies to contribute to climate change mitigation financially, going beyond the requirements of the 2015 Paris Agreement that were imposed on developed countries.
This new approach is being adopted as wealthy countries such as the United States back away from their ambitious pledges of funding projects to curb climate change. However, poorer nations are increasing pressure on these nations to do so as they struggle to deal with the effects of a warming climate. Last year, at the United Nations Climate Summit, leaders from developing countries criticized wealthy nations for their $300 billion annual global finance target. This was only a fraction of $1.3 trillion economists claim is needed. Sources say that Chinese Finance Minister Lan Fu'an, who met with his Brazilian counterpart Fernando Haddad, on Thursday, expressed his intention to contribute to TFFF (the Forest Fund for the Future), a fund to support the conservation of forests. The two spoke at a side meeting of finance minsters ahead of the BRICS summit, which begins in Rio de Janeiro this Sunday. One source who was present at the conversation said that Lan told Haddad that he thought the fund idea was important and that China would contribute. The discussion, however, did not include specific values. Sources say that the Brazilian government took the message of China's finance ministry as a sign that Beijing would contribute funds. However, a public announcement will not be made until the U.N. Climate Summit, COP30 in November.
The Chinese embassy in Brasilia, as well as the Brazilian Finance Ministry, did not respond immediately to a comment request. Sources claim that Brazilian President Luiz Inacio Lula da Silva discussed the fund in May with Chinese President Xi Jinping. Brazil is also looking to attract other developing nations with rich resources, especially from the Middle East.
The Brazilian government believes that the TFFF could be the main new deliverable for COP30 in Belem, an Amazonian city.
Policymakers envision TFFF to be a $125 billion endowment fund that combines contributions from the private and sovereign sectors. The fund would be managed as an endowment, with countries receiving annual stipends based upon how much of their rainforests remain standing.
Although sources don't expect the fund will launch at this scale, initial indications of support came from the U.K. France, Germany Norway, Singapore, and the United Arab Emirates.
After President Donald Trump backed out of the Paris Agreement, the initial support from the United States has evaporated.
The TFFF is a good example of the growing attention being paid to the conservation of tropical forests. These forests are rich in carbon that can help combat climate change. They also protect biodiversity. (Reporting from Lisandra paraguassu, Rio de Janeiro. Writing by Manuela andreoni. Editing by Brad Haynes & Chizu Nomiyama)
(source: Reuters)