Latest News
-
Deforestation in Brazil’s Amazon reaches 11-year low before COP30
Data released by the government on Thursday showed that deforestation rates in Brazil's Amazon rainforest dropped 11.08% between January and July of last year, a record low. The data was released days before Brazil hosts the United Nations Climate Summit known as COP30. This is a victory for President Luiz inacio Lula Da Silva who wants to highlight his government's achievements on the environment at the conference. Lula has committed to ending all deforestation within the country by 2030. Amazon destruction has decreased by half since the start of his tenure in 2023. Inpe, the Brazilian space agency, released a report that showed the Amazon had been destroyed by approximately 5,796 square kilometers in the past year, the lowest number since 2014. Even in my best laid plans, I never would have imagined we would be at this point where there is a 50% decrease in deforestation," said Environment Minister Marina Silva during a press briefing. Deforestation in Brazil's Cerrado Savanna fell by 11.49% to 7,235 sq km, the lowest in six years and the second consecutive decline following four years of increasing deforestation, including Lula's inaugural year in office. Environmentalists have criticized the government for its support of Petrobras plans to drill near Amazon River's mouth. (Reporting and writing by Lisandra Pagaguassu, Brasilia. Editing and editing by Leslie Adler & Matthew Lewis.)
-
Sloviansk's Zelenskiy, Ukraine: two dead in Russian attack against power station
Volodymyr Zelenskiy, the president of Ukraine, said that a Russian bomb attack on a Ukrainian power plant in Sloviansk killed two people on Thursday and injured several others. In his video nightly address, Zelenskiy described the attack on the Donetsk Region near the frontline as "strictly terrorism". He claimed that energy sites are the primary targets of Russian drones and missiles. Could not independently verify this account. According to prosecutors in Donetsk Region, Russians attacked private homes in the city Kramatorsk and killed one person. They also injured three others. Sloviansk, Kramatorsk, and other Russian targets will be the main Russian targets as Russian troops slowly advance through Donetsk. (Reporting and editing by Cynthia Osterman, Ron Popeski, and Bogdan Kochubey)
-
Sugar prices hit five-year lows as surplus forecasts swirl
Investors weighed the news of an U.S. China trade truce as they analyzed the world sugar price's fifth-year-low for a forth consecutive day. The raw sugar futures traded on the ICE, which are used to price physical sugar all over the world, settled down by 0.14 cents, or 1%. They had previously hit their lowest level since October 2020, 14.07 cents per lb. After touching their lowest level since December 2020, white sugar futures dropped 0.9% to $414.00 per metric ton. Michael McDougall, an independent sugar analyst, noted that the weather forecasts for key sugar-producing areas are still benign and boosting crop prospects. Meanwhile, oil prices continue to be under pressure due to a lack details in the U.S. China trade agreement. The sugar price in Brazil is still two to three cents lower than the parity for ethanol, so the message to Brazil's cane mills should be to produce more ethanol and less sugar. McDougall stated that "the trend is lower, and some are talking about 10-13cents. But when too many people look further down, it is a preliminarily signal that we will not see that." Sugar production in Brazil, the world's largest producer, grew faster than expected during the first half October. It increased by 1.25%, versus a 0.6% expected increase. Mills have reduced the cane they allocate to sugar production, and increased ethanol production. Datagro, a Brazilian consultancy, had forecast last week that the global sugar deficit would turn into a surplus in 2025/26 of 1,98 million tons from a 5,000,000-ton surplus. To limit sugar losses, the state of Uttar Pradesh in India has increased the price mills have to pay for their new crop. This should make sugar exports more difficult. Other soft commodities also rose, with arabica coffee up 0.3% or 1.3 cents per lb to $3.92, and robusta coffee rising 0.7% to $4.641 per ton. London cocoa increased 0.4%, reaching 4,374 pounds a ton. New York cocoa also rose 0.2% to $6,058 per ton. (Reporting and editing by Ed Osmond, Alan Barona and May Angel)
-
Investors assess U.S. China trade deal as Fed lowers rates and gold gains
Gold prices rose by 2% on Friday, boosted by the Federal Reserve's interest rate reduction and the uncertainty surrounding the outcome of the trade agreement between China and the U.S. As of 01:39 pm, spot gold had risen 1.9% to $4,003.62 an ounce. ET (1739 GMT). U.S. Gold Futures for December Delivery settled 0.4% higher, at $4015.9 an ounce. U.S. president Donald Trump announced on Thursday that he would lower tariffs against China from 57% to 47% in exchange for Beijing returning U.S. purchases of soybeans and rare earths and cracking down the illicit fentanyl traffic. The markets have backed off any optimism about the end of the trade wars as details of the U.S. China deal were revealed. Fears that the truce could be temporary led to a fall in equity markets. The U.S. Federal Reserve cut interest rates in line with expectations on Wednesday. However, it indicated that this may be the last reduction of the year, as the government shutdown is threatening the availability key economic data. In a low interest rate environment, safe-haven assets like gold become more appealing as they are non-yielding. Gold tends to do well during times of geopolitical or economic uncertainty. Wells Fargo Investment Institute has raised its gold target for 2026 to $4,500-$4,700/oz from $3,900-4,100/oz previously, citing uncertainty in geopolitical policy and trade. Analysts said that they expect the question marks to continue to drive private and public demand, and higher prices. Silver spot rose 2.7%, to $48,81 an ounce. Platinum gained 1.2%, to $1604,38, and palladium increased 3.4%, to $1447.08. (Reporting from Noel John in Bengaluru and Pablo Sinha; editing by Shalesh Kuber).
-
Mercuria and ERG sign $100 million copper deal
Mercuria Energy Trading and Eurasian Resources Group have agreed to prepay up to $100,000,000 to Eurasian Resources Group as part of a three-year copper supply agreement, they announced on Thursday. Prepayments is an advance paid by buyers to producers. It's often used to ensure future supplies or to provide working capital in the commodity trade. Mercuria will receive copper from ERG, a Luxembourg-based company that produces copper in the Democratic Republic of the Congo. Shukhrat Ibragimov, Chief Executive Officer of ERG, said: "The agreement marks an important step towards deepening our partnership with global partners in our efforts to realize the full potential our core operations in DRC." ERG and Mercuria have not disclosed how much copper will be delivered to the Swiss commodity trader annually. The facility will help ERG develop its assets in the Democratic Republic of the Congo, a region of increasing strategic importance to Mercuria Energy Trading SA. Kostas bintas is the Global Head of Metals & Minerals. (Reporting and editing by Kirsten Doovan; reporting by Pratima Dasai)
-
IMF and Serbia reach agreement at staff level on a 36-month deal
The International Monetary Fund (IMF) and Serbia reached an agreement at the staff level on the second review of a 36 month arrangement to support economic reforms within the Balkan nation, the IMF announced on Thursday. Signed in October 2024, the Policy Coordination Instrument makes it easier for Serbians to obtain loans from other sources. According to the agreement, Serbian authorities have committed themselves to a fiscal surplus limit of 3% over a period of three years. In a statement issued following an eight-day visit to Serbia, the IMF said that the review would be subject to the approval of the IMF Executive Board. After 16 people died in a roof collapse at a railway station last year, accusations of widespread negligence and corruption were made. IMF stated that Serbia's economy has slowed down this year because of global trade tensions and domestic political uncertainty. Also, the U.S. sanctioned NIS Oil Company. It said that "poor harvests have also driven up food prices." However, the headline inflation rate fell to 2.9% after temporary price controls and margin restrictions in September. The growth rate for 2025 will be 2.1%. It will then recover to around 3% by 2026, as exports and investment strengthen. This is supported by rising household incomes and stable economic conditions. IMF stated that Serbia's reserves of foreign currency and public debt are moderate.
-
Arkansas wants to be the US hub for lithium, but it has to overcome Chinese competition and tech challenges
Arkansas is facing stiff Chinese competition as well as a sagging market price and technical challenges in its bid to become the U.S. hub for lithium production. State officials and industry executives have said that these obstacles are easily overcome. According to the U.S. Geological Survey, the southern state of South Carolina, where former U.S. president Bill Clinton was born, is located atop Smackover. This underground geological formation stretches from Florida to Texas and contains brines containing over 5 million metric tonnes of lithium. This is enough lithium for millions of electric vehicles and other devices, if it can be filtered by direct lithium extraction (DLE), which has never been done commercially before. LITHIUM PRICE DROP Beyond technical challenges, Arkansas has to deal with a price drop of over 80% in the last 18 months. This fall is a result of an oversupply by Chinese competitors. Patrick Howarth, Exxon Mobil’s director of lithium, said at the Arkansas Lithium Innovation Summit held in Little Rock, "We're all working to make Arkansas as competitive and as efficient as possible." Standard Lithium, Exxon Mobil, and Chevron, among others, are rushing to show that DLE is viable in Arkansas, despite the low prices. Arkansas hopes that its industrial expertise and electricity rates, which are among the lowest in the U.S., will help the state become the nation's lithium hub. Albemarle operates the only U.S.-based lithium mine in Nevada. "We spend a great deal of time convincing people outside Arkansas that this is a real opportunity, that production can be low-cost, and that it could become a reliable supply of lithium chemicals in North America for many decades," said Andy Robinson. Standard Lithium is developing a DLE project in Arkansas with Equinor. GOVERNOR SEES DLE SUCCESS IN STATE Approximately 860 people attended, an increase in attendance of 15% over the previous year's summit. In an interview, Arkansas Governor Sarah Huckabee Sanders stated that she believes DLE will succeed. "Big companies don't invest hundreds of millions of dollar in things if they do not feel that they can see a way forward," said Sanders. She was the press secretary of President Donald Trump's first term, and she became governor of New York State in 2022. The governor stated that she doesn't believe the state’s lithium industry requires government guaranteeing a minimum price. This is something Trump officials discussed in relation to critical minerals. Sanders said she doesn't think it's a disconnect for her to want Arkansas to become a major producer of lithium but not own an electric vehicle. Sanders stated that although she does not own rockets in Arkansas, the rocket industry is still something they are very good at. "I don’t think that you need to own a business to be able sell it, or to create an environment in which these businesses can thrive." (Reporting and Editing by Rod Nickel. Ernest Scheyder)
-
Scientists use a climate "time machine" in Amazon to prepare for the COP30
Scientists in Brazil's Amazon have created a "time-machine" that pumps carbon dioxide into the canopy of the rainforest to simulate future atmospheric conditions to gauge the biome's adaptation. This is an open question which will be discussed next month at the COP30 United Nations Climate Summit hosted by Brazil. The AmazonFACE project, near Manaus, Amazon's largest city, features six steel tower rings that loom over the jungle canopy. Each ring is surrounded by groups of 50-70 mature trees. After baseline testing, the scientists will fumigate three of the rings using carbon dioxide in levels that simulate climate forecasts over the next decade, with the remaining samples serving as control samples. "We are trying to create an atmosphere of the future," Carlos Quesada said, a coordinator for INPA (National Institute for Amazon Research), which is leading this experiment along with Universidade Estadual de Campinas. Scientists say that the preservation of tropical rainforests such as the Amazon is crucial to reducing the worst impacts of climate change. Scientists say that the preservation of tropical rainforests like the Amazon is vital to curbing the worst effects of climate change. FACE (Free-Air CO2 Enrichment) will allow Quesada to study the effects of elevated levels of carbon dioxide on rainforest giants and the surrounding plant life. The Brazilian federal government and United Kingdom are supporting the project. AmazonFACE is a new frontier for forestry engineer Gustavo Carvalho. FACE has been tested around the globe, including in the United States where the Department of Energy conducted temperate biomes tests. Carvalho, under the shade provided by the Amazon canopy, said: "This is a first-ever experiment of a tropical natural forest this size." Carvalho explained that baseline testing is underway. Sensors record every 10 minutes the forest's reaction to changing conditions. They show how the trees absorb carbon dioxide and release oxygen and water vapour in response to rainstorms, sunshine and storms. In the future, artificial microclimates will be created with higher levels of carbon dioxide. Carvalho explained that if a model predicts (a certain amount of carbon dioxide in the air) in 2050-2060, we will increase the amount to this amount to see how the forest reacts. "We will have a small area in the forest where we can enter to know what the future holds."
Germany's election: polls, parties, and policy debates
Germany will hold an immediate national election on February 23 after the collapse of Chancellor Olaf Scholz’s three-way alliance.
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), Linke (a far-left party) and Sahra Wagenknecht Alliance are also running. However, they are at risk of not reaching the 5% threshold for entering parliament.
According to the INSA survey released on February 1, the conservatives are leading the nationwide polls and have reached 30%. The AfD is at 22%.
Scholz' SPD has fallen to third place from first in the election of 2021. The Greens are on 12%, and the BSW is on 6%. Both the FDP and Linke poll at 4%
Analysts believe that polls can change quickly as voters have become less loyal. The conservatives were unable to maintain their lead in the election campaign of 2021. They fell from the frontrunners to the runner-up in a matter of months.
Friedrich Merz is a conservative leader who is prone to gaffes. He can also be quick to anger.
What are the key issues?
Ukraine
The mainstream parties in Germany are all for helping Ukraine to repel Russia's full scale invasion. However, the AfD/BSW wants to stop weapons deliveries to Kyiv as well as a return to good relations with Moscow.
Scholz and the SPD, however, have struck a more conservative tone recently, highlighting the importance of diplomacy, than the Greens, FDP and the Conservatives who all support the delivery of long-range Taurus rockets from Germany to Kyiv.
Reviving the Economy
Scholz proposes to encourage private investment and modernise infrastructure by creating a 100 billion euro fund that is off budget. Scholz' SPD plans to give businesses a 10% direct tax rebate on their equipment purchases.
Robert Habeck, a Green Party member, has called, as Scholz did, for reforms to the constitutionally-enshrined debt break in Germany, allowing for increased public spending.
Merz also indicated some openness towards a moderate reformation of the debt brake, but in his party's platform he pledged to keep it. Both the AfD (the Alternative for Germany) and the FDP (the Free Democratic Party) are staunch defenders against the public borrowing limit.
In the CDU/CSU 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
The public's concern over migration and security has been exacerbated by a series of violent attacks in Germany that are linked to foreign suspects. This has led to political parties demanding stricter immigration measures.
Merz broke a taboo by sponsoring a bill in support of the AfD after the latest attack on January 22. This was a break from the previous policy against working with the far right party.
He failed to get a majority of his own deputies to back the bill.
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, the anti-Islam and anti-migration party, has called for border closures and to deny asylum seekers their right to family reunion. 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 an open policy in terms of asylum, and promote initiatives such as state-sponsored sea rescues, simplifying processes for family reunion and enhancing integration.
- Energy
The high energy prices in Germany remain a major challenge for both households and businesses. They are also a key topic during the election campaign.
CDU, SPD, and Greens all agree that renewable energy can be expanded to reduce costs, but they differ in their financing strategies: The CDU proposes using higher revenues from CO2 certificates to lower network charges, while SPD and Greens favor debt-financed subsidies. The CDU, AfD and SPD also suggest a return of nuclear power. This idea is rejected by SPD and Greens.
The AfD is against all renewable energy subsidies. It advocates unrestricted operation of coal-fired plants and the elimination of CO2 pricing in order to reduce consumer costs and improve energy security.
Relations with Trump
Germany is especially sensitive about the question of how to deal with the new administration led by Donald Trump who has already hinted at increased tariffs and reduced support for Europe. The U.S. is still Germany's main export market and security ally.
Scholz, the SPD candidate, has strongly reacted to Trump's remarks on Greenland, Canada and other countries. Merz, the conservative candidate, warned him against lecturing Trump, focusing instead on areas of potential cooperation, such as a possible EU-U.S. Trade Deal or joint China Strategy.
Habeck, a Greens member, warned that the EU should stand united and engage in talks with Trump's administration as a trade conflict will harm both sides.
All the major parties are sceptical about Trump's demands that European countries increase their defence spending to 5%. This is because Germany will struggle to maintain 2% of its economic output after the special fund for military purposes runs out. Habeck has, however, already proposed a 3.5% increase.
AfD is the German party which has shown the most support for the Trump administration. Elon Musk was a frequent endorser of the AfD and spoke on X to Alice Weidel, the party's candidate for chancellor. Reporting by Sarah Marsh and Maria Martinez. Editing by Alexandra Hudson and Mark Heinrich.
(source: Reuters)