Latest News
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Cadbury-parent Mondelez calls for delay to EU deforestation law
Cadbury chocolate maker Mondelez wants to delay the deforestation legislation of the European Union by one year, according to a senior executive. Massimiliano di Domenico is the vice president for corporate and government affairs in Europe. He said that while Massimiliano supports EU Deforestation Regulation, he urged policymakers not to ignore "on-the ground realities." Di Domenico spoke at the European Parliament and posted his comments later on LinkedIn. Nestle, Mars Wrigley and Ferrero supported the law by signing a joint document in July of last year. They also urged Brussels to give clearer guidance and assistance to help the companies meet the deadline for compliance. Companies and traders who import soy, beef and other products must prove that their supply chain does not contribute to deforestation. If they fail to do this, they will be fined. Di Domenico stated that the cocoa industry is "under enormous pressure" because of soaring prices and declining production in origin countries, as well as digital infrastructure gaps which could disrupt supply chains and affect compliance. Di Domenico wrote in his blog: "We respectfully, transparency and responsibly call for a one-year delay -- not to dilute our ambition but to allow practical, inclusive and effective implementation." After criticism from the industry, the EU has already postponed its launch for a year, to December 2025. (Reporting by Anusha Shah in Bengaluru; Editing by Rachna Uppal)
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Dollar in a funk as Trump's deadline for tariffs looms
As the deadline for U.S. president Donald Trump to reach a trade deal looms next week, most Asian equity markets struggled and European stocks appeared set to open lower, despite Wall Street's overnight record highs. As traders weighed the implications of Trump's expected signing of a sweeping spending bill later that day, the dollar lost some of its gains from Thursday. U.S. S&P futures dipped by 0.3% after the cash index had risen overnight by 0.8% to a new closing high. Wall Street will be closed for Independence Day on Friday. The price of STOXX futures in Europe fell by 0.5%. Trump announced that Washington will begin sending letters on Friday to countries specifying the tariff rates they will be facing on exports into the United States. This is a significant shift from his earlier promises to reach scores of individual agreements before a deadline on July 9, when tariffs may rise dramatically. Tony Sycamore is an analyst with IG. He said that investors are "just waiting for July 9" and the lack of optimism in the market for trade agreements has contributed to some of the weakness of equity markets, especially those export-dependent Asia, such as Japan and South Korea. Sycamore stated that the jobs data on Thursday showed that "the U.S. Economy is holding up better than most people anticipated, which indicates to me markets can continue to do well" from here. Nikkei gained 0.1% at 0550 GMT, after trading in the early hours of the day saw gains and losses. South Korea's KOSPI fell 1.8%. Hong Kong's Hang Seng fell 0.4% while mainland Chinese blue-chips added 0.7%. Taiwan's equity benchmark lost early gains and fell 0.9%. Investors cheered Thursday's surprisingly robust employment report, sending all three major U.S. equity indices soaring in a short session. The House approved Trump's 869-page signature bill after the vote ended. According to the nonpartisan Congressional Budget Office, this would add $3.4 trillion dollars to the $36.2 trillion national debt. TRADE IS THE KEY FOCUS FOR ASIA Trump announced that he expects "a couple" of more trade deals after signing a deal on Wednesday with Vietnam to add to the framework agreements with China, and Britain which are so far his only achievements. Scott Bessent, the U.S. Treasury secretary, said this week that an agreement with India was close. The White House had once said that agreements with Japan and South Korea would be announced as soon as possible. However, it appears these deals have fallen through. In a note to clients, Kristina Cliftons, a Commonwealth Bank of Australia strategist, stated that "high tariffs on large economies such as Europe and Japan will increase the narrative of'sell U.S.,' weighing down USD." The USD would be supported by news of trade agreements ahead of the deadline of 9 July against major currencies such as GBP, EUR, and JPY. The U.S. Dollar rose overnight by as much as 0.7% against a basket major counterparts after traders backed off any expectation of a Federal Reserve rate cut in this month. It finished Thursday with a 0.4% increase. The U.S. dollar gave up some of its gains on Friday. It fell 0.4% to 144.31 Japanese yen, and 0.3% to 0.7926 Swiss Franc. The euro rose 0.2%, to $1.1783, and the pound sterling rose 0.2%, to $1.3681. The U.S. Treasury Bond market is closed for the holiday on Friday, but the 10-year yields increased 4.7 basis points to 4.34% and the 2-year yield increased 9.3 bps at 3.882%. Gold rose 0.4% to $3.339 an ounce. Brent crude futures dropped 21 cents, to $68.59 per barrel. U.S. West Texas Intermediate crude fell 11 cents, to $66.89. (Reporting and editing by Stephen Coates, Kim Coghill, and Kevin Buckland)
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ASIA GOLD - Demand for gold in Asian hubs is muted as prices rise, and Indian discounts are narrowed
The demand for gold in India has decreased due to lower imports. Indian dealers are offering a discount This week, the official domestic prices will be discounted by up to $14 per ounce, including 6% import duties and 3% sales taxes, compared to last week's up to $18 discount. A Mumbai-based dealer of gold bullion with a private banking firm said that despite a weak demand for jewellery, the low imports of gold in May and early June have led to lower discounts. The price of gold in India was around 97.100 rupees for 10 grams, after reaching a record high of 101.078 rupees a month ago. According to a bullion dealer in Kolkata, many jewellers offer discounts on the so-called "making charges", but retail demand remains low due to higher prices and a lean monsoon season. As of 0500 GMT, spot gold was trading at around $3340. In a July 1 note, HSBC stated that "the combination of sluggish growth, constrained real incomes, economic uncertainty and, most importantly, historically high prices will keep the demand for gold jewelry depressed in this year, and probably in 2026, as well." Dealers in China, the world's largest gold consumer, charged premiums ranging from $4.2 to $33 per ounce over global benchmark spot prices. This is a significant increase compared to last weeks premiums of $12 to $14. Hugo Pascal is a precious metals dealer at InProved. He said that the trading volume of the physical gold proxy contract, AU9999, traded on the Shanghai Gold Exchange continued to indicate a sluggish market. He said that gold needs to be above $3,400 with a higher volume of sales and implied volatility in order to attract buyers. Hong Kong saw the price of gold rise from parity to $1.60 above market value While in Singapore Prices ranged from the par price to a premium of $2.50. In Japan, bullion Changed hands from a par to a dollar premium A Japan-based trader stated that if the U.S. and Japan trade deal does not end well for Japan, the yen could weaken, which would lead to the public considering purchasing gold. (Reporting from Anmol Choubey, Bengaluru; Rajendra Jadhav, Mumbai; editing by Mrigank Dahniwala).
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China vows to crackdown on price wars as iron ore gains for the second consecutive week
Iron ore futures prices continued to rise on Friday, and are headed for their second weekly gain in a row. This is due to an improved market mood after Chinese officials called for a reduction in aggressive price competition. The September contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 1.03% higher, at 735.5 Yuan ($102.65). This week, the contract has gained 3,01%. As of 0345 GMT the benchmark August iron ore was $96.55 per ton on the Singapore Exchange. It was up 2.4% this week. The Central Financial and Economic Affairs Commission has called for more stringent measures to combat aggressive price cutting amongst companies. Analysts said that this has led to hopes for a second round in supply reforms, which could increase steel margins and mills' tolerance of price for ingredients. The upside potential was limited by signs of a softening in demand, in part because of environmental protection-related production controls in Tangshan (China's largest steel-producing hub). The average daily hot metal production, which is a measure of iron ore consumption, fell by 0.6% from the previous week to 2.41 million tonnes as of July 3. This was the lowest level since April 19. The dollar rose on Thursday, following a surprising robust report on jobs. Dollar-denominated investments become more expensive to holders of other currencies when the greenback is stronger. Coke and coking coal, the other steelmaking ingredients, traded in a sideways manner. All steel benchmarks at the Shanghai Futures Exchange increased. The benchmarks for steel on the Shanghai Futures Exchange all increased. ($1 = 7.1651 Chinese yuan). (Reporting and editing by Eileen Soreng; Lucas Liew)
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Australia commits $283m to Orica's green hydrogen project, as the industry is hesitant
Australia announced on Friday that it will invest A$432,000,000 ($283.82,000,000) in a project to produce green hydrogen, led by Orica. Orica is the largest explosives manufacturer in the world. The investment supports the industry's growth amid a recent wave of cancelled and delayed projects. The funding will be used to support the Hunter Valley Hydrogen Hub. This hub aims at decarbonising Orica's nearby explosives and ammonia manufacturing operations, and ultimately supplying green ammonia fuel for export. The Minister for Climate Change and Energy, Chris Bowen, said that the funding of the project on Australia's east coast would help secure the country's energy future. He also stated that green hydrogen is a key component to the government's net-zero goal. Bowen stated in a press release that the project would also reduce emissions at Orica's ammonia plant and produce green ammonia to be used domestically by mining, agriculture, and manufacturing sectors. The green hydrogen industry in Australia is now a step closer to success after a number of delays and withdrawals cast doubts on its viability. Plans to build a A$12,5 billion CQH2 plant in Queensland, Australia, collapsed on Sunday after the project's lead developer, State-owned energy company Stanwell, ceased its involvement. This was one of Australia's most ambitious and advanced projects. Orica's Hunter Valley Hydrogen Hub was once a joint-venture with Origin Energy. Last year, the power producer pulled out, citing concerns about costs and the challenges in the green hydrogen industry. Orica stated that the government's support was "essential", in order to bridge the "commercial gap" of the project. The explosives manufacturer added that in recent months, it has received a lot of interest from potential partners and will work to reach a final decision on investment "in due time". Sanjeev gandhi, CEO of Orica said: "We are committed to helping our customers achieve their decarbonisation goals through low-carbon products and supporting Orica in its next phase of decarbonisation." The hub's first phase is expected to produce 12 tonnes of green hydrogen per day, using a 50-megawatt electrolyser powered with renewable energy. (1 Australian dollar = 1.5221 dollars) (Reporting and editing by Kate Mayberry in Sydney)
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Iran commits to nuclear treaty, oil falls
Oil futures dropped on Friday as Iran reaffirmed their commitment to non-proliferation of nuclear weapons and amid expectations major producers will agree to increase their output this weekend. Brent crude futures fell 22 cents or 0.32% to $68.58 a barge by 0445 GMT. U.S. West Texas Intermediate Crude dropped 12 cents or 0.18% to $66.88. The U.S. Independence Day is a holiday. The U.S. news site Axios reported Thursday that the U.S. planned to meet with Iran to restart nuclear talks next week, while Iran's Foreign Minister Abbas Araqchi stated that Tehran remains committed the Nuclear Non-Proliferation Treaty. The threat of renewed hostilities has been significantly reduced by the news on Thursday that the U.S. was preparing to resume its nuclear talks with Iran and Araqchi’s clarification that cooperation between the U.N. Atomic Agency had not been stopped, said Vandana hari, founder of the oil market analysis company Vanda Insights. Araqchi made his comments a day after Tehran passed a law that suspended cooperation with the U.N.'s nuclear watchdog agency, the International Atomic Energy Agency. Hari stated that "but the price correction might have to wait until Monday, when U.S. reopens after a long weekend, and takes into account Sunday's OPEC+ decisions, which are likely to be another 411, 000 barrels per daily target increase in August." Four delegates told Reuters that OPEC+ - the world's biggest group of oil producers - is planning to increase production by 411,000 bpd for August in order to regain market shares. As the 90-day hiatus on increased levy rates nears its end, there is renewed uncertainty about U.S. tariff policy. Washington will begin sending letters to other countries this Friday, detailing the tariff rates that they will be facing on goods shipped to the United States. This is a significant shift from previous pledges to negotiate dozens of trade agreements. Donald Trump, before leaving for Iowa on Thursday, told reporters that tariffs of 20-30% would be applied to 10 countries. Trump's 90 day pause in raising U.S. Tariffs ends on the 9th of July, and many large trading partners are yet to sign trade agreements. This includes the European Union and Japan. Treasury Department: The U.S. announced sanctions against Hezbollah and a network of smugglers who smuggle Iranian oil in Iraqi oil. Media reports say that Prince Khalid bin Salman, the Saudi Arabian Minister of Defense, met President Trump at the White House to discuss deescalation efforts against Iran. Trump said Thursday that he will meet with Iranian representatives "if necessary". Barclays also raised its Brent crude oil forecast for 2025 by $10 per barrel to $70, and by $6 per barrel to $72 for 2026 due to an improved outlook on demand. Mohi Nairayan reported from New Delhi, and Florence Tan from Singapore. Arathy Sommesekhar contributed additional reporting in Houston. Tom Hogue edited the story.
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Indonesian nickel miners ask government to keep mining quota for three years
The Indonesian nickel miners association APNI urged the Indonesian government on Friday to continue mining quotas for three years, to maintain a consistent climate of business. The Mining Minister said on Wednesday that the government intends to reduce the duration of mining quotas (also known as RKABs) to one year in order to better control the supply and support the prices of commodities like coal and nickel. The resource-rich nation extended the validity of quotas to three years in order to reduce the burden on authorities and applicants. Companies are still able to make revisions to their respective quotas every year. APNI said on Friday that while it appreciated efforts to sustain mining, reducing quotas would create bottlenecks for the approval process because thousands of miners would have to apply for quotas each year. "The government must strengthen its internal evaluation and supervision capacity, rather than lengthening the bureaucratic chains with shorter licensing terms," APNI stated in a press release. It said that a medium-term plan is essential for planning and investment. In a late-night statement, the ministry reiterated its plan to maintain price stability and mitigate the impact of price decreases on government revenues. (Reporting and editing by Christopher Cushing; Additional reporting by Hongmei LI; Reporting by Fransiska Naangoy)
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US Environmental Agency puts 139 employees on Leave after criticizing Trump's Policies
The U.S. Environmental Protection Agency has placed 139 employees in administrative leave following a letter they signed criticizing President Donald Trump's policy. The letter, titled "Declaration of Dissent," was made public this week. The letter accused the federal agency of "harmful deregulation," of "ignoring scientific consensus in order to benefit polluters," and of "promoting a climate of fear." The letter was sent as another round of expected staff reductions is looming and as the agency undergoes major reorganization. This includes the dissolution and cancellation of millions of dollars of grants and its office of Research. The letter was signed by hundreds of EPA employees, both current and those who had recently been terminated. As of Thursday evening, the public version of this letter had removed the names of signatories. Before it was made public, an earlier version of this letter was sent internally to EPA Administrator Lee Zeldin. The Environmental Protection Agency (EPA) has a policy of zero tolerance for career bureaucrats who illegally undermine, sabotage, and undercut the agenda of the administration, the EPA stated in a Thursday statement. The EPA said the letter misleads public about the agency's business. It also placed 139 employees, pending investigation, on administrative leave for signing the letters using their official titles. The EPA reorganization consolidates several key offices to reflect plans to reduce regulatory red tape and encourage more fossil fuel energy developments, as laid down in Trump's Executive Orders. Employees of the National Institutes of Health sent a similar statement to their director in June to protest politicalization of research and disruption of science progress. (Reporting and editing by Lincoln Feast in Washington. Kanishka Singh is the Washington correspondent.
IAEA Board Resolution declaring Iran in violation of Non-Proliferation Duty
Here are some key passages of a four-page Iran resolution that the 35-nation Board of Governors of the International Atomic Energy Agency passed on Thursday, according to diplomats. The text was still classified and only seen by.
The Board of Governors ,...
(d) Referring to the Board of Governors resolutions of 19 juin 2020..., of 8 june 2022..., of 17 november 2022 ..., of 6 june 2024 ...,, and of 21 november 2024 ...,, which called on Iran to cooperate fully with the Agency, and decided it was essential and urgent for Iran to act in accordance with its legal obligations, and to clarify all outstanding issues to take all specified action without delay
(e) Regretting the fact that, despite numerous opportunities given by the Director-General since 2019, Iran failed to provide co-operation under its Safeguards Agreement. This included impeding Agency activities, sanitizing sites, and failing to repeatedly provide the Agency with technical credible explanations of the presence of uranium particle of anthropogenic source at several undeclared places in Iran, or information on current locations of nuclear material, or contaminated equipment. Instead, Iran claimed, contrary to the Agency's findings that,
The Director General concluded that Iran had not declared nuclear material or nuclear-related activities in three undeclared Iranian locations, specifically Lavisan-Shian and Varamin. Due to the Agency's inability to obtain technically credible answers from Iran, it is unable determine whether nuclear material in these undeclared Iranian locations has been consumed, combined with other declared materials, or remains outside Safeguards.
(g) Noting the Agency's conclusion, that these undeclared sites were part of a structured, undeclared programme that Iran carried out until the early 2000s and that some activities involved undeclared nuclear materials,
(h) Noting the Agency's conclusion, which is of concern, that Iran retained unidentified nuclear material or heavily contaminated equipment and other assets arising from a former undeclared nuclear programme at Turquzabad from 2009 to 2018, after which the items were removed, but the whereabouts remain unknown.
(k) Noting Iran's repeated failure to cooperate in facilitating the implementation of Safeguards while engaging in activities consistent with concealment, including extensive sanitization, and providing inaccurate explanations, is a significant obstacle to the Agency’s ability to verify and clarify Iran’s declarations as well as the exclusive peaceful nature of Iran’s nuclear program.
(n) Regretting Iran’s failure to provide technical credible explanations for undeclared nuclear materials.
(o) Repeating its concern that Iran still hasn't provided the necessary, full, and unambiguous co-operation with the Agency, and hasn't taken the urgent and essential actions as determined by the Board in June and November 2024 Resolutions...
(p) Worried that the Agency has reached a deadlock in resolving this issue,
1. We regret that despite numerous opportunities and repeated requests from the Board, Iran has not fully cooperated with the Agency as required by the Safeguards Agreement.
3. The Agency finds that Iran has failed to comply with its Safeguards Agreement since 2019, by failing to cooperate fully and promptly with the Agency regarding undeclared material and activities in multiple undeclared locations. ...;
4. The Agency's inability to verify the absence of diversion of nuclear materials required to be safeguarded by the Agreement for nuclear weapons or other explosive devices is also consistent with Article 19;
5. It also finds that, in accordance with Article III.B.4 in the Statute of the Agency, the Director General’s inability to... provide assurance that Iran’s nuclear program is exclusively peaceful raises questions that fall within the jurisdiction of the United Nations Security Council as the principal organ responsible for maintaining international peace and safety, and it expresses grave concern at this point.
6. ... The Board will discuss the timing and the content of the report that is required by Article XII.C in the Agency Statute, as well as Article 19 of Iran’s Comprehensive Safeguards Agreement and the notification that is required by Article III.B.4 in the Agency Statute.
7. Reaffirms that in order to verify the nondiversion nuclear material, it is imperative and urgent that Iran fulfill its legal obligations. To clarify all remaining Safeguards questions, the following immediate actions should be taken: Give technical credible explanations as to why uranium of anthropogenic source is present in two undeclared places in Iran. Inform the Agency about the location of nuclear material or contaminated equipment. Please provide all the information, documentation, and answers that are required by the Agency for this purpose. Access to the locations and materials the Agency needs for this purpose as well as the taking of sample as the Agency deems appropriate;
10. Demands that Iran remedy its noncompliance to its Safeguards Agreement as soon as possible by taking any steps necessary to the Agency and Board so that the Director-General can give the assurances necessary regarding the accuracy and completeness in Iran's declarations made pursuant to the Safeguards Agreement.
11. It stresses its support for a solution diplomatic to the problems caused by the Iranian Nuclear Programme, including the talks that took place between the United States of America and Iran. This led to an agreement which addressed all international concerns about Iran's nuclear activities.
(source: Reuters)