Latest News
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Report: Vegetation losses from Greek wildfires raised soil temperatures sharply
According to research released by the Athens National Observatory on Wednesday, soil temperatures around Athens have risen in some areas by up to 10 degrees Celsius after large fires destroyed vegetation. Meteo, a unit of the state-supervised institute for research, analyzed high-resolution data from satellites that could record ground surface temperatures in great detail. This tool shows the impact of disasters such as forest fires on a microclimate. The summers in Greece are becoming increasingly hotter and drier, as the winds change rapidly. This leads to more destructive wildfires which are difficult to control. In August last year, Greece experienced its hottest summer ever. A woman was killed and 10,000 acres of land burned in a wildfire which spread from a nearby forest to the northern suburbs of Athens. Meteo stated that a comparison of two hot periods, July 2024 before the devastating fires which ravaged the village Varnavas, and June 20,25, revealed temperature differences in many areas of up to 1-2C. This can be attributed in part to the natural variations of weather conditions. The report said that the loss of vegetation had a strong effect on the surface heating. The report stated that the loss of vegetation was a major factor in surface heating. Meteo stated that even though the measurements are for the soil surface temperature, it's reasonable to expect similar, if smaller, differences in the air temperature near the ground surface. According to the EU's Copernicus Climate Change Service, the global surface temperature in May was 1.4C warmer than the pre-industrial period between 1850-1900. Scientists believe that the burning of fossil fuels is the primary cause of climate changes. (Reporting and editing by Aidan Lewis; Daria SitoSucic)
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Canada announces new tariffs on imported steel in order to protect domestic industry
Mark Carney, Canada's Prime Minister, said on Wednesday that Canada would introduce a tariff-rate quota to protect its domestic steel industry. The quota will be for countries with whom it has free trade agreement, but not the United States. Canada will also implement an additional 25% tariff on all steel imports from non-U.S. nations that contain steel melted and pour in China by the end of July. Carney's response is in response to complaints made by the domestic steel industry. The industry had complained that other countries divert steel to Canada, making the Canadian industry uncompetitive because of U.S. Tariffs. The Canadian steel industry asked the government for tougher antidumping measures in order to protect its domestic industry. U.S. president Donald Trump raised import duties on aluminum and steel to 50%, up from 25% in the beginning of this month. Canada is the largest supplier of steel to the United States. Carney said that domestic steel companies will be given priority in government procurement, and he introduced a C$1billion fund to assist steel companies in advancing projects in industries like defence. Carney stated on Wednesday that the measures would make Canadian steel producers more competitive, by protecting them from trade diversion due to a rapidly changing global steel environment. (Divyarajagopal in Toronto and Ryan Patrick Jones; Editing by Caroline Stauffer).
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Tin shipments to Myanmar's Wa State are expected to resume soon, according to a tin company.
The International Tin Association announced on Wednesday that tin shipments from Myanmar’s Wa State will resume within the next few months, after an almost two-year ban. The speculation by traders that mining will resume this week has affected tin's price, which reached a low of three weeks on Wednesday. Metal, which is mainly used in soldering electronics and semiconductors fell by 1.6% on the London Metal Exchange to $32,775 per metric ton at 1505 GMT. This was the lowest since June 25. Myanmar is the third largest tin producer in the world and China's top supplier. Wa State accounts for 70% of Myanmar tin exports. A large part of Wa State is controlled by the United Wa State Army (a militia affiliated with Myanmar's Wa ethnic minority). In August 2023, it suspended all mining activities in the areas that it controls to protect its mineral resources. According to Ye Myo Hein of the Southeast Asia Peace Institute, despite a long-standing truce with Myanmar's military leaders, UWSA still maintains between 30,000-35,000 personnel with modern weapons sourced primarily from China. Tom Langston is a senior market intelligence analyst with the ITA. He said: "After limited progress over the past few months, the increased licensing fees created a stumbling-block. We now understand that several operators have secured three-year permits at Man Maw." In the next few months, it is expected that shipments from the autonomous area will resume. "However, there are still uncertainties regarding the strict controls over equipment and personnel movement," he said. The LME's rising inventories of tin are also a factor. (Reporting by Eric Onstad Editing by Frances Kerry) (Reporting and editing by Frances Kerry.)
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South Africa's Kganyago insists Africa's G20 Agenda despite tariffs, Bessent's absence
Lesetja Kganyago, the South African Reserve Bank Governor, said that a "African Agenda" including climate changes and cross-border payments systems is still to be discussed by G20 Finance Chiefs despite fears that tariffs will overshadow this gathering. The U.S. Treasury secretary Scott Bessent missed the G20 Finance Meeting in Durban. This was his second consecutive absence and raised questions about G20's ability to address pressing global challenges. The African agenda was also promoted by Ramaphosa, who used the first G20 presidency of Africa to push for the African agenda. Kganyago said that the African issues had been raised, and all of us were talking about them, as deputies, other officials and others continued to discuss before the official two-day summit began on Thursday. Kganyago stressed the need for a coordinated African payment system to facilitate trade on the continent. This move could be scrutinized by U.S. president Donald Trump. Trump has threatened to impose tariffs on BRICS countries for promoting 'anti-American' policies. This includes advocating payments in local currency instead of relying solely on the dollar system. Kganyago stated, "As African Central Banks, we have decided to enable the flow of payments across border," he said. We are not doing this to bypass anyone, but because it will help trade on the continent. G20 was originally formed to deal with global economic crises. It has now evolved into an important platform for policy coordination. Trump's 10% baseline tariff on all U.S. imported goods, as well as punitive rates targeted at specific countries and products have created significant policy uncertainties. While delegates claimed that tariffs are the most important theme for the global economy, Kganyago stated that G20 members will not respond to these threats in a coordinated manner. Instead, he stressed the importance of tailoring strategies to individual countries' economies. This was especially important during the COVID epidemic. Michael Kaplan will represent the Department at the meeting. Reporting by Olivia Kumwenda Mtambo and Colleen Gumbi, Writing by Kopano Goko, Editing by Alie Williams
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Venture Global signs a 20-year contract with Eni to supply LNG
Venture Global and Eni announced on Wednesday that they will provide 2 million metric tonnes of liquefied gas per year to the Italian energy group Eni. Eni has signed its first long-term LNG contract with the United States. In April, Giorgia Melons told Donald Trump that Rome would boost imports of U.S. LNG to improve relations between North America and Italy. In a separate deal, Venture Global announced last month that it would provide an additional 0.75 millions metric tons of LNG per year to Germany's SEFE Energy GmbH. Negotiations are currently underway between the European Union and Washington to reduce 30% of its tariffs on exports to North America. Eni's spokesperson said that they would not comment on ongoing tariff negotiations between the EU, the U.S., and their American partners. They called the agreement of Wednesday "highly beneficial" to both Eni and its American partner. Eni announced that the gas will come from Venture Global’s Calcasieu Pass 2 Project, currently under development in Louisiana. The energy giant said that a part of the volume will be used to diversify Europe's gas supply. Eni stated that the deal will support the group's ambitious plans to grow their LNG portfolio to around 20 million tons of contracted volume per annum by 2030 and expand its trading business. Italian utility Edison buys LNG as well from the United States. (Katha Kalia contributed additional reporting from Bengaluru, Sahal Muhammed and Kirby Donovan edited the article)
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The US manufacturing sector gains in June
The U.S. factory output edged up slightly in June, as a decline of motor vehicle production was offset by gains elsewhere. Manufacturing remains constrained due to tariffs on imported goods. The Federal Reserve announced on Wednesday that manufacturing output increased by 0.1% in June after a 0.3% rise in May which was upwardly revised. The Federal Reserve said that economists polled had predicted production to remain unchanged following a 0.1% increase in May. In June, the production at factories increased by 0.8% compared to last year. The second quarter saw a growth of 2.1% on an annualized basis, after a 3.7% expansion in the quarter January-March. The aggressive tariffs of President Donald Trump, including a 50 percent duty on steel and aluminium as well as 25 percent tax on motor vehicles, continue to overshadow the manufacturing sector, which represents 10.2% in the U.S. Trump announced last week that increased duties will be in effect for imports of a variety of countries including Mexico, Japan and Canada, as well the European Union. Trump has defended these duties, saying they are necessary to revive the U.S. industry base that had been in decline for a long time. However, economists have said this cannot be achieved within a short amount of time. They cite high production costs and labor costs among other challenges. The output of motor vehicles and parts fell 2.6% in June after a 4.6% increase in May. The production of miscellaneous transport equipment and aerospace rose by 1.6%, while primary metals output increased by 3.1%. Production of durable goods was unchanged. The nondurable manufacturing production rose by 0.3%. This was boosted by an increase of 2.9% in the production petroleum and coal products. The mining output dropped by 0.3% in August after a 0.1% increase the previous month. Utilities production increased by 2.8%, as the heatwave across the country drove up demand for air conditioners. This followed a drop of 2.5% in May. After being flat for two months in a row, the overall industrial production increased by 0.3%. On a yearly basis, industrial output increased by 0.7%. The second quarter saw a slowdown from the 4.3% growth rate of the first. The capacity utilization rate for the industrial sector has increased from 77.5% to 77.6% in May. This is 2.0 percentage points lower than the average for 1972-2024. The manufacturing sector's operating rate increased to 76.9% in June from 76.8 percent in May. This is 1.3% below the long-term average. Lucia Mutikani, Lucia Mutikani and Mark Porter (Reporting)
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What the FEMA's shrinking funds mean for disasters to come
FEMA may face a deficit of up to $2 billion in the disaster relief fund Storm season brings increased disasters States and localities could shoulder costs By David Sherfinski "Basements were inundated." "I hate to say it, but that's what happens," she said. She said, "FEMA was my first call." I have this memory that emergency funds were in my account in less than a week. I have a memory of what it should be like. Gutzler struggles to even get a response for help with the damages caused by a tornado in March that swept the St. Louis region, including her community of Florissant. Other residents in the state also seek help after a second tornado swept the area in May. She said that FEMA did not respond until several weeks after the incident. "I'd assume it was the administration and their capability." She added that she had experience in customer service and knew what to do when people call you but you don't know the answer. You are taught to delay." FEMA faces a competition for resources, on top of the federal government's staffing cuts. The Atlantic hurricane season is underway in the east U.S. Experts are concerned that there will not be enough money and personnel available to deal with the next disaster. "We know that this will be a very active Atlantic hurricane season," said Shana Udvardy. She is a senior climate resilience analyst at the Union of Concerned Scientists. She said that if we get one major hurricane, we will probably fall under the 'immediate need' category, which is used when disaster funds are running low. DISASTER RELIEF FUNDS In the aftermath of the Texas flooding this month, President Donald Trump declared a major catastrophe. This designation allows local governments and residents to request federal assistance. According to the latest projections, FEMA's disaster relief fund will be depleted by $1.6-$2.3 billion by the end September. This is a result of the increasing number and costlier nature of disasters. Russell Vought, the White House Budget Director, said that there was enough money to deal with the Texas catastrophe. He told reporters in this month that FEMA had $13 billion on hand to cover the expenses. "The President has told Texas that it can get anything it wants." If the fund is too low, then the government will switch to a funding category called 'immediate need', which puts non-emergency project on hold. Udvardy stated that the funding is a source of stress for local and state governments who depend on it. FEMA has not responded to any requests for comment. States, local groups and non-profit organizations have been receiving a boost for projects that aim to reduce future disasters. FEMA terminated BRIC in April, describing it as "wasteful and politicized" and announcing that it would transfer any funds not spent to the Disaster Relief Fund. Some members of Congress are calling on Trump to restore these program grants, and asking if staff cuts at FEMA or other government agencies such as the National Weather Service have affected the response to Texas floods. Bennie Thompson, Mississippi's top Democrat in the House Homeland Security Committee, said that the administration "cannot overlook the fact" that climate change is causing natural disasters to become more severe and frequent. Thompson stated that "the president's threats to eliminate FEMA and fire scientists, as well as muzzle experts puts us in danger." Kristi Noem, Department of Homeland Security secretary, said that FEMA was "disastrous", and "incompetent", at times in the past. This is especially true after Hurricane Katrina of 2005. Noem said that the FEMA Review Council was set up by Trump in January. Local Solutions The administration can keep its relief fund full by issuing fewer major catastrophe declarations. However, this will shift the costs of cleanup to the states and localities. Steve Ellis, the president of Taxpayers for Common Sense and a watchdog organization, said: "It appears they are less willing to provide disaster financing post-disaster or at least declare a major catastrophe." In response to more intense and frequent climate-driven hurricanes, wildfires, and storms, nonprofit groups, localities and states have worked on their own solutions. In Denver, Colorado residents voted for an increase in a tax and to establish a fund for climate protection seeded with approximately $40 million each year. Libby Zemaitis is senior manager for resilience at the Center for Climate and Energy Solutions.
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The Russian rouble is flat against the Chinese yuan, but slightly weaker compared to the US dollar
The Russian rouble was slightly weaker against the U.S. Dollar on Wednesday due to lower oil prices, Russia's primary export commodity. However, it was stable against China’s yuan. According to LSEG, based on quotes over the counter, as of 1410 GMT the rouble had fallen 0.4% at 78.35 US dollars. The rouble has risen by about 45% against dollar since the beginning of the year, according to LSEG data based on over-the-counter quotes. The Russian currency remains strong despite threats by U.S. president Donald Trump that he would impose sanctions on buyers of Russian energy imports and the widely held belief that it is overvalued. Analysts say that the threats of President Trump were less than expected. Following Trump's remarks, the rouble gained a little strength on July 15. The Kremlin stated on Tuesday that they will have to analyze Trump's remarks. "If there are restrictions, they won't be at 500% but at 100 percent in 50 days. BCS analysts stated that the markets overestimated danger and the risk premium on the rouble exchange rate had decreased. The rouble was unchanged at 10,84 against the Chinese Yuan, which is the most commonly traded currency in Russia. (Reporting and Editing by William Maclean, Gleb Brnski)
EDF considers selling stakes in renewable energy units in North America and Brazil
A spokesperson for EDF said that the company is considering options to raise capital in order to expand its renewable energy businesses in North America and Brazil. This could include selling stakes of up to 50%.
Bloomberg News reported that people with knowledge of the situation said the state-owned utility is considering a stake sale for 2 billion euros.
Mathieu BARTIER, a spokesman for EDF Power Solution, said: "We are examining the possibility of opening the capital of certain of our subsidiaries to partner." EDF's CEO Bernard Fontana has stated that he is evaluating possible asset sales to raise money for the construction of six nuclear reactors.
Fontana has previously said that he wants to
Prioritise
Domestic nuclear projects are being undertaken as the country looks to stabilize its electricity production over time, which is largely derived from its aging fleet of 57 reactors.
(source: Reuters)