Latest News
-
As heavy rains flood southern and central China, at least 18 people have died
Authorities reported that torrential?rain continued to fall across central and southern?China Tuesday, with at least 18 people killed in flooding which also affected schools, businesses and transport. China's weather service said that areas in Jiangxi and Anhui, Hunan and Hubei, Guizhou and Guangxi as well as Guangdong, Guangdong, and Hainan were at high risk for rain-related disasters. These included landslides and flash floods, severe urban flooding, and waterlogging. Authorities have announced that they have set aside 150 million yuan (22.04 millions) for disaster relief. They also launched emergency response in several affected regions. Images posted on the Chinese video platform Douyin show that many residents of Jingzhou in central 'Hubei were able to swim in the water, and catch fish. Some cars were almost completely submerged in water on roads that are surrounded by commercial and residential buildings. CCTV reported that ten people died after a pickup truck carrying 15 farm workers fell in a river flooded by heavy rains. CCTV reported that heavy rains and flooding caused the deaths of four people in southwest Guizhou Province, three in Hubei's central low-lying province and one in Hunan. State media reported that schools, businesses, and transport services had been suspended and the authorities were relocating residents from certain parts of Hubei, Hunan. Heavy Rain Expected Along the Yangtze River According to Chinese?meteorologists, the high cumulative rainfall was also due to the?slow-moving nature of the weather system. According to Chinese'meteorologists, the'slow-moving weather system was also responsible for the high rainfall. The National Meteorological Centre of China said that severe weather will gradually move from east to south in China over the next couple of days. The heaviest rain is expected to fall along the middle and lower reaches the Yangtze River starting Wednesday. On Tuesday, authorities on China's southern Hainan Island?issued an earthquake warning after a mountainside collapsed into a highway in Lingshui. This led to the closure of several major roads within that area. Separately in Guangxi, authorities set up temporary housing on 99 sites for over 4,000 residents, and relocated another 7,000 after Monday's magnitude 5.2 quake, which caused tremors to be felt across many cities.
-
Estonia claims NATO shot down suspected Ukrainian drone
The Baltic state of Estonia said that a NATO jet shot down an alleged Ukrainian drone above Estonia on Tuesday. This is the latest in a series of airspace violations occurring in the?region due to frequent Ukrainian attacks against Russia. The Latvian army reported that neighbouring Latvia had also issued a drone warning, telling residents living near the Russian border not to leave their homes. NATO Baltic Air Police Jets were summoned in the area. Ukraine has intensified long-range drone strikes on?Russia including in the Baltic. Since March, Ukrainian military drones strayed into the airspaces of NATO member countries Finland, Latvia and Lithuania, all of which border Russia. The Latvian government resigned last week over the handling?of these incursions. Hanno Pevkur, Estonian Defence Minister, said that a Romanian F-16 fighter shot down the suspected Ukrainian drone on Tuesday. Hanno Pevkur, Estonia's Defence Minister, said that NATO did not respond immediately to a comment request. Last week, Ukrainian President Volodymyr Zelenskiy announced that Ukraine would be sending experts to Latvia to protect the country's sky. On?May 15, Finnish authorities warned that suspected drone activity was taking place in the capital's?region. They told people to stay inside and suspended traffic at Helsinki Airport for three hours. No drones were found despite the?Finnish defense forces scrambling fighter jets and other emergency services. Reporting by Andrius Sytas, Janis Laizans, in Riga, and Essi Lehto, in Helsinki. Additional reporting by Lili Bayer, in Brussels, and Niklas pollard, in Stockholm. Writing by Anna Ringstrom. Editing by Terje Sollsvik and Peter Graff.
-
Russia will impose duties on certain diamond exports in this year
A deputy finance minister said that Russia will introduce diamond export duties this year to help the struggling domestic industry. Alexei Moiseev, the Finance Minister, said that the ministry is discussing the proposed "lenient export tariff scheme" with Russian diamond exporter and miner Alrosa. Alrosa is the largest diamond producer in the world by carat. He said that tariffs will only be applied to stones that can be cut cost-effectively in Russia. Moiseev stated that the ministry did not see the need to purchase diamonds from Alrosa for the state owned repository Gokhran, even though the company is facing a prolonged crisis in the industry. Since 2022, the United States has imposed sanctions on Russia. In January 2024 the G7 countries prohibited?the importation of Russian diamonds. "As far as?Alrosa is concerned, firstly the situation isn't too bad. "We see signs of stabilisation on the market," said?Moiseev. Alrosa forecasts that production will fall a further 10% in 2026 to 25-26 millions carats. Reporting by Elena Fabrichnaya. Lucy Papachristou and Alessandra Prrentice wrote the article. Guy Faulconbridge, Mark Potter and Mark Potter (Editing)
-
Agnico Eagle will redevelop Hope Bay in Canada's Arctic.
Natural Resources Canada announced on Tuesday that Agnico Eagle, a Canadian mining company, will begin the?redevelopment? of the Hope Bay Mine located in Canada's remote Arctic. According to the website of Agnico, which is the second largest gold miner in the world by production, it acquired the Hope Bay Mine located 'in the northern territory Nunavut' when it purchased Canadian miner TMAC Resource in 2021. The mine suspended production in the year following to conduct exploration work on the site. The company said that the mine could produce 400,000 ounces gold per year. Natural Resources Canada announced that Agnico will invest $2.4 billion in the redevelopment of the mine. In a statement, Sean Boyd, Agnico’s chairman of the board said that the Government of Canada places a strong emphasis on catalyzing national projects, those which drive economic growth and strengthen?the fabric?of the nation. The Canadian Arctic is rich in rare minerals but it lacks infrastructure. This, coupled with the extreme cold makes mining operations complex and expensive. Natural Resources Canada announced that the federal government will provide C$25,000,000 ($18.1 million) to support the construction of wind turbines for the mine. Natural Resources Canada stated that the mine would create close to 2,000 new jobs for indigenous people in the region and increase Canada's trade by $1.89billion. Tim Hodgson said that the Canadians had been discussing the huge opportunity of the Hope Bay deposit for the past 20 years. But now, the time to talk is over and it's "time to build", according the Minister of Energy and Natural Resources. Hodgson announced in his'statement' that Agnico Eagle, Canada's Department?National Defense and the Canadian government had reached an agreement to share knowledge on large infrastructure projects being undertaken in the North. This is part of Canada's strategy for defending its Arctic sovereignty. Canada's Prime minister Mark?Carney announced a C$35billion plan in?March to increase Canada's Arctic defenses as part of its efforts to reduce its dependence on the United States.
-
Kenya Transport Strike over Fuel Price Increases Suspended for One Week
The government of Kenya announced on Tuesday, one day after protests in the country left four people dead, that it would call off a strike by public transport workers to protest against fuel price increases triggered by war with Iran. Kipchumba Mukomen, the Interior Minister, said in a televised news conference that the suspension of the strike for one week would allow more discussions between the government and the transport operators. The government agreed to lower the price of diesel, but negotiations on Monday failed to produce an agreement. On Tuesday morning, bus and minibus services were disrupted across Kenya and some schools closed. As anger over the cost of living grew, many commuters had to walk or pay more to get to their jobs. Kenya imports ?nearly all ?its fuel products from the Middle East via government-to-government deals with ?Gulf suppliers. The recent fuel price increases have risen transport costs and increased the cost of basic goods, putting further pressure on households who are already struggling to pay their bills.
-
Gas prices are forcing Americans to be creative, from toy cars to bus rides.
Mali?Hightower found a toy in someone's garbage to solve the problem of high gas prices. The handyman, 30, from Ellenwood in?Georgia, stuck a broken pink Power Wheels Barbie Dream Camper, a battery operated toy car that was less than four feet high, with a two gallon, one piston engine. The handyman, 30, from Ellenwood,?Georgia, stuck a two-gallon, one-piston engine from a power washer into 'a broken pink Power Wheels Barbie Dream Camper -............... he was off to the store, with his knees up at his ears and....... Filling up his Mercedes-Benz convertible 1996 costs him about $90. Hightower said, "That's way too expensive." He also added a rack for groceries on the top. "I drive it when I can." The soaring price of gasoline has influenced the way Americans make decisions. Americans, who have been enamored of their cars for years, especially less fuel-efficient SUVs, are now looking at alternatives, such as public transportation or staying near home. According to AAA, Americans were paying an average of $4.52 per gallon of regular gasoline as of May 18. This is up from $3 before the Iran War began. According to a Washington Post/ABC News poll conducted by Ipsos in April 28, 44% of Americans had reduced their driving. Others are finding ways to make the most of economic hardship. Renee Tocci of Camp Farley, Mashpee Massachusetts, came up with an idea after spending $40 more to fill her Buick Enclave than normal. She would promote sleep-away camps as a way for parents to save money on the cost of schlepping around their children all summer. Tocci said that her colleague thought it was hilarious. "And I said, seriously, I will post it on social media." She started referencing fuel prices online and in email marketing to increase enrollment. One of her posts stated, "Here's an inexpensive tip that no one mentions: Send your children to overnight camp." "EVERY WALK IN LIFE" Dafne Flowers, a content creator from Silverdale, Washington, drives to Los Angeles several times per year to visit her friends. During her most recent two-month visit, Dafne Flores parked in Glendale to use public transportation. Flores (28), said, "We are used to high gas prices but not this high." Filling up her Toyota Highlander costs at least $95. She avoids stations near freeways where prices are as high as $9 per gallon. She can edit videos on the bus and save money by not parking. Flores claims that more Americans of her age are making similar choices online: "I see a lot videos of people taking public transportation." From coast to coast, the trend is clear. According to transit administrator Laurie Linscott in Maine, the number of passengers using Bangor's bus system rose 21% from January. The majority of this growth occurred during peak commuter hours. Linscott said, "I began watching people to try and get a demographic." "It was from every walk of life." GIVEAWAYS OF GAS CARDS A recent Thursday saw drivers waiting for more than an hour in a gas station at El Segundo in California. The tourism agency Visit Vegas offered up to $100 worth of gas to the 100 first drivers to get in line. Few people who attended the event were planning a vacation. Robert Jackson, of El Segundo, said that the fuel would last only a few days. He said, "I'm going to have to walk now and take the train." "It's tough. "It's really tough." Segette Frank, a Los Angeles resident, used to shop all over the city. She said, "I don't go far because I do not want to run out gas." In Chicago, the CityPoint Community church plans to give away $25 gas cards worth $5,000 in the next few weeks. Pastor Demetrius Davis stated that they distributed over 70 cards following Mother's Day service. He said that "Transportation is not a luxury to many families." "It's survival." The crunch so far hasn't caused an increase in electric vehicle sales, but it's vindicated existing EV owners, especially Tesla owners, who were caught up in the political backlash last year against CEO Elon Musk. John Stringer is the president of Tesla Owners of Silicon Valley, an organization of Tesla enthusiasts. He recently posted a TikTok clip showing a sign at a gas station with sky-high pricing. Stringer, a bit cheekily, says, "Oh man, I wish that was something that I had deal with," before turning the camera to his Cybertruck. Stringer's relief, while a joke at first, is not a joke. I don't remember the last time that I checked gas prices. Except for that video.
-
Russian seaborne oil product exports rose 10% m/m between May 1-15, according to industry data.
According to LSEG data and other market sources, Russia's seaborne exports of oil products rose 10% a month on average in the first fifteen days of May as key ports re-established fuel loadings. The release of fuel inventories accumulated during previous disruptions due to drone attacks was the main driver for fuel export growth, traders reported. However, May shipments were still limited by unplanned and seasonally-related refinery maintenance as well as rising domestic demand. Primorsk is the largest port in Russia for the export of ultra-low sulphur (ULSD) diesel. In the first half, it loaded 710,000 tons of ULSD, which was essentially the same as the previous month. Ukraine has increased drone attacks on Russia's energy sector, targeting twice as many oil refineries since the beginning of the year. The major plants in Kirishi, western Russia, Nizhny Novgorod along the Volga and Perm near the Urals mountains were all targeted. Drone strikes in late March on the Baltic ports Primorsk & Ust-Luga caused fires to fuel tanks. Terminals were unable to handle oil products for several weeks. Market sources said that in May, fuel loadings at Baltic ports were gradually resumed, but not yet to full capacity. Ukrainian drones repeatedly attacked Russia's Black Sea Port of Tuapse, as well as the nearby Rosneft owned Tuapse Refinery last month. This forced a halt to oil processing and fuel-loading operations. The traders said that some exports had been rerouted into other Russian ports.
-
Officials say that Russian drones and missiles have killed four people in the northern regions of Ukraine.
Ukrainian officials reported that Russian missiles and drone strikes in the northern Chernihiv and Sumy regions of Ukraine killed?four people? and injured several others on Tuesday. The regional governor said that a ballistic missile attack in the middle of Pryluky, in the Chernihiv Region, killed two people, and injured at least 17 others. One of them was a 14-year old. The attack damaged a business and also a nearby shopping centre and supermarket, said Governor Viacheslav Chaus on Telegram. Chaus shared photos of a metal structure damaged and a building whose windows were shattered on Telegram. The regional governor said that a separate Russian drone strike targeted civil?infrastructure in the neighbouring Sumy Region on Tuesday, without revealing any further information about the targets. Oleh Hryhorov, the governor of Oleh's?Hryhorov, said that two men aged 52 and 58 were killed and four others injured. Both?regions? border Russia and have been the target of frequent attacks during the war. Reporting by Anna Pruchnicka, Editing by Alison Williams & Peter Graff
Nickel prices jump as Indonesian supply concerns resurface
Nickel prices increased on Tuesday as concerns about Indonesian supplies resurfaced. China's Tsingshan group asked its Weda Bay Industrial Park smelters to divert their power to aluminum production.
Benchmark nickel prices were?up?1.8% at $18,900 per metric ton as of 0946 GMT. The price of nickel hit a two-year high earlier this month at around $20,000, with the buying being sparked by a sulphur scarcity caused by the war in Iran and lower ore quotas. Tsingshan asked producers of nickel-pig iron used to produce stainless steel to "curb" output, according to reports on Monday. The group is now focusing more on aluminium, after higher prices improved margins. Electricity is used in both aluminium and nickel pig iron smelting.
The traders said that reports that Indonesia had suspended nickel mining licenses because companies had failed to submit the required 2026 plans, had created further momentum.
Aluminum prices are nearing four-year highs due to disruptions in Middle East smelting, where 9% of the global capacity is located.
The closing of the Strait of Hormuz also caused a halt in the shipments of aluminum to the United States, Europe and Middle East smelters.
Morgan Stanley analysts stated in a note that "events in the Middle East" had removed >4% from global aluminium supplies. Damage to facilities has caused a 12-month delay in restarting a large part of this. According to our estimates, the market will be in a deficit of 1.85 million tons by 2026 due to?China reaching its smelting cap and tight power markets.
The withdrawal of aluminum from LME-registered warehouses is due to shortages
Aluminium for three months was up by 0.8% at $3,597 per ton. Copper fell 0.8% to $13,474 per ton. Zinc gained 0.1%, to $3,528, while lead was down 0.6%, to $1970. Tin retreated by 0.4%, to $52,375.
(source: Reuters)