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Japan will begin testing mining rare-earth clay from the seabed by early 2026
The head of the government-backed Minamitori Island project announced on Friday that Japan will begin testing mining for rare-earth rich mud off Minamitori Island in January of next year. Minamitori Island is located 1,900 km (1,180 mi) southeast of Tokyo. Tokyo wants to ensure a stable supply of minerals despite China's tightening of export controls. China's decision on rare-earths magnets, alloys and mixtures to restrict exports is causing concern among global manufacturers. In an interview, Shoichi Ishii told us that the goal was to ensure a domestic supply in order to improve national security rather than allow private companies to make money from rare earths. He added that this would be the first time in the history of mankind to try and extract mud from deep seabeds for separation and refinement of rare earth elements. As part of its efforts to improve maritime and economic security, the Japanese government has launched a project to increase domestic production of rare earths. Ishii stated that surveys have confirmed the existence of rare-earth rich mud at a depth of between 5,000 and 6,000 meters in Japan's exclusive economy zone (EEZ), near Minamitori Island. Ishii stated that the mud may contain neodymium and dysprosium, both of which are used as motor magnets for electric vehicles, as well gadolinium or terbium used in high-tech products. The mud will be extracted using pipes from a deep-sea research vessel operated by Japan Agency for Marine-Earth Science and Technology. The project, if successful, will launch a trial operation of a system that can recover 350 metric tonnes of mud each day by January 2027. The project has been funded by the government, but no details have been released on the size of investment and estimated reserves.
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As the deadline for a trade agreement nears, stocks and the dollar drop as Trump's budget bill passes.
Stocks fell on Friday, as U.S. president Donald Trump passed his tax-cut bill and focused attention on his July 9 deadline to countries to sign trade agreements with the world's largest economy. Dollar also fell against major currency, with U.S. market already closed for holiday-shortened week. Traders considered the impact on Trump's spending bill that is expected to increase the national debt by an estimated $3.4 trillion. The pan-European STOXX 600 Index fell by 0.8%. This was mainly due to losses in spirits producers such as Pernod Ricard, Remy Cointreau and others after China announced it would begin imposing duties up to 34.9% for brandy imported from the European Union on July 5. U.S. S&P futures dipped 0.6% after a 0.8% overnight gain for the cash index, which reached a new all-time high closing. Wall Street will be closed for Independence Day on Friday. 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 "now 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. Investors cheered Thursday's surprisingly robust employment report, sending all three major U.S. equity indices higher in a short session. Sycamore stated that "the U.S. Economy is Holding Together Better Than Most People Expected, Which Suggestions to Me That Markets Can Easily Continue to Do Better (From Here)". After the closing, the House narrowly passed Trump's signature 869-page Bill, which avoids the prospect of an immediate U.S. Government default, but adds trillions in debt to fund border security and military spending. TRADE IS THE KEY OBJECTIVE IN 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 that progress has stalled. The U.S. Dollar Index had its worst half-year since 1973, as Trump's chaotic implementation of sweeping tariffs raised concerns about the U.S. Economy and the safety Treasuries. However, the index rallied by 0.4% on Wednesday before retracing a portion of these gains on Friday. As of 1100 GMT, it was down by 0.1% to 96.96. The euro rose 0.2% to $1.1773, and the sterling remained at $1.3662. The U.S. Treasury Bond market is closed for the holiday on Friday, but the 10-year yield rose 4.7 basis point (bps) at 4.34%. Meanwhile, the 2-year yield increased 9.3 bps at 3.882%. The price of gold rose 0.4%, to $3,336 an ounce. This is on track to be a weekly increase as investors once again sought safe-haven assets because they were worried about the fiscal situation and tariffs in the United States. Brent crude futures dropped 64 cents a barrel to $68.17, while U.S. West Texas Intermediate oil also fell 64 cents a barrel to $66.35, after Iran reiterated its commitment to non-proliferation. (Reporting from Lawrence White in London, and Kevin Buckland, in Tokyo. Editing by Stephen Coates and Alexandra Hudson, Joe Bavier and Kim Coghill)
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Sources say that OPEC+ is set to increase oil production again on Saturday.
Sources from the producer group said that eight OPEC+ nations are likely to increase their oil production for August during a Saturday meeting, in an effort to regain market shares. According to anonymous sources, the group that includes Saudi Arabia and Russia is expected to agree on an increase of 411,000 barrels a day in August. OPEC+, if they had agreed, would have increased their supply targets by 1.78 million bpd or 1.5% of the global oil consumption. The actual increases have been lower, as some members have delivered cuts to compensate past overproduction. Sources said that the group had decided on Friday to move the date of the meeting forward by one-day. One of the sources said that it wasn't clear yet if 411,000 barrels per day would be the final deal. OPEC+ changed its policy dramatically this year after years of production cuts totaling more than 5,000,000 bpd. The eight members began to reverse their most recent cut of 2.2m bpd in April, and then accelerated their increases in May, July and June, despite crude prices being impacted by the additional supply. The acceleration was a result of some members, like Kazakhstan, producing way more than their target, which angered other members who were sticking to the agreed-upon cuts. Kazakh production returned to growth and reached a new high last month, a source with knowledge of the data said this week. The field, led by Chevron, was ramping up. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia is seeking to increase its market share in the face of increasing supplies from other producers, such as the United States. About half of all oil produced in the world is produced by this group. In their July decision, the OPEC+8 have increased production by 1.37 million bpd. It is 62% of their production cut of 2,2 million bpd. Reporting by Ahmad Ghaddar, Olesya Astakhova. (Editing by David Goodman Alex Lawler Mark Potter and Mark Potter.
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Health Rounds: Plastic waste can be used to make a widely used pain medication
Researchers have found that common bacteria can convert plastic waste into acetaminophen (an over-the-counter painkiller), which researchers discovered. Acetaminophen is made from fossil fuels, and it's the main ingredient of Tylenol, also known as Paracetamol in certain countries. AstraZeneca helped develop the new method that transforms a polyethylene terephthalate molecule into Tylenol’s active ingredient. The process produces virtually no carbon dioxide emissions. Researchers said that the plastic can be converted into the drug in less than 24 hrs at room temperature, by using a similar fermentation process to beer brewing. PET, a lightweight, strong plastic that is used in water bottles and food packaging accounts for over 350 million tons annually. This work shows that PET plastics are not just waste materials or materials destined to be made into more plastic. Microorganisms can transform it into new products that are valuable, such as those with the potential to treat disease. Researchers said that more work needs to be done before PET can produce acetaminophen commercially. MICROPLASTICS FOUND WITHIN HUMAN REPRODUCTIVE FLUIDS According to the results of a study presented at the European Society of Human Reproduction and Embryology conference in Paris, the majority of women and men have microplastics present in their reproductive fluids. Researchers said that the presence of microplastics raises questions about their potential risk to fertility and reproductive healthcare. Plastic particles smaller than 5 millimeters were found in the fluid surrounding developing eggs within the ovaries of 20 women or 69%. In 12 out of 22 men (or 55%), microplastics were detected in the seminal fluid. Researchers said that both types of fluids play a critical role in conception, whether natural or assisted. In both groups, the microplastic polymers included polytetrafluoroethylene (Teflon), polystyrene, polyethylene terephthalate, polyamide, polypropylene and polyurethane. Emilio Gomez-Sanchez, the study leader at Next Fertility Murcia, Spain, said that microplastics in animals can cause inflammation, DNA damage, hormonal disruptions and tissue damage. In a separate talk at the meeting Manel Boussabeh, of Fattouma Bourguiba Hospital, Monastir (Tunisia), and his colleagues reported that microplastics found in test tubes impaired sperm motility and damaged DNA. Researchers have found microplastics in both the testicles and the urine of humans and dogs. The data from canines suggests that the particles could contribute to reduced fertility. Restoring a protein can turn off chronic inflammation A report published in Nature suggests that researchers can stop chronic inflammation, while preserving the cells' ability to respond to injuries and short-term illnesses. This is done by targeting a newly discovered protein. Chronic inflammation is caused by an immune system that has gone into overdrive. This can be seen in persistent conditions like arthritis, inflammatory colitis or obesity. Acute inflammation, such as pain, fever and swelling, resolves fairly quickly. Researchers have found that during chronic inflammation, a protein which controls inflammatory genes is degraded. In test tube studies, restoring a protein called WSTF prevented chronic inflammation of human cells, without interfering acute inflammation. This allowed appropriate immune responses for short-term threats. Researchers then developed a medicine to protect WSTF and suppress chronic inflammation. This is done by blocking WSTF's interaction with another cell nucleus protein. Researchers have tested the drug successfully to treat mice with fatty-liver disease or arthritis, and to reduce inflammation of chronically inflamed cells in knees obtained from patients undergoing surgery for joint replacement. Researchers found that WSTF was lost in patients with fatty hepatitis but not in healthy people's livers. Zhixun Dou, the study leader at Massachusetts General Hospital, said that chronic inflammation is a major cause of death and suffering. However we have a lot to learn about how to effectively treat this condition. Our findings allow us to distinguish between chronic and acute inflammation and identify a new way of stopping chronic inflammation caused by aging and diseases.
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Copper prices fall as attention shifts towards the U.S. tariff deadline of July 9.
Copper prices fell on Friday, as attention shifted to President Donald Trump’s July 9 deadline for imposing tariffs on countries who have not yet signed trade agreements. The benchmark copper price on the London Metal Exchange was $9,875 per metric ton as of 1017 GMT. It had earlier reached a three-month peak at $10,020.5 per ton. Traders said volumes are low and will likely remain that way due to the Independence Day holiday on July 4 in the United States. Trump announced that his administration would begin sending letters to 10-12 countries later on Friday informing them about the tariff rates their products will be subject to in the United States. The traders reported that the caution due to the fact that several major trading partners including the European Union (EU), Japan, and India are still trying to negotiate an agreement with the U.S. has triggered the profit-taking of long positions or bets for higher prices. The 21-day moving median of around $9,760 is the first technical support for copper. There are also concerns about the availability of aluminium on the LME due to large holdings in warrants (#LMEWHL) and contracts near by (#LMEFBR), as well as a slowdown in outflows. Deliveries to approved warehouses of the London Exchange. Since June 25, the LME's aluminum stocks have increased by more than 20,000 tonnes to 356,975 tonnes. Metal earmarked at 2% or cancelled warrants indicate that only a small amount is due to be delivered. A weaker dollar provided some support to industrial metals Friday. Traders said that the Federal Reserve's prospects of holding rates steady following Thursday's strong employment report could increase the U.S. dollar and impact metals demand. Aluminum Lead fell 0.2% to 2,059 a tonne, while tin dropped 0.4% to 33,710 a metric ton. Nickel also declined 0.5%, to $15,370.
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Moscow bourse stops trading in Uzhuralzoloto after state demands ownership stake
The central bank of Russia has ordered that the Moscow Exchange suspend trading in shares owned by gold producer Uzhuralzoloto. A Russian court announced on Thursday that the Prosecutor-General had filed a suit to transfer ownership of shares held by Konstantin Strukov, an investor in Uzhuralzoloto, to the government. This is part of a escalation this year of the seizures of assets domestically through Russian courts. In a Friday statement, UGC stated that it was in constant contact with the Central Bank and that its "priority is to protect our minority shareholders." Strukov is the owner of 67.85% of UGC, Russia’s fourth largest gold producer. He told the TASS agency on Friday that he "works quietly" in Chelyabinsk where he is the deputy speaker of regional parliament. He declined to comment about the decision to seize his stock. News agencies reported that Russian investigators searched the UGC offices in connection with criminal charges relating to violations of environmental laws and industrial safety laws. According to the agencies, who cited a source from law enforcement, on Thursday, prosecutors wanted to convert Strukov’s entire stake in UGC into state property. Strukov's fortune, estimated by Forbes to be $1.9 billion, has been placed under sanctions by several Western countries. Britain was one of them, as it said that his role as director of a Russian company involved in the extractives sector supported Russia's government. (Reporting Anastasia Lyrchikova; Writing by Lucy Papachristou, Editing by Mark Trevelyan).
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Sources say that the sale of Panin Bank's stake in Indonesia is stalled due to pricing mismatch.
Three sources familiar with the matter claim that the sale of a majority stake in Bank Pan Indonesia, or Panin Bank, listed on Jakarta's stock exchange by ANZ Australia and Indonesia’s Gunawan Family has been stalled because of a mismatch of pricing. The combined stake is equivalent to approximately 86% of Panin Bank. This bank was valued at $1.45 billion on Friday, based on the 1,140 rupiah share price on the Jakarta Stock Exchange. According to LSEG, the Gunawan family holds 46.5% of the shares. It is willing to reduce its holdings. ANZ, an Australian bank, owns around 39.2%. CIMB Group, DBS Group, and other regional lenders showed interest in the sale earlier this year. Both banks, however, did not make binding bids because they could not meet the sellers' expectations. One source said that the sellers wanted a price tag more than double the current Panin Bank price-to book ratio. LSEG data shows that Panin Bank's shares were traded at 0.75 book value in the first quarter ending March 2025. Sources who declined to give their names as it was a private matter said that the sale process could resume once the price gap is reduced. One source added that CIMB remains interested in and open to discussions. ANZ Citi DBS declined comment. Panin Bank Director Herwidayatmo stated that the management of the bank is not involved in this process. She referred the question to the controlling shareholders. Gunawan Family could not be contacted for comment. CIMB has not responded to a request for comment sent via email. ANZ, together with the Gunawan Family, began a joint sale last year. They put the combined controlling share on the market. The sale is part of ANZ’s strategy to reduce low-returning business lines, and to reduce exposure to retail banking and wealth management in Asia in order to boost return on Equity. Panin Bank, founded in 1971 by Mu'min Ali Gunawan, was listed at the Jakarta Stock Exchange in 1982. According to its website, the bank's business ranges from consumer finance to private wealth. ($1 = 4.2240 ringgit) ($1 = 16,190.0000 rupiah)
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Gold to gain weekly on Dollar weakness and Safe-haven Demand
Gold prices rose on Friday, heading towards a weekly increase. This was helped by the retreat of the U.S. Dollar and inflows into safe-haven assets as President Donald Trump's trade deadline loomed. As of 0617 GMT, spot gold increased 0.5%, to $3,343.07 an ounce. Bullion has risen by about 2.1% in the last week. U.S. Gold Futures rose 0.3% to $3.352.50. Gold became less expensive for holders of other currencies as the dollar index fell by 0.2%. The apprehension over the fiscal situation in America (after Trump's sweeping bill to cut taxes passed Congress) as well as the lingering uncertainties about the July 9 deadline on the tariff issue have boosted the demand for safe-haven assets, said Ricardo Evangelista senior analyst at brokerage company ActivTrades. Trump announced on Friday that Washington would begin sending letters to other countries, a departure from the earlier plans of individual trade agreements. He announced reciprocal tariffs between 10% and 50% on April 2. However, he reduced the majority to 10% by July 9, to allow time for negotiations. Trump's tax cut legislation passed its final hurdle before Congress on Thursday. It makes his 2017 tax cuts permanent and funds his immigration crackdown. The data showed that U.S. jobs grew unexpectedly well in June. However, nearly half of this increase came from the non-farm sector. Private industry's gains were the lowest in eight months, as businesses struggled with rising economic headwinds. The latest U.S. employment data confirms a slowdown in the economy but not a standstill. This will reduce the pressure on Fed to lower interest rates any time soon, said UBS commodity analysts Giovanni Staunovo. Palladium fell 0.1% and spot silver rose 0.1%, to $36.66 per ounce. Platinum gained 0.7% per ounce to $1,376.33 and is on track for a fifth consecutive week of gains. (Reporting by Brijesh Patel in Bengaluru; Editing by Harikrishnan Nair)
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.
(source: Reuters)