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Ugandan Museveni is cleared to run for re-election and is looking at a near half-century of rule
Uganda's Electoral Commission cleared octogenarian president Yoweri Mugabe to run for reelection at the polls scheduled to take place early next year. This could extend his reign in East Africa to almost half a century. Former rebel Museveni is credited for stabilising Uganda, promoting growth and fighting HIV/AIDS. Critics, however, criticise his government for its suppression of political opposition and human rights violations. Museveni, who seized power in 1986 said that the problem Africa faced was not its people, but "leaders" who wanted to stay in power for too long. Museveni, Africa's fourth-longest-ruling leader and his government amended the Constitution twice to remove term and age limits. This allows him to stay in office. WINE IS EXPECTED to Fight Against Opposition Leader In 2026, the incumbent, who is 81 years old, will likely face his main rival, Bobi Wine (43), a pop singer, who has used his fame to gain a lot of support among younger voters. Museveni, whose real-life name is Robert Kyagulanyi (Wine), defeated Wine in 2021 with a large margin. Wine claimed that his victory had been stolen by ballot stuffing, security force intimidation, and other irregularities. Museveni was the first candidate to have his candidacy cleared by the electoral body. The elections body is responsible for evaluating whether candidates meet the legal requirements. Wine's candidature is expected to be assessed on Wednesday. Museveni, at a press briefing on Tuesday, said that he would be able to focus his efforts in restoring public security, improving the transportation infrastructure and expanding free health care and education. He said that there was a certain amount of crime and impunity, in reference to the public's concern about an increase in crime in urban areas. He said that his National Resistance Movement, the party he leads in government, would work to "get rid of corruption". Museveni’s government expects an economic boom once the country starts shipping crude oil in 2019. Growth is expected to reach double-digits by next financial year. He denies these claims. The president has been accused by his opponents of abusing state patronage, the military, and kidnappings to keep power. Muhoozi Kaineruaba, Museveni's youngest son and Uganda's top military official, confessed to holding an opposition activist hostage in his basement, threatening Wine as the next victim. (Reporting and editing by Hereward Holland; Ammu Kanampilly, Joe Bavier and Elias Biryabarema)
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Rubio mentions progress made in US-India talks this week
Marco Rubio, U.S. secretary of state, said that the United States and India had made progress in their trade negotiations on Monday. This was despite ongoing trade discussions and steep U.S. duties imposed by Washington as part of its pressure campaign against Moscow for the invasion of Ukraine. Rubio, in an interview with ABC News' Good Morning America on Tuesday, said that "a lot of progress" had been made. The Indian trade minister was scheduled to travel to Washington, D.C. this week to try to speed up the talks that resumed after last week's resumption of negotiations. Trump imposed a 25% penalty on Indian imports starting August 27. This doubled the overall tariffs up to 50%. His administration was pressuring New Delhi to reduce its Russian oil purchases. Rubio didn't say if the two sides had discussed the Trump Administration's H-1B Visa $100,000 fee, or Washington's demand that India's agriculture and dairy industry be opened to U.S. firms. Bloomberg News, citing an individual familiar with the issue, reported that Indian officials would ask U.S. negotiators to make it easier for skilled workers from India to enter the United States this week. In a weekend public speech, Indian Prime Minister Narendra Modi urged Indian citizens to buy local products instead of those made abroad. (Reporting and editing by Sharon Singleton, Alison Williams, and Susan Heavey)
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Ghana study warns about hazardous levels of toxins linked to mining, as artisanal output soars
According to a study backed by the government, an increase in artisanal mining of gold in Ghana has led to mercury contamination in host communities reaching dangerous levels. In some areas, soil readings reached 134 times what is considered safe. The report, by New York's environmental group Pure Earth, and Ghana's Environmental Protection Authority, is based upon a year's worth of samples collected from soil, water and crops in six of Ghana’s 13 mining areas. The rapid growth of the artisanal gold mining sector, which is poorly regulated and includes small-scale miners, has been attributed to the soaring bullion price. This has raised concerns over potential health effects. In the first eight-months of 2018, the sector exported 66.7 tons worth $6.3 billion. This compares to 53.8 tons of gold for 2024. Ghana has tried to separate illegal mining from fully regulated activity. However, gold flows are often mixed, which blurs the lines and complicates enforcement. The World Health Organization has set a safety threshold of 10 parts per million for mercury in soil. Researchers found that the average level of mercury in soil at Konongo Zongo was 56.4 ppm. This is far higher than the World Health Organization's recommended value. The peak readings were 1,342 parts per million (ppm) during the research period. "CUMULATIVE EXPOSURE IS A SERIOUS HAZARD TO HEALTH" The report stated that in addition to mercury contamination arsenic levels had reached 10,060ppm. This is more than 4,000% higher than WHO guidelines. According to the WHO, high levels of arsenic can cause kidney failure, skin damage, and lung cancer. It also increases the risk for bladder and skin tumors. The report was released on Saturday to the public and environmentalists at a meeting held in Accra, Ghana. Anthony Enimil of Ghana's Pediatric Society (a child health lobbying group) said that the consequences could be evident in some communities. Enimil stated on Monday that "we're seeing more and more children with kidney problems from mining areas - some of them are now on dialysis." "X-rays reveal mercury pellets inside their bodies, after an accidental ingestion." A Ghanaian government spokesperson didn't respond to a comment request immediately. Godwin Armah said the Ghana National Association of Small-Scale Miners' General Secretary would take some time to tackle mercury pollution caused by artisanal mining. We have now switched to a safer alternative, the Gold Kacha Concentrator (concentrator), and banned the use mercury for gold amalgamation. "We are also increasing our efforts to raise awareness," he added, referring to the simple device that artisanal gold miners use to separate their gold. According to Accra-based environmentalists, including lobby group A Rocha Ghana, toxic pollution is widespread across all 13 mining areas, due primarily to unregulated, small-scale gold-mining. Ghana's President John Dramani Mahama promised to crack down on illegal mining. He also established the Ghana Gold Board, which will oversee the sector. However, critics claim that progress has been slow and Ghanaians are protesting against the illegal mining. Maxwell Akalaare Adombila (Reporting) Editing by Robbie Corey Boulet and David Goodman
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Southern Copper aims to maintain production in Peru and bets on new projects
Southern Copper's chief financial officer said that it expects to maintain its copper production in Peru this year, despite investing $800 million into projects. Peru is the third largest copper producer in the world. Southern Copper Peru, which is owned by Grupo Mexico is the second biggest, with a production of 414,000 metric tonnes per year. Raul Jacob, Chief financial officer at Southern Copper, said in an exclusive interview with The Daily Telegraph on Monday that "this year we will produce the same amount of copper in Peru." Raul Jacob, Chief Financial Officer of Southern Copper, said in an interview on Monday that the production of molybdenum (molybdenum) and silver would remain constant this year despite higher prices. Southern Copper will produce 13,400 tonnes of molybdenum in 2024 and 177.2 tonnes of silver. Jacob stated that the company, who operates the Toquepala mine and Cuajone Mine, will also be moving forward with new projects. He said that Tia Maria could start production by the year 2027, and be fully operational by 2028. The $1.8 billion project is expected to produce 120,000 tonnes of copper per annum. Protests have caused multiple delays to the project. Jacob stated that Tia Maria had employed around 1,900 workers by September. Michiquillay is a $2.5 billion copper project that will produce 225,000 tonnes of copper per year over a 25-year mine life. The exploration phase has already begun and the start date for 2032 is being targeted. Jacob stated that the mine's copper reserves are "better" than expected. "That's what we're working with. As we near the construction phase, we will update it. Jacob, in reference to Michiquillay, said that it might increase. Los Chancas, in the Andean Region of Apurimac is still suffering setbacks due to protests by illegal miner. Jacob stated that he preferred that authorities take action, and that 200 illegal workers were identified around the concession. There are illegal miners that have been violent. Our camp has been burned down twice by them. The Peruvian government has given small-scale miner thousands until the end the year to formalize their operations. (Reporting and editing by Alexander Villegas, Jamie Freed, and Marco Aquino)
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EU will delay the anti-deforestation legislation by another year, says commissioner
Jessica Roswall, the Environment Commissioner, announced on Tuesday that the European Union would delay its anti-deforestation legislation for a second year. This will also postpone a ban on palm oil imports, which are linked to deforestation. After complaints from Brazil, Indonesia, and the administration of then-U.S. president Joe Biden and other industries and trading partners in Europe and North America, Brussels delayed the law for an additional year. Roswall told reporters that postponing the implementation of the law was necessary to address concerns about the large volumes of information needed to enter into the information-technology system to enforce the law and was not linked to U.S. concerns about the policy. She said that if the IT system is not addressed, the EU's businesses and supply chain could be disrupted. We are concerned about the IT system because of the volume of data we input into it. We will therefore, in conjunction with co-legislators seek a one-year postponement. This will also give us the time to examine all of the risks," said Ms. Shen. "There is a great deal of information that comes from the industry and business in a very short time." We see this as a potential risk, and we need the extra time to figure out how to solve it," Roswall said. Roswall stated that she would discuss the next steps with both the European Parliament as well as the EU member states. Both must approve of the delay. (Reporting and writing by Kate Abnett, Sudip Kar Gupta, Makini Brice; Editing by William Maclean).
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Wildfires in Canada: An unexpected benefit
Colin Penner, a farmer who farms 3,700 acres about an hour north of the U.S. Border, crunched a handful of canola pods, and blew away the chaff in a stiff prairie wind. In his hand, a small pile of black seeds was left. The harsh sun and high temperatures last summer scorched the yellow flowers of canola and destroyed their pollen. This led to lower yields in Western Canada. Smoke from nearby wildfires covered the skies in July and shielded Penner's young crops from the sun's rays. This resulted in more seeds and pods per plant. He said, "Look at these pods." He will wait to see the harvest, but "smoke is likely to be a good thing." Canola farmers are finding unexpected benefits from the summer skies, as long as it is in July when the crop flowers. Smoke protects delicate canola flower petals and pollen from the intense heat and sun, reducing the impact of the drought that lasted for most of the summer. Scientists believe that prolonged periods of heavy smoking have negative effects on food quality and crop yields. We spoke with dozens of canola farmers and 10 crop specialists who all agreed that the midsummer smoky sky had mostly positive effects for the crop. However, the experts warned that further research was needed. Bruce Burnett, an analyst for the Western Producer Markets Desk, said that the cooling effect of smoke countered the high temperatures during the day and at night, which can harm the crop. Canada is the largest canola producer in the world, with 21 million acres of land planted along Canada's vast forests. The seeds of canola are crushed and used to produce cooking oil, biodiesel, and animal feed. Canola is a cool-climate crop that grows mainly in the northern plains of North America and Europe, as well as Australia. It does not tolerate heat. Heat can cause its pollen to melt, which prevents fertilization and seed formation. The harsh sunlight can cause flower petals to burn. Curtis Rempel is vice president of the Canola Council of Canada's crop production and innovations. He said that smoke can reduce temperature and reduce sunlight. SCIENTISTS REVISE IDEAS ABOUT SMOKES In 2022, the Intergovernmental Panel on Climate Change (IPCC), a climate science panel of the United Nations, predicted that a warmer world and shorter winters will lead to more intense wildfire seasons. Canadian officials stated in August that the intensity and length of wildfires are increasing as winters get shorter and spring, summer, and fall become warmer. Four crop experts said that smoke was probably the worst for North America's largest crops like corn and soya beans, as it reduces heat and sunlight, which plants require to grow. Smoke from wildfires in California has severely damaged wine grape production. The damage was severe both in 2017 and 2020. Researchers in Ohio found mixed results. Researchers found that while the smoke reduced temperatures and light, corn, soybeans and wheat yields reached their highest level in 10 years. Raju Soolanayakanahally is a senior researcher with Agriculture and Agri-Food Canada. He said that the Canadian government will launch research on wildfire smoke's impact on canola and wheat. Soolanayakanahally stated that despite farmers' claims of benefits for this year's crop, smoke could also slow down and weaken the development of crops. The haze may degrade chlorophyll, which is vital for photosynthesis, and decrease the efficiency of enzymes critical to plant development. A review of the existing research into the effects of smoke in U.S. corn found that it had a largely negative impact. Mark Jeschke of Corteva Agriscience Pioneer Seeds, the author of the study and Agronomy manager, said that further research is needed to determine how airborne and ground-level smoke affects corn during its pollination and maturation. The timing of an event that causes stress can be very important. Smoke-tainted wine was discovered in 2020 when over 8,000 fires spread across 4.3million acres of California. Most vineyards were spared direct damage. Vintners discovered that the grapes had produced a slurry with a foul smell and taste, rendering it unsuitable for making wine. The term "smoke-taint", which was used to describe the taint, became a part of wine lexicon. According to the California Association of Winegrape Growers, up to 325,000 tonnes of wine grapes valued at more than $650 million were destroyed that year. Researchers and the industry have been testing treatments that remove smoky components from fermented wine slurry. They also tested a spray to prevent grapes on the vine from absorbing smoke. Natalie Collins, president of the California Association of Winegrape Growers said: "We have so much work to do."
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Copper prices rise on concerns about supply, but inventories are weighing
The price of copper rose on Tuesday, as disruptions in supply and lower interest rates offset concerns about high inventories and the slowdown in global economic growth. By 0920 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 0.2% to $9,990 per metric tonne. "We must deal with disruptions in mine supply but we also have healthy increases in inventory levels, particularly in the U.S.," Ole Hansen said, head of commodity strategies at Saxo Bank, Copenhagen. The U.S. rate reductions last week have added to the positive mood, but it is important to remember that they are being done from a place of weakness and not strength. After an incident early in September, production remains suspended at Freeport Indonesia’s Grasberg Mine, one of the largest copper mines in the world. The U.S. Comex exchange's inventories soared in the first half of this year, anticipating U.S. Tariffs. They have since continued to rise, and now total 318,285 metric tons, up by 241%. LME copper is up 13% this year but has fallen from the 15-month high of $10,192.50 reached last week. The question is, will the upward trend that we have seen since May continue? Hansen said that we need to keep the price above $9,850 to avoid a further decline. The most traded copper contract at the Shanghai Futures Exchange ended daytime trading with a 0.3% decline, closing at 79.930 yuan per ton ($11,237.80). According to an anonymous Singapore hedge fund analyst, some traders have closed their long positions since SHFE closed Monday above the psychologically important level of 80,000 Yuan per ton. Lead fell 0.3% at $1.992 and Nickel dipped by 0.1%.
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Serbia will sign a gas import agreement with Russia in October
The head of Serbia's state gas company, RTS, told the public broadcaster on Tuesday that Serbia will sign a deal for a three-year supply of gas with Russia. Dusan Bajatovic, Srbijagas, said that Serbia already has daily gas supplies of 2.5 millions cubic metres from Azerbaijan. It also receives 9.5 million cubic meters daily from Russia. Bajatovic said that Serbia has a single gas storage facility which holds 780 millions cubic metres of gas. If needed, an additional 200,000,000 cubic metres can be obtained from a storage in Hungary. Serbia is one of the few European countries that still buys Russian gas, despite its desire to join the European Union. The government is under pressure from Western nations, but has not yet taken action. The oil monopoly of the country, NIS, which is owned in majority by Russia's Gazprom and Gazprom, is asking for a 7th waiver to delay U.S. sanction that could put its crude oil supply at risk. Aleksandar Vucic will meet with U.S. State Secretary Marco Rubio on Tuesday to discuss, among other issues, tariffs and sanctions. (Reporting and editing by Louise Heavens, Ivana Sekularac)
Palm oil drops to its lowest level in six weeks after Argentina removes export tax on soyoil
The price of palm oil futures in Malaysia fell more than 2% Tuesday. It was the lowest since 8 August, after Argentina, which is a major exporter of soyoil, temporarily removed its export tax. This made soyoil less expensive than palm oil.
After a slight rise of 0.41% in the previous session, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange fell 102 ringgit or 2.3% to 4,341 Ringgit ($1,034.56) per metric ton.
Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that the Argentina news caused a massive selloff on the Chicago and Dalian market. This spread to the palm-oil market.
Argentina temporarily removed export taxes on grain and its by-products Monday. The aim was to increase sales abroad and raise much-needed dollar to support the peso's currency. The suspension will last until the end of October or until exports hit $7 billion.
Supramaniam reported that losses in palm oil had been limited due to a slowdown of production in Malaysia in September and the expectation that the monsoon would reduce yields during the fourth quarter.
A Mumbai-based trader said that the duty-free exports made Argentinean soyoil shipments less expensive than palm oil. This was true not only for African customers, but also for Indian buyers.
Dalian's palm oil contract, which is the most active contract, fell by 2.92%. Chicago Board of Trade soyoil prices were down by 0.22%.
As palm oil competes to gain a share in the global vegetable oil market, it tracks the price changes of competing edible oils.
Oil prices rose as investors assessed the outlook for global supply after Iraqi and Kurdish regional government reached an agreement on a preliminary basis to restart a pipeline.
Palm oil is a better option as a biodiesel feedstock because crude oil futures are stronger.
(source: Reuters)