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Elmet signs tungsten supply agreement with Masan High-Tech, Vietnam
Vietnamese tungsten manufacturer Masan High-Tech Materials announced on Thursday that it would sell a 4,99% stake to US-based tungsten product supplier Elmet Group. The deal valued the company at approximately $2.5 billion. Masan 'High-Tech has also agreed to "supply" and process approximately 1,250 metric tonnes of tungsten equivalent per year for Elmet, under a contract lasting at least eight years. At current prices, the agreement is expected generate gross revenues of about $1.5 billion. After the announcement, shares of Masan High-Tech rose by 7% in the morning on Thursday. Many countries classify tungsten, an extremely tough metal, as a critical material. It is used in electronic and defence applications, including semiconductors and ammunition. Masan High-Tech is the owner of Nui Phao, which is one of the largest tungsten mines in the world outside of China. It accounts for almost all of Vietnam's annual estimated tungsten production of 3,400 tonnes. According to the U.S. Geological Survey, Vietnam will be the second largest tungsten producer in the world after?China by 2024. In June, the company announced plans to expand the Nui Phao mine and nearby Nui Chiem area, potentially adding 115 million tons of tungsten-polymetallic resources as it seeks to expand its role in the global critical-minerals supply chain. Masan High-Tech stated that the transaction was a 'first step in its strategy of building long-term partnership with customers who seek secure tungsten supply, and it would continue exploring'similar partnerships in key market. The sale of Elmet's stake, which is still subject to regulatory and corporate approvals (and may take longer), should be completed by the end of the first month of October. After the transaction, Masan High-Tech’s parent, the conglomerate Masan Group will remain the controlling share-holder with approximately 87.46% ownership. Elmet manufactures tungsten, precision components, and high-energy systems in Maine, Michigan, and Ohio. It won a contract from the US Defense Logistics Agency worth up to $2 billion last week. The contract is meant to rebuild the National Defense Stockpile as well as boost US tungsten supplies. Jefferies Singapore was the exclusive financial advisor to Masan High-Tech.
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Oil drops from highs, bonds are shaky amid trade and peace talks
Investors weighed the'simmering Middle East tensions' and prospects of a 'talk between China and the United States. Tokyo's markets opened?after?a three-day break, and the 10-year Japanese government bonds yield shot up to a 30 year high following a sharp sell-off overnight in the U.S. The greenback and oil prices both eased off recent highs after the leader of Iran vowed that they would never give up following Donald Trump's warning to "annihilate Iran". Investors waited for future rate hike signals from central bank speeches, economic releases and U.S. unemployment claims. The market was also focused on a summit between Trump and Chinese president Xi Jinping, hoping for progress in trade relations. Ray Attrill said in a podcast that "equities are showing signs of creaking" under the weight of ever-rising bonds yields. Attrill is the head of FX Strategy at the National Australia Bank. In a risk-off climate, the U.S. Dollar still appears to be a safe haven. The MSCI Asia ex Japan index fell by 0.64% while Japan's Nikkei rose by 1.73%. The benchmark S&P/ASX 200 index fell 1.2%, a drop of more than three months. Xi’s first visit to the U.S. after nearly three years is not expected to bring major breakthroughs. However, Washington?and Beijing may extend their 11-month trading truce. ?Scott Bessent, Treasury Secretary, said that they had agreed on a new extension while Trump personally welcomed Xi at Joint Base Andrews. The bond yields are at multi-year highs, as traders factor in the possibility of central banks raising interest rates to combat persistent inflation. The yield on Japan's 10-year bond rose 8 basis points to 3.06%. This is the highest level since August 1996. The 30-year yield increased 5.5 basis points to 4.12%. The 10-year Treasury yield in the United States remained at 5.11% after overnight reaching its highest level since 2007. Officials at the central bank maintained a "hawkish" tone, as rising oil costs exacerbated inflationary pressures. Federal Reserve Governor Michael Barr stated on Wednesday that the recent rate increase was part of an effort to recalibrate lending costs. He also indicated that more increases could be required. The markets are looking forward to speeches from other Fed officials, such as New York Fed president John Williams and Fed president Beth Hammack on Thursday. The geopolitical tensions pushed up energy prices. Iranian officials spoke with U.S. ambassadors at the UN General Assembly but neither side made any progress in ending the conflict. Trump reaffirmed his threats of escalation while Iran's President vowed to not yield. Brent crude dropped 1% to $102,05 per barrel. U.S. West Texas Intermediate fell 0.74%, down to $91,48. Gold spot rose 0.35%, to $4.301.89 per ounce. The dollar index dropped 0.04%, to 101.09 while the euro fell 0.02%, to $1.14. The Japanese yen rose 0.24%, to 157.91 dollars. The U.S. Labor Department will likely report that initial claims for unemployment rose to a likely 201,000 in the week ending September 19. Meanwhile, continuing claims are likely to have increased by 15,000 to 1.745 millions the previous week. The U.S. Labor Department is expected to report that initial jobless claims likely rose to 201,000?in the week ended September 19, while continuing claims likely increased 15,000?to 1.745 million in the prior week. European futures are lower. Euro Stoxx futures declined 0.33% at 6,304.00. DAX futures slipped 0.33% at 25,525.00. FTSE Futures fell 0.35% at 10,739.50. Ether rose 0.46% to 2,683.24, while Bitcoin grew 0.07% to $84 288.53.
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Iran declares it is willing to negotiate to end the conflict, lowering oil prices
Oil prices fell on Thursday after rising 4% the previous day.?Iran stated that it was open to diplomacy in order to end the US/Iran conflict, but the two countries are still far apart as to how to achieve this. Brent crude futures dropped 94 cents or 0.9% to $102,13 per barrel. West Texas Intermediate futures declined 59 cents or 0.7% to $91,56. Iran and the United States are divided over how to end their war. Diplomacy, however, must continue. A senior Iranian official said. Iran's President told the UN General Assembly on Wednesday that Tehran will never yield to US pressure. The official stated that Tehran was reviewing Washington's response regarding its peace proposals. These include lifting the US naval blockade of Iranian ports and reopening of the Strait of Hormuz. The official stated that during indirect talks on Tuesday the reopening of Strait of Hormuz, and the lifting of Washington’s naval blockade against Iran were discussed. Mohsenrezaei, Iran's chief of security, said earlier on Wednesday that the Strait of Hormuz will not reopen until Iran's demands are met. US Secretary of state Marco Rubio said to reporters on Wednesday, that a deal would require hard work and patience over time. He added that Trump had other options. The traders also evaluated the possibility of limiting diesel exports. The price of ultra-low sulfur diesel futures fell by about 5% at midday after Politico reported that the Trump administration had plans to impose a 90-day ban on diesel. However, the White House has denied this. Bloomberg, citing sources, reported that Chris Wright, Energy Secretary, had told the oil industry to prepare for possible US restrictions on diesel exports during a call late Tuesday. Wright had said on Wednesday morning that a ban on diesel exports would not work, despite the fact that US President Donald Trump has said he will support it. Market watchers and analysts have warned such a move would do little to reduce high energy prices, and could worsen the global supply and further disrupt economies. The Energy Information Administration reported that US crude oil inventories increased by 3 million barrels, to 426.4 millions barrels, last week. The analysts polled had predicted a draw of 641,000 barrels. Fuel stocks fell.
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UK pledges PS331 Million to Address Climate-Linked Security Risks
The UK announced on Wednesday that it would provide PS331,000,000 ($438.24,000,000) to tackle climate change, biodiversity loss and instability. It warned that environmental shocks were increasingly becoming a threat to national security. The funding will go to the Global Environment Facility, which supports food and water security as well as protecting ecosystems in the Amazon Basin and Congo Basin. This announcement comes after UK Foreign Minister Ed Miliband, on the sidelines the UN General Assembly, called for world leaders to consider climate change when assessing their national security risks. He said that climate change, ecological collapse, and intelligence networks should be incorporated into defense strategies, strategic military planning, and intelligence networks. Miliband stated that "countries must pool their information, because a shock in one country can quickly 'travel' through the supply chain, financial markets and migration patterns into other countries." Climate security is a hot topic as oil and gas prices have risen due to the Iran War. This has led some countries to increase their coal use, which is a major contributor to?carbon emission, while other countries are adopting more solar energy and electric vehicles. Katie White, UK's Minister for Climate?Transition, said on the sidelines the UN General 'Assembly, that the 'UK is leading the way' in focusing countries' attention on climate security, ahead of the COP31 climate'summit' which starts on November 9th, in Antalya. She said that the military has "always been in front of climate risk planning" because it's?always recognized climate change as a threat multiplier. "The security community is a little behind on this."
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Venezuela's Rodriguez promises to hold elections in order to transition into a 'full democratic'
Delcy Rodriguez, Venezuela's interim president, told the UN General Assembly on Wednesday the country will hold elections as part of the transition to "full democracy" but she did not give a date. "I want this to be very clear in this General Assembly: There will be elections for Venezuela," said Rodriguez. He came to power in January after American forces had captured Nicolas Maduro, then the President of Venezuela. Rodriguez stated that the government would ensure 'the participation of all political parties' in her remarks. She also added that the national institutions were being prepared for?the electoral process. Rodriguez said that Venezuela has begun a democratic transformation process for its rebirth. This is an orderly process with institutional checks and balances. The goal is to build a more prosperous country, one where everyone can live in freedom. Critics claim that Washington has marginalized the Venezuelan opposition by dumping its demands for free and fair elections in favour of oil and investment agreements with the interim government. Some US legislators have also called elections amid criticisms that the Trump Administration has failed to obtain meaningful democratic concessions? from Rodriguez's Government. "We've opened a dialogue with the opposition to create a process that is fair for everyone," said Rodriguez. Rodriguez met briefly with US President Donald Trump Tuesday on the sidelines of the?the UN?General Assembly and praised him on his decision to restart dialogue with Venezuela. Trump and Rodriguez discussed, among other things, restructuring the South American nation’s sovereign debt of billions. Rodriguez said that the economic recovery will "take time" but warned that it would take time. Rodriguez called for the support of the international community as it moves away from "a phase of uncertainty and conflict towards a full democracy."
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Women volunteers in Borneo are fighting the worst wildfires since 11
Indonesia's Borneo Island is orange-colored and thick with smoke due to the worst wildfires that have occurred in over a decade. They have blackened large areas of forest, causing respiratory problems for many residents. The birds are also silent due to the choking smoke and fires, as observed by farmer Juniarni. The birds are a common sight in Sungai Awan Kiri, a village in West Kalimantan, where she lives. Their chirping is a constant reminder that they're there. She says that now there is silence. This is another sign of how the fires have affected the environment. They haven't done any wrong. Why are they victims?" "Why are they the victims?" asked Juniarni, 48-year-old mother of three who goes by one name as do many Indonesians. There were fires all around us. In the dry season, fires are a constant risk. They have raged longer than normal this year, particularly on the islands Borneo, Sumatra and Sumatra. Juniarni is one of the 140 women that make up The Power of Mama, a?all-woman firefighting team. She observed the loss of birdsong while she and the other women patrolled 10 villages, which included?farmers as well as stay-at home mums. Unpaid volunteers, dressed in protective red suits, patrol motorcycles to identify hotspots and extinguish fires. They also warn neighbours not to use fire to clear land to plant palm oil, which is a staple crop of many farmers. This practice increases the risk of blazes. Securing the Forests In 2022, the non-government 'environmental group Yayasan Inisiasi Alam Rehabilitasi Indonesia, which translates as Indonesia Nature Rehabilitation Initiative Foundation brought together the women from four villages of the Ketapang area and trained them on how to fight fires. Mita Anggraini of YIARI, the supervisor for the group, said, "These women felt that the forests were theirs and protected them with their whole heart." YIARI also provides mobile phones to the women, as well as lunch allowances. YIARI doesn't allow the women to deal with large fires. Mita stated that one of the reasons women volunteer to help is because they want to reduce the respiratory problems of many people who are affected by the thick smoke which blankets the island during fire season. Elly Marlina (46), a firefighting volunteer, told how her children suffered from respiratory infection in the past. She said that it took them over a whole year to recover. Irma is a 38-year old mother of two who farms in Borneo. She said that putting out visible fires was only half the battle. The fires are also burning underground in Borneo's peat, which is highly combustible. She said, "Our land is most vulnerable to fires." "This year has been particularly bad because of our dry water supply." Indonesia's forestry ministry said that the fires may last longer than usual, this time up until early November due to the late arrival of rainy season. Indonesia has deployed more than 50 aircraft to water bomb and seed clouds in order to combat the spread of wildfires. Fires in Indonesia?burned 202,000 hectares of land (almost 500,000 acre) from January to July of this year. This is an area that is almost as large as metropolitan Tokyo. West Kalimantan was the most affected province with over 38,000 hectares of land burned. Elly reports that the fires this year are more severe than usual and have affected forests and peatlands still recovering from seasonal fires. This has led to concern for their future. Our hope is fading because, as you can clearly see, there are now no forests.
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Mexico Beach towns prepare for storms when Polo hits the coast
Residents of Mexico's Pacific coast beach towns prepared for heavy rains and dangerous surf as Hurricane Polo, an intense Category 4 storm, moved northwestward offshore. The hurricane threatened flooding and mudslides on the southwest coast. US National Hurricane Center: Polo will continue to move slowly along the coast, between fishing town Zihuatanejo (and port hub Manzanillo), with maximum sustained wind speeds of 145mph (230kph). This is at 3 pm local time. It was predicted that the center of the storm would track along the edge southwestern Mexico until Thursday morning, before turning out to sea. The outer rainbands of the hurricane were already hitting the coast where tropical storm watches and warnings were still in effect. In the resort town of Acapulco the beach was battered by rough surf, the bay was swept with rain and the palm trees were bent. Merchants strengthened stall roofs while boats remained in the bay. Andrea Tenorio, a local resident, said, "As soon as they warned us yesterday, I began to get my documents in order, and started packing my belongings half-way, just in case." She stated that a nearby elementary was being used as a temporary shelter. Tenorio, when asked if she was afraid, said that Hurricane Otis haunted the residents. She said, "With Otis we were left traumatized." "We've never been able overcome it." Hurricane 'Otis' slammed Acapulco as a Category 5-storm in October 2023, killing dozens of people and destroying the coastal town. The NHC stated that Polo will bring 4 to 6 inches of rain (10 to 15cm) to the coastal state of Guerrero, with some areas receiving up to 8 inch (20cm). This could trigger dangerous flooding and mudslides in mountainous regions. Parts of Michoacan and Jalisco were expected to receive significant but lower rainfall. The NHC stated that "Fluctuations of intensity are expected, but Polo will remain a powerful major hurricane for the next few day,"
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Both parties of senators ask Trump to release emergency heater oil due to price surge
Two US Senators from Maine, a state that is heavily reliant upon 'home heating oil', have asked President Donald Trump to tap into the emergency fuel stockpile of the country as diesel prices are soaring and pushing up household costs. In a letter sent to Trump on Tuesday, Senators Susan Collins (a Republican) and Angus King (an independent who is a member of the Democratic caucus) asked him to release the home heating oil held in the Northeast Home Heating Oil Reserve. This would protect Mainers against the high prices which are imposing a financial burden. Collins, who has a tight race to win her seat in the midterm elections in November, said in a press release that the cost of energy was a "huge problem in my state" and tapping the reserve would "help put downward pressure on the prices." The senators said that Maine households pay about $675 more than last year to fill a heating oil tank. They cited a Maine Department?Energy Resources study. Diesel, which is similar in price to heating oil has risen to an all-time high of $6.50 per gallon due to the conflict in Iran and Ukraine that has impacted fuel production and petroleum shipments. The White House didn't immediately answer a question about the letter. Collins joined Senator?Jack Reed of Rhode Island in asking that the administration release money from its home heating program to assist low-income families. Bill Clinton created the reserve in 2000, which stores 1 million barrels in four locations from Maine to New Jersey. The reserve holds approximately 10 days worth of heating oil in the region. It has not been used since 2012 when it was used to fuel emergency responders after Hurricane Sandy. Trump's budget for last year proposed closing the reserve. It is costly to maintain. The rising diesel price has prompted calls for a ban?on the export of the fuel. However, the White House denied on Wednesday a report that the administration was preparing to ban diesel exports for 90 days.
Kyiv is under Russian missile attack. One dead and two injured, the mayor claims
Vitali Klitschko, the mayor of Kiev, said that Russian forces launched ballistic missiles at the Ukrainian capital early Thursday morning. One person was killed and two medical personnel were injured as debris fell on various districts.
"One dead and 2 injured in the capital." Klitschko posted on Telegram that both the wounded are medics who are currently being treated at a hospital.
Klitschko stated that debris had fallen in three districts and a part of a house was destroyed.
Klitschko wrote: "In the Dniprovskyi District, debris fell onto the yard of a privately owned property." People may be trapped beneath rubble.
He advised residents to remain in shelters.
Witnesses reported that several explosions resounded around 1 a.m. Unofficial 'Telegram' channels showed a fire that was said to be lighting up the horizon.
According to Klitschko, Russian forces 'continued their attacks against the city throughout Wednesday, killing two and injuring 45 people.
(source: Reuters)