Latest News
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Globe and Mail: Canada PM asked Anglo American to relocate its headquarters to Canada in exchange for Teck deal approval
The Globe and Mail, citing sources familiar with this matter, reported that Canadian Prime Minister Mark Carney had told Anglo American it would have to move its headquarters from the United States to Canada if its proposed acquisition by Teck Resources was to be approved. Anglo American, based in London, and Teck, based in Canada, announced last week a merger worth $53 billion. This is the second largest M&A transaction in the mining sector. The merged entity will be headquartered in Canada, with a primary listing in London. The Globe and Mail reported that Carney had made it clear in his discussions with Anglo American that any potential buyer of Teck must meet the requirement to move its headquarters. An Anglo American spokesperson declined comment on the report. However, they pointed out that CEO Duncan Wanblad stated last week Vancouver was the most natural location for the combined company given its operations and project are largely located in the Americas. The spokesperson said in an email that "Anglo American also has its Americas exploration teams based out Vancouver for a very long time. We are therefore familiar with the set-up." Could not verify the report immediately. Teck refused to comment. The office of PM Carney did not respond immediately to a comment request. (Reporting by Ananya Palyekar and Dheeraj Kumar in Bengaluru; Editing by Shinjini Ganguli)
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Draft shows that the EU will miss U.N. deadlines for new climate targets
A document from the EU's negotiating team, seen by, revealed that the European Union did not expect to meet its U.N. mandated climate goal in time to meet a crucial deadline this month. Instead, it has drafted plans for submitting a temporary target, which may change later. The EU is struggling to agree on a new climate goal for 2040. This has stymied plans to submit to the United Nations a 2035-target by the deadline of this month. The EU planned to base its 2035 target on the 2040 goal. The draft EU document seen by revealed that the bloc was now considering submitting to the U.N. a "statement-of-intent" about what its goal for 2035 will be. This will indicate a reduction of between 66.3% and 72.5% in emissions by 2035 compared to 1990 levels. Document stated that the EU would decide on its final target for 2035 after reaching an agreement with its 2040 climate goals. The draft will be discussed by the ambassadors of EU countries on Tuesday, but it could change during negotiations. The EU is taking this step to ensure that it does not go empty-handed to the U.N. General Assembly next week where Secretary-General Antonio Guterres asked all countries to declare their climate targets to generate momentum for the global COP30 Climate Negotiations in November. It leaves open the question as to how ambitious the EU’s final climate target will be. This increases the likelihood of the EU falling behind other major emitters such as China in setting their new climate goal. Manon Dufour is the executive director of the think tank E3G. She said that the plan would allow the EU and other countries to reach a more ambitious goal in the future, before the COP30. However, it also raised questions regarding the EU's leadership on climate change. She said: "It does little to dispel any doubts regarding the EU's internal transition or galvanize global partners in advance of the UN General Assembly. This is a crucial year for global climate change action." The document stated that the higher end of target range represents a path towards a 90% reduction in emissions by 2040, which is the climate goal 2040 for the EU countries. The lower end of the range is calculated by drawing an equilateral triangle between the EU’s current 2030 and 2050 goals for climate change. Diplomats from the EU said that countries such as Poland support a lower-end range, while others like Spain and Denmark prefer a higher goal. The document was drafted by Denmark, the country that currently holds the rotating EU Presidency. The company declined to comment. Reporting by Kate Abnett and Virginia Furness, London; editing by Matthew Lewis
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Bessent: US won't hit China over Russian oil with tariffs unless Europe first goes.
U.S. Treasury secretary Scott Bessent stated on Monday that the Trump administration will not impose any additional tariffs on Chinese products to stop China's purchase of Russian oil, unless European countries impose steep duties on China and India. Bessent and Bloomberg agreed in a joint-interview that European countries should play a greater role in cutting Russian oil revenue and ending its war in Ukraine. Bessent replied, "We expect Europeans to contribute now and we cannot move forward without them." Bessent was asked if the U.S. will impose Russian oil tariffs on Chinese products after President Donald Trump imposed an additional 25% duty on Indian imports. Bessent stated that he had pointed out to Chinese officials during discussions on TikTok and trade in Madrid that the U.S. has imposed tariffs against Indian goods. Trump also urged European countries to impose 50% to 100% tariffs on China and India in order to stop Russian oil revenues. He said that the Chinese response was that the purchase of oil is a "sovereign issue." Bessent criticised the purchases of Russian crude oil by certain European countries. Other countries buy petroleum products refined from Russian crude in India at discounted prices, he said, and that they were financing a conflict on their own soil. Bessent stated that "I guarantee that the war will be over within 60 to 90 days if Europe imposes substantial secondary tariffs against the buyers of Russian Oil" as it would eliminate Moscow's primary revenue source. The Treasury chief stated that the tariffs placed on Indian goods due to Russian oil purchases have brought about "substantial" progress in negotiations with India. New Delhi and Washington are holding another round of discussions with the U.S. Tuesday, amid a recent thawing in rhetoric between Trump's and Indian Prime Minster Narendra Modi. Bessent stated that the U.S. was willing to work with European nations to consider harsher sanctions against Russian entities, such as oil majors like Rosneft or Lukoil. He also said that steps would be taken to prepare for a greater use of Russian assets which have been frozen after Moscow's invasion of Ukraine in 2022. He said that this could be done by first seizing small amounts of the $300 billion frozen assets, or by placing them into a special-purpose vehicle which could serve as collateral to a loan for Ukraine. (Reporting and editing by Lisa Shumaker, Daniel Wallis, and David Lawder)
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Blue Water has been denied the right to extend Citgo's parent sale hearing by a US judge
A Delaware judge denied a request by Blue Water Acquisition Corp, a special purpose acquisition firm, to extend the final sale hearing at a U.S. court ordered auction of Citgo Petroleum’s parent company. Blue Water, a Venezuelan refiner owned by Blue Water, submitted last week a bid worth $10 billion. This included a $3.2-billion settlement proposal for holders of Venezuelan bonds that had defaulted. The company requested that the hearing be extended to allow its part to be taken into consideration by the court. Blue Water representatives informed the court that funding for the offer was not yet committed. The offer came after the deadlines to submit and improve bids. "Perhaps (Blue Water) could spend this week to see if they can commit the financing," Judge Leonard Stark stated, adding that later he may request that an auction officer engage the company about its bid. The company has not responded to any requests for comment. Robert Pincus, a court officer, selected last month a $5.9 Billion An affiliate of hedge fund Elliott Investment Management was named the frontrunner in the auction. Judge Stark stated that he will make a decision about the auction winner following the hearing. (Reporting and editing by Nathan Crooks, Nick Zieminski, and Marianna Pararaga)
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WTO ratifies agreement to reduce billions of dollars in overfishing subsidy
The World Trade Organization announced that a landmark agreement was signed on Monday to reduce billions of dollars worth of subsidies contributing to the overfishing. This is a positive step for global fish stock recovery. The WTO's first agreement since 2017 was signed after years of infighting and stalled discussions. More recently, the U.S. tariff surge has left many critics wondering if the Geneva-based organization still had a future. A WTO spokesperson stated that the formal ratification of the agreement by Brazil, Kenya Tonga, and Vietnam on January 14 meant the deal was now supported by two-thirds of the members. The original agreement, which took place in 2022, had been reached. The government is now forbidden from subsidizing overfished stock and fishing in international waters outside their jurisdiction. Poorer countries will have access to a fund that helps ease their transition into the agreement. Megan Jungwiwattanaporn, from the Pew Charitable Trusts, said: "Fish stock around the world have a chance of recovering. This will benefit local fishermen who depend on an ocean that is healthy." A 2019 Marine Policy study showed that governments around the globe pay $35.4 billion per year to their fishing fleets. This includes fuel subsidies, which allow them to fish on distant oceans. The top five subventioners were listed as China, EU, United States, South Korea, and Japan, though not all are covered by the WTO agreement. The negotiations on new fishing rules that cover divisive topics excluded from the original deal have failed, as India and many other developing economies are seeking carve-outs they see as impossible. The first part, which came into effect on Monday after more than 20 years' negotiations, will expire four years from now if no more comprehensive rules can be agreed. In an interview conducted earlier this month, Director-General Ngozi Okonjo Iweala expressed optimism that the organization could either end the talks or find ways to prevent the first agreement from expiring. (Reporting and editing by Andrew Heavens, Emma Farge)
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Sources say that China's former climate ambassador will meet with EU in order to revive the flailing UN pact
Three sources have confirmed that China's veteran climate envoy who secured two important climate agreements with the United States will meet the EU's top official for green transition on Tuesday in order to revive the floundering international climate talks ahead of the COP30 Summit in Brazil. Xie zhenhua, a former climate envoy who retired after the COP28 talks in Dubai, in late 2023, is scheduled to visit Brussels on 16 September and meet Teresa Ribera, the executive vice-president for the European Commission for a Clean, Just, and Competive Transition. He will encourage the EU to announce ambitious climate goals, and coordinate diplomatic efforts in advance of a preliminary climate summit at U.N. headquarters scheduled for September 24. Two sources said that the purpose of the meeting was to boost the COP30 Climate Summit, which will start in Belem in Brazil in November. Due to the lack of hotel rooms and the high cost, there could be a low turnout at the summit. The United States has also withdrawn from the negotiations process. Three sources confirmed that Xie would meet Ribera who he's known for a very long time. However, they couldn't confirm if the meeting was official or if it would result in a joint agreement or statement. Two sources confirmed that the current climate envoy Liu Zhenmin will not attend the meeting, but the ecology minister Huang Runqiu would. In the run-up to Belem, the U.N. wants to exert pressure on major economies such as China and Europe. Last week It urged all countries In September, the United States will set up more ambitious climate plans to achieve goals previously pledged in 2015 under the Paris Agreement. These are known as Nationally Determined Contributions. The EU is struggling to reach a consensus on its proposed plan. This month, countries such as France and Poland have called for a postponement of the approval of 2040's goal. Two sources have confirmed that China will announce its new NDC on September 24. The U.S., China and their U.S. counterparts John Kerry & Todd Stern had achieved great victories in climate diplomacy before President Donald Trump. However, the U.S. - China relationship is now defined by national security competition and trade tension. (Reporting and editing by Nia William, Kate Abnett in Brussels, Valerie Volcovici & Liz Lee; Additional reporting by Kate Abnett)
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Kazakh miner Solidcore expects a gold rally to offset production decline
Solidcore Resources, a Kazakh gold miner, expects that high gold prices will offset a large part of the production decline due to sanctions related disruptions in concentrate shipments into Russia. The gold price has risen by about 40% in the past year. It reached a record-high of $3,673.95 per ounce, last week, on expectations that the U.S. will soon cut interest rates. Solidcore, previously Polymetal International sold its Russian assets after the U.S. imposed sanctions on its business in Russia. However, it continues to send gold concentrator to Russia to be processed with U.S. approval. The company's profit nearly doubled in 2024 due to high gold prices, but sanctions against concentrate deliveries to Russia caused a 58% decline in the first six months of the year. Vitaly Nesis, CEO of the company, said that the situation had improved significantly in July and August. The company also plans to reduce its inventory in the first quarter 2026. The gold price in 2025 will offset the downward revision of 11% to the production forecast. He said that the gold price rise this year is not sustainable. He said, "I believe there will be a decline." "I wouldn’t be surprised (if the price of gold drops to $3.200 by the year's end). Solidcore, the second largest gold miner of Kazakhstan, has postponed previously discussed acquisitions in Central Asia. These were not likely to be completed this year. "Both deals are not in good shape, if they're not totally off." The gold price has risen, as have sellers' expectations. We are not ready to raise our offer significantly yet. Solidcore will continue to process gold concentrate in Russia under an agreement toll at the Amursk Pressure Oxidation Plant until Solidcore launches its own Ertis plant scheduled for 2028. Nesis stated that the company expected to reach an agreement in the first quarter 2026 with international institutions to secure $500-$600m in project funding for the Ertis facility. The deal could be finalized by the second quarter. (Editing by Gleb Brnski and Jan Harvey).
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Gold reaches record highs as yields and dollar ease. Focus on Fed meeting
The price of gold rose to a record high on Monday. This was largely due to a weaker dollar and lower Treasury yields. Investors were positioning themselves ahead of an important Federal Reserve meeting that will take place this week, which could set the tone of the rest of the calendar year. As of 1151 am EDT (1551 GMT), spot gold was up by 0.9%, at $3,674.09 an ounce, after reaching a session high of $3674.63 in the earlier part of the session. Bullion rose about 1.6% in the past week. U.S. Gold Futures for December Delivery were up 0.7% to $3,712.70. The dollar index dropped to its lowest level in a week, which made gold more appealing for holders of other currencies, while the yield on the benchmark 10-year Treasury note edged down. According to CME's FedWatch, markets are almost certain that the Fed will announce a 25 basis-point rate reduction on Wednesday. This is the first cut since December. However, some investors still hope for a 50-basis point move. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the expectation of a rate cut of 25 basis points is largely baked in at this stage. He added that one or two rate cuts could occur before the end year. In a low-interest rate environment, non-yielding gold bullion is often considered to be a safe haven asset in times of uncertainty. Grant said that the $3,700 level is the next important target. Other levels to watch in the near term include $3,730, $3,743, and $3,730. The Fed is under unusual pressure as a result of a leadership dispute, and Donald Trump's push for more influence over policy. The Senate also opened the door for Trump's economist Stephen Miran, to join the committee that sets rates in time to vote Wednesday. The Fed is on track to reduce rates, as recent data shows that the U.S. consumer price index rose in August at its fastest rate in seven months. Other than that, silver spot was up by 1% to $42.59 an ounce. Platinum gained 0.5%, to $1.397.80, and palladium fell 1.4%, to $1.181.09. (Reporting from Anushree mukherjee in Bengaluru and Sherin Elizabeth varghese). Emelia Sithole Matarise and Mark Potter edited the story.
Israeli forces deepen raid in Rafah, kill 27 people across Gaza
Israeli forces killed at least 27 Palestinians in tank and air strikes on north and main areas of the Gaza Strip on Friday, medics stated, as tanks advanced further into northwest Rafah near the border with Egypt.
The relentless battling between the Israelis and Hamas militants in the enclave carried on even as a parallel dispute in the Lebanon-Israel border area including Hamas' allies Hezbollah heightened.
On the other hand, some Palestinians displaced by the Israeli assault on Gaza said they feared their short-term beachside camp would be flooded by high waves.
Palestinian health authorities stated shelling by Israeli tanks eliminated eight people and wounded several others in the Nuseirat refugee camp in the central area of Gaza, and 6 others were killed in an airstrike on a home in Gaza City.
In the northern town of Beit Hanoun, an Israeli strike on a. vehicle killed and wounded several Palestinians, medics said.
It was unclear the number of the casualties were contenders. and how many were civilians.
In the southern city of Rafah, where the Israeli army has. been running given that May, tanks advanced further to the. northwest location backed by airplane, homeowners said.
They also reported heavy fire and surges echoing in the. eastern locations of the city, where Israeli forces exploded several. houses, according to citizens and Hamas media.
Our fighters are participated in fierce gun fights against. Israeli forces, who advanced into Tanour area in. Rafah, Hamas armed wing stated in a statement.
The Israeli armed force has stated that forces running in Rafah. had in previous weeks killed hundreds of Palestinian militants,. situated tunnels and explosives and ruined military. infrastructure.
Israel's demand to keep control of the southern border line. between Rafah and Egypt has been the focus of a global. effort to conclude a ceasefire deal in between Israel and Hamas.
The United States and arbitrators Qatar and Egypt have for. months tried to secure a truce however have actually stopped working to bring. Israel and Hamas to a final arrangement.
Two barriers have been especially tough - Israel's. need that it keep forces in the Philadelphi passage in between. Gaza and Egypt, and the specifics of an exchange of Israeli. captives for Palestinian detainees held by Israel.
INTRUDING SEA
In a new obstacle to Palestinians displaced in the. Al-Mawasi area in southern Gaza, many were worried about the. danger of high waves. Some camping tents put up near to the beach. flooded last week.
Enough, enough, enough. We were pressed by the profession. ( Israel) to the sea, where we believed it was safe, last week. the sea flooded and gotten rid of some camping tents, and that could. happen once again, where would we go? said Shaban, 47, an electrical. engineer displaced from Gaza City.
This latest war in the decades-old Israeli-Palestinian. conflict was set off last Oct. 7 when Hamas assaulted Israel,. killing 1,200 people and taking about 250 captives, according to. Israeli tallies.
Israel's subsequent attack on the Hamas-governed enclave. has eliminated more than 41,000 Palestinians, according to the local. health ministry, while displacing almost the whole population. of 2.3 million, triggering an appetite crisis and resulting in genocide. claims at the World Court that Israel rejects.
Israel states it aims to get rid of the Iran-aligned Hamas,. which it deems a threat to its own existence.
(source: Reuters)