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Canada PM Carney says that the review of USMCA will be thorough.
Mark Carney, Canadian prime minister, said that a review of the U.S. Mexico-Canada free trade deal, which is due to begin later this year, will be thorough. He described U.S. president Donald Trump as an aggressive negotiator. Carney said that some of Trump's recent criticisms should be seen in the context of USMCA negotiations. The three-nation agreement came into effect in July 2020. Trump, who has often mused about annexation of Canada, said last week that Canada " Because of the United States", and threatened on Saturday to impose 100% Tarif If Ottawa concludes a "trade agreement" with China, it will impose a tariff on all Canadian imports. Carney said that "we will soon enter a formal negotiation and review of the USMCA... we expect a robust'review. "The President is an able negotiator and I believe some of these comments and positions should be viewed within a broader context." Trump claimed earlier this month that the USMCA was not needed by the United States, calling it a "sham". You can also find out more about the other options here . (Reporting and editing by Chizu Nomiyama; David Ljunggren)
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Century will take 40% of the project to build the first US aluminium smelter for 46 years.
Century Aluminum will take a 40% share in a U.S. aluminum smelter planned by Emirates Global Aluminium. This is the first primary aluminium plant built in the United States in nearly 50 years. EGA,?which retains 60% of the joint-venture, announced plans to construct the smelter at Inola in?Oklahoma in May 2025. The financial terms of the transaction were not disclosed by either company. EGA said last year that it was expecting to invest $4 billion in the development of the project. The smelter will now be able to produce 750,000 tons of aluminum annually, up from the previous 600,000 tons, according to the companies. This would double the U.S. production of the metal. The companies stated that construction of the smelter would begin by the year's end, and production will begin by the turn of the decade. They added that the project created 1,000 permanent jobs on the site, as well as 4,000 construction jobs. SEMI-SOLID AIR TO BENEFIT AUTO, CONSTRUCTION, DEFENSE SECTORS U.S. president Donald Trump has tried to boost domestic production of aluminium, which is listed on the U.S. critical minerals list, by imposing tariffs on imports. The levy has been doubled to 50% since June of last year, and the Midwest Aluminum Premium - the premium that U.S. customers typically pay on top the London Metal Exchange price for actual metal - is now at a record high 99 cents per lb this month or $2,183 per tonne. Jesse Gary of Century, CEO in Chicago, said that the U.S. aerospace, automotive, construction, packaging, and national defense industries would benefit. About 85% of aluminum requirements of American industries are met by imports. In a joint statement, EGA and Century stated that the new smelter would increase the supply of aluminum in the United States and help to grow the American workforce. This will revitalize the aluminum expertise and knowledge of the U.S. Reporting by Anmol Chhoubey and Tom Daly in Bengaluru; Editing by Louise Heavens, Bernadette B. Baum and Bernadette Heavens
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Marshall Islands' nuclear past, present and future are explored at a London exhibition
After a trip to the Marshall Islands as part of a?expedition, a group of artists has shed light on climate change and nuclear testing. The "Komij mour?Ijin/Our Life Is Here" exhibition, at London's National Maritime Museum, features photos, videos, and sculptures that explore the dark history of the country and the threats it faces. Cape Farewell is a cultural project that combines art, science and climate change founded by artist David Buckland. In 2023, a group of artists, scientists, writers and filmmakers will sail to the Marshall Islands. The group visited several atolls including Bikini where the U.S. conducted?nuclear tests between 1946 and 1958. "Castle Bravo", the largest U.S. detonated bomb, was one of the most notable. "Our life is here '..." refers to these people. Buckland said, "It's about how they could build their lives amidst the horrible history and potential future." The atolls rise six feet above the sea level. It doesn't require much water to rise in the Pacific Ocean for them to become uninhabitable. This threat hangs over them." The exhibition opened in November and will run until June. It features works that explore the threat of rising flooding waters, as well as photographs taken by local and international artists of Marshall Islanders. According to a study by the World Bank, in 2021, 96% of the capital, Majuro, is expected to be at risk of flooding. The World Meteorological Organization announced earlier this month that last year was one of the three hottest on record. EU scientists confirmed the average temperatures are now above 1.5 degrees Celsius for the longest time since records began. Reporting by Marie-Louise Gumuchian, Editing by Toby Chopra
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What is the suspected toxin in the recalled baby formula, cereulide?
Nestle, Danone, and Lactalis are among the major dairy companies that have issued "precautionary" recalls for infant milk powder due to concerns about it being contaminated with the toxin Cerulide. What is cereulide? The?toxin? Cereulide, produced by certain strains of Bacillus cereus bacteria that is found in raw foods and the environment is called the?cereulide? Where is it found? When bacteria multiply in food, it usually occurs when food is left at room temperature for too long. The condition is often associated with rice that has been cooled after cooking, and so it's called "fried rice syndrome." It can also be found in starchy foods?such as pasta and potatoes - as well as in dairy products, seafood, and vegetables, if they have been handled or stored badly. What are the symptoms? Most people feel sick between 30 minutes and five hours after eating contaminated food. The main symptoms include nausea, vomiting and stomach cramps. The majority of people recover within 24 hours. Acute liver failure is a severe but rare case. Why does reheating not solve the issue? Normal cooking or reheating won't destroy cereulide once it is in the food. The toxin is heat-stable. This means it can survive temperatures which would normally kill bacteria. HOW DOES IT END up IN INFANT FORMULAS? Infant formula often contains oils that contain arachidonic acids (ARA) in order to mimic breast milk. Bacillus cereus can survive in the dry ingredients of infant formula. Heat treatment will not destroy the toxin because it is heat stable. It can therefore be included in the final formula. DOES IT AFFECT OTHER FEED? Bacillus Cereus can grow if?cooked food is left warm or cooled slowly for long periods of time. Risky situations include large pots of pasta or rice, dishes that are kept warm on the stove, buffet or oven, and foods that have been left out for hours.
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Gold reaches record high of $5,100 due to geopolitical concerns
On Monday, gold?prices soared to a record high of $5,100 as investors sought refuge from the international political turmoil. Silver and platinum prices also reached all-time records. Spot gold was up 2% to $5,079.66 per ounce at 8:15 am. ET (1315 GMT), after reaching a record of $5,110.50. U.S. Gold Futures for February Delivery gained 2%, to $5 078.50. The dollar's weakness, which has remained near its multi-month low for the past few months, made dollar-priced asset more affordable to holders of other currencies. Adrian Ash, BullionVault's head of research, said that "Trump and Trump" will be the main drivers for precious metals in 2018. This move towards precious metals is being driven by a wave of first-time investors. Private investors in Asia and Europe are leading the charge, as they rush to increase their own personal holdings of gold and silver. TRUMP'S 100% THREAT TO CANADA In a recent geopolitical flare up, U.S. president Donald Trump announced on Saturday that he would impose "a 100% tariff" on Canada if the country follows through with a trade agreement with China. Investors were also focused on the possibility that a coordinated currency-intervention by U.S. authorities and Japanese authorities was imminent. Investors are also focused on the possibility that a coordinated currency intervention?by U.S. and Japanese authorities could be imminent. Powell has been under pressure from Trump to lower interest rates. This would support non-yielding, or gold that does not yield an income. Gold has gained nearly 18% this year after rising 64% in 2025. Gold reached major milestones last year, including $3,000/oz, and $4,000/oz, for the first time. Analysts from Societe Generale predict gold will reach $6,000/oz before the end of the year, but caution that this estimate may be conservative and there is still room for gains. Morgan Stanley, on the other hand, said that the rally could continue and highlighted a bull case target of $5700. Silver spot reached a new record high of $110.87 per ounce, and last was up 6.8% to $109.92. Silver prices broke through the $100 mark on Friday, as momentum and retail investor buying added to the prolonged period of tightness. After several years of deficits, strong ETF demand has helped to absorb limited inventories. Morgan Stanley stated that while solar?demand is likely to have peaked and may cause weakness later this year, other factors are currently dominating. Spot palladium rose by 4.5%, to $2.099.50, after reaching a three-year record.
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Czechs raise over $6 million for generators in freezing Ukraine
In just five days, Czechs raised more than $6,000,000 in a fundraising campaign to purchase?generators and heaters for Ukraine. Hundreds of thousands are freezing in subzero temperature after Russian attacks on electricity plants. Since Russia intensified its attacks on Ukraine’s grid in the midst of a cold spell that saw temperatures drop to minus 20 degrees Celsius (minus four F), Ukrainian engineers have worked around-the-clock under hazardous conditions. Volodymyr Zelenskiy, the Ukrainian president, declared an emergency energy situation after the Russian strikes. The European Commission announced on Friday that it would be sending 447 emergency generators valued at?3.7million euros ($4.39million). Darekproputina.cz has been collecting donations since Russia invaded Ukraine in 202. This includes campaigns to purchase a Blackhawk helicopter, a tank and drones. Martin Ondracek, the organizer, said that his latest campaign raised 126 millions crowns ($6.16million) from 74 745 donors between last Wednesday and Monday morning. Another 15 million crowns are on their way. Ondracek stated that "we booked two generators over the weekend - those diesel-fueled boxes that are on trucks - each for 8 million crowns that were to be given to two smaller health facilities." He added that the initiative worked with three funds from Ukraine to avoid long?logistical? and?customs? delays, but also with Czech suppliers because not everything was available on the spot. Ondracek added that there was a high demand for batteries and chemical heaters. Batteries are essential for people to have power when it is available, so that they can charge a phone or a kettle.
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Sources say that Chinalco has joined the bidding for Brazil's CBA.
According to two sources familiar with the situation, negotiations with Emirates Global Aluminium are slowing down, but that does not mean that the potential sale of Brazilian aluminium manufacturer Companhia Brazileira de 'Aluminio has stopped. One source said that the process is still competitive. One person and another source involved in the negotiations said that China's Aluminum Corporation?of China, and a potential third bidder were actively pursuing the deal. One?of the sources stated that an announcement could be made within days or even weeks. Negotiations could still fail, however. CBA's shares were up 5% in Brazil at mid-morning trading on Monday. CBA and Grupo Votorantim which controls CBA declined to comment. EGA and Chinalco didn't immediately respond to requests for comments. CBA produces low-carbon aluminum in seven Brazilian states, where?Brazilian conglomerate Votorantim SA owns 69% of the company. The?October report stated that EGA was in talks to possibly buy the Brazilian company. EGA is jointly owned by Abu 'Dhabi sovereign fund Mubadala, and the Dubai sovereign fund Investment Corporation of Dubai. CBA's shares have risen by 84% in the past year, according to LSEG. Luciana Magialhaes, Paula Laier and Chizu Nomiyama in Sao Paulo contributed to the reportage.
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McGeever: ROI-America Inc.'s productivity boom could be global.
The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence (AI) is expected to accelerate these trends. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a high note. Demand at home and abroad has been robust. This is the fastest growth in output since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI have been below that threshold which separates expansion from contraction. The UK appears to be increasing the amount of goods produced per hour of work - the textbook definition for productivity growth. The latest German PMI data also revealed a similar picture, albeit a little grainier. The output in January was at its highest level in three months. Employment fell at the fastest rate since November 2009 - excluding pandemic declines. It's true that PMI data doesn't always match up with official statistics on growth and employment, but one shouldn't put too much weight in any single month's results. The burgeoning trend should not be ignored. JP Morgan economist Allan Monks points out that the UK's ratio of output per employee - a crude proxy for productivity – is at its highest level since August 2013 - even after excluding distortions caused by pandemics. Bruna Skarica, a Morgan Stanley analyst, agrees, writing that "a degree of skepticism is probably warranted around the PMIs, but the dynamics of resilient growth, and sluggish labor demand, merits more consideration." LONG-TERM PATIENTISM What's ?driving this? It's probably the AI and technology frenzy. Businesses are betting that AI can make them more innovative, productive and cost effective. However, it remains to be determined whether the AI revolution can help the rest of?the world to narrow the gap in productivity with the United States. This seems to be a better option in China. China's economy has already seen significant productivity increases in some sectors, such as autos, steel and high-value goods. Goldman Sachs economists estimate that computing capacity in China will double over the next five year period. It's another story in Europe. The continent is often viewed as a weak point in the global value-chain, with low productivity and growth potential. Economists attribute this to a lack of innovation in technology, excessive regulation, high public debt, and low private investments. Goldman Sachs economists estimate AI will only add a "meaningful" 0.2 percentage points per year to European growth over the next few decades. The?U.S. The U.S. is expecting to see a productivity boost of 0.4 pp per year. PRODUCTIVITY A 'GET OUT OF JAIL FREE' CARD? Federal Reserve Chair Jerome Powell signaled in December that productivity growth can help the central banks reduce inflation, while maintaining a policy of "dovishness" to support the economy and labor market. Productivity gains that are faster tend to be deinflationary. Central banks could avoid making drastic interest rate changes if productivity increases accelerate and spread globally. The flip side is that it could be more difficult to maintain full employment if AI advancements allow economies flourish with far fewer workers. Powell could have more to share on this topic when the Fed meets next week. All of this, of course, should be taken as a pinch of salt. Even at the best times, productivity figures can be a bit shaky and difficult to measure accurately. As with the flawed data that was revealed in Britain's Office for National Statistics last year, productivity estimates are also affected by this. Investors are betting that AI will lead to a productivity boom. This may be revealed by the earnings of U.S. megacap tech companies including Meta, Microsoft and Apple. There are still many unknowns, but there is some evidence that the AI spending could lead to a global economic boom. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
UN Migration Agency: Hundreds of migrants are missing or presumed dead after crossing the Mediterranean.
The U.N. Migration?agency? said on Monday that hundreds of people were missing or believed to be dead after trying to cross the 'Mediterranean Sea. There have been reports of several shipwrecks over the past ten days due in part to bad weather.
The IOM said that "the final toll could be much higher. This is a stark reminder of the fact that this remains the deadliest migration route in the world."
The?International Organization for Migration released a statement confirming the deaths of three people, including twins aged about one year, in a search and rescue operation for a boat which left Sfax in Tunisia. According to their Guinean mother who survived, they died from hypothermia. IOM also reported that a man died of the same cause.
IOM reported that survivors?from the same vessel said another boat left simultaneously but never arrived and its fate remains unknown.
According to the IOM, several boats have been reported missing over the last 10 days, amid a violent Mediterranean Storm triggered by Cyclone Harry. Hundreds of people are still unaccounted for. Poor weather has hampered search efforts.
The?agency has verified a survivor report from another vessel, rescued near Malta by a commercial ship, about a shipwreck in which?atleast 50 people are missing or dead. IOM reported that 51 people were 'feared dead' after a shipwreck off Tobruk in Libya.
IOM: "Smuggling migrants in unseaworthy, overcrowded boats is a crime."
It added that "arranging departures while a severe storm hit the region makes this behavior even more reprehensible as people were sent out to sea in conditions posing a near-certain death risk."
According to figures from the agency, in 2025 at least 1,340 deaths will occur in the Central Mediterranean. (Reporting and editing by Aurora Ellis; Olivia Le Poidevin)
(source: Reuters)