It is deep winter with temperatures dropping to -20C. The sun never rises above the horizon, instead bathing Sweden’s most northerly town of Kiruna in a blue crepuscular light, or “civil twilight” as it is known, for two or three hours a day stretching visibility a few metres, notwithstanding heavy snow. But 900 metres below the arctic conditions, a team of 20 gather every day, forgoing the brief glimpse of natural light and spearheading the EU’s race to mine its own rare earths. Despite identification of several deposits around the…
Tag: Commodities
Copper price on track for biggest rise in 15 years amid global shortage fears
Copper, the metal that underpins the fast-growing renewable energy industry, is on course for its biggest annual price rise in more than 15 years as traders react to fears of global shortages. As one of the main beneficiaries of the “electrification of everything”, copper has soared by more than 35% in value this year, spurred by US tariff uncertainty and concerns about mining disasters that could restrict supply. Analysts said copper had also joined silver and gold as a safe haven asset for investors wanting to hedge against the falling…
Russia and China pledge support for Venezuela as Trump ratchets up pressure on Maduro
China and Russia have expressed support for Venezuela as it confronts a US blockade of sanctioned oil tankers, while Donald Trump continues to ramp up his pressure campaign on the South American country’s president, Nicolás Maduro. Amid reports of slowing activity at Venezuelan ports, the US president again called for Maduro to leave power, and reiterated that the US would keep or sell the oil it had seized off the coast of Venezuela in recent weeks. Asked if the goal was to force Maduro from power, Trump told reporters: “I…
Markets rebound amid latest US-China tariff spat as traders look to possible ‘Taco trade’
Global stock markets have edged higher and cryptocurrencies rebounded amid signs that a new front in the US-China trade war may not be as severe as first feared. Tensions between Washington and Beijing escalated again on Friday and over the weekend, as Donald Trump threatened to impose additional US tariffs of 100% on China starting next month. The US president accused the country of “very hostile” moves to restrict exports of rare-earth minerals needed for American industry. Beijing said it would retaliate if Trump did not back down. However, Trump…
Asian stocks tumble on fresh US-China trade spat; Chinese exports top forecasts – business live
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The IMF boss is right to say ‘buckle up’ – the global economy is facing multiple menaces
Little more than 48 hours passed last week between a warning from the IMF chief, Kristalina Georgieva, that “uncertainty is the new normal” and Donald Trump’s latest tariff onslaught – this time aimed at China. Markets plunged on Friday after Trump threatened to levy punitive additional tariffs of 100% on Chinese goods in retaliation for Beijing’s blocks on exports of rare earth minerals. The world’s finance ministers and central bankers will meet in Washington this week for the annual meetings of the IMF and World Bank. In her curtain-raiser speech…
The Guardian view on Donald Trump’s Ukraine strategy: talking tough and doing very little isn’t working | Editorial
Back in January, with Donald Trump’s campaign promises to end the war in Ukraine “within 24 hours” still fresh in the memory, there was genuine unease in Moscow over the US president’s intentions. When Mr Trump mused that “high levels of Taxes, Tariffs, and Sanctions” on Russia might be necessary, one high-profile and pro-war Moscow commentator wrote: “It’s better to prepare for the worst. Soon, we’ll look back on Biden’s term with nostalgia, like a thaw.” How wrong can you be? Since then, the US president has repeatedly talked the talk…
China and Australia cut interest rates; Greggs sales improve as Mac and Cheese goes viral – business live
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China criticises UK-US trade deal; Aviva’s £3.7bn acquisition of Direct Line faces competition probe – business live
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UK watchdog secures changes from Asos, Boohoo, Asda on green claims; Xi Jinping meets US CEOs – business live
From 31m ago UK watchdog secures changes from Asos, Boohoo, Asda on green claims Millions of consumers can expect to see accurate and clear green claims when shopping for fashion items with Asos, Boohoo and George at Asda, Britain’s competition watchdog said. The Competition and Markets Authority (CMA) said the companies had signed formal agreements to change the way they display, describe, and promote their green credentials. The CMA launched an investigation into ASOS, Boohoo and George at Asda in July 2022, having identified concerns of possible greenwashing during an…