2024-08-23 11:37

DHAKA, Aug 22 (Reuters) - Relentless monsoon rains and flooding have stranded nearly three million people in Bangladesh and killed two, submerging vast areas and damaging homes and infrastructure, officials from the country's disaster management ministry said on Thursday. Reuters TV showed Bangladesh residents evacuating with their belongings by boat and other makeshift transportation as knee-deep water entered their homes. The Flood Forecasting and Warning Centre (FFWC) has warned that with the rains continuing, water levels could rise further over the next 24 hours, raising concern about additional flooding and displacement. Road connectivity in several regions were severed, isolating communities and hampering relief efforts, disaster management and relief officials said. The most affected districts in Bangladesh included Feni, Moulvibazar, Habiganj, Comilla and Chittagong, where five major rivers were flowing above danger levels, the FFWC said. "I haven't seen so much water in the last 20 years. Everything in my house is wrecked because the water has risen to waist level," said Mohammad Masum, a resident of Feni district. An analysis in 2015 by the World Bank Institute estimated that 3.5 million people in Bangladesh, one of the world's most climate-vulnerable countries, were at risk of annual river flooding. Scientists attribute the exacerbation of such catastrophic events to climate change. Late on Wednesday, students in Dhaka held protest rallies, alleging that the floods were caused by the opening of dam sluice gates in neighbouring India. India's foreign ministry said it was "not correct" that the floods were caused by water released from the Dumbur dam on the Gumti River in the northeastern state of Tripura. "We would like to point out that the catchment areas of Gumti River that flows through India and Bangladesh have witnessed the heaviest rains of this year over the last few days," the ministry said in a statement on Thursday. "The flood in Bangladesh is primarily due to waters from these large catchments downstream of the dam." In Tripura, 12 people have died due to landslides and floods triggered by the incessant rain of the past three days, Suman Deb, a Indian disaster management official, told Reuters. "The impact has been devastating and rescue operations are ongoing," Deb said. India's interior minister, Amit Shah, said in a post on X that the federal government has rushed disaster management teams, apart from boats and helicopters, to Tripura to assist the state government in relief and rescue operations. "Floods on the common rivers between India and Bangladesh are a shared problem inflicting sufferings to people on both sides, and requires close mutual cooperation towards resolving them," India's foreign ministry said. Sign up here. https://www.reuters.com/world/asia-pacific/bangladesh-floods-maroon-nearly-three-million-people-kill-two-2024-08-22/

2024-08-23 11:36

MOSCOW, Aug 23 (Reuters) - A court in southern Russia on Friday sentenced five men to more than six years in prison each in the first convictions related to a mass anti-Israel protest last October at an airport in the predominantly Muslim Dagestan region. The men, who were given sentences ranging from just over six years to nine years for engaging in rioting, did not admit guilt, the court in the Krasnodar region said. One protester was also found guilty of committing violence against a government official. The trial was moved from Dagestan to Krasnodar due to the sensitivity of the case. Last October hundreds of anti-Israel protesters stormed an airport in the city of Makhachkala where a plane from Tel Aviv had just arrived in a spate of unrest in the North Caucasus over Israel's war against the Palestinian militant group Hamas in Gaza. Video footage showed the protesters, mostly young men, waving Palestinian flags, breaking down glass doors and running through the airport shouting "Allahu Akbar" (God is greater). The crowd converged on the airport after a message on a local Telegram channel urged Dagestanis to meet the "uninvited guests" in "adult fashion" and to get the plane and its passengers to turn around and fly somewhere else. The channel, which was later banned by Telegram, did not use the word "Jew" but referred to the plane's passengers as being "unclean". More than 20 people were injured before security forces could contain the unrest. No passengers on the plane were hurt. Police arrested dozens of people, whose cases are now making their way through Russian courts. President Vladimir Putin blamed the West and Ukraine for the unrest, without providing evidence. Kyiv denied any role and the United States strongly condemned the violence. Sign up here. https://www.reuters.com/world/europe/russian-court-sentences-five-men-anti-israel-riots-dagestan-airport-2024-08-23/

2024-08-23 11:00

BENGALURU, Aug 23 (Reuters) - India's silver imports are on course to nearly double this year due to rising demand from solar panel and electronics makers, and as investors bet the metal will give better returns than gold, leading importers said on Friday. Higher imports by the world's biggest silver consumer could give further support to global prices , which are close to their highest level in more than a decade. India imported 3,625 metric tons of the white metal last year. This year's purchases could rise to between 6,500 and 7,000 tons due to the rising industrial demand, said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer. India's silver imports in the first half of 2024 jumped to 4,554 tons from 560 tons a year ago, trade ministry data showed. "There is a traditional demand for jewellery. People are also buying for investment purposes now that the duty cut has made silver more affordable," Thakkar told Reuters on the sidelines of the India Gold Conference. India slashed import duties on silver in July to 6% from 15%, a step aimed at tackling smuggling. Thakkar said investment demand had been "phenomenal" in the first half of the year as people bought silver anticipating that it would give them a better return than gold. Local silver futures hit a record high of 96,493 rupees ($1,151) per kilogram in May and are up nearly 14% so far in 2024, slightly exceeding a 13% increase in gold prices. Due to depleted inventories in 2023, industrial silver buyers have been stockpiling the metal this year to guard against rising prices, said a bullion dealer at a silver-importing bank. India imports silver mainly from the United Arab Emirates, Britain and China. ($1 = 83.8650 Indian rupees) Sign up here. https://www.reuters.com/world/india/indias-silver-imports-double-demand-solar-investment-2024-08-23/

2024-08-23 10:52

Aug 23 (Reuters) - Sterling hovered near a 13-month high against the dollar on Friday, trading just short of levels seen in April 2022, as traders awaited key speeches from the heads of the Federal Reserve and the Bank of England. The pound rose 0.2% to $1.3116, building on gains earlier this week that sent it to its highest since July 2023. It looked on track for a weekly rise of a 1.5%. Sterling has been among the top performing major currencies this year, picking up momentum in August after a slew of stronger-than-expected economic data coincided with growing bets of U.S. interest rate cuts. Latest numbers showed British consumer confidence held at an almost three-year high in August. A survey on Thursday showed UK business activity accelerated in August and cost pressures eased to their weakest in over three years. Traders are awaiting Fed Chair Jerome Powell's speech later in the day at the Jackson Hole research conference for clues on the extent of rate cuts this year from the U.S. central bank. Signs of slowing U.S. economic growth have fuelled bets of a series of rate cuts this year and dented the dollar in recent weeks. Traders are pricing in about 100 basis points of U.S. rate cuts by the end of 2024. Bank of England Governor Andrew Bailey is also set to speak at the symposium at 1900 GMT. "We think he may emulate Powell's approach in saying as little as possible," ING FX strategist Francesco Pesole said. "Bailey does not have to deal with aggressively dovish pricing (-39bp by year-end), but the UK still needs to gain much more confidence on the inflation front." A majority of economists said in a Reuters poll that the Bank of England will cut rates just once more this year, in November, as inflation is expected to stay above target. Traders have priced in about 42 bps of cuts by December, market pricing shows. Euro/sterling fell to a three-week low, to trade down 0.1% at 84.78 pence per euro. Sign up here. https://www.reuters.com/markets/currencies/sterling-pinned-near-13-month-high-ahead-powell-bailey-speeches-2024-08-23/

2024-08-23 10:38

PORTICELLO, Italy, Aug 23 (Reuters) - Italian rescue divers have found the body of the last person missing, believed to be Mike Lynch's daughter, after the British tech entrepreneur's superyacht sank off Sicily this week, a source close to the matter told Reuters on Friday. Sign up here. https://www.reuters.com/world/europe/body-last-missing-person-found-after-sicily-yacht-sank-source-says-2024-08-23/

2024-08-23 10:17

SANTIAGO/TORONTO, Aug 23 (Reuters) - A new incentive regime for mining in Argentina is attracting major players such as BHP, who are starting to eye the South American country as the world's next frontier for copper, more than half a dozen mining industry officials told Reuters. BHP's investment last month marked the company's first foray into mining in Argentina in two decades. It teamed up with Canada's Lundin Mining (LUN.TO) , opens new tab in the $3.25 billion buyout of Filo Corp (FIL.TO) , opens new tab, with the aim of developing two copper mines along the Andes mountains bordering Chile. The re-entry of one of the world's biggest miners has spurred hopes of other copper producers to secure better valuations for their projects so they can access finance and jumpstart projects. Copper mining has floundered for decades in Argentina's volatile economy. President Javier Milei is aiming to light a fuse with a law passed in late June promising lengthy tax breaks for investments pledged in the next two years - a bid to allay investor fears and offset capital controls that some politicians dubbed instruments of torture. The Incentive Regime for Large Investments, or RIGI, also guaranteed investors' access to international dispute courts, rather than needing to go through slow-moving local courts. The need to mitigate risk in volatile mining locations was thrown into the spotlight after Panama's government last year forced First Quantum Minerals (FM.TO) , opens new tab to shutter its massive mine after protests. The closure removed 1% of the world's copper supply and sent shockwaves through the industry. "Mining in Argentina is set for exciting growth following the country's new RIGI investment protection regime. It is great news for our Taca Taca project in Salta," Tristan Pascall, First Quantum's CEO, told Reuters. He added that its planned mine in Salta province could potentially deliver 250,000 metric tons of copper a year. He noted Argentina could be opening up for the right investors to potentially come on board depending on the type of financing that is needed. Still, Milei faces an uphill battle to right the economy, and analysts say investors will need to contend with the world's highest inflation, contracting GDP and worsening poverty. "Argentina's economy still faces many challenges, and foreign companies will remain subject to financial volatility," said Christian Perlingiere, the Southern Cone specialist at business consultancy Control Risks. Although Argentina has no current copper production, eight major projects are in various stages of development in the mountainous north. That means the country has a potential pipeline of projects that the government says could come close to the output levels of Australia and Zambia by the end of the decade, although still far behind top producer Chile. Javier Roberto, who oversees the early-stage Altar project in San Juan province for Aldebaran Resources (ALDE.V) , opens new tab, expects BHP's vote of confidence to help it secure financing - even though Altar is unlikely to qualify for Milei's investment perks because it is still in its exploration phase. "Many things we were waiting for, the big investments from abroad, are starting to crystallize," Roberto said. He said the company has begun to seek financing to push the project ahead up to the pre-feasibility stage in 2026, beginning with conversations with three major current investors, while looking at options such as issuing shares or bringing on an investment bank. "We're feeling out, so to speak, some of the players in the market," he said. The local unit of Canada's McEwen Mining (MUX.TO) , opens new tab, backed by carmaker Stellantis (STLAM.MI) , opens new tab and Australian miner Rio Tinto (RIO.AX) , opens new tab, are also poised to benefit. "We do think our valuation will go up considering we are building our Los Azules copper mine geographically in a much easier location compared to Josemaria-Filo," said Michael Meding, vice president of McEwen Copper, referring to the two mines to be developed by BHP and Lundin. The company is discussing its next funding round with partners ahead of a 2029 production target. Milei's reforms, part of his tough-medicine drive to fix Argentina's stunted economy, come as mining M&A heats up globally. Larger copper miners are targeting smaller rivals, keen to stockpile the red metal that is expected to be in huge demand for the global clean energy transition and artificial intelligence technologies, which will need to be powered by high capacity data centers. Glencore (GLEN.L) , opens new tab CEO Gary Nagle, speaking in the company's latest results call in August, highlighted Milei's reform as a driver for more deals. "Argentina is the next frontier for copper growth, no question," he said. The company plans to spend up to $400 million in the next two years at its Argentina projects, Mara and El Pachon, but has not said when production might start. CHASING INCENTIVES Under Milei's RIGI incentive scheme, miners are promised 30 years of tax credits, lighter customs duties and a progressive easing of capital controls. Lundin Chief Operating Officer Juan Andres Morel told Reuters the scheme's passage into law was a catalyst to finalize the BHP deal, slated to close early next year. From there, the joint venture will look at investment needs and financing options for Josemaria, the most advanced copper project in Argentina, he said. BHP did not respond to a request for comment, but noted "improving investment conditions" in Argentina when it announced the Lundin deal. If Josemaria and several other major projects come online, Argentina could produce 793,000 metric tons of copper a year by 2030, according to mining ministry projections in a government report last year. The Mining Ministry has not yet updated its forecast. Copper exports by that time could reach between $5 billion and $10 billion, depending on how many projects are successful, according to a separate government report this year. Developers will have to move fast to make a play for RIGI perks. Once a mining project is approved, it must spend 40% of its declared investment in two years, with the possibility for a one-year extension. Morel acknowledged the timeline was demanding. "It's good and bad, of course. It gives us some sense of urgency to move forward with Josemaria," Morel said. The initiative includes building roads and power lines, and securing water. Some analysts cautioned against putting too much hope into incentives for the long-term, given potential for political change, as well as the rocky macroeconomic environment. "RIGI definitely helps C-Suites feel warm and fuzzy towards Argentina again, but I wouldn't base my investments solely on them," said Christopher Ecclestone, a mining strategist at advisory firm Hallgarten & Company. Milei's four-year term ends in 2027 and he can seek re-election. The far-right libertarian has so far remained relatively popular, though risks losing support with an austerity plan that includes slashing the size of government, trimming back fuel and transport subsidies, shutting state institutions, and auditing welfare schemes. Mining projects in general are often subject to environmental concerns and community protests, issues that have dogged miners around the world from Serbia to Panama. Glencore's Mara project in Catamarca province encompasses one of Argentina's only copper mines ever to be operational, Bajo de la Alumbrera. It was forced to shutter over an environmental dispute in 2018, and never reopened. Sign up here. https://www.reuters.com/markets/commodities/bhps-return-argentina-marks-new-hope-untapped-copper-mines-2024-08-23/