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People walk alongside the City of London financial district in London, Britain, October 25, 2023. REUTERS/ Susannah Ireland/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - Britain needs a new economic strategy to reverse 15 years of falling living standards and worsening inequality, a leading think tank and an academic research centre said on Monday. "There is no excuse for fatalism," Torsten Bell, chief executive of the Resolution Foundation, said. "Closing the gap with peers like Australia, France and Germany would deliver huge living standards gains, with typical households over 8,000 pounds better off." ($1 = 0.7881 pounds)Writing by William Schomberg; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.
Persons: Susannah Ireland, Jeremy Hunt, Keir Starmer, Torsten Bell, William Schomberg, Daniel Wallis Organizations: City, REUTERS, Foundation, London School of Economics, Centre for Economic, Labour Party, Conservative Party, Starmer's Labour, Thomson Locations: London, Britain, Australia, France, Germany, Birmingham, Manchester
LAUNCESTON, Australia, Dec 4 (Reuters) - The two main spot prices for iron ore diverged last week, with Singapore-traded contracts gaining but China's domestic futures posting a decline. The exchange said on Nov. 30 that it will continue to strengthen its supervision of iron ore futures to maintain what it termed the safe and stable operation of the market. But despite the travails of the property sector, China's iron ore imports have been relatively robust so far in 2023. In the same week last year iron ore stockpiles were 137.5 million metric tons and were 155.4 million in the same week on 2021. History suggests that the authorities can cool iron ore prices, but only for a relatively short period, especially if the market conditions are supportive for stronger prices.
Persons: Sonali Paul Organizations: Singapore Exchange, Dalian Commodity Exchange, National Development, Reform, it's, Reuters, Thomson Locations: LAUNCESTON, Australia, Singapore, Beijing, Dalian
South Korea to consult China over urea export delays
  + stars: | 2023-12-04 | by ( Hyonhee Shin | )   time to read: +2 min
SEOUL, Dec 4 (Reuters) - South Korea on Monday said it will consult China to prevent disruption to urea supplies after Korean companies reported the fertiliser and emissions reducing chemical was taking longer to pass through Chinese customs on its way to the peninsula. South Korea imports over 90% of its urea supply from China. In late 2021, a new Chinese export requirement aimed at increasing domestic supplies triggered panic buying among South Korean drivers of diesel cars and trucks who are required to use urea solutions to cut emissions. South Korea resorted to government rations while trying to secure alternative suppliers. Diesel cars account for about 40% of registered vehicles in South Korea.
Persons: Choi Nam, Ahn Duk, geun, Hyonhee Shin, Joyce Lee, Ed Davies, Christopher Cushing, Miral Organizations: Ministry of Trade, Industry, Energy, South, Diesel, Thomson Locations: SEOUL, South Korea, China, Korea, Vietnam, Japan, Beijing, Australia
A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsDec 5 (Reuters) - A look at the day ahead in Asian markets. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets have the Fed cutting rates next year more than any major or emerging market central bank. And even if the Fed does go that far, other central banks are sure to lower their policy rates more than markets are currently predicting. Here are key developments that could provide more direction to markets on Tuesday:- Australia interest rate decision- Japan - Tokyo inflation (November)- South Korea inflation (November)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, Michele Bowman's, Philip Lowe, Jamie McGeever, Josie Kao Organizations: Reserve Bank of Australia, REUTERS, Reserve Bank of, Reuters, Bank of Japan, U.S, Thomson Locations: Sydney, Australia, Japan, South Korea, Asia, masse, Tokyo
PARIS (AP) — The French parliament is considering a ban on single-use, disposable electronic cigarettes that are popular with teenagers for their sweet flavors and are under scrutiny as a new source of trash. Disposable e-cigarettes are small, battery-powered devices that deliver vaporized nicotine with various flavorings. While they do not contain tobacco, many include nicotine, a dangerous chemical known for its addictive properties. The surge in disposable e-cigarettes in the U.S. market, primarily from China, following the Food and Drug Administration’s 2020 ban on flavored reusable e-cigarettes like Juul, exemplifies the broader challenge. The flavor restrictions didn’t apply to disposable products, which proliferated in the wake of the regulation.
Persons: Elisabeth Borne, Aurelien Rousseau, Marion Catellin, Alex Turnbull Organizations: PARIS, Health, National Assembly, Alliance Against Tobacco, Associated Press, Food Locations: Ireland, Germany, Zealand, Australia, U.S, China, Paris
On Saturday, the agency posted documents showing that BMW is recalling 486 SUVs after the Chicago driver was hurt. At least 26 people have been killed in the U.S. by Takata inflators since May 2009, and at least 30 have died worldwide including people in Malaysia and Australia. About 100 million inflators were recalled worldwide. Automakers, he said, blamed manufacturing problems to limit recalls when the non-desiccated Takata inflators started to have problems. In the BMW recall, dealers will replace the air bags at no cost to owners, who will be notified by letter starting Jan. 16.
Persons: Takata, Takata inflators, General Motors, inflators, Michael Brooks, “ It's, , Brooks, Organizations: DETROIT, , BMW, Traffic, Administration, General, Volkswagen, NHTSA, GM, VW, Center for Auto Safety, Companies, ” BMW, Honda, General Motors, Ford, Nissan, Toyota, Jaguar, Rover, Daimler Vans, Mitsubishi, Subaru, Benz, Ferrari, McLaren, Porsche, Mazda, Spartan Locations: Chicago, U.S, Malaysia, Australia, Japan, inflators
The deal was expected to fail after Origin's largest shareholder, A$300 billion ($198 billion) pension fund AustralianSuper, said it would reject the A$9.39 per share offer. AustralianSuper owns about 17% of Origin, which was enough to block the bid. Origin already has plans to develop 4 gigawatts by 2030, and Chairman Scott Perkins reaffirmed that strategy, adding that the company was open to working with other investors. "The way we've seen the energy transition is there's been plenty of scope for third party capital to invest alongside Origin," Perkins told reporters after the vote. In its statement, AustralianSuper said it would be a willing capital partner for Origin as it "prepares to transition over the coming decades".
Persons: Dado Ruvic, AustralianSuper, Brookfield, Scott Perkins, Perkins, Scott Murdoch, Lewis Jackson, Alasdair Pal, Miral Organizations: Brookfield, REUTERS, SYDNEY, Origin Energy, EIG Partners, Thomson Locations: Brookfield, Australia's, Sydney
Asia shares turn mixed, gold tops $2,100 an ounce
  + stars: | 2023-12-04 | by ( Wayne Cole | )   time to read: +5 min
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was still up 0.4%, led by gains in South Korea and Australia. Trade figures for China are due later in the week with the recent trend being softening exports to the U.S. overshadowing gains in Asia. S&P 500 futures dipped 0.1%, after finishing at a 20-month high on Friday, while Nasdaq futures lost 0.2%. The dive in yields and the dollar has been a boon for non-yielding gold, which added 0.9% to $2,088 an ounce, after hitting a record of $2,111.39 an ounce . Oil prices have not been so fortunate, amid doubts OPEC+ will be able to maintain planned output cuts.
Persons: Goldman Sachs, Jerome Powell, Claudio Irigoyen, Joachim Nagel, Christine Lagarde, Brent, Wayne Cole, Sam Holmes Organizations: Nikkei, payrolls Shipping, Japan's Nikkei, FTSE, Nasdaq, Federal Reserve, Bank of Japan's, European Central Bank, ECB, Sea, Thomson Locations: Red Sea, SYDNEY, U.S, Israel, Red, Asia, Pacific, Japan, South Korea, Australia, China, Canada
Dollar on shaky ground as Fed rate cut bets strengthen
  + stars: | 2023-12-04 | by ( Brigid Riley | )   time to read: +3 min
Powell said on Friday it was clear that U.S. monetary policy was slowing the economy as expected, with the benchmark overnight interest rate "well into restrictive territory." The U.S. dollar index , which tracks the currency against six major counterparts, was last hovering around Friday's close at 103.28. That means dollar pairs could continue to get a boost depending on U.S. economic data, Rodda said. Against the yen, the dollar was fetching $146.58 yen , after falling to 146.24 earlier in the session, its lowest since Sept. 11. The yen has recently pulled away from the near 33-year low of 151.92 per dollar touched in the middle of November.
Persons: Jerome Powell, Bitcoin, Powell, Kyle Rodda, Rodda, Sterling, Christine Lagarde, Carol Kong, bitcoin, Brigid Riley, Shri Navaratnam Organizations: Federal, U.S, U.S ., European Central Bank, ECB, Commonwealth Bank of Australia, Thomson Locations: TOKYO, U.S, cryptocurrencies
CNN —Wreckage and remains from a United States Air Force CV-22B Osprey that crashed off the coast of Yakushima Island, Japan, last week were discovered on Monday, according to a statement from Air Force Special Operations Command. The AFSOC said their main priority is “bringing the Airmen home and taking care of their family members.”The remains of one airman aboard, 24-year-old Staff Sgt. The remains of five other airmen aboard were found, AFSOC said Monday. The CV-22 Osprey was conducting a “routine training mission” at the time of the “mishap”, the Air Force said previously. The Osprey has a history of mechanical and operational issues, and has been involved in several fatal incidents over the last 30 years.
Persons: , AFSOC, Jacob M, Jorge Hernandez Organizations: CNN, United States Air Force, Air Force Special Operations Command, Air Force, Marine, Marine Corps Times Locations: Yakushima Island, Japan, U.S, Yakushima, Pittsfield , Massachusetts, Australia
Asia-Pacific markets were set to start the final month of this year on a stronger note, with investors awaiting a slew of key economic data Tuesday and inflation readings later this week. Inflation reading for Tokyo will be released Tuesday, which is widely seen as a leading indicator for nationwide trends. South Korea inflation numbers will also be out the same day. The Reserve Bank of Australia will hold its final meeting for the year tomorrow, with economists polled by Reuters expecting the bank to hold rates at 4.35%.
Organizations: Reserve Bank of Australia, Reuters Locations: Asia, Pacific, Tokyo, Korea
Australia's Greens to investigate supermarket 'price gouging'
  + stars: | 2023-12-03 | by ( )   time to read: +2 min
[1/2] People walk past a Woolworths supermarket following the easing of restrictions implemented to curb the spread of the coronavirus disease (COVID-19) in Sydney, Australia, June 16, 2020. REUTERS/Loren Elliott Acquire Licensing RightsSYDNEY, Dec 3 (Reuters) - Australia's Greens party said on Sunday it would lead a parliamentary inquiry into "price gouging" by major supermarkets as the country grapples with high costs of living. "It will also assess the rise in essential item prices, the validity of discounts offered, and the inflation of profits during economic hardship," added McKim, accusing supermarkets of "price gouging" during "Australia's cost of living crisis". "Construction costs, energy prices, the cost of logistics and packaging have all risen", the spokesperson said. A Woolworths spokesperson said the company was "working to deliver relief" on grocery bills.
Persons: Loren Elliott, Nick McKim, McKim, Competition Andrew Leigh, Leigh, Sam McKeith, Lincoln Organizations: Woolworths, REUTERS, Rights, Australia's Greens, Greens, Coles, Competition, Labor, Reserve Bank of Australia, Thomson Locations: Sydney, Australia
[1/2] A Philippine Coast Guard personnel looks through a binocular while conducting a resupply mission for Filipino troops stationed at a grounded warship in the South China Sea, October 4, 2023. The West Philippine Sea is Manila's term for waters in the South China Sea that fall within its 200-nautical mile EEZ. An international tribunal invalidated China's claim to 90% of the South China Sea in 2016, but Beijing does not recognise the ruling. The Philippines is ramping up efforts to counter what it describes as China's "aggressive activities" in the South China Sea, which has also become a naval flashpoint for Chinese and U.S. tension. China has accused the Philippines of enlisting "foreign forces" to patrol the South China Sea and stirring up trouble.
Persons: Adrian Portugal, Julian Felipe Reef, Karen Lema, Christopher Cushing Organizations: Philippine Coast Guard, REUTERS, Rights, South China, Embassy, Thomson Locations: South China, Rights MANILA, South, Manila, Philippines, West Philippine, Philippine, Beijing, China, Taiwan, Malaysia, Vietnam, Brunei, United States, Australia, The Philippines
Israel Defense Forces/Handout via REUTERS Acquire Licensing RightsJERUSALEM, Dec 3 (Reuters) - Israel will hunt down Hamas in Lebanon, Turkey and Qatar even if it takes years, the head of Israel's domestic security agency Shin Bet said in a recording aired by Israel's public broadcaster Kan on Sunday. It was unclear when Shin Bet chief Ronen Bar made the remarks or to whom. We will do this everywhere, in Gaza, in the West Bank, in Lebanon, in Turkey, in Qatar. More than 15,500 people have been killed so far during Israel's offensive in Gaza since, according to Gaza's health ministry. Other than in Gaza, Hamas leaders reside in or frequently visit Lebanon, Turkey and Qatar.
Persons: Shin Bet, Kan, Shin, Ronen Bar, Bar, Israel, Khaled Meshaal, Jordan, Benjamin Netanyahu, Maayan Lubell, Howard Goller Organizations: Hamas, Israel Defense Forces, REUTERS Acquire, Rights, Israel's, West Bank, Olympic, Black, European Union, Thomson Locations: Gaza, Israel, Palestinian, Lebanon, Turkey, Qatar, Munich, Australia, Canada, Japan, United States, Jordan
Dec 4 (Reuters) - A look at the day ahead in Asian markets. The dollar shed 3% in November, its biggest monthly fall in a year, and last week fell for a third week in a row. Many will argue that the U.S. bond and rates markets have gotten far too carried away, and that the Fed will not ease so quickly and aggressively next year. But Fed policymakers are now in their 'blackout period' ahead of the December 12-13 policy meeting. In stark contrast to the Fed, rates futures markets are barely pricing in any rate cuts from the RBA next year at all.
Persons: Wall, Jerome Powell, Jamie McGeever, Diane Craft Organizations: Treasury, Reuters, Reserve Bank of Australia, Thomson Locations: Zealand, Australia, India, South Korea, Philippines, Thailand, Japan, Korea
TOKYO (AP) — Asian shares were mixed Monday as investors awaited a slew of U.S. economic data set for release later in the week. Hong Kong's Hang Seng lost 0.5% to 16,749.07, while the Shanghai Composite edged 0.2% lower to 3,026.43. Among the economic updates due this week are data on the job market, including the U.S. government’s closely watched monthly employment report for November. “Traders prepare for a slew of actionable U.S. economic data scheduled for release this week, poised to be crucial in refining traders’ expectations regarding Federal Reserve policy. Political Cartoons View All 1277 ImagesInflation data are also expected this week for several nations in Asia, including Japan, Thailand and the Philippines.
Persons: Australia's, Hang Seng, government’s, , Stephen Innes, Russell, Brent Organizations: TOKYO, Nikkei, China Evergrande's Hong Kong, U.S, “ Traders, Federal Reserve, Wall, Dow Jones, Nasdaq, New York Stock Exchange, U.S . Federal, Treasury, Investors, New York Mercantile Exchange, U.S . Locations: Hong, Shanghai, China Evergrande's Hong, Hong Kong, Asia, Japan, Thailand, Philippines, U.S
SEATTLE (AP) — Alaska Airlines said Sunday it agreed to buy Hawaiian Airlines in a $1.9 billion deal, including debt, putting it on track for a potential clash with a Biden administration that has shown wariness about higher fares in the industry. The deal also includes $900 million in Hawaiian debt, which the airlines said brings the acquisition's total value to $1.9 billion. The combined airline would be based in Seattle, with Alaska Airlines CEO Ben Minicucci at its head. Both Hawaiian and Alaska are leading airlines flying between Hawaii and the U.S. mainland, which could raise concerns about lessened competition. The Alaska and Hawaii companies expect the deal to close in 12 to 18 months.
Persons: Ben Minicucci, they're “, Minicucci, Biden Organizations: SEATTLE, Alaska Airlines, Hawaiian Airlines, Biden, oneworld Alliance, American Airlines, British Airways, Cathay, Cathay Pacific ., Pacific, Inter, Island Airways, , Hawaiian Holdings, Sprit Airlines, Justice Department, JetBlue, U.S . Department of Transportation Locations: Alaska, Seattle, Cathay Pacific, Cathay Pacific . Alaska, United States, Americas, Asia, Australia, Honolulu, Hawaii, North America, Hawai'i, aloha, U.S
Alaska Airlines on Sunday announced plans to acquire Hawaiian Airlines in a $1.9 billion deal. The combined airline will maintain the Alaska Airlines and Hawaiian Airlines brands but with a single operating platform, Alaska Airlines said in a news release. The company would provide service to 138 destinations, including nonstop flights to airports in the Americas, Asia, Australia and the South Pacific. For residents in Hawaii, the company would offer three times the current number of destinations from the state to destinations throughout North America, either nonstop or with one connection. “In Alaska Airlines, we are joining an airline that has long served Hawaii, and has a complementary network and a shared culture of service,” Peter Ingram, president and chief executive of Hawaiian Airlines, was quoted as saying in the news release.
Persons: ” Peter Ingram, Biden Organizations: Alaska Airlines, Sunday, Hawaiian Airlines, Department Locations: Americas, Asia, Australia, Hawaii, North America,
JERUSALEM (Reuters) - Israel will hunt down Hamas in Lebanon, Turkey and Qatar even if it takes years, the head of Israel's domestic security agency Shin Bet said in a recording aired by Israel's public broadcaster Kan on Sunday. It was unclear when Shin Bet chief Ronen Bar made the remarks or to whom. We will do this everywhere, in Gaza, in the West Bank, in Lebanon, in Turkey, in Qatar. More than 15,500 people have been killed so far during Israel's offensive in Gaza since, according to Gaza's health ministry. Other than in Gaza, Hamas leaders reside in or frequently visit Lebanon, Turkey and Qatar.
Persons: Shin Bet, Kan, Shin, Ronen Bar, Bar, Israel, Khaled Meshaal, Jordan, Benjamin Netanyahu, Maayan Lubell, Howard Goller Organizations: Israel's, West Bank, Olympic, Black, European Union Locations: JERUSALEM, Israel, Lebanon, Turkey, Qatar, Munich, Gaza, Palestinian, Australia, Canada, Japan, United States, Jordan
China claims almost all of the 1.3 million-square-mile South China Sea as its sovereign territory. In daylight hours in the South China Sea, from Ottawa’s flight deck or outdoor bridge wings, Chinese warships are often visible to the naked eye. Aviator Gregory Cole/Canadian Armed Forces PhotoOn October 29, things take a potentially dangerous turn, one that could have cost lives and ratcheted up tensions in the South China Sea to new levels. Radar operators scan their instruments in a Canadian antisubmarine warfare helicopter over the East China Sea. Hammerhead targets drones await their fate on the deck of the frigate HMCS Ottawa in the South China Sea.
Persons: Sam Patchell, Jacob Broderick ,, Ben Hughes, Gregory Cole, he’s, , King Neptune, Xi Jinping, Brad Lendon, Rafael Peralta, Collin Koh, ” Patchell, Patchell, Aviator Gregory Cole, , haven’t, Xi, Rob Millen, they’d, Long, Peralta, It’s, Qinetiq, Noble, That’s, Cmdr, Sean Milley, Christine Hurov, Wally Shirra, it’s, Wally Schirra, Loverboy’s, Australia’s, doesn’t, We’ll Organizations: HMCS, HMCS Ottawa CNN, Royal Canadian Navy, Canada, United, Naval Warfare Officers, Canadian Armed Forces, US Navy, Ottawa, CNN, Canada’s Defense Ministry, Chinese Communist Party, Coast Guard, Rajaratnam, of International Studies, People’s Liberation Army Navy, PLA Navy, United Nations, Ottawa's, Cyclone, Canadian, Royal Canadian Air Force, Chinese Defense Ministry, Pentagon, troika, Peralta, Brisbane, CNN Radio, New, New Zealand Navy’s, Cmdr, HMNZS Aotearoa, Australian, Southern Hemisphere, One Locations: HMCS Ottawa, Taiwan, Ottawa, China, United States, Canadian, South China, Gaza, Ukraine, East, Washington, Singapore, Beijing, Spratly, Vietnam, Philippines, Malaysia, Brunei, Chinese, South, East China, CNN Beijing, Canada, Gulf of Mexico, West Coast, Australian, Brisbane, Australia, Japan, New Zealand, Okinawa, replenishments, Aotearoa, American, Ottawa’s
REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSYDNEY, Dec 4 (Reuters) - The outcome of a Brookfield consortium's $10.6 billion bid for Australia's Origin Energy (ORG.AX) will be officially known on Monday, with investors expected to vote down its year-long attempt to buy the country's largest power retailer. Origin’s largest shareholder, A$300 billion ($198.36 billion) pension fund AustralianSuper, has said it would reject the A$9.39 per share offer. "If the Brookfield consortium comes back with a hostile off-market offer, there could be upside to the share price." "We will do this work before considering whether to continue pursuing a proposal to acquire Origin Energy or the Origin Energy Markets business," he said. The company's board last week rejected a revised back-up bid from the Brookfield consortium that the energy firm said was too complex and highly conditional.
Persons: Dado Ruvic, AustralianSuper, Adrian Atkins, Luke Edwards, Scott Murdoch, Jamie Freed Organizations: Brookfield, REUTERS, Rights, Origin Energy, Origin Energy Markets, Thomson Locations: Sydney, Brookfield, Brookfield Australia
The estimated program cost is 10.4 billion Canadian dollars, of which just under 6 billion dollars is the purchase price of the planes. (The program cost includes weapons, training simulators, spare parts and renovations at the Air Force bases in British Columbia and Nova Scotia where the planes will be stationed.) As with the 1980s vintage CP-140 Aurora planes they will replace, the main duty of the newcomers will be tracking submarines. But, as is the case now, they will most likely perform a number of other tasks ranging from tracking drug smuggling in the Caribbean to monitoring pollution in Canada. In particular, they wanted it to consider a proposed marine surveillance plane from Montreal-based Bombardier.
Persons: , François, Doug Ford of, François Blanchet Organizations: Boeing, Air Force, Titan, Yves, Bloc, Bombardier Locations: British Columbia, Nova Scotia, Caribbean, Canada, United States, Britain, Germany, Norway, Netherlands, Australia, New Zealand, Quebec, Doug Ford of Ontario, Montreal
Nicaragua's Miss Universe franchise owner accused of conspiracy
  + stars: | 2023-12-02 | by ( )   time to read: +2 min
Miss Australia Moraya Wilson, Miss Puerto Rico Karla Guilfu, Miss Nicaragua Sheynnis Palacios, Miss Thailand Anntonia Porsild and Miss Colombia Camila Avella the top five finalists, take part in the 72nd Miss Universe pageant in San Salvador November 18, 2023. REUTERS/Jose Cabezas/File Photo Acquire Licensing RightsDec 2 (Reuters) - Nicaraguan police late on Friday charged the owner of the local Miss Universe franchise with conspiracy, money laundering and spreading fake news, just weeks after the Central American nation's first victory in the pageant. Authorities have accused Karen Celebertti, director of the Miss Nicaragua franchise, her husband and son with conspiracy against the government, according to a statement issued by the national police. Celebertti's local Miss Universe organization has been used to "turn pageants into political traps and political ambushes, financed by foreign agents," the police statement said. Nicaragua's Sheynnis Palacios won the title of Miss Universe on Nov. 18, becoming the first Central American to wear the crown.
Persons: Moraya Wilson, Miss Puerto Rico Karla Guilfu, Miss Nicaragua Sheynnis Palacios, Miss Thailand Anntonia Porsild, Colombia Camila Avella, Jose Cabezas, Karen Celebertti, Celebertti, Nicaragua's Sheynnis Palacios, Palacios, Ismael Lopez, Toby Chopra Organizations: Miss, Miss Nicaragua, 72nd Miss Universe, REUTERS, Nicaraguan police, Miss Universe, Central American, Reuters, Authorities, Central, Nicaraguans, Police, Inter, American, Human Rights, Thomson Locations: Miss Puerto, Miss Thailand, San Salvador, Miss Nicaragua, Nicaragua, Central American, New York
Copper mines like Rio Tinto's Bingham Canyon mine on the outskirts of Salt Lake City are on the frontline of America's transition to clean energy. Jointly based in Australia and the UK, Rio Tinto is one of the world's largest mining companies with projects in 35 countries. It has 17 iron ore mines in Western Australia that produce material used in steel, as well as mines that produce aluminum, diamonds, and boron, a component used in smartphones. So what is Rio Tinto doing to ramp up production of its critical minerals business? CNBC got a behind the scenes look at Rio Tinto's Utah operation to find out.
Persons: Tyler Broda Organizations: P, RBC Capital Markets, Rio Tinto, CNBC Locations: Rio, Bingham, Salt Lake City, Australia, Western Australia, Rio Tinto's Utah
A general view of a wind turbine at Westmill Wind Farm & Solar Park, which is owned by the community and supports local renewable energy, at Watchfield, near Swindon, Britain, September 24, 2021. "More than 110 countries have joined already," European Commission President Ursula von der Leyen told the COP28 summit on Thursday of the renewables pledge. A draft of the renewable energy pledge, seen by Reuters, called for "the phase down of unabated coal power" and ending the financing of new coal-fired power plants. Africa receives just 2% of global investments in renewable energy. Somalia has the highest onshore wind power potential of any African country, yet one of the lowest electrification rates in the continent, according to the International Energy Agency.
Persons: Andrew Boyers, Ursula von der Leyen, Najib Ahmed, Kate Abnett, Richard Valdmanis, William Mallard Organizations: REUTERS, Rights, European Union, United Arab, BP, Reuters, International Energy Agency, ___, Thomson Locations: Watchfield, Swindon, Britain, United States, United Arab Emirates, China, India, South Africa, Vietnam, Australia, Japan, Canada, Chile, Barbados, COP28, Africa, Somalia
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