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A worker walks past a pile of lithium ore at a Talison Lithium Ltd. site, a joint venture between Tianqi Lithium Corp. and Albemarle Corp., in Greenbushes, Australia. Lithium mining giant Albemarle will halt the expansion of a manufacturing plant in Australia, as the company reviews costs due to headwinds from weak lithium prices. The impacted facility, the Kemerton plant in Australia, is where the company produces battery-grade lithium hydroxide for electric vehicles and other products. It will also idle a lithium processing line at the plant and focus production on a single line. The plant's production capacity will fall to 25,000 tons from 50,000 tons currently as the line is idled, Masters said.
Persons: Kent Masters, Masters, Albemarle Organizations: Ltd, Tianqi Lithium Corp, Albemarle Corp, Albemarle, CNBC Locations: Greenbushes, Australia, Kemerton
First Solar is well positioned for growth despite the U.S. election uncertainty that has hit the company's stock as well as the broader renewable industry in recent weeks, according to analysts. The solar module manufacturer's stock was up 5.7% on Wednesday. First Solar is one of the biggest beneficiaries in the renewable energy space from production tax credits under the IRA. While election risk will weigh on First Solar's stock, policy uncertainty tends to be a tailwind for the company, Goldman Sachs analyst Brian Lee told clients in a note. China tariffs could strengthen First Solar's competitive position and pricing power in the U.S., analyst Andrew Percoco told clients.
Persons: Mark Widmar, Goldman Sachs, Brian Lee, Goldman, FSLR, Lee, Donald Trump's, Morgan Stanley, Andrew Percoco, Trump, Percoco Organizations: U.S, White House, Congress, Republican Locations: China, U.S
It took only a week for the Park fire north of Sacramento to grow into the fifth-largest in California history, signaling the potential for a destructive wildfire season across much of the Western United States. Almost 50 other large or notable fires were burning throughout the region on Wednesday, according to a New York Times tracker. Although this year doesn’t yet compare to 2020, the most destructive wildfire season of the last two decades, the sheer number of fires currently burning in Western states — both big and small — has threatened to overwhelm firefighting resources at a rate that worries experts so early in the season. “Normally we’re ramping up in July to get to that peak in August, early September,” said Alex Robertson, director of fire and aviation management for the U.S. Forest Service. But this year, he said, “we’re going into August already at our full tilt.”At least one person was killed this week by a wildfire burning near Denver, and a historic mining town was leveled near Bakersfield, Calif. More than half a million acres of the Western United States have burned in the past week, according to the Times wildfire tracker.
Persons: , , Alex Robertson, “ we’re Organizations: Western, New York Times, U.S . Forest Service Locations: Sacramento, California, Western United States, Denver, Bakersfield , Calif
Read previewRussia is stepping up sanctions-evading measures to keep its international trade flowing. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters. An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift. Russia could be eying a digital-currency-based settlement systemIt isn't clear how Russia's crypto and digital currency regimes will shape up. Even China, which has one of the world's most advanced digital currencies, relies on a "two-tier" system involving banks as wallet-holding agents.
Persons: , Elvira Nabiullina, Nabiullina, Vladimir Putin, Moscow hasn't, Christopher Granville, Granville Organizations: Service, Russia's, Duma —, Reuters, Business, Bloomberg, US Treasury, GlobalData, Lombard, Russia Locations: Russian, Russia, Ukraine, cryptocurrencies, Hong Kong, Moscow, China, UAE, Turkey, Austria, India
Illustrative image of two commemorative bitcoins seen in front of the national flag of Russia displayed on a computer screen. Russia is considering legalizing the use of cryptocurrency for international payments as the country faces ongoing financial pressure from Western sanctions. The State Duma, which is the lower house of the Russian Parliament, will on Tuesday consider a law that permits making international payments via cryptocurrencies, Elvira Nabiullina, the governor of Russia's central bank, said Tuesday. Russia's central bank is also itself looking to move money across borders using crypto, with its chief saying crypto-based payments will take place before the end of 2024. In January 2022, the Russian central bank proposed banning the use of crypto for transactions, as well as the mining of digital currencies, citing threats to financial stability, citizens' wellbeing and monetary policy sovereignty.
Persons: Elvira Nabiullina, Nabiullina Organizations: Duma, State Duma, Russian Federation Council, RIA Novosti, Reuters, Russian Embassy, CNBC Tuesday Locations: Russia, Russian, Russia's, State, cryptocurrencies, London
In 2017, a stronger vaccine, Shingrix, became available. “While research into whether vaccines affect dementia risk continues, people should be aware that there are other factors that have definitively been linked to an increased dementia risk. This study also found that the new shingles vaccine was associated with a larger degree of benefit than the older one. Although the findings are intriguing, the association needs more study before researchers can know for sure that the shingles vaccine is definitively behind the benefit. So for the time being, the best reason to get a shingles vaccine is still to avoid the misery of shingles.
Persons: stow, Shingrix, that’s, , Paul Harrison, ” Harrison, Dr, Andrew Doig, ” Doig, it’s, Sheona Scales, Scales, Sanjay Gupta, Phil Dormitzer Organizations: CNN, US Centers for Disease Control, Nature, GlaxoSmithKline, GSK, University of Oxford, University of Manchester, Alzheimer’s Research, Alzheimer’s Association International Conference, Oxford, CNN Health Locations: United States
Labor Abuses Abroad
  + stars: | 2024-07-30 | by ( Megha Rajagopalan | ) www.nytimes.com   time to read: +1 min
In the 1990s, more U.S. companies began manufacturing abroad, where labor was cheaper. Journalists, consumers and human rights groups noticed that, away from the eyes of American unions and regulators, these multinationals sometimes used brutal cost-saving measures, such as sweat shops and child labor. Companies would hire outside inspectors to scrutinize their supply chains. These inspectors would visit their suppliers’ factories, investigate abuses and determine whether everyone was following the rules. Major companies signed on, sending a message that they could clean up their own supply chains.
Persons: , Saumya Khandelwal Organizations: Journalists, Times Locations: India, Maharashtra
In as soon as three years, there probably won't be an employee at Goldman Sachs who isn't touched by AI, predicted Goldman Sachs' chief information officer, Marco Argenti. The hypothesis (which Argenti conceded is "completely not scientific") goes to show the incredible momentum of generative AI on Wall Street. Goldman, like its peers up and down the Street, put generative AI tools in the hands of their software engineers to help them write and document code faster. Now, Argenti is looking ahead to "the next big wave" in Goldman's AI journey: front-office workers. What do you think will be different about how Goldman adopts generative AI versus your competition?
Persons: Goldman Sachs, Marco Argenti, Argenti, Goldman, copilot, We're, We've Organizations: Service, Business, Wall
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the EV boom led Chinese companies to take over Indonesia's nickel industryIndonesia has become the world's top producer of nickel, supplying over 40% of the global demand needed for EV batteries. The growth is powered by partnerships with China, which have strengthened Indonesia's ability to refine nickel locally. In contrast, the U.S. faces challenges with limited supply, mining only 17,000 metric tons in 2023 compared to Indonesia's 1.8 million metric tons. Elon Musk has stressed the urgency of increasing nickel production, especially for Tesla and the EV industry.
Persons: Elon Musk, Tesla Organizations: EV, Elon Locations: Indonesia, China, U.S
CNN —Some 5,000 people were rescued from flood-hit areas along North Korea’s border with China over the weekend in efforts supervised by leader Kim Jong Un, the country’s state media reported Monday. A flooded area in North Korea's North Pyongan province on July 28, pictured in a photo released by North Korea's official Korean Central News Agency. At least 15 people died following a rain-triggered landslide in central China’s Hunan Province, Chinese state media Xinhua said Sunday. China’s northeast – a key food-growing region which traditionally had been less effected by frequent flooding – is also grappling with heavy rains. In China’s Liaoning province, across the border from North Korea’s North Pyongan, more than 45,000 people were evacuated from their homes as of Sunday morning as heavy rains hit the region, according to Xinhua.
Persons: Kim Jong Un, KCNA, Kim –, Gaemi Organizations: CNN, North Korean, North, Korean Central News Agency, KCNA, Xinhua Locations: China, North Pyongan, Yalu, North Korea, Sinuiju City, Dandong, Asia, North Korea's, Pyongan province, Philippines, Taiwan, China’s Fujian Province, China’s Hunan Province, , China’s Liaoning, North Korea’s, Xinhua, Southwest Liaoning
For a time, Donald Trump would have made for an unlikely headliner at a cryptocurrency confab. As president, Trump declared bitcoin “not money” and criticized it as “highly volatile and based on thin air.” He cautioned that crypto assets helped facilitate illegal underground markets. “We have only one real currency in the USA, and it is stronger than ever,” Trump wrote on Twitter in 2019. Despite cryptocurrency’s troubling recent history and his own past reservations, Trump has fully embraced the hype and hopes of the nascent industry. The industry, in turn, has embraced Trump.
Persons: Donald Trump, Trump, bitcoin “, , ” Trump, Nashville —, Read Organizations: Twitter, United States, Biden Locations: USA, Nashville, United States, Wisconsin
Nickel mining in Indonesia has surged, making it the world's top producer of the metal. With over 14 active mines, Indonesia supplies more than 40% of global nickel demand, driven by its crucial role in electric vehicle (EV) batteries. The rapid growth in nickel production is closely linked to Indonesia's partnership with China, the largest global EV battery producer. Chinese investments have bolstered Indonesia's mining capabilities, focusing on refining nickel locally following a 2022 ban on raw nickel exports. Increased nickel production in Indonesia has led to oversupply and lower prices, impacting producers in Australia and Canada.
Persons: Jason Sappor, Tesla, Todd Malan, It's, Elon Musk Organizations: P, EV, Talon, Talon Metals, Tesla Inc Locations: Indonesia, China, Australia, Canada, America, United States, Michigan, Minnesota
Trump’s campaign would not say what sparked the former president’s 180-degree turn on bitcoin. Billionaire crypto tycoons Tyler and Cameron Winklevoss each pledged to donate $1 million worth of bitcoin to Trump’s campaign. The cryptocurrency industry has experienced a resurgence since the downfall of FTX. Trump supporters were not hard to find inside the Bitcoin Conference. Luke Broyles, a 25-year-old Michigander working in the crypto industry, was similarly unsure of Trump’s latest entreaties despite his recent rhetoric.
Persons: Donald Trump, Trump, bitcoin “, , ” Trump, Jacob Silverman, bitcoin, Sam Bankman, Larry David, Tom Brady, Fried, Brian Hughes, South Carolina Sen, Tim Scott, ” Scott, David Bailey, Bailey, cryptocurrency, tycoons Tyler, Cameron Winklevoss, Cryptocurrency, Ohio Sen, JD Vance, David Sacks, Biden, ” Sacks, , ” Tyler Winklevoss, Eric Soufer, cryptocurrencies, ” Soufer, FTX, Robert F, Kennedy Jr, John Fischer, ” Fischer, Luke Broyles, Trump’s, ” Broyles Organizations: Nashville CNN, Twitter, United States, Biden, Capitalism, CNN, Republican, Trump, South, BTC Inc, Mar, Commission, Billionaire, Music City Center, Independent, Pew, Libertarian Party, Bitcoin Conference Locations: USA, Nashville, United States, Wisconsin, St, Cloud , Minnesota, South Carolina, Silicon, Washington, Atlanta, cryptocurrency
GLD 5Y mountain GLD The SPDR Gold Shares ETF is the world's largest, with BlackRock's iShares Gold Trust and iShares Physical Gold ETC the second and third, respectively. Other top physical gold ETFs include the Borse Commodities GmbH Xetra-Gold and the SPDR Gold MiniShares Trust . Gold mining ETFs Buying gold mining ETFs — which own shares of multiple gold mining companies — is another way to get exposure to gold, and Meyer described those backed by large banks as "relatively safe," in an email to CNBC. "Even though gold equities respond to changes in gold price, the degree of that response has deteriorated over time," he said, adding that the risks and costs of gold extraction can weigh on miners. A selection of gold bars and one-ounce gold coins at Gold Investments Ltd. bullion dealers in London, UK, on Tuesday, May 21, 2024.
Persons: Tom Price, Price, Berenberg, Robin Bhar, Amy Arnott, John Meyer, Colin Hamilton, BlackRock's, Meyer, Barrick Gold Panmure Liberum, George Milling, Stanley, they're, Morningstar's Arnott, Bhar, Chris Ratcliffe Organizations: CNBC, Panmure, Bank of America, Citi, UBS, Gold, Morningstar, SP, CNBC Pro, Royal Mint, BMO Capital Markets, Borse Commodities, MiniShares, Gold Miners ETF, Miners, Barrick, Resolute Mining, Hochschild, Caledonia Mining, Barrick Gold Panmure, Endeavour Mining, Endeavour, Pan, Resources, State Street Global Advisors, Gold Investments, Bloomberg, Getty Locations: Panmure Liberum, U.S . New York, United States, U.S, Hochschild Mining, Zimbabwe, London, West Africa, Berenberg
Sitting in a KFC restaurant in the former coal-mining town of Pomeroy, Ohio, a few hours before JD Vance addressed the Republican National Convention, Curtis Ramsey, 18, recalled the first time he heard the Ohio senator’s name. It was last month, he said, in the Washington office of another Ohio Republican, Representative Jim Jordan. Mr. Ramsey, who had never been to a big city or flown on an airplane before, was in the capital with two filmmakers seeking to draw attention to a new documentary, “Inheritance.” The film features Mr. Ramsey and examines the plight of drug-ravaged Appalachian communities like his own. When the filmmakers, Matt Moyer and his wife, Amy Toensing, explained to Mr. Jordan what their documentary was about, the congressman broke into a smile. “Sounds like the story of the next vice president of the United States!” Mr. Jordan said.
Persons: Vance, Curtis Ramsey, Jim Jordan, Mr, Ramsey, Matt Moyer, Amy Toensing, Jordan Organizations: KFC, Republican National Convention, Republican Locations: Pomeroy , Ohio, Ohio, Washington, United States
Traditional infrastructure might not seem as sexy as the newer AI data centers, but Bank of America believes traditional infrastructure has stronger growth prospects than AI infrastructure. The heavy focus on technology and AI has resulted in investors overlooking traditional infrastructure investment. Invest in industrials and materialsIn particular, Bank of America identified the industrials and materials sectors as the best investment opportunity within traditional infrastructure. The industrials sector trades at a relative forward PE of 0.98, and materials trades at 0.92. AdvertisementSome specific industries within those sectors are especially undervalued, such as construction materials and metals & mining.
Persons: , there's, Savita Subramanian, it's, Reshoring Organizations: Service, Big Tech, American Society of Civil Engineers, Business, Bank of, Bank of America Government, Bank of America, Bank, Invest, Industrial Locations: North America, industrials
Trump, the Republican nominee for president, has raised more than $4 million from a mix of digital tokens, a campaign aide told CNBC. At least 19 donors contributed more than $2.15 million bitcoin to the committee, the filing shows. Brian Hughes, a Trump campaign aide, said that of the more than $4 million in crypto raised, most of it arrived in bitcoin. "While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies." Thus far, it appears the Trump campaign is mostly converting these contributions immediately to USDC and then liquidating the donations.
Persons: Donald J, Trump, Bill Pugliano, Donald Trump, Tyler, Cameron Winklevoss, Mike Belshe, Tyler Winklevoss, Eva Marie Uzcategui, he's, Marc Andreessen, Ben Horowitz, Brian Hughes, Kamala Harris, Hughes, Harris, shiba inu, Jesse Powell, Stuart Alderoty, Alderoty, David Sacks, Ryan Selkis, Sen, Elizabeth Warren, Warren, Ohio Sen, JD Vance, Vance Organizations: Van, Getty, NASHVILLE, Republican, CNBC, U.S, Trump, Republican National Committee, State Department, Gemini Trust, Bloomberg, Solana, Bitcoin, Music City Center, Democratic, Biden, Harris Administration, IRS, Libertarian National Convention, Ohio, Biden White, SEC Locations: Grand Rapids , Michigan, Tennessee, bitcoin, Miami , Florida, U.S, Nashville, San Francisco, USDC, Washington, Lago, Florida
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: AeroVironment's drones work 'therefore it's a buy', says Jim Cramer'Mad Money' host Jim Cramer weighs in on stock including: Adeia, Hecla Mining, Jumia Technologies, Broadcom and Aerovironment.
Persons: Jim Cramer Organizations: Hecla Mining, Jumia Technologies, Broadcom, Aerovironment
Stock Chart Icon Stock chart icon Adeia's year-to-date stock performance. Stock Chart Icon Stock chart icon Hecla Mining's year-to-date stock performance. Stock Chart Icon Stock chart icon Jumia's year-to-date stock performance. Stock Chart Icon Stock chart icon Broadcom's year-to-date stock performance. Stock Chart Icon Stock chart icon AeroVironment's year-to-date stock performance.
Persons: It's, Jim Cramer's Organizations: Hecla, Hecla Mining, Broadcom
Racheal Kundananji was just 17 when she showed up to practice with her first-ever soccer team wearing track spikes. Until then, track and field was the only organized sport she had known in the Zambian copper-mining region where she grew up. Now she was sprinting around a bumpy patch of dirt that seemed more suitable for off-road biking than for soccer, displaying skills as rugged as the field itself. “She would run very fast,” said Risto Mupaka, a coach of the team, Konkola Queens. But, he added, “turning was a problem.”It didn’t take her long to figure out the game.
Persons: Racheal Kundananji, , Risto Mupaka, Kundananji Locations: Queens
First Solar could emerge as clean energy winner under a second Trump administration, and investors should consider buying the stock on the cheap after its recent sell-off on "overblown" election risks, according to Morgan Stanley. But the risk of Republicans repealing the IRA is overblown, Morgan Stanley analyst Andrew Percoco told clients in a research note Tuesday. First Solar benefits from Trump tariffs Investors are missing how First Solar actually stands to benefit from tougher tariffs against China under a Trump administration, he said. Morgan Stanley estimates that the domestic tax credits currently represent about $101 of First Solar's $220.24 share price. Morgan Stanley has a price target of $331 for First Solar, implying 50% upside from Monday's close of $220.24.
Persons: Trump, Morgan Stanley, Joe Biden, Donald Trump, Goldman Sachs, Andrew Percoco, Brian Lee, Percoco, Goldman, wouldn't Organizations: White, GOP, Republicans, China, FSLR, Renewables Locations: U.S
A team of international scientists has found that oxygen is being produced in complete darkness approximately 4,000 meters below the ocean's surface. An international team of scientists has discovered that oxygen is being produced by potato-shaped metallic nodules thousands of feet below the surface of the Pacific Ocean. A team of scientists led by Professor Andrew Sweetman at the U.K.'s Scottish Association for Marine Science found that oxygen is being produced in complete darkness approximately 4,000 meters (13,100 feet) below the ocean's surface. "For aerobic life to begin on the planet, there had to be oxygen and our understanding has been that Earth's oxygen supply began with photosynthetic organisms," Sweetman said. "But we now know that there is oxygen produced in the deep sea, where there is no light.
Persons: Andrew Sweetman, Sweetman Organizations: Nature Geoscience, Scottish Association for Marine Science
Seventy years ago, the United States was the world’s leading producer of fluorite, a brilliantly multicolored mineral essential to industries such as steel. But the last American fluorite mine closed nearly 30 years ago, unable to compete with cheaper operations in places like Mongolia. The decline of domestic mining means that Americans are outsourcing the environmental and social costs of our inexpensive consumer goods to lower-income nations. More than 70 percent of the world’s cobalt, sometimes called the blood diamond of electric vehicle batteries, comes from the Democratic Republic of Congo, where child labor and sexual violence are rampant in mines. About half of the world’s nickel, another key ingredient in electric vehicle batteries, comes from mines in Indonesia, some of which have destroyed almost 200,000 acres of rainforest amid allegations of operating illegally on Indigenous land.
Persons: I’ve Organizations: Democratic, United Locations: United States, American, Mongolia, America, Democratic Republic of Congo, Indonesia, United Nations
And while he wants to tackle the world's biggest problems such as waste, impact isn't Deep Future's sole priority. Related storiesIn some ways, Deep Future's mission harkens back to Silicon Valley's roots, he said. As for Deep Future's investments, the challenge is whether the technology can be built and made cost-effective, ideally within its investment horizon of 10 years. One of Deep Future's portfolio companies, Descycle, is developing non-toxic chemicals to separate gold in electronics in landfills. Getting investors on board with mad scientistsWith Deep Future's niche, getting investors' attention has been easy, Holman said.
Persons: , Pablos Holman, Jeff Bezos's, Bill Gates, Michael Reid, Holman didn't, Holman, Matt Mullenweg, that's, Alfred Steiner, I'm Organizations: Service, Origin, Ventures Laboratory, Business, Investors, WordPress
It’s also possible, these scientists warn, that deep-sea mining could disrupt the way carbon is stored in the ocean, contributing to the climate crisis. A documentary about deep-sea mining that Sweetman watched in a hotel bar in São Paulo, Brazil, unleashed a breakthrough. However, several countries, including the United Kingdom and France, have expressed caution, supporting a moratorium or ban on deep-sea mining to safeguard marine ecosystems and conserve biodiversity. Earlier this month, Hawaii banned deep-sea mining in its state waters. Many unanswered questions remain about how dark oxygen is produced and what role it plays in the deep-sea ecosystem.
Persons: Andrew Sweetman, they’re, , Sweetman, , SAMS, I’ve, , Franz Geiger, ’ ”, Geiger, Charles E, Emma H, Morrison, Daniel Jones, Beth Orcutt, Orcutt, Craig Smith, Smith, Camille Bridgewater, Hawaii’s Smith, ” Geiger, Diva Amon, ” Sweetman Organizations: CNN, Clarion, Scottish Association for Marine Science, Nature, NHMDeepSea, SMARTEX, International, Authority, UN, AA, Northwestern University, Northwestern’s Weinberg College of Arts and Sciences, National Oceanography, Bigelow Laboratory, Ocean Sciences, University of Hawaii, Geological Survey, University Locations: São Paulo, Brazil, Evanston , Illinois, Southampton, England, Maine, Mānoa, Jamaica, United Kingdom, France, Hawaii, Clarion
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