Latest News
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Low river levels have a negative impact on the Ok Tedi copper mining company in Papua New Guinea
Ok Tedi Mining in Papua New Guinea is evaluating alternative logistics to'supply its copper and gold mining due to a 'lower than 'normal water -levels on the Fly River, which will also increase costs. The miner in PNG's Western Province is actively sourcing alternative logistic arrangements to ensure fuel supply and other essential consumables. It also sources equipment, as well as operational requirements. In a press release, Kedi Ilimbit, the Managing Director and CEO of Kedi Mining and Processing Company said that "at present mining and processing operations are continuing". While the current conditions present additional logistical challenges, OK?Tedi continues to adapt and adjust its operations as needed. The miner also said that Ok Tedi has experienced increased costs in managing the effects of the dry weather. This is particularly true for logistics and supply-chain management. Ok Tedi mined 105,000 tons of copper, 300,000 gold ounces and 1 million ounces silver in the past year. BHP developed and mined the mine in the southwest Pacific nation in the 1980s. BHP then divested its control and gained legal immunity, after disposing of its mine 'tailings' into river systems. The PNG government has owned it since 2013. Reporting by Melanie Burton, Editing by Stephen Coates
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Due to torrential rainfall, offices and schools in southern Taiwan have been closed
On Monday, torrential rains in southern Taiwan caused offices and schools to close. Some rail services were also disrupted. Officials are bracing themselves for a typhoon that is expected to hit the northern part of the island at the end of the week. Over the last few days, a low-pressure system hovered above southern Taiwan, causing heavy rains and flooding. Local governments in Kaohsiung, Tainan and Pingtung, which are home to a total of?more than four million people, closed offices and schools. The Kaohsiung Government said that it expects the cumulative rainfall to exceed 1.3 meters (4.3 feet) over the five-day low-pressure period, nearly half of what the city usually receives in an annual cycle. Taiwan Railway announced that there would be delays on the east coast main line, and on trains going to and from Kaohsiung or Taitung. Express services will not run and local trains are dependent on weather conditions. April Yao, Taitung's county chief, wrote on her Facebook page: "If you have nothing to wear for goodness sake do not go out." Taiwan's Central Weather Administration stated separately that Typhoon Saudel is currently?heading toward Japan's southern Okinawa area and?is expected?to pass by the northern part Taiwan on Friday morning before reaching the east coast of China. Ben Blanchard, reporting; Lincoln Feast, editing.
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Indian rescuers are searching for 22 missing people after a cargo ship sinks
Indian coastguards and navy carried out search-and rescue operations on Sunday off the eastern coast of India after a Panama flagged?bulk ship?carrying a crew of 24 sank. Two Chinese nationals were rescued. Shyam Jagannathan of India's Maritime Administration told Shyam that the two Chinese seafarers claimed the vessel called Ocean Winner developed a list and sank in eight minutes. This forced the crew to abandon the ship. Jagannathan stated that the chances of finding survivors usually fall after?the initial 12 hours. However, rescuers continued their search. Sarbananda Sonowal said, in a post on social media, that "all agencies are coordinating closely and actively doing search and recovery efforts." MISSING CREW MEMBERS According to India's Coastguard, the missing crew members includes 18 more Chinese, three Myanmarese and one Bangladeshi. In a recent post, the Indian Navy stated that it is working closely with the Coastguard to find?the missing sailors. A coastguard spokesperson confirmed that two coastguard vessels were sent from Sri Vijaya Puram (formerly Port Blair), the capital of India’s Andaman and Nicobar archipelago. According to an initial report by India's Maritime Administration, the Ocean Winner carried?iron ore bound towards China after leaving India's eastern Paradip Port on Friday. According to government sources, it sank 240 nautical miles from the port. The cause of this sinking wasn't immediately known. Disha Mishra, Bengaluru (additional reporting); Mayank Bhardwaj (writing); Raju Gopalakrishnan & Helen Popper (editing)
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Iran announces that the Pakistani army chief will visit Tehran on Monday
Esmaeil baghaei, the'spokesperson' for the Iranian foreign ministry, said that Asim Munir, the Pakistani army chief, will visit Tehran on Monday in order to continue his 'efforts' to bring peace and stability to the region. Pakistan has assumed a role as a mediator in the negotiations between Iran, the U.S., and Israel to end the war that began in February with the U.S.-Israeli strikes against Iran. Two sources in the Pakistani government confirmed Munir’s visit. First source: Iran and Pakistan are in direct contact. Second source: The 'talks' would also cover recent developments, such as the threat by Donald Trump to impose tougher sanctions on Iran. "He (Munir) will discuss peace under Islamabad's MoU, Trump's ?warning and the ?situation after the Pakistan-Turkey-Saudi Arab Agreement and Houthi issues with Iranian leaders," the source said. The visit coincides with heightened tensions, as Iran threatens to respond militarily to U.S. sanctions plans that could put further strain on the Islamic Republic’s already-ailing economy. The announcement will be made on Monday, when U.S. officials are expected to announce details about the planned sanctions that they have described as "the most severe sanctions in history" against?Iran. Trump has warned of the economic consequences for any country providing "any kind of lifeline" to Iran as he seeks to isolate it. The Strait of Hormuz is a virtual standstill for oil shipments. Tehran has threatened to hit unauthorized oil tankers who try to?transit the vital waterway. Iran's economic situation is already being impacted by sanctions.
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Search for 22 people after Bulker sinks off India
India's Coast Guard &?Navy conducted search and rescue operations on Sunday off the east coast of India after a cargo vessel?flagged by Panama sank with a crew of?24. Two Chinese nationals were rescued. Shyam Jagannathan is the director general of India’s Maritime Administration. He told reporters that two Chinese seafarers were rescued. They said their vessel began to list and sank in eight minutes. This forced crews to abandon ship. Jagannathan stated that the chances of finding survivors usually fall sharply after 12 hour, but rescuers are continuing their search. According to the Indian Coast Guard, 22 crew members are still'missing' from Ocean Winner. These include 18 Chinese nationals, 3 Myanmar?nationals, and 1 Bangladeshi. In a recent post, the Navy stated that the Indian Navy was working closely with the Coast Guard in order to locate the rest of the crew. A Coast Guard spokesperson said that two vessels were sent from Sri Vijaya Puram (formerly Port Blair) to help with the search and rescue operation. According to an initial report from India's Maritime Administration, the Ocean 'Winner' was carrying iron ore bound towards China when it left India's eastern 'Paradip' port on Friday. According to government sources, the cargo ship sank 240 nautical miles away from the port. It was not known what caused the sinking. (Disha Mishra, Bengaluru, contributed additional reporting; Mayank Bhardwaj wrote the article; Raju Gopalakrishnan edited it)
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India launches rescue operations after bulk carrier sinks near east coast
The Indian Coast Guard reported that India's maritime rescue agency had lost contact with a cargo vessel flying the Panamanian flag, which sank near the eastern coast of India. According to Commandant Amit?Uniyal?, a spokesperson for Coast Guard, the vessel was manned by 24 people, 20 of whom were Chinese, three Myanmarese and one Bangladeshi. Uniyal reported that the Coast Guard dispatched?two vessels from Sri Vijaya Puram (formerly known as Port Blair) for a search and rescue mission. The Coast Guard has rescued two people from life rafts. The agency reported that a search and rescue mission was underway for seafarers aboard the vessel. According to government sources the Ocean Winner was carrying ore from India to Singapore after leaving India's eastern Paradip Port on Thursday. They added that 240 nautical mile away, the ship sank. The cause of the sinking is unknown. Captain Alekha Charan Sahoo said that he hoped for the best and prayed for the safety of all the crew on board. Reporting by Nidhi verma, Saurabh sharma, Jatindra dash, and Disha mishra from Bengaluru. Editing by Sharon Singleton, Rod Nickel, and Rod Nickel.
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Two US tanker planes leave Bulgaria one month after their deployment infuriated Iran
Bulgaria's defence ministry announced on Saturday that two U.S. aircraft, tankers, had departed the Bezmer base in Bulgaria. This comes nearly a month after their deployment angered Iran. The United States has been at war against Iran since February 28 and requested that their temporary deployment be made under an agreement governing the?joint use of military installations. Sofia rejected the charge made by Iran that their deployment would be complicity in "aggression" and "war crimes". Defense Minister?Dimitar?Stoyanov informed reporters that two U.S. KC-135 aircraft left Bulgaria 'on Friday. It was not possible to reach the U.S. authorities for comment immediately. Residents in the area protested the deployment of the aircraft approved by Bulgarian parliament on July 22. They feared that the planes could be attacked by Iranian missiles and drones. Stoyanov stated that all of the aircraft's flights during their temporary deployment were training missions over other countries, and that Bulgaria had "no direct threats to our national safety." He said: "We work in full coordination with the U.S. Government?and have prior?information. This is why our decisions are well-founded." (Reporting and editing by Timothy Heritage, Aleksandar Vasovic)
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Seven people killed in UK when vehicle traveling the wrong way strikes police car
The local police said that seven people, including two police officers, died in a crash on Saturday in the?northeast of England after a vehicle driving 'the wrong way' down a major highway hit a marked police vehicle. The incident took place around 3:39 am (0239 GMT), near the South Bank area, east of Middlesbrough. All occupants of both vehicles died on the spot. Cleveland Police Chief Constable, Victoria Fuller said: "This tragic incident will be felt throughout Cleveland and our communities as well as the entire policing community." The police force said that it was still investigating and working to identify all of the victims. As is standard in these cases, the Independent Office for Police Conduct will review the incident. Ireland's chief of police warned this week that following two recent head on crashes near Dublin in which five people died, some young drivers were driving wrong way on the motorway "for social network likes". A?parliamentary committee in Ireland has asked TikTok how it removes "content that appears to glorify dangerous and illegal behavior?on our streets". Ireland's media regulator issued a similar demand on Tuesday. (Reporting and editing by Alexandra Hudson, Joe Bavier, and David Milliken)
Binance vows that it will remain in Europe despite a license setback
Binance, the crypto platform, plans to remain in 'the European Union, and will seek permission to operate there again, according to a senior executive. This is after Binance's application under a reformed?licence regime was rejected, which threatened access to millions of users. Gillian Lynch told? that Binance was not going to leave Europe after the failed attempt to obtain a license in Greece for the purpose of offering services like crypto trading within the EU.
She said, "We might just need to take a different route in order to be approved." "If Greece is not an option, I am looking at alternatives."
Binance is now on a collision course with European regulators. The company only has a week to obtain a license before the current permit to operate in Europe expires. This would force it to shut down its EU operations.
Binance, according to two people familiar with the process, has met with regulators from Ireland and Greece. However they have not been able to reach an agreement.
Officials expressed concern about the past money-laundering penalties of the company, its international structure, and what they perceived as a culture of risk taking.
The regulators in all three countries refused to comment or didn't respond.
The letters sent to regulators show how one of the largest crypto companies in the world has struggled with regulatory resistance and obtaining an EU license.
Lynch stated that Binance didn't know the reason for its rejection and had previously believed that the Greek regulator intended to grant a license. She stated that Binance contacted at least four regulators, but had only submitted one application to Greece. Binance's spokesperson said that the company has not been in contact with Ireland's central banks for several years.
Lynch, when asked about Binance's previous problems, said that Binance had invested heavily in compliance and internal control, had employed 1,500 compliance personnel, and did not have any outstanding issues relating to its application.
Regulatory Concerns
Binance's failure to obtain an EU license before the deadline of June 30 raises doubts about its future within the EU. The EU's new crypto regulations will be tested to see if authorities can enforce what amounts to a prohibition.
The European Securities and Markets Authority (ESMA) said on Tuesday that crypto firms without a license must "take immediate measures to wind up their EU activities in a timely manner".
MiCA (the EU's groundbreaking crypto regime) came into effect last year. Firms have until the end of June to get an authorisation to serve customers in all 27 member states.
Binance claims to have more than 300 millions customers worldwide, but has declined to disclose how many of those are in the EU. Sensor Tower estimates that the app was downloaded over 4 million times last year in the EU, with France, Germany, and Spain being the most popular downloads.
Sources who spoke on condition of anonymity said that regulators evaluating Binance's offer were also concerned with the backgrounds of senior executives, and the exchange’s track record in money laundering controls. They viewed these as being inadequate.
One source pointed to the influence and complexity of Binance's global structure, which was attributed to founder Changpeng Zhao. Zhao said in a podcast in February that he remained Binance’s ultimate beneficial owner.
Lynch told Zhao that Zhao was "100% removed from the company."
Binance struggled in the past to gain regulatory approvals elsewhere. Binance is not authorised in the UK, and it was asked to leave Japan for operating without a license. Its primary licence is in the United Arab Emirates.
Zhao, also known as CZ, pleaded guilty in 2023 to violating U.S. laws against money laundering as part of an $4.3 billion settlement after a year-long investigation. He spent nearly four months behind bars before being pardoned by U.S. president Donald Trump last year.
Binance, according to U.S. authorities, has violated anti-money laundering laws and sanctions laws by failing to report over 100,000 suspicious transactions that were linked to groups designated as terrorist organizations in Washington.
COORDINATION OF REGULATORS
MiCA allows crypto firms to?apply via a single regulator national and use this as a "passport". This will allow them to sell services throughout the bloc.
One source said that regulators in Latvia, Ireland, and Greece worked closely together to ensure "a consistent approach" to Binance’s application. Some regulators are concerned that inconsistent enforcement may undermine efforts to supervise a multi-billion dollar industry. They warn it could destabilise the markets, facilitate illegal finance, and harm investors if properly supervised.
Eleanor Hughes, Binance's general counsel, said that Binance believed it met MiCA requirements. While national regulators issue licences, ESMA can discuss applications. Reporting by John O'Donnell and Elizabeth Howcroft. Francesco Canepa, Lefteris papadimas. (Editing by Tommy Reggiori Wilkes. ElisaMartinuzzi, Mark Potter and Mark Potter.
(source: Reuters)