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New York Times Business News - September 11,
These are the top stories from the New York Times' business pages. ? These stories have not been?verified? and we cannot vouch for the accuracy of these reports. Anthropic has blocked several attempts to use their artificial intelligence models in research that could help?the development?of biological weapons. The Trump administration has announced that it will issue $500 rebates to nearly one million Americans in 30 states who are higher-income earners and have enrolled in Obamacare plans. Michael O'Leary, Chief Executive Officer of Ryanair, denied reports that a passenger was partially sucked from a shattered glass during a Malta Air flight on its way to Germany. McClatchy owns The Miami Herald and has cut more than one-third of the editorial staff at The Herald. The company cited a lack of interest from subscribers as a reason for cutting jobs.
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Can Africa seize the moment to compete for critical minerals? Andy Home
Africa could transform itself as global competition increases for essential minerals. Although the continent has a large amount of energy transition metals like copper, manganese and cobalt but it is still far from its full potential. According to the Brookings Institution, Africa's share of global mineral revenue is only 10%, even though it holds 30% of world reserves. It's possible that there are still more hidden treasures underground. According to CSIS, the U.S. think tank, only 10% of the global mineral exploration was focused on the continent in 2024. As Africa moves to the forefront of the global battle for resources, the West and China will be vying for the control of metals, which are essential components in both green technologies as well as AI data centers. Can Africa seize the metallic moment? In order to do this, the continent will have to break away from a long history of resource exploitation. The European colonisation in Africa during the late 19th century and the early 20th century laid the foundations of unequal trade relationships based on the extraction of materials for export markets. This pattern persists today. Africans have sacrificed blood, sweat, and tears to build rubber plantations in Belgian Congo, goldfields in South Africa, or copper mines in what is now Zambia. But foreign investors reap the rewards. Many African governments now realise that the global demand for critical metals presents a unique opportunity to alter the terms of the resource trade. Let's Build a Smelter Building more processing capacity is one way African nations can capture more value in mining. Indonesia is a leader in the world. The country will ban nickel ore exports in 2020 and force miners to invest into smelters. This strategy has proven so successful, that Indonesia is the dominant producer of nickel in the world, and exports a variety of nickel products including refined metals with high purity, as well as sulphate, which is used by battery manufacturers. African countries have taken notice. Zimbabwe has imposed controls on the export of lithium, Guinea on bauxite, and the Democratic?Republic of Congo both on cobalt as well as copper. All of these countries are leveraging raw materials in order to increase domestic processing capacity. According to a report published in June by the World Bank and CRU, there are "vast" barriers to starting a successful business. Even when prices fall, a business with low margins can still be profitable if the power supply, infrastructure and logistics are all right. These factors may even be more important than mineral reserves themselves. Look at Angola. Angola is building a smelter for aluminium at Barra do Dande, despite not having bauxite or the ability to convert it into alumina - the intermediate product used in the smelting procedure. The project has a deep sea port that is suitable for handling raw material?and a strategically located free-trade area, which allows it to take advantage of shared infrastructure, favorable business rates, and reliable electricity supplies. CORRIDONS OF POWER Angola is also at the end one of the biggest infrastructure projects in Sub-Saharan Africa - a project that will have a huge impact on the region's efforts to limit the external power of the continent. The Lobito Corridor is a combination of new and existing rail lines that will link the central African Copperbelt to the Angolan Port of Lobito. Both the U.S.A. and Europe are heavily supporting this ambitious project. The strategic importance of this is immense The Lobito Corridor is a Western shipping alternative for the Chinese-built TAZARA rail line that runs from Zambia to Tanzania's port of Dar es Salaam. TAZARA is a transit route that carries a large amount of copper and cobalt from the region as it begins its long journey to a Chinese Port. Chinese companies operate and own some of the biggest copper and?cobalt mining operations in the region. This begins a supply-chain that leads to Chinese electric vehicles and humble air conditioner units. The Lobito Corridor represents a direct challenge against this dominance. The project reduces the time it takes to transport goods from Congo's mining areas to the sea to one week. This helps to reduce risks for potential private sector investment. China responded by committing to spend $1.4billion to renovate TAZARA which it funded in the 1970s. In the end, both Congo and Zambia could benefit from competing rail corridors. GROWTH CONDUCTORS However, the Lobito Corridor promises more than just a quick exit route for Africa’s metals. The 1,800-km (1,120-mile route) is designed to create agricultural, metals, and technology hubs. Western partners are investing in both hard and soft infrastructure, which the European Union calls "soft connectivity". This includes trade facilitation, vocational and technical training, as well as a focus on local employment. In Angola the results are already visible, since the railway infrastructure is being simply upgraded, rather than constructed from scratch as it will be in Zambia by 2030. Upgrades provide immediate economic opportunities in the local economy. Angolan agricultural products from Huambo Province, the farming heartland of Angola, are now accompanying Congo's cobalt and copper on their way to Lobito. Angola exports its first avocados into Europe thanks to a trade logistics platform funded by the EU and a EUR50 million investment programme for sustainable agricultural chains. The Lobito Corridor can be a way to escape Africa's resource-trap. If they are primarily export-oriented, building processing plants may not necessarily bring wealth to the local economy. The Congo's copper is now mostly in high-purity metals, but it still exports most of it to China. This must change if Africa wants to get a bigger share of its mineral revenue. HISTORIC MINERS How to manage the traditional workforce is perhaps the biggest challenge that African countries face in converting their mineral wealth into sustainable economic growth. Around 10 million people in Africa are involved directly in small-scale mining. Many more depend on it to survive. Africans have been engaged in mining for thousands years. Small-scale collective operations were the norm, especially in rural areas where employment opportunities are low. Women and children are still willing to participate in this dangerous job. The environmental impact is devastating and fatalities are not uncommon. ASM, although often referred to as "artisanal", is more like bonded labour. The ground ore is sold by middlemen for a fraction its real value. ASM is often used as forced labour in conflict zones, such as the eastern provinces of Congo and certain Sahel-based countries. Africa's historical miner operate in a "dark zone" thanks to laws from colonial times declaring such "native operations" illegal. Many Western companies are hesitant to buy metals that contain ASM ore, and this is understandable. Multiple efforts are being made to "formalise" ASM, by integrating its workforce into the official mining industry. The biggest is in Congo. This country has been targeted for years by activists who want to exploit its "blood" cobalt. Kinshasa tried and failed to merge its "illegal miners" into the official sector. The new Eurasian Resources Group scheme promises better results, thanks to new controls on cobalt exports and increased powers for the mining regulator Entreprise Generale du Cobalt. Irony: If the West wants Congo cobalt, but doesn't want Chinese operators to supply it, they need to go to the ASM sector. The metal must be accompanied by guarantees that human rights violations have not been committed. Everyone has an interest in bringing Africa's original miner back from the cold. For Africa, this may be the most powerful lever to change a bloody history of exploitation. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Swiss stocks: Factors to be on the lookout for September 11.
Here are some of the key factors that could affect Swiss stocks on Friday: EUROPEAN MARKETS European?shares? close at a two-month low after ECB hike fuels further tightening of bets. COMPANY STATEMENTS ZURICH INSURANCE AGENCY Financial Times reports that Allianz and Zurich Insurance?insured transactions related to the embattled Iron Ore Trader Radiant World. NESTLE Nestle CEO: Middle East conflict is driving inflation and higher supplier costs. FLUGHAFEN ZUERICH Zurich Airport handled?3,326,119 passengers in August, according to the?Swiss firm. ECONOMY Swiss August consumer sentiment due at 7am GMT (Reporting by Zurich newsroom ?and Gdansk newsroom) |1|For Top News in a multimedia Web ?format on Eikon visit: https://bit.ly/2NDFd6g FOR ?RELATED ?PRICES, NEWS AND OTHER TOPICS, DOUBLE-CLICK ON: Daily Swiss ?stock market report in ?German All SMI constituent stocks DJ STOXX index Top 10 ?STOXX sectors Top 10 EUROSTOXX ?sectors Swiss mid-cap ?index Swiss all-share index Swiss market digest Sector overview All Swiss news Swiss research news All equity news SPEED GUIDES: |1|
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Philippine firefighters enter a charred ferry in search of missing dozens
Five people were killed and more than 80 others are still missing after a burning?ferry caught fire on its way from Manila, Philippines to the western province Palawan. The thick smoke and extreme heat prevented firefighters from getting on the ferry. According to a manifest, it had 117 passengers aboard and 17 crew when it caught fire Wednesday night. The Philippine Coast Guard revised its number of missing people from 86 down to 84, after authorities confirmed that two individuals originally listed on manifest were not on board. The rescue count was 43. Aerial footage shows a Coast Guard helicopter hovering over the burning ferry whose upper decks are blackened by fire. The vessel continued to emit light smoke, but it was much thinner than the plumes of thick smoke seen the day before. On an upper deck, two firefighters were visible. Richard Marceliano, a survivor, told GMA News that he saw a small amount smoke which quickly grew into a raging blaze and spread throughout the ferry in a matter of seconds. He and other passengers floated in the water for nearly two hours before being rescued. Families of missing passengers were waiting outside the Manila office of shipowner Atienza Inter-Island Ferries for updates after they failed to receive any information from the company. Evelyn Umpad (64), said that she went to shipowner's offices after the company did not answer her repeated phone calls asking for information about her son-in-law and her daughter-in law who were traveling to Taytay, Palawan, to buy land. "We called and nobody answered. Umpad: "They took my number and promised to call us back but nobody contacted us so we came ourselves here to find out what was going on." "I appeal to them to act and keep us informed." The ferry company said that it fully cooperated with the government investigators in this incident. CAUSE REMANDS UNCLEAR The Coast Guard deployed five'vessels' and divers in the area. Meanwhile, army rescue boats, private resort owners, and fishermen continued to help with the?search which began?Wednesday evening. Coast Guard spokesperson, Commodore Noemie Cayabyab, said that the Coast Guard will also deploy a bigger vessel. Unknown is what caused the fire, which started as the ferry was nearing the end of its 20-hour journey to Coron in northern Palawan, a popular tourist destination. According to a statement by the Maritime Industry Authority (MARINA) citing the accounts of survivors, two consecutive explosions could be heard within the ship which triggered the blaze. According to the Coast Guard, in addition to 330 passengers, there were five motorcycles on board, an electric vehicle, forklifts, pickup trucks, and cargo goods. Ferry travel in the Philippines is common. The archipelago has more than 7,600 island, and millions of people depend on boats to get from one province to another. There is a patchy record of maritime safety in the country. Many ferry disasters are linked to overcrowding and rough weather, as well as lax enforcement.
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Sydney Airport flight disruptions due to a shortage of air traffic controllers
The federal agency in charge of managing Australia's aviation traffic reported that a shortage of air traffic controllers led to flight cancellations and major delays on Friday morning at Sydney Airport. Airservices Australia has announced that it has implemented measures to manage the flow of air traffic "to safely manage aviation demands" due to a staffing shortage. This led to 14 inbound cancellations and delays exceeding an hour. Airservices Australia is struggling with staff shortages and the disruption comes after several near-misses that have occurred at the airport. "Last evening, on relatively short notice, there was some unplanned absenceeeism that we were not able to recover," Airservices Australia's Deputy Chief Executive, Peter?Curran, told a Senate Committee examining the aviation industry, on Friday. He said, "We were one short in the tower today and this caused some significant delays." After?conditions had improved, the air traffic restrictions were lifted at 8 a.m. Minor delays were experienced for the rest of the morning. Flights resumed on time in the afternoon. A spokesperson told us by email that Airservices worked with airlines to minimize delays and their impact on passengers' travel. The 49 Sydney-based controllers need to be operational. Curran said that eight controllers were unavailable because of long-term absences. This left little room for unexpected shortages. We've faced some staffing issues in the past few weeks, since July. At times this can be a problem. He said that today is an example. The agency announced that it would recruit more air traffic control staff and make it easier to call in additional staff if needed. A report last week -- citing records from internal and call recordings -- stated that several air traffic control officers?on duty at the time two Qantas planes nearly collided in Sydney Airport, July -- had been?flagged as being at high risk of fatigue. According to reports, one shift manager described the staffing situation in his department as "a little insane." This was the first of six near misses that occurred at Sydney Airport?in a period of a little over a month. It prompted?further examination of air traffic controller staffing in light of global shortages. The Australian Transport Safety Bureau investigates the close calls in order to determine if they share common safety issues or contribute factors.
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Vietnam Airlines orders five Airbus A350-900s on a provisional basis from Airbus
Vietnam Airlines has confirmed earlier reports that it had signed a Memorandum of Understanding with Airbus for the purchase of five A350-900 aircraft. Vietnam Airlines said that the aircraft are due to be delivered in 2033 or 2034. The deal's value was not disclosed. Vietnam Airlines' fleet development plan identifies the strategic priority of acquiring 30 widebody aircraft after 2030. This agreement was one of several agreements signed between Vietnam, France and To Lam during To Lam's visit to Paris at the International Space Summit. In a statement, Airbus Executive Vice President of Sales for Commercial?Aircraft Benoit de Saint-Exupery said: "We 'believe' that the A350-900 with its long-haul capability and operational efficiency can support Vietnam Airlines plans to expand their international network in years to come." Emmanuel Macron, the French president, said that France and Vietnam were also nearing a 'deal' for three NH90 helicopters made by Airbus Helicopters. The Vietnamese government announced that other agreements were signed during Lam’s visit, including a 'letter of intent' between Vietravel Airlines and Airbus to purchase 20 A220 aircraft, 30 A321 jets. Deliveries are expected to begin in 2029.
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Sydney Airport flight disruptions due to a shortage of air traffic controllers
The 'federal agency in charge of managing Australia's aviation traffic, said that a shortage of air traffic control staff caused delays and flight cancellations at Sydney Airport Friday morning. Investigations are continuing into recent near misses. Airservices Australia?said if it was required to enact Air Traffic Flow Management measures at Sydney Airport due to "role constraints" and to "safely manage aviation demand." ATFM measures were lifted by 8:15 am (2215 GMT Thursday), after the conditions had improved. However, delays of up to 10 minutes could still be expected for the remainder of the morning. Airservices acknowledged that the ATFM measures could have caused some disruptions to airline schedules, and it is working with airlines in order to minimize delays and impact on passenger travel. The agency announced that it would recruit more air traffic controllers, and make it easier for them to call in additional staff when needed. Six Qantas flight were cancelled and some Qantas flights experienced delays exceeding an hour. Sydney Airport's site did not give a specific reason for the delays. A spokesperson directed inquiries to Airservices Australia. Airservices Australia CEO Rob Sharp, along with other senior executives, are scheduled to appear before a Senate Committee later on Friday to examine the state of Australia’s aviation sector. The committee is also examining its ability to provide reliable and affordable service to?regional regions. A report last week -- citing both internal records and an audio recording -- stated that a number of air traffic controllers who were on duty at the time two Qantas planes nearly collided in Sydney Airport, July 2016, had been "flagged" as being at high risk for fatigue. According to reports, one shift manager described the staffing situation in his department as "a little insane." This was the first incident of six near misses that occurred at Sydney Airport in a period of a month. The global shortages have prompted heightened scrutiny on the air traffic control staffing. The Australian Transport Safety Bureau has begun an investigation into the near-misses to see if they share common safety issues, or if there are contributing factors.
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Philippine rescuers continue to search for survivors after the fire on a Palawan ferry
Rescuers in the Philippines re-opened on Friday their search for survivors after a ferry caught fire off the west coast of Palawan province, killing at least five. More than 80 people are still missing. The rescue operations were complicated because of the thick smoke that was still coming from the burning vessel. This prevented responders?from boarding, Cayabyab said, the spokesperson for the Philippine Coast Guard. Cayabyab reported that the number of missing people was reduced from 86 to 84 after the authorities confirmed that two passengers?originally listed in the manifest? were not on board. 43 people were rescued. Richard Marceliano (one of the survivors) told GMA News he saw "a small amount of smoke" that quickly became a raging flame and spread throughout the ferry in seconds. He and other passengers floated in the water for nearly two hours before being rescued. The Coast Guard deployed five vessels, including divers, to the area. Meanwhile, army rescue boats, fishermen, and resort owners have continued to help in the search, which began on Wednesday night. Cayabyab confirmed that a larger Coast guard?vessel will also be deployed. The cause of the fire is still unknown. MARINA, citing the accounts of survivors, released a statement stating that two consecutive explosions could be heard within the ship. This sparked a fire. According to the manifest of the vessel, it was carrying 117 passengers, including 17 crew, on a trip from Baseco, Manila, to Coron, an?popular tourist attraction in Palawan, known for its diving spots and 'island-hopping attractions. According to the Coast Guard, the ferry also carried five motorcycles, a electric vehicle, forklifts, pickup trucks, and cargo goods.
Wall Street Journal, September 11,
These are the top stories from the Wall Street Journal. The Wall 'Street Journal has not?verified?these stories or?cannot?guarantee?their accuracy.
- The Pentagon is in talks to lend roughly $5 billion to AI cloud-computing startup Fluidstack, adding the U.S. military ?to the growing list of financiers of artificial-intelligence infrastructure.
- 'Lineage, world's biggest cold-storage operator based on capacity, is suing Altus Power, a solar-panel supplier, and Pearce Services. They claim that their negligence led to a fire in a Los Angeles warehouse.
The prediction markets platform Kalshi plans to apply for regulatory approval in order to offer the first U.S. perpetual futures that are regulated and tied to a single stock.
Andrew Tulloch is leaving Meta Platforms to join Anthropic. He was offered a package of more than $1 billion dollars.
Positron AI announced a funding round of $875 million on Thursday, quadrupling the company's valuation to $5 billion in just seven months.
(source: Reuters)