2024-06-16 02:08

SANTIAGO, June 15 (Reuters) - Chile's government said on Saturday that Saudi Arabia's mining minister will travel to the Latin American country in July and plans to meet with his counterpart in Santiago. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef told Reuters in March the kingdom was interested in sourcing lithium abroad, as it aims to enter the electric vehicle sector. "He will indeed be in Chile (in July) and has asked for a meeting with the minister. But the date is not yet set," the ministry said in an email to Reuters. A government source had told Reuters about the visit on Thursday, saying the two officials would discuss potential investments in lithium. Chile is the world's second-largest producer of lithium, a key material for making the batteries that power electric vehicles. Sign up here. https://www.reuters.com/markets/commodities/chile-says-saudi-mining-minister-visit-lithium-expected-agenda-2024-06-16/

2024-06-15 21:56

June 15 (Reuters) - Peru's gross domestic product expanded 5.28% in April from a year earlier, the government's INEI statistics agency said on Saturday, the highest rate in 32 months. The figure reversed the contraction logged in the prior month and was well above the 1.4% growth predicted by analysts polled by Reuters, also coming above government expectations of a 4% increase. April's expansion was supported mainly by a year-on-year increase of nearly 24% in agriculture and livestock production, and an expansion of 11.4% in the manufacturing sector, official data showed. On the other hand, the key mining and hydrocarbons sector decreased by 4.34%, following more than a year of uninterrupted growth, due to a contraction of 4.5% in metallic mining activity. The growth rate increase, highest since September 2021, comes as Peru's government boosted its public spending by 29% between January and May, the economy ministry said in a press release explaining the GDP data. "Economic activity is expected to remain dynamic in May, mainly driven by fishing and primary manufacturing given the extraordinary anchovy capture in the north-central zone," the document added. On Friday, Economy Minister Jose Arista said Peru's economy grew 4% in April and possibly in May as well, as the Andean economy seeks to emerge from a recession begun last year. Sign up here. https://www.reuters.com/world/americas/peru-economy-expands-april-highest-growth-over-30-months-2024-06-15/

2024-06-15 19:56

June 15 (Reuters) - Calgary, the largest city in Canada's primary oil-producing province of Alberta, has declared a state of local emergency due to ongoing repairs on the city's main water pipeline which ruptured last week, the mayor announced on Saturday. Residents face a critical water shortage and urgently need to reduce their water usage, Calgary Mayor Jyoti Gondek said. Water restrictions in Calgary could remain in place for a month or longer, after an internal analysis of the ruptured water pipeline identified five additional "hot spots" at risk of failure, Gondek said. "This is not a decision that was made lightly, but as we shared yesterday at 5 p.m., the investigation of the broken feeder main pipe revealed that there are five more areas that need repairs,” Gondek said. "We are going to need to reduce water use and I rely on you so that we can get through this," she said. The rupture last week in the city's main water feeder, which carries water supplies to 1.2 million people, flooded streets, playing fields, and a section of the TransCanada highway, the country's main east-west route, which remains closed. Downtown Calgary is home to the vast majority of Canada's oil and gas companies. Outdoor watering is banned and residents have been asked to delay using dishwashers and washing machines and limit shower times. The 11-kilometre pipeline, known as a feeder main, was installed in 1975 and is one of the most important and largest water supply arteries in Calgary. The Calgary Emergency Management Agency's chief Susan Henry said that the repair process will be complex. "We are working as hard as we can to bring that timeline down," she said. The announcement comes less than three weeks before the start of Calgary's annual Stampede event, a 10-day celebration of rodeo and western cowboy culture that brings hundreds of thousands of visitors to the city. Sign up here. https://www.reuters.com/world/americas/calgary-declares-state-emergency-due-water-distribution-facility-crisis-2024-06-15/

2024-06-15 19:41

CAIRO, June 15 (Reuters) - The United Kingdom Maritime Trade Operations (UKMTO) said on Saturday the crew of a Palau-flagged cargo ship had been evacuated and the ship was on fire and sinking, referring to an incident that happened 98 nautical miles east of Yemen's Aden on June 13. Missiles fired by Yemen's Houthi militants struck the Verbena in the Gulf of Aden on Thursday, sparking a fire and severely injuring one of its crew, U.S. Central Command (CENTCOM) said. The Iran-aligned Houthis have launched dozens of attacks on international shipping in the Red Sea region since November in solidarity with Palestinians in the war between Israel and Hamas. On June 12, Houthis also attacked a Greek-owned coal carrier near the Yemeni port of Hodeidah, causing severe flooding and damage to the engine room and leaving the vessel - the Tutor - unable to manoeuvre. "The Verbana is sinking in the Gulf of Aden .... The Tutor is at risk of sinking in the coming hours," the Houthis' military spokesman Yahya Saree said on Saturday, repeating the group's threat to target companies that deal with Israel. The Houthi attacks have upended global trade by forcing ship owners to reroute vessels away from the vital Suez Canal shortcut, and drawn retaliatory U.S. and British strikes since February. Sign up here. https://www.reuters.com/world/middle-east/ship-evacuated-ablaze-after-attack-by-yemens-houthis-ukmto-says-2024-06-15/

2024-06-15 18:12

BUENOS AIRES, June 15 (Reuters) - Argentina's largest oil union said on Saturday it will strike for 48 hours starting Tuesday to demand higher salaries, a move that will affect production at the giant Vaca Muerta shale formation. The Vaca Muerta hydrocarbon formation is the world's second-largest shale gas reserve and the fourth largest for shale oil, and plays a central role in Argentina's plan to reverse a significant deficit in its energy trade balance and become a net energy exporter. The Union of Private Oil and Gas Workers in Rio Negro, Neuquen and La Pampa - the provinces where Vaca Muerta is located- said it called the strike after talks with companies failed. The protest will take place next Tuesday from 1100 GMT, according to a press release. "We tried to sit down, understand, talk, reach an agreement, but they brought us the same proposals as a year and a half ago, the same thing we talked about four months ago," said the union's general secretary, Marcelo Rucci. "We have the predisposition to dialogue and to discuss. Now, what we don't have is time for them to disrespect us." Sign up here. https://www.reuters.com/business/energy/argentine-oil-union-calls-48-hour-strike-that-will-affect-vaca-muerta-production-2024-06-15/

2024-06-15 13:43

June 14 (Reuters) - Brazil's President Luiz Inacio Lula da Silva said on Saturday he is open to analyzing Finance Minister Fernando Haddad's spending cut proposals but emphasized that fiscal adjustments would not be made at the expense of the poor. Speaking at a press conference on the sidelines of the Group of Seven (G7) summit in Italy, leftist Lula said unnecessary spending should be avoided amid growing pressure from investors for the government to reduce expenditures and balance public accounts. "Haddad will never be weakened as long as I am president because he is my finance minister, chosen by me and kept by me," he said. "If Haddad has a proposal, he will seek me out this week to discuss the economy. I want to make it clear that we are not going to make adjustments on the backs of the poor." His remarks came after Haddad said he was focused on intensifying the spending cuts agenda, citing areas like excessive public salaries and unlawful benefits. The Senate's rejection of a contested revenue-raising measure earlier this week had caused market prices to plummet amid growing concerns that Haddad was losing influence in his position. Lula also said the media frequently mentions Brazil's fiscal deficit, but no one talks about high interest rates "in a country with 4% inflation." "On the contrary, they celebrate with the central bank chief in Sao Paulo. Again, those attending the celebration must be profiting from the interest rate," he said. Central bank chief Roberto Campos Neto, appointed by former President Jair Bolsonaro, was honored on Monday at the Sao Paulo State Legislature and later attended a dinner hosted by state governor Tarcisio de Freitas, who is viewed as a potential right-wing candidate for the 2026 presidential race. Since August, Brazilian interest rates have fallen by 325 basis points to 10.50% while annual inflation reached 3.93% in May, compared with the 3% official target. The next rate-setting meeting will take place on June 18-19. Sign up here. https://www.reuters.com/world/americas/brazils-lula-stands-by-finance-minister-rejects-spending-cuts-targeting-poor-2024-06-15/