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The European Union's palm oil imports have significantly decreased, with purchases dropping to 1.872 million tons from 2.43 million tons the previous year. Key suppliers like Indonesia and Malaysia saw exports decline by 23% and 30%, respectively, while only Papua New Guinea increased its exports by 7%. The reduction is attributed to the Renewable Energy Directive (RED II), which phases out palm oil biofuels by 2030, alongside a rise in biodiesel supply from waste oils in Germany.
UBS upgraded Barrick Gold's outlook from Neutral to Buy on March 5, 2025, forecasting a 32.59% price increase to an average target of $23.51 per share. Despite a projected 8.24% revenue decline to $11,857MM, institutional ownership rose by 2.91%, with a bullish put/call ratio of 0.52.
The Australian stock market faces challenges, with the ASX200 down 1% and sectors like Discretionary and Financials declining, while Utilities and Energy show resilience. Amid this backdrop, promising small-cap stocks with strong fundamentals, such as BSP Financial Group, are emerging as potential investment opportunities. BSP operates across several Pacific nations, boasting a solid funding base and an attractive P/E ratio, despite recent earnings growth setbacks.
Rio Tinto Group's abandoned Panguna copper mine in Bougainville, Papua New Guinea, poses ongoing risks to local communities due to environmental damage from waste left behind. Once among the largest copper mines globally, it was closed in 1989 following civil unrest that resulted in up to 20,000 deaths. Efforts for site remediation have been hampered by Rio's difficulties in accessing the area.
COP29 in Baku, Azerbaijan, faced significant challenges as negotiations over climate finance extended beyond the scheduled end, with developing nations seeking $1 trillion annually by 2030. A draft deal proposed $250 billion from wealthy countries, far below the requested amount, amid notable absences of key world leaders. The conference highlighted frustrations over the lack of commitment from major polluters and the urgent need for a new approach to climate action, especially for vulnerable nations like those in the Pacific.
COP29, led by president Mukhtar Babayev, faces skepticism as major world leaders absent and allegations of fossil fuel dealings emerge. Health experts warn of climate change's toll, with nearly 7 million premature deaths annually, urging urgent action to protect vulnerable communities. The credibility of the UN climate process is further challenged as Azerbaijan, a petrostate, hosts the talks amid concerns over industry influence and insufficient commitments to reduce emissions.
Donald Trump's recent election victory casts a shadow over COP29, intensifying the already challenging climate negotiations amid global conflicts and economic constraints. His commitment to withdraw the U.S. from the Paris Agreement threatens to deepen divides between developed and developing nations, complicating efforts to combat rising emissions during a critical decade for climate action. With fewer world leaders attending and a focus on financial commitments, the summit's potential for meaningful progress remains uncertain.
Newmont's CEO, Thomas Ronald Palmer, sold 20,000 shares at $53.81, totaling $1,076,200, while EVP Peter Toth sold 3,000 shares for $161,430, both transactions reflecting no change in ownership percentage. Institutional investors hold 68.85% of the stock, with recent downgrades from UBS and other analysts adjusting price targets. Newmont reported a quarterly earnings miss, with revenue up 84.7% year-over-year.
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eu palm oil imports decline significantly amid changing biofuel regulations
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ubs upgrades barrick gold outlook to buy with significant price target increase
13:04 05.03.2025
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