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AfDB starts fund to wean continent off Russian wheat

20th May 2022 Africa’s biggest multilateral lender announced a $1.5-billion fund to boost grain production to help avert potential food shortages stemming from Russia’s war with Ukraine. The African Development Bank will use the facility to supply about 20-million farmers with climate-smart certified seeds and... 

Payouts from top Russian gold miner to fund Islamic charity after sanctioned billionaire exits

20th May 2022 Russia’s top gold miner Polyus PJSC -- long controlled by the family of sanctioned billionaire Suleiman Kerimov -- will be used to fund charity work after an Islamic foundation became its biggest shareholder. Last week, Said Kerimov -- son of the billionaire first sanctioned by the US in 2018 --... 

Finnish Industry ready for end of Russian natural gas imports

20th May 2022 As Finland braces for an expected halt in natural gas flows from its top supplier Russia, some of the largest industrial users are getting ready. There’s a “real risk” the taps will be turned off as soon as Friday, according to estimates by importer Gasum Oy, which has refused to pay in rubles.... 

Arconic to Sell Russian operations, take $500m charge

20th May 2022 Arconic Corp said it will sell its Russian operations, joining the exodus of US companies after the invasion of Ukraine made doing business in the region “untenable.” The Pittsburgh-based aluminum-sheet manufacturer expects to record a charge of as much as $500-million related to the move.... 

Rich nations offer debt guarantees on South African climate deal

20th May 2022 A group of the world’s richest nations offered South Africa debt guarantees as part of a proposed $8.5-billion deal designed to cut the nation’s reliance on coal for power generation, people familiar with the talks said, potentially resolving one sticking point in the negotiations. The guarantees... 

BHP still sees room to negotiate with Samarco's creditors

20th May 2022 BHP Group is willing to protect its joint venture in Samarco Mineracao, saying it sees room to negotiate with financial creditors in the Brazil miner’s debt restructuring. “We’re absolutely committed to making sure that Samarco is reset to be the sustainable operation it always has been and... 

South Africa seeks to make climate finance deal global benchmark

20th May 2022 South Africa’s planned $8.5-billion climate finance deal with some of the world’s richest nations could serve as a blueprint for other coal-dependent countries, the head of its negotiating team said. The potential funding, which will be made available over three to five years, was announced at... 

Renault Plans family car that runs on electricity and hydrogen

19th May 2022 Renault is developing a family-sized passenger car that will run on electricity for short drives and hydrogen for longer trips as part of the company’s push into fuel-cell technology. Dubbed Scenic Vision, the vehicle will have a carbon footprint that’s 75% lower than that of a conventional EV... 

China’s metal exports storm higher to fill gap left by war

19th May 2022 China’s exports of metals surged to multi-year highs as demand at home languished and global supplies tightened, with shipments of an aluminum feedstock spiking to plug a shortfall in Russia. Sales of alumina rose to 170 000 t in April, the highest since 2018, according to Chinese customs data... 

Gold refiner to stop working with mines that miss carbon goals

18th May 2022 One of the world’s biggest gold refineries will look to stop sourcing metal from mines that fail to meet standards on carbon emissions. MKS PAMP plans to curb emissions that come from its supply chain by 27.5% before the end of the decade, the company said in a statement Wednesday. As a result... 

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