GREENWASHING

World Bank and IMF climate snub ‘worrying’: COP29 presidency

By AFP
June 20, 2025


Developing nations will need substantial outside investment to transition to renewable energy and build climate resiliance - Copyright AFP Frederic J. BROWN

Kelly MACNAMARA

The hosts of the most recent UN climate talks are worried international lenders are retreating from their commitments to help boost funding for developing countries’ response to global warming.

This anxiety has grown as the Trump administration has slashed foreign aid and discouraged US-based development lenders like the World Bank and the International Monetary Fund from focussing on climate finance.

Developing nations, excluding China, will need an estimated $1.3 trillion a year by 2035 in financial assistance to transition to renewable energy and climate-proof their economies from increasing weather extremes.

But nowhere near this amount has been committed.

At last year’s UN COP29 summit in Azerbaijan, rich nations agreed to increase climate finance to $300 billion a year by 2035, an amount decried as woefully inadequate.

Azerbaijan and Brazil, which is hosting this year’s COP30 conference, have launched an initiative to plug the shortfall that includes expectations of “significant” contributions from international lenders.

But so far only two — the African Development Bank and the Inter-American Development Bank — have responded to a call to engage the initiative with ideas, said COP29 president Mukhtar Babayev.

“We call on their shareholders to urgently help us to address these concerns,” he told climate negotiators at a high-level summit in the German city of Bonn this week.

“We fear that a complex and volatile global environment is distracting” many of those expected to play a big role in bridging the climate finance gap, he added.

His team travelled to Washington in April for the IMF and World Bank’s spring meetings hoping to find the same enthusiasm for climate lending they had encountered a year earlier.

But instead they found institutions “very much reluctant now to talk about climate at all”, said Azerbaijan’s top climate negotiator Yalchin Rafiyev.

This was a “worrisome trend”, he said, given expectations these lenders would extend the finance needed in the absence of other sources.

“They’re very much needed,” he said.

The United States, the World Bank’s biggest shareholder, has sent a different message.

On the sidelines of the April spring meetings, US Treasury Secretary Scott Bessent urged the bank to focus on “dependable technologies” rather than “distortionary climate finance targets.”

This could mean investing in gas and other fossil fuel-based energy production, he said.



– Money matters –



Under the Paris Agreement, wealthy developed countries — those most responsible for global warming to date — are obligated to pay climate finance to poorer nations.

But other countries, most notably China, do make their own voluntary contributions.

Finance is a source of long-running tensions at UN climate negotiations.

Donors have consistently failed to deliver on past finance pledges, and committed well below what experts agree developing nations need to prepare for the climate crisis.

The issue flared again this week in Bonn, with nations at odds over whether to debate financial commitments from rich countries during the formal meetings.

European nations have also pared back their foreign aid spending in recent months, raising fears that budgets for climate finance could also face a haircut.

At COP29, multilateral development banks (MDBs) led by the World Bank Group estimated they could provide $120 billion annually in climate financing to low and middle income countries, and mobilise another $65 billion from the private sector by 2030.

Their estimate for high income countries was $50 billion, with another $65 billion mobilised from the private sector.

Rob Moore, of policy think tank E3G, said these lenders are the largest providers of international public finance to developing countries.

“Whilst they are facing difficult political headwinds in some quarters, they would be doing both themselves and their clients a disservice by disengaging on climate change,” he said.

The World Bank in particular has done “a huge amount of work” to align its lending with global climate goals.

“If they choose to step back this would be at their own detriment, and other banks like the regionally based MDBs would likely play a bigger role in shaping the economy of the future,” he said.

The World Bank did not immediately respond to a request for comment.

Russian government, central bank spar over economic downturn

JUST LIKE THE U$A

By AFP
June 20, 2025


Russia's central bank, headed by Governor Elvira Nabiullina, has rebuffed calls to cut interest rates again - Copyright AFP Frederic J. BROWN

Russian officials sparred publicly on Friday over how to boost the economy, as growth slows more than three years into its Ukraine offensive.

Moscow had shown unexpected economic resilience in 2023 and 2024, despite the West’s sweeping sanctions, with massive state spending on the military powering a robust expansion.

But economists have long warned that heavy public investment in the defence industry is no longer enough to keep Russia’s economy growing.

Businesses and some government figures have urged the central bank to further cut interest rates to stimulate activity.

“The indicators show the need to reduce rates,” Deputy Prime Minister Alexander Novak said at Russia’s flagship economic forum in Saint Petersburg.

“We must move from a controlled cooling to a warming of the economy,” said Novak, who oversees Russia’s key energy portfolio in the government.

He described the current economic situation facing the country as “painful”.

The call for more cuts to borrowing costs comes a day after Moscow’s economy minister warned the country was “on the verge of a recession”.

“A simple and quick cut in the key rate is unlikely to change anything much at the moment, except for… an increase in the price level,” the central bank’s monetary policy department chief Andrey Gangan said.

The central bank lowered interest rates from a two-decade-high earlier this month, its first cut since September 2022.

The bank, which reduced the rate from 21 percent to 20 percent, said at the time that Russia’s rapid inflation was starting to come under control but monetary policy would “remain tight for a long period”.

The central bank has resisted pressure for further cuts, pointing to inflation of around 10 percent, more than double its four-percent target.

Russia’s gross domestic product (GDP) growth slowed to 1.4 percent year-on-year in the first quarter, the lowest quarterly figure in two years.

Russian President Vladimir Putin, who has typically been content to let his officials argue publicly over some areas of economic policy, is set to speak on Friday afternoon at the plenary session of the economic forum.

Malaysia’s Dayaks mark rice harvest end with colourful parade


By AFP
June 21, 2025


Indigenous Iban men gather during the Gawai Dayak Culture Parade in Kuching - Copyright AFP Mohd RASFAN

Dressed in colourful costumes, some sporting feathered headgear and traditional swords, several thousand of Malaysia’s ethnic Dayak people paraded in the streets of Sarawak state on Borneo island Saturday to celebrate the ending of the rice harvest season.

The Gawai Dayak 2025 Parade in state capital Kuching is the only annual gathering by representatives of around 11 of Sarawak’s main Dayak groups — which participants said helps to keep alive a unique part of the Southeast Asian nation’s culture.

Marchers gathered from early Saturday under the blistering tropical sun, many of them travelling long distances by bus to walk in the parade along the banks of the Sarawak River.

“This gathering is something that is very important to me,” said Joel Zacchaeus Anak Ebi, sporting the traditional Iban headgear worn by one of Borneo’s best-known tribes.

People “must know and realise that Sarawak has traditions and cultures that must be preserved,” he told AFP ahead of the march, which was also attended by Sarawak Premier Abang Johari Tun Openg.

“A day like this brings our people together, especially the younger people, who can easily lose touch with their roots when they move away from Sarawak,” said Dayak village elder Ngindang Rambo, 61.

Watching the parade, Masha Timosha, 34, a tour guide from Russia, said she was amazed by the costumes and atmosphere.

“This is just very impressive. I even have my own Sarawakian costume but I didn’t put it on,” she told AFP.

Malaysia’s Dayak people are mainly riverine and hill-dwelling, made up of dozens of ethnic groups, each with their own distinct dialect, customs, laws and practices.

Dayak communities however have become increasingly under threat from encroaching palm oil forestry and industrial logging, human rights groups and Indigenous groups have said.

Many Indigenous communities in Sarawak face challenges in accessing basic services, Human Rights Watch said in a statement last month, including access to running water, electricity and land titles.

Local groups and international observers have also called on the government to “urgently legislate Indigenous customs and traditions through which Indigenous people have acquired rights to their lands, territories and resources,” the Sarawak Dayak Iban Association (Sadia) said last year.

Rainforest-clad Borneo is the world’s third-largest island and is shared between Malaysia, Indonesia and Brunei.

Q&A: Innovations in cannabinoid science and commerce


By  Dr. Tim Sandle
June 21, 2025

DIGITAL JOURNAL

Medical cannabis has been a boon for the Berlin-based company whose website slogan says 'we love cannabis' and whose Frankfurt Stock Exchange ticker symbol is 'HIGH' - Copyright AFP Daniel Peter

Progress in the use of cannabinoid pharmaceuticals has been extensive. Cannabinoids interact with the endocannabinoid system in the body, which plays a role in regulating various functions like mood, pain, and appetite.

To gain an insight into developments, Digital Journal spoke with Joel Latham, CEO of Incannex Healthcare Inc. Incannex is a leading clinical-stage biopharmaceutical company developing novel cannabinoid pharmaceuticals and psychedelic therapies to treat chronic conditions including obstructive sleep apnea, rheumatoid arthritis, and generalized anxiety disorder.

Digital Journal: Can you provide a brief background on Incannex Healthcare?

Joel Latham: Incannex Healthcare Inc. is a clinical-stage biopharmaceutical company specializing in the development of innovative therapies that combine cannabinoids and psychedelics to address chronic conditions with limited or no effective treatments. Founded in Australia, the company re-domiciled to the U.S. in November 2023 and is now headquartered in New York City. Our shares are publicly traded on the Nasdaq under the ticker symbol IXHL.

Incannex employs a strategy of developing combination therapies that leverage the synergistic effects of cannabinoids or psychedelics with other pharmaceutical agents. This approach aims to enhance therapeutic efficacy while minimizing side effects. Our pipeline addresses conditions with significant unmet medical needs, including obstructive sleep apnea (OSA), rheumatoid arthritis, and generalized anxiety disorder (GAD).

We currently have three key therapeutic programs:IHL-42X: An oral fixed-dose combination of dronabinol (a synthetic cannabinoid) and acetazolamide, designed to synergistically treat OSA. Following promising Phase 2 results, the Phase 3 component of the RePOSA clinical trial is underway in the U.S. This study aims to evaluate the efficacy and safety of IHL-42X, which has the potential to become the first FDA-approved oral therapy for OSA.IHL-675A: A combination of cannabidiol (CBD) and hydroxychloroquine, targeting inflammatory conditions such as rheumatoid arthritis, inflammatory bowel disease, and lung inflammation. This candidate is currently in Phase 2 clinical trials. PSX-001: A synthetic psilocybin therapy administered with psychotherapy for the treatment of GAD. This program is in Phase 2b clinical development.

DJ: What are the benefits of leveraging cannabinoids in the development of new medications?

Latham: For Incannex, leveraging cannabinoids provides strategic advantages that align with its focus on innovative combination therapies. The benefits are:Differentiated Products: By combining cannabinoids with existing drugs (e.g. IHL-42X, IHL-675A), Incannex creates novel, patentable treatments with enhanced efficacy and lower side effects.
Targeting Unmet Needs: Incannex applies this approach to conditions like obstructive sleep apnoea, anxiety, and inflammation—markets with few or no approved drug options.
Favourable Safety Profile: Cannabinoids such as CBD and dronabinol are generally well-tolerated, making them ideal for chronic conditions.
Regulatory Tailwinds: With growing global acceptance and ongoing late-stage trials, Incannex is well-positioned for commercial and regulatory success.
Scalable R&D Model: The platform enables development of additional therapies across multiple indications using a similar combination strategy.

DJ: What do you say to people who are hesitant about their use in drug development?

Latham: To those hesitant about the use of cannabinoids in drug development, we say cannabinoids are often misunderstood due to their association with recreational use, but in a pharmaceutical setting, they are rigorously studied, purified, and precisely dosed—just like any other active ingredient. At Incannex, we’re not using raw cannabis or promoting alternative medicine. We develop regulated, clinically tested combination therapies with clear mechanisms of action.

Our approach uses synthetic or pharmaceutical-grade cannabinoids combined with proven drugs to create therapies with improved safety and efficacy profiles. We focus on serious medical conditions with limited treatment options, such as obstructive sleep apnoea, anxiety, and inflammatory diseases.

There is a growing body of clinical data and regulatory support for cannabinoid-based medicines. When used scientifically, they offer a legitimate and promising path to better treatments.

Scepticism is understandable—but it’s important that science, not stigma, drives the conversation.

DJ: What chronic diseases are you currently focused on? Can you discuss your pipeline in those areas?

Latham: Incannex is focused on developing therapies for chronic diseases with limited or no effective treatment options. Our pipeline targets high-need areas where innovative combination therapies using cannabinoids or psychedelics can make a meaningful impact.

We are advancing IHL-42X for obstructive sleep apnoea (OSA), a fixed-dose combination of dronabinol (a synthetic cannabinoid) and acetazolamide. The treatment is designed to reduce apnoea events and improve sleep quality and is currently progressing through Phase 3 trials in the U.S. and UK. If successful, IHL-42X could become the first approved drug therapy for OSA.

We are also developing IHL-675A, a combination of CBD and hydroxychloroquine for the treatment of inflammatory conditions such as rheumatoid arthritis, inflammatory bowel disease, and lung inflammation. This program is currently in Phase 2 trials, following strong preclinical data that demonstrated improved efficacy compared to standard treatments.

In the mental health space, we are developing PSX-001, a synthetic psilocybin-assisted psychotherapy program for individuals with generalised anxiety disorder (GAD). The program is in a Phase 2b clinical trial in Australia, with potential for international expansion.

Each of these programs reflects our strategy of using cannabinoid and psychedelic agents in combination therapies to target chronic conditions with high unmet need.

DJ: How do you ensure drug purity and efficacy?

Latham: At Incannex, ensuring drug purity and efficacy is central to our development process. We work with Good Manufacturing Practice (GMP)-certified facilities to manufacture all drug products under tightly controlled conditions, ensuring consistent quality, purity, and safety across batches.

Each formulation undergoes extensive analytical testing, including stability, potency, and contaminant screening, to meet global pharmaceutical standards. This applies to both the cannabinoid or psychedelic components and the accompanying pharmaceutical agents.

We validate efficacy and safety through rigorous preclinical and clinical trials, conducted under FDA and international regulatory guidelines. Independent monitoring is used to ensure data accuracy and trial integrity.

Our dedicated quality assurance and regulatory teams oversee compliance throughout the full drug development lifecycle—from research to commercial readiness.

We apply the same scientific and regulatory standards to our therapies as any traditional pharmaceutical company, ensuring our products are safe, effective, and high quality.

DJ: Do you use real-time release technology?

Latham: At this stage, Incannex does not utilise real-time release (RTR) technology in its manufacturing processes. Our current development programs rely on conventional quality control methods, including batch release testing, to ensure the safety, purity, and efficacy of our drug products.

That said, as our clinical programs advance and we move closer to commercial-scale manufacturing, we continue to evaluate new technologies—including RTR—where they may add value. RTR could potentially improve manufacturing efficiency and responsiveness in the future, particularly for products with high-volume or time-sensitive demands.

Our focus remains on maintaining the highest quality standards using proven, compliant methods, while remaining open to innovation as our pipeline matures.

DJ: Where do you expect the cannabinoid pharmaceutical industry to go in the next five years?

Latham: Over the next five years, the cannabinoid pharmaceutical industry is expected to evolve significantly, moving from niche applications toward broader mainstream adoption. Several key trends are likely to shape the future:

Regulatory advancement

Governments and regulatory agencies, including the FDA and the European Medicines Agency (EMA), are increasingly recognising cannabinoids as legitimate therapeutic agents. As more clinical data emerges, we expect to see greater regulatory clarity and more approvals of cannabinoid-based drugs for specific, well-defined indications.

Shift toward standardised, pharmaceutical-grade products

The focus will continue to move away from unregulated or wellness-oriented products toward rigorously tested, GMP-manufactured pharmaceuticals. Companies like Incannex, developing fixed-dose combination therapies, are well-positioned in this environment.

Growth in high-value therapeutic areas

Expect to see increased cannabinoid applications in areas such as pain management, neurological disorders, sleep disorders, anxiety, and inflammation—particularly where conventional treatments are inadequate or poorly tolerated.

More strategic partnerships and M&A activity

As big pharma takes a closer look at the space, we anticipate an increase in licensing deals, co-development partnerships, and acquisitions, especially targeting companies with late-stage assets or novel IP.

Enhanced public and clinical acceptance

As stigma continues to decline and medical evidence grows, prescriber confidence and patient demand for cannabinoid-based medicines will rise, particularly in chronic disease management.

In short, the industry is transitioning from early-stage exploration to scientifically validated, regulatory-backed development—creating significant opportunities for leaders in clinical cannabinoid innovation like Incannex.

South Korea counts on shipbuilding to ease US tariff woes

By AFP
June 22, 2025


Shipbuilding accounted for nearly four percent of South Korea's exports in 2024 and directly employs around one percent of the country's workforce - Copyright AFP/File Alex MARTIN

Hieun SHIN

Asia’s fourth largest economy South Korea is facing gruelling tariffs by US President Donald Trump, but its shipbuilding industry could prove a useful bargaining chip.

Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 percent country-specific tariff that has been suspended until July 8.

AFP takes a look at what’s going on:



– Why shipbuilding? –



In the 1970s, South Korea’s military leader president Park Chung-hee accelerated the country’s heavy industry, designating sectors such as steel and shipbuilding “strategically important” and rolling out state subsidies.

At the same time, POSCO was founded — now one of the world’s largest steel producers — and conglomerate Hyundai built its shipyard in southeastern Ulsan, which started to grow rapidly.

European rivals struggled to keep pace.

Sweden’s Kockums Shipyard filed for bankruptcy in 1987 — and in a symbolic shift of global shipbuilding power, Hyundai acquired its 140-metre (460-foot) Goliath crane for one dollar. It now towers over southern Ulsan.

In the 1990s and 2000s, South Korean shipbuilders such as Hyundai Heavy Industries and Samsung Heavy Industries ramped up investment in research and development, backed by generous government subsidies.

The country secured a competitive edge in high-value-added vessels, including LNG carriers, very large crude carriers, and offshore platforms.

Now, South Korea ranks as the world’s second-largest shipbuilding nation, trailing only behind China.



– Is it important? –



South Korea’s exports hit a record high in 2024, with analysts pointing to shipbuilding as one of the key drivers.

The sector accounted for nearly four percent of total exports and grew by almost 20 percent from the previous year — reaching $25.6 billion.

Shipbuilding directly employs around 120,000 workers — roughly one percent of the country’s total workforce — with indirect employment significantly higher in industrial hubs like Ulsan.

Industry data shows so far this year, new orders have exceeded 13 trillion won ($9.4 billion).

In March, Hanwha Ocean secured a landmark $1.6 billion contract to build LNG carriers for Taiwan’s Evergreen Marine, one of the largest single orders in the sector this year.



– Why is it a ‘bargaining chip’? –



Trump has showed “significant interest in South Korea-US shipbuilding cooperation,” said South Korea’s trade, industry and energy minister Ahn Duk-geun in April.

Like the Europeans, the US shipbuilding industry has lagged behind South Korea and China, and as a result, the sector is seen as a “highly important bargaining chip in trade negotiations,” he added.

At an APEC finance ministers’ meeting in South Korea in May, US Trade Representative Jamieson Greer met Chung Ki-sun, vice chairman of HD Hyundai, the country’s largest shipbuilder, before he met Seoul’s top officials.

“South Korea’s shipbuilding and defence industries see a window of opportunity,” said Kim Dae-jong, a professor at Sejong University.



– How does it help the US? –



Greer also met with the CEO of Hanwha Ocean, the first non-American company authorised to carry out a dry-dock maintenance of a US Navy vessel.

The move last September was seen as significant as it signalled that Washington sees South Korea, where it already has 28,000 US troops stationed, as a strategic defence hub.

With worries growing about China’s expanding naval fleet and potential conflict in the Taiwan Strait, the US has begun seeking reliable overseas shipyards to support its operations in the Asia-Pacific region.

The global market for ship maintenance, repair, and overhaul is projected to exceed $60 billion annually, according to industry estimates.



– Any problems? –



Despite multi-billion-dollar contracts, data suggests South Korea’s shipbuilding industry is losing ground in the global race.

China dominates with South Ko-friendly vessels is rising, and the government need to overhaul regulations “to support the development of next-generation eco-friendly vessels,” Rhee Shin-hyung, a professor at Seoul National University, told AFP.

South Korea’s woeful demographics also make staffing hard. In Geoje -– home to Samsung Heavy Industries -– the number of residents in their 20s and 30s has nearly halved in recent years.

Orders are down in 2025 which hints that “the shipbuilding boom may end sooner than the market anticipated,” warned Rhee.

Global ship orders between January and April fell by almost half the volume recorded during the same period last year.

Shipbuilders have been enjoying a “supercycle” but unfortunately the “peak is expected to be lower and the boom shorter-lived compared to the past,” Nam Chul, vice president at HD Hyundai Heavy In

UK probes Amazon over suspected late payments to food suppliers

By AFP
June 20, 2025


Image: — © AFP Patrick T. Fallon

Britain’s grocery watchdog on Friday launched an investigation into whether online retail giant Amazon made late payments to food suppliers.

The Groceries Code Adjudicator (GCA) said it had “reasonable grounds” to suspect Amazon had breached industry rules prohibiting delayed payments to suppliers in Britain between March 2022 and June 2025.

“I decided to launch this targeted investigation based on the range of evidence I have seen from multiple source,” adjudicator Mark White said in a statement.

Amazon became a designated UK grocery retailer in 2022. That made it subject to industry rules that ensure Britain’s largest retailers — those with an annual grocery turnover above £1 billion ($1.3 billion) — treat suppliers fairly.

“The alleged delays could expose Amazon suppliers to excessive risk and unexpected costs, potentially affecting their ability to invest and innovate,” White added.

If a breach is found, Amazon could face a fine of up to one percent of its annual revenue in the UK.

An Amazon spokesperson said the company would “cooperate fully” with the investigation.

“We have already made significant improvements to our grocery supplier experience, including to payment practices,” they added.

The GCA last year told Amazon it had to take “swift and comprehensive” action to comply with industry rules, following complaints from suppliers.

It decided to launch a formal probe on Friday following “further detailed evidence about experiences with Amazon”, the regulator added.

More microplastics in glass bottles than plastic: study


By AFP
June 20, 2025


Drinks in glass bottles had five to 50 times more microplastic fragments than in plastic bottles - Copyright AFP -

Rébecca Frasquet

Drinks including water, soda, beer and wine sold in glass bottles contain more microplastics than those in plastic bottles, according to a surprising study released by France’s food safety agency Friday.

Researchers have detected thee tiny, mostly invisible pieces of plastic throughout the world, from in the air we breathe to the food we eat, as well as riddled throughout human bodies.

There is still no direct evidence that this preponderance of plastic is harmful to human health, but a burgeoning field of research is aiming to measure its spread.

Guillaume Duflos, research director at French food safety agency ANSES, told AFP the team sought to “investigate the quantity of microplastics in different types of drinks sold in France and examine the impact different containers can have”.

The researchers found an average of around 100 microplastic particles per litre in glass bottles of soft drinks, lemonade, iced tea and beer. That was five to 50 times higher than the rate detected in plastic bottles or metal cans.

“We expected the opposite result,” PhD student Iseline Chaib, who conducted the research, told AFP.

“We then noticed that in the glass, the particles emerging from the samples were the same shape, colour and polymer composition — so therefore the same plastic — as the paint on the outside of the caps that seal the glass bottles,” she said.

The paint on the caps also had “tiny scratches, invisible to the naked eye, probably due to friction between the caps when there were stored,” the agency said in a statement.

This could then “release particles onto the surface of the caps”, it added.

– Wine fine –

For water, both flat and sparkling, the amount of microplastic was relatively low in all cases, ranging from 4.5 particles per litre in glass bottles to 1.6 particles in plastic.

Wine also contained few microplastics — even glass bottles with caps. Duflos said the reason for this discrepancy “remains to be explained”.

Soft drinks however contained around 30 microplastics per litre, lemonade 40 and beer around 60.

Because there is no reference level for a potentially toxic amount of microplastics, it was not possible to say whether these figures represent a health risk, ANSES said.

But drink manufacturers could easily reduce the amount of microplastics shed by bottle caps, it added.

The agency tested a cleaning method involving blowing the caps with air, then rinsing them with water and alcohol, which reduced contamination by 60 percent.

The study released by ANSES was published online in the Journal of Food Composition and Analysis last month.

REAGAN'S STAR WARS REDUX

Trump ‘Golden Dome’ plan tricky and expensive: experts


By AFP
June 19, 2025


US President Donald Trump has claimed the missile shield would be capable of intercepting missiles even 'from other sides of the world' - Copyright AFP Inti OCON
Mathieu Rabechault

President Donald Trump’s proposed “Golden Dome” defence system is a plan that will face mammoth technical and financial hurdles, and could increase global insecurity, experts say.

Trump announced plans for the space-based system last month, saying it would eventually cost around $175 billion and would be operational by the end of his term in 2029.

The planned defence shield’s name is a nod to Israel’s Iron Dome that has intercepted thousands of short-range rockets since 2011.

But the US defence system would intercept much bigger intercontinental threats.

The plan comes after a 2022 Department of defence study pointed to advances by China and Russia.

Beijing is closing the gap with Washington when it comes to ballistic and hypersonic missile technology, while Moscow is modernising its intercontinental-range missile systems and developing advanced precision strike missiles, it said.

Trump has claimed the “Golden Dome” will be “capable of intercepting missiles even if they are launched from other sides of the world”.

But analysts are sceptical.

“I’m not holding my breath,” said Thomas Withington, an associate fellow at the RUSI defence think tank.

“The challenges are so significant at this stage that they may simply be unrealistic to surround in the timeframes that the Trump administration envisages.”



– ‘Poster child for waste’ –



Thomas Roberts, of the Georgia Institute of Technology, said the “Golden Dome” plan was based on being able to detect when a long-range missile was fired.

A missile’s so-called “boost phase” — which produces a heat blast that lasts one to two minutes and can be observed from space — is the best time to deploy defences, he said.

“If you had an enormous constellation of interceptors in orbit at all times, they could be readily de-orbited — or systematically removed from orbit — to strike an intercontinental ballistic missile,” he said.

But Todd Harrison, from the American Enterprise Institute, said this would require a massive number of satellites.

“It takes about 950 interceptors spread out in orbit around the Earth to ensure that at least one is always in range to intercept a missile during its boost phase,” he said.

But that means that if an adversary launches a salvo of ten missiles, some 9,500 interceptors would be needed to ensure at least ten are within range.

“Given that China has about 350 intercontinental ballistic missiles and Russia has 306 — not including their sub-launched ballistic missiles — scaling a space-based interceptor system to meet the threat quickly becomes impractical.”

The non-partisan US Congressional Budget Office estimates that, just to stop “one or two intercontinental ballistic missiles”, the United States would need a constellation of satellites costing between $161 billion to $542 billion.

The US military could spend billions of dollars on research only for the next administration to nix the project, Harrison warned.

“Golden Dome could become the poster child for waste and inefficiency in defence,” he said.

The plan also calls for developing satellites able to fire lasers at missiles to avoid too much debris on impact.

But a European defence contractor said on condition of anonymity that such lasers are “still beyond what even the Americans are capable of doing”.

“It’s just an excellent way to give the US (defence) industry substantial funding so they can increase their technological lead without necessarily aiming for actual operational deployment,” the contractor said.



– ‘Global arms race’? –



Trump’s plan is reminiscent of President Ronald Reagan ambition for a Strategic Defense Initiative in the 1980s, which also sought to place interceptor satellites in space.

China and Russia, which both have nuclear weapons, have slammed the latest plan as “deeply destabilising”.

Nuclear-armed North Korea has called the plan a “very dangerous” threat.

Julia Cournoyer, research associate at Chatham House, said the plan was risky as adversaries would likely see it “as an attempt to undermine the logic of nuclear deterrence”.

“If Washington is perceived to be developing a shield that could one day neutralise a retaliatory nuclear strike, it risks triggering a dangerous global arms race,” which would exacerbate rather than reduce risk.

Withington said Trump might be hoping to use the plan as leverage for talks with China and Russia.

“It may be that the Trump administration is hoping that this would bring both countries to some kind of negotiating table to talk about a reduction of nuclear warhead sizes or to revitalise the arms control agenda,” he said.

Sahel juntas pile pressure on foreign mining firms

By AFP
June 20, 2025


Niger wants to nationalise the local branch of Orano, a uranium mining company mostly owned by France - Copyright AFP Valentina ALPIDE

Army strongmen who have seized power in coups across Africa’s Sahel region since 2020 have ramped up pressure on foreign mining companies in the name of greater control over their countries’ riches.

Niger’s nationalisation of the local branch of French uranium giant Orano on Thursday is the latest such measure by the junta and its allies in Burkina Faso and Mali.

In particular the coup-hit trio, which have all turned their backs on their shared former colonial master France in favour of stronger ties with Russia, have placed Western firms firmly in their sights.

– Tug-of-war –

Niger’s nationalisation of Orano’s local branch Somair has brought a months-long struggle with the French firm to a peak.

Orano, which is 90-percent owned by the French state, had already admitted to having lost operational control of its subsidiary months ago.

Meanwhile in Mali, Canadian giant Barrick Mining is locked in a tug-of-war with the army over a mining code that came into force in 2023. The military is demanding hundreds of millions of dollars of back taxes from the firm.

Barrick has since lost control of Loulo-Gounkoto, the country’s largest gold mine, in which the Canadian firm holds a majority stake.

In November 2024, Malian soldiers arrested the director of Australia’s Resolute Mining, along with two employees. All were subsequently released after Resolute agreed to pay the junta $160 million in exchange.

Other mine companies such as Canada’s allied Gold, B2Gold and Robex had previously agreed to review their activities and pay to settle their tax or customs dispute.

And in 2023 Burkina Faso seized 200 kilograms (440 pounds) of gold produced by a branch of Canada’s Endeavour Mining on “public necessity” grounds.

– End of resource sell-out –

For the juntas, the point of the push against foreign mining companies is to reestablish sovereignty and control over their national resources.

Where they believed the Sahel’s resource riches were previously sold out to foreigners, and to the West in particular, today the army leaders promise their people that ordinary citizen will receive a greater share of the profits from the wealth under their feet.

Niger produces nearly five percent of the world’s uranium. Gold makes up a quarter of Mali’s national budget.

And Burkina Faso’s gold production contributes around 14 percent of the country’s revenues, according to official statistics.

“The population sees this as a push to free states which were previously, according to the new authorities, subservient to Westerners and therefore foreign interests,” said Jeremie Taieb, director of consulting firm Tikva Partners.

This rejection therefore “helps to satisfy public opinion and nurtures a narrative that allows those in power to keep it”, Taieb added.

All three countries are plagued by jihadist violence, which has claimed thousands of lives across the region.

Besides economic sanctions imposed on the juntas in the wake of the coups, “the pressures exerted to fund the fight against terrorism” provide as good a reason as any “to extract more income from the sector”, said Beverly Ochieng, an analyst at Control Risks.

– International arbitration attempts –

To fight back against the juntas, the mining industry has looked to international arbitration.

Barrick has turned to the International Centre for Settlement of Investment Disputes (ICSID), part of the Washington-based World Bank.

France’s Orano has launched various lawsuits against the state of Niger, accusing the junta of a “systematic policy of stripping mining assets”.

In a statement Friday evening, the day after Niger announced its intention to nationalise its subsidiary, the firm said it “intends to claim compensation for all of its damages and assert its rights over the stock corresponding to Somair’s production to date”.


– Russians, Chinese gain upper hand –


For Taieb, this “legal instability” in the Sahel could drive investors towards countries with a more reliable business backdrop.

But for Control Risks’ Ochieng, “foreign firms will probably continue to engage with administrations in the Sahel… as mining assets represent a hefty and long-term investment”.

In any case the countries that stand to gain most from the current climate are Mali, Niger and Burkina Faso’s so-called “security partners” — especially Turkey, China and Russia.

On Monday, Mali and Russia began construction work on a new gold refinery in the Malian capital Bamako. Moscow has also sent mercenaries from its paramilitary Africa Corps to the Sahel country to help fight jihadists.

For the Russians, the deal is “minerals for weapons, in the same way that for the Chinese, it’s minerals for infrastructure”, said Taieb.

Economic signals: Gold reserves are on the rise across nation states


By Dr. Tim Sandle
June 19, 2025


Gold hit another record high as traders flood into safe havens to shelter from market uncertainty - Copyright AFP JUNG YEON-JE

How much gold do governments (or their central banks) have as reserve assets? And what does an increase in nation states accumulating the metal signal?

Governments hold gold primarily as a strategic asset to enhance financial stability, diversify reserves, and provide a hedge against economic uncertainty. Gold acts as a store of value, a safe haven during crises, and a diversifier of risk, offering a reliable anchor in volatile times.

This suggests that as gold reserves increase, this is an indicator that not all is well with a national economy or the interplay of global finance overall.

Top three gold-hoarding nations

New data, coming from BestBrokers.com, shows that Bolivia holds the highest percentage of gold in its total reserves, with 22.5 tonnes accounting for 96.5% of its reserve assets (as of December 2024). This equals approximately 794,697 ounces, valued at around $2.73 billion or €2.37 billion, based on June 13 prices ($3,435/oz, €2,981/oz).

Coming in second, Venezuela holds 161.2 tonnes of gold, which made up 89.9% of its total reserves as of June 2018. Based on current gold prices, this translates to roughly 5.7 million ounces, with an estimated value of around $19.54 billion (€16.95 billion).

Portugal ranks third globally in terms of the share of gold in national reserves, with 84.7% of its reserves held in gold as of April 2025. Its holdings amount to 382.7 tonnes, or about 13.5 million ounces, valued at approximately $46.37 billion (€40.24 billion).

The largest in absolute BusinessEconomic signals: Gold reserves are on the rise across nation states

ByDr. Tim SandlePublishedJune 19, 2025

Gold hit another record high as traders flood into safe havens to shelter from market uncertainty

Gold hit another record high as traders flood into safe havens to shelter from market uncertainty - Copyright AFP JUNG YEON-JE

How much gold do governments (or their central banks) have as reserve assets? And what does an increase in nation states accumulating the metal signal?

Governments hold gold primarily as a strategic asset to enhance financial stability, diversify reserves, and provide a hedge against economic uncertainty. Gold acts as a store of value, a safe haven during crises, and a diversifier of risk, offering a reliable anchor in volatile times.

This suggests that as gold reserves increase, this is an indicator that not all is well with a national economy or the interplay of global finance overall.

Top three gold-hoarding nations

New data, coming from BestBrokers.com, shows that Bolivia holds the highest percentage of gold in its total reserves, with 22.5 tonnes accounting for 96.5% of its reserve assets (as of December 2024). This equals approximately 794,697 ounces, valued at around $2.73 billion or €2.37 billion, based on June 13 prices ($3,435/oz, €2,981/oz).

Coming in second, Venezuela holds 161.2 tonnes of gold, which made up 89.9% of its total reserves as of June 2018. Based on current gold prices, this translates to roughly 5.7 million ounces, with an estimated value of around $19.54 billion (€16.95 billion).

Portugal ranks third globally in terms of the share of gold in national reserves, with 84.7% of its reserves held in gold as of April 2025. Its holdings amount to 382.7 tonnes, or about 13.5 million ounces, valued at approximately $46.37 billion (€40.24 billion).

The largest in absolute terms

The U.S. holds by far the largest national gold reserve in absolute terms, with 8,133.5 tonnes as of March 2025. While it ranks fourth globally in percentage terms, gold still accounts for a significant 78.6% of the country’s total reserves. This massive stockpile equals approximately 286.9 million ounces, valued at an estimated $985.6 billion (€855.2 billion) based on current gold prices.

Germany holds the fifth-highest share of gold in its total reserves, with 78% allocated to gold as of April 2025. Its holdings total 3,351.1 tonnes, or roughly 118.2 million ounces, making it one of the largest gold reserves globally in both percentage and absolute terms. Based on current prices, that reserve is valued at approximately $406.1 billion (€352.4 billion) reflecting Germany’s enduring reliance on gold for financial stability.

UK – a new ‘bar’?

The UK holds 310.3 tonnes of gold, valued at approximately $37.6 billion (€32.6 billion), accounting for 17.3% of its total reserves. Based on World Gold Council data covering 97 countries, the UK ranks 42nd in gold’s share of national reserves, reflecting a reserve strategy more heavily weighted toward foreign currencies and financial assets than gold.

Despite ranking among the top holders in absolute terms with 2,294.5 tonnes of gold, China’s gold makes up just 6.8% of its total reserves as of April 2025. Valued at approximately $278 billion (€241 billion), these holdings reflect the country’s strategy of maintaining a diversified reserve portfolio heavily weighted toward foreign currencies and other assets, rather than gold alone.terms

The U.S. holds by far the largest national gold reserve in absolute terms, with 8,133.5 tonnes as of March 2025. While it ranks fourth globally in percentage terms, gold still accounts for a significant 78.6% of the country’s total reserves. This massive stockpile equals approximately 286.9 million ounces, valued at an estimated $985.6 billion (€855.2 billion) based on current gold prices.

Germany holds the fifth-highest share of gold in its total reserves, with 78% allocated to gold as of April 2025. Its holdings total 3,351.1 tonnes, or roughly 118.2 million ounces, making it one of the largest gold reserves globally in both percentage and absolute terms. Based on current prices, that reserve is valued at approximately $406.1 billion (€352.4 billion) reflecting Germany’s enduring reliance on gold for financial stability.

UK – a new ‘bar’?

The UK holds 310.3 tonnes of gold, valued at approximately $37.6 billion (€32.6 billion), accounting for 17.3% of its total reserves. Based on World Gold Council data covering 97 countries, the UK ranks 42nd in gold’s share of national reserves, reflecting a reserve strategy more heavily weighted toward foreign currencies and financial assets than gold.

Despite ranking among the top holders in absolute terms with 2,294.5 tonnes of gold, China’s gold makes up just 6.8% of its total reserves as of April 2025. Valued at approximately $278 billion (€241 billion), these holdings reflect the country’s strategy of maintaining a diversified reserve portfolio heavily weighted toward foreign currencies and other assets, rather than gold alone.

Peru gas workers find thousand-year-old mummy


BY AFP
June 19, 2025


Peruvian gas workers discovered the mummy of a boy believed to be over 1,000 years old while installing pipes in Lima - Copyright AFP Yasuyoshi CHIBA

Peruvian gas workers this week found a thousand-year-old mummy while installing pipes in Lima, their company said, confirming the latest discovery of a pre-Hispanic tomb in the capital.

The workers found the trunk of a huarango tree (a species native to coastal Peru), “which served as a tomb marker in the past,” at a depth of 50 centimeters (20 inches), archaeologist Jesus Bahamonde, scientific coordinator of Calidda gas company, told reporters.

The mummy of a boy aged between 10 and 15, was found at a depth of 1.2 meters, he added.

“The burial and the objects correspond to a style that developed between 1000 and 1200,” he said.

The remains discovered on Monday were found “in a sitting position, with the arms and legs bent,” according to Bahamonde.

They were found in a shroud which also contained calabash gourds.

Ceramic objects, including plates, bottles and jugs decorated with geometric figures and figures of fishermen, were found next to the mummy.

The tomb and artifacts belong to the pre-Inca Chancay culture, which lived in the Lima area between the 11th and 15th centuries.

They were discovered while gas workers were removing earth from an avenue in the Puente Piedra district of northern Lima.

In Peru, utility companies must hire archaeologists when drilling the earth, because of the possibility of hitting upon heritage sites.

Calidda has made more than 2,200 archaeological finds since 2004.

Lima is home to over 500 archaeological sites, including dozens of “huacas” as ancient cemeteries are known in the Indigenous Quechua language.