Nomura initiates Bumi Resources Minerals stock with Buy rating on gold assets
Nomura recommends buying Bumi Resources Minerals stock for its gold assets
Macron warns that Europe’s freedom is in danger, facing its greatest challenge since WW2
French President Emmanuel Macron has outlined plans for a big increase in defence spending, warning Europe’s liberty is facing a “greater threat” than at any time since the end of World War Two.
In a speech to the armed forces in Paris, he said “we are living in a pivotal moment” due to complex geopolitics.
Macron called for France’s defence spending to rise by €3.5bn (£3bn) next year and then by a further €3bn in 2027.
Referencing the threat from Russia, he denounced “imperialist policies” and “annexing powers”.
Fighting has raged since Moscow launched its full scale invasion of Ukraine in February 2022.
Macron pledged to double France’s military budget by 2027, three years earlier than originally planned.
In 2017, his country’s defence budget stood at €32bn and under the plans would rise to €64bn in two years time. The proposals still need to be approved by the French government.
“To be free in this world, you must be feared. To be feared, you must be powerful,” he said in the speech, which fell on the eve of Bastille Day.
Macron said the world was witnessing the return of nuclear power and the “proliferation of major conflicts”.
He also referenced the US bombing of Iran, fighting between India and Pakistan and what he called the “ups and downs in American support for Ukraine”.
Last month, Nato members agreed to commit to spending 5% of GDP annually on defence, up from the previous target of 2%.
The UK also announced its own defence review, with Defence Secretary John Healey saying it would send a “message to Moscow”.
On Friday, the head of the French army, Thierry Burkhard, said Russia saw France as its “main adversary in Europe”.
Russia posed a “durable” threat to Europe, Burkhard said, adding that the “rank of European countries in tomorrow’s world” was being decided in Ukraine.
France’s Prime Minister Francois Bayrou is expected to outline next year’s budget on Thursday.
Asia’s Cybercrime Industry is Thriving, and AI May Exacerbate the Situation
Southeast Asia has become a global epicenter of cyber scams, where high-tech fraud meets human trafficking. In countries like Cambodia and Myanmar, criminal syndicates run industrial-scale “pig butchering” operations—scam centers staffed by trafficked workers forced to con victims in wealthier markets like Singapore and Hong Kong.
The scale is staggering: one UN estimate pegs global losses from these schemes at $37 billion. And it could soon get worse.
The rise of cybercrime in the region is already having an effect on politics and policy. Thailand has reported a drop in Chinese visitors this year, after a Chinese actor was kidnapped and forced to work in a Myanmar-based scam compound; Bangkok is now struggling to convince tourists it’s safe to come. And Singapore just passed an anti-scam law that allows law enforcement to freeze the bank accounts of scam victims.
But why has Asia become infamous for cybercrime? Ben Goodman, Okta’s general manager for Asia-Pacific notes that the region offers some unique dynamics that make cybercrime scams easier to pull off. For example, the region is a “mobile-first market”: Popular mobile messaging platforms like WhatsApp, Line and WeChat help facilitate a direct connection between the scammer and the victim.
AI is also helping scammers overcome Asia’s linguistic diversity. Goodman notes that machine translations, while a “phenomenal use case for AI,” also make it “easier for people to be baited into clicking the wrong links or approving something.”
Nation-states are also getting involved. Goodman also points to allegations that North Korea is using fake employees at major tech companies to gather intelligence and get much needed cash into the isolated country.
A new risk: ‘Shadow’ AI
Goodman is worried about a new risk about AI in the workplace: “shadow” AI, or employees using private accounts to access AI models without company oversight. “That could be someone preparing a presentation for a business review, going into ChatGPT on their own personal account, and generating an image,” he explains.
This can lead to employees unknowingly uploading confidential information onto a public AI platform, creating “potentially a lot of risk in terms of information leakage.”
Courtesy of Okta
Agentic AI could also blur the boundaries between personal and professional identities: for example, something tied to your personal email as opposed to your corporate one. “As a corporate user, my company gives me an application to use, and they want to govern how I use it,” he explains.
But “I never use my personal profile for a corporate service, and I never use my corporate profile for personal service,” he adds. “The ability to delineate who you are, whether it’s at work and using work services or in life and using your own personal services, is how we think about customer identity versus corporate identity.”
And for Goodman, this is where things get complicated. AI agents are empowered to make decisions on a user’s behalf–which means it’s important to define whether a user is acting in a personal or a corporate capacity.
“If your human identity is ever stolen, the blast radius in terms of what can be done quickly to steal money from you or damage your reputation is much greater,” Goodman warns.
Trump announces plan to send Patriot missiles to Ukraine | Military Update
US president makes announcement amid growing frustration with Russian President Vladimir Putin.
United States President Donald Trump has said he will send Patriot air defence systems to Ukraine as his administration signals growing disillusionment with Russian President Vladimir Putin’s refusal to negotiate an end to Moscow’s invasion.
“We will send them Patriots, which they desperately need,” Trump told reporters at Joint Base Andrews in Maryland on Sunday.
“Putin really surprised a lot of people. He talks nice and then he bombs everybody in the evening,” Trump said.
“So, there’s a little bit of a problem there. I don’t like it.”
Trump said he had not decided on the number of Patriot batteries he would send to Ukraine, but “they’re going to have some because they do need protection”.
Trump’s comments come after he last week confirmed that his administration had decided to sell weapons to NATO allies in Europe for them to pass on to Kyiv.
Trump is set to meet NATO Secretary-General Mark Rutte this week for discussions expected to focus on his plans to supply weapons to Kyiv.
Rutte’s trip to Washington, DC comes as Trump has teased that he will make a “major statement” on Russia on Monday.
After campaigning on a promise to bring a swift end to the war in Ukraine, Trump has expressed growing frustration with Putin’s refusal to agree to a peace deal.
While Putin has agreed to brief pauses in fighting, he has knocked back US proposals for an unconditional 30-day ceasefire.
Russia has argued that the proposal, which has been accepted by Ukraine, would give Kyiv a chance to remobilise its troops and rearm.
In some of his strongest criticism yet of Putin, Trump on Tuesday accused the Russian leader of throwing a lot of “b******” at the US.
“He’s very nice all the time, but it turns out to be meaningless,” Trump said.
After returning to the White House in January, Trump moved to scale back support for Kyiv, casting Washington’s aid as a drain on the US taxpayer and accusing Ukrainian President Volodymyr Zelenskyy of being an obstacle to peace.
While Ukraine continued to receive weaponry through funds allocated during the tenure of former US president Joe Biden, Trump had declined to approve new arms shipments to help Kyiv repel Moscow’s invasion.
Following months of unsuccessful efforts to broker a peace between Moscow and Kyiv, Trump on July 7 announced that he would begin approving shipments to Ukraine comprised mostly of “defensive weapons”.
Asked on Sunday if his upcoming announcement on Russia would involve sanctions against Moscow, Trump declined to answer but repeated that he was disappointed with Putin.
“I am very disappointed with President Putin. I thought he was somebody that meant what he said,” Trump said.
“And he’ll talk so beautifully, and then he’ll bomb people at night. We don’t like that.”
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Gunman opens fire at Kentucky church, killing two women after shooting officer
Two people have been fatally shot at a church in Kentucky after a car chase that began with a gunman shooting and injuring a police officer, officials said.
The suspect shot a state trooper during a traffic stop before car-jacking a vehicle and driving to Richmond Road Baptist Church in Lexington, where he opened fire at parishioners, before law enforcement shot him dead.
Two women, aged 72 and 32, died in Sunday’s incident at the place of worship, and two male parishioners were injured, said police.
Investigators believe the suspect had a connection to individuals at the church. Kentucky Governor Andy Beshear posted on X that “violence like this has no place in our commonwealth or country”.
The initial shooting occurred at 11:36 local time (15:36 GMT) on Sunday near the Blue Grass Airport, a regional hub in Fayette County.
A state trooper pulled over the suspect’s car on Terminal Drive after receiving a registration plate reader alert, Lexington Police Chief Lawrence Weathers told a news conference. He said that incident had no connection to the airport.
The suspect shot the trooper, inflicting non-life threatening injuries, according to Chief Weathers.
The gunman then carried out a car-jacking, during which the vehicle’s occupant was not hurt, before driving towards the church about 16 miles (25km) away, with law enforcement in pursuit.
“The suspect fired his weapon at individuals on church property,” Chief Weathers said.
“Preliminary information indicates that the suspect may have had a connection to the individuals at the church.”
Four people – two males and two females – were shot on church grounds.
An official from the county coroner’s office named the two women as Beverly Gum, 72, and Christina Combs, 32. They were pronounced dead at the scene.
The two male victims were transported to a local hospital, with one sustaining critical injuries and the other in a stable condition.
“The suspect was shot by responding law enforcement and was pronounced deceased at the scene,” said Chief Weathers, adding that the gunman’s identity would be released once next-of-kin had been notified.
The county coroner official said the church was small and most attendees were either related or close friends.
“It’s a very tight-knit group of people,” he added.
The incident was being investigated by the Kentucky State Police and the department’s Public Integrity Unit.
Noem stands behind FEMA’s handling of Texas floods despite criticism
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Bacteria’s Role in Transforming Plastic Pollution into Spider Silk Solution
On January 14, 1980, the British band The Buggles released their single “Living in the Plastic Age,” marking our era with the name of this ubiquitous petroleum-based material, following the bronze, iron, and stone ages. Since its release, plastic has only proliferated, leading to challenges like the spread of microplastics in our oceans. One of the most promising scientific breakthroughs in addressing this issue is the development of a method to transform plastic into spider silk, one of the toughest materials found in nature, through the use of bacteria.
Transforming polyethylene into a high-value material
Polyethylene, due to its low production cost and versatility, is the most produced plastic, with annual production exceeding eighty million tons. It’s predominantly used for single-use items like grocery bags, food packaging, disposable diapers, and irrigation pipes. In response to its widespread use and environmental impact, researchers at the Rensselaer Polytechnic Institute (RPI) in New York have focused on converting polyethylene into a biodegradable and precious alternative: spider silk. This new biomaterial mirrors the strength of Kevlar, suggesting its potential for a wide range of applications.
Converting polyethylene into ultra-resistant silk
To tackle the issue of polyethylene waste, which can linger in the environment for up to 1,000 years, scientists have turned to a novel solution involving a specific strain of Pseudomonas aeruginosa bacteria. This bacteria is uniquely capable of metabolizing polyethylene, a feat that offers a glimmer of hope in the face of such enduring pollution.
This process diverges from traditional fermentation by employing polyethylene slurry as the nutrient medium. After fermenting in small tanks with gentle stirring for seventy-two hours, the bacteria are separated out, and the resultant silk protein is purified and freeze-dried, resulting in a versatile material that can be spun into threads or shaped into various forms.
This biomaterial, reminiscent of bio-inspired spider silk, illustrates the potential of leveraging natural processes to convert waste into valuable materials. According to the dean of RPI, this research is a part of a novel approach towards environmental protection and reducing our reliance on non-renewable resources, though the journey to industrial-scale production is still ahead.
What are bioplastics exactly?
Bioplastic is a type of plastic commonly produced from renewable sources, such as biological and organic materials. Unlike conventional plastics derived from petroleum, bioplastics aim to reduce reliance on non-renewable resources and lessen the environmental impact associated with the production and disposal of petroleum-based plastics. Their numerous applications include disposable packaging and wrapping, as well as uses in the medical and agricultural sectors.
Among the most common types of bioplastics are:
- Polylactic Acid (PLA): Derived from renewable sources such as corn starch or sugarcane.
- Polyhydroxyalkanoates (PHA): These bioplastics are produced by bacteria from sugars or vegetable oils.
Green Polyethylene: Similar to conventional polyethylene, but produced from ethanol derived from plant sources like sugarcane. - Polybutylene Succinate (PBS): Derived from renewable resources such as succinic acid and butanol.
- Starch-based Thermoplastics (TPS): Corn starch or other plant sources are used to produce these bioplastics.
The remarkable properties of spider silk
In 2021, the University of Cambridge also announced a promising spider silk derived from plant proteins. However, the novelty of the new bioplastic from RPI lies in its source material: it is derived from conventional plastic rather than plant-based raw material.
In nature, spider silk is primarily composed of proteins known as fibroins. These transform into strong and flexible threads upon contact with air. Spider silk exhibits exceptional mechanical properties, such as high tensile strength, lightness, and flexibility, making it of interest in fields such as materials engineering and medicine.
Despite these incredible qualities, large-scale commercial production of such renewable raw materials remains a challenge. This is why alternative methods, such as the use of bacteria, are being explored.
Another example of biomimicry
The approach mentioned by the RPI dean is rooted in a discipline known as biomimicry, which leverages principles found in nature, either by imitating or reproducing them. If you’re interested in learning more about bioplastics and other biomaterials that avoid the use of fossil resources, check out our articles on an ultra-resistant material based on spider webs or bags made from seaweed.
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Officials: Israeli Strike on Water Point in Gaza Claims Lives of Children
The Israeli military said that a “technical error” had caused a munition — intended for an Islamic Jihad militant — to land dozens of meters from its target.
Elon Musk and Reid Hoffman, along with some Democrats, find common ground on U.S. debt
Tesla and SpaceX CEO Elon Musk’s concern over the U.S. debt, which sparked his breakup with Republicans, is shared by some top voices in the Democratic Party.
Last weekend, he announced he’s forming a new political party after feuding with President Donald Trump over the mega-bill that’s expected to add trillions to the deficit.
“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk posted on X. “Today, the America Party is formed to give you back your freedom.”
He also warned earlier of “debt slavery” from the tax-and-spending bill and criticized its treatment of EV and solar energy tax credits versus oil and gas incentives.
On Wednesday, LinkedIn cofounder and top Democratic donor Reid Hoffman told CNBC that he’s “very sympathetic” to Musk’s core cause of reining in deficits, noting that the cost of paying interest on U.S. debt is one of the biggest line items in the federal budget.
But he was doubtful about the prospects of the America Party, given the long history of unsuccessful attempts to sustain third parties.
“So it doesn’t strike me as necessarily the best strategy for that, but I think it’s important to try to focus on the debt,” Hoffman added.
Also this past week, Jared Bernstein, who previously served as the chair of President Joe Biden’s Council of Economic Advisers, said he has had a change of heart when it comes to U.S. debt.
In a New York Times op-ed on Wednesday, he acknowledged that he was once a longtime dove on budget deficits and previously argued that fiscal austerity often does more harm than good.
“No longer. I, like many other longtime doves, am joining the hawks, because our nation’s budget math just got a lot more dangerous,” Bernstein wrote.
Larry Summers, who served as Treasury Secretary in the Clinton administration and National Economic Council director in the Obama administration, sounded the alarm on U.S. debt after the megabill was signed.
In an interview with ABC News last Sunday, he said shrinking the deficit during the Clinton presidency set off a virtuous cycle of increased investment, more economic growth, lower interest rates and even narrower deficits.
He acknowledged that for a decade after 2010, which included the Obama administration, he had preached that deficit reduction didn’t have to be a top priority. But he, too, thinks this time is different.
“Anybody who looks at the numbers sees that we’ve never had deficits remotely like this or the prospect of debts remotely like this—at a moment when the economy was strong and we were at peace—anytime in our history,” Summers warned.
But just because Musk, who had emerged as a top bogeyman for the left, and some Democrats share debt concerns, it doesn’t mean they have similar ideas on what to do about the problem.
Before leaving the Trump administration, Musk’s Department of Government Efficiency sought to slash federal spending by trillions of dollars to reduce the deficit.
By contrast, Summers has said that while the federal government can be more efficient, the U.S. can’t reach a more sustainable fiscal trajectory without significant tax increases.
Still, the dialogue is another sign of the seismic shifts going on in American politics amid a major debate over the new governing principles for the economy in the wake of a shattered consensus.
OpenAI CEO Sam Altman hinted at the churn in a July 4 post on X, where he said Democrats had lost their way and that he is now “politically homeless.” At the same time, he advanced his own economic vision.
“I believe in techno-capitalism,” he wrote. “We should encourage people to make tons of money and then also find ways to widely distribute wealth and share the compounding magic of capitalism. One doesn’t work without the other; you cannot raise the floor and not also raise the ceiling for very long.”