Latest news with #RIO
Yahoo
16-07-2025
- Business
- Yahoo
Rio Says Trump Tariffs Added $300 Million in Aluminum Costs
(Bloomberg) — Mining giant Rio Tinto Group (RIO) said US tariffs on its Canada-made aluminum (ALI=F) generated gross costs of more than $300 million in the first half, in another sign of how President Donald Trump's trade agenda is shaking up metals supply chains. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The world's second-biggest miner is also Canada's largest aluminum producer, and sells the vast bulk of the metal in the US. Rio said Wednesday it incurred gross costs of $321 million associated with US tariffs on aluminum, but added that a 'substantial part' has been clawed back from higher premiums on US sales. Metals industries are adjusting to the trade tumult unleashed by Trump this year. He slapped blanket 25% import fees on steel and aluminum in March, before raising those to 50% in June. A planned 50% tariff on copper triggered market mayhem, and the administration is probing potential measures on other metals. Rio said premiums in the US market — paid on top of exchange prices — rapidly adapted to the initial 25% tariff, but were not fully compensating for the 50% level by the end of the second quarter. The company shipped about 723,000 tons of aluminum to the US in the first half — equivalent to about three-quarters of its output from Canada. Futures tracking aluminum prices in the US have pointed to higher costs for American buyers, and industry executives have warned the tariffs risk crushing American demand. Earlier this month, beverage maker Constellation Brands Inc. said it expects aluminum tariffs to cost the company about $20 million over the remainder of its fiscal year. Contracts linked to the premium on the metal delivered to the Midwest have almost tripled this year to reach a record near 66 cents a pound. 'The impact of tariffs is still feeding through to inflation and sentiment,' Rio said in an overview of the US economy in its first-half production report. —With assistance from Paul-Alain Hunt. Forget DOGE. Musk Is Suddenly All In on AI How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P.
Business Insider
16-07-2025
- Business
- Business Insider
Rio Tinto reports Q2 Pilbara iron ore production 83.7 Mt, up 5% y/y
Reports Q2 Bauxite production 15.6 Mt, up 5% y/y. Reports Q2 Alumina production 1.8Mt, up 8% y/y. Reports Q2 mined Copper 229kt, up 15% y/y. Rio Tinto (RIO) CEO Jakob Stausholm said: 'We delivered excellent operational performance from our mine operations with record production from our bauxite business and from Oyu Tolgoi as it ramps up to become the world's fourth largest copper mine before the end of the decade. We continue to make strong progress in our production and growth projects, achieving our highest Pilbara Q2 production since 2018 and accelerating the first shipment from the Simandou high-grade iron ore project in Guinea. We will continue to drive progress towards our long-term strategy to deliver profitable growth and build a stronger, more diversified business.' Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with , delivered to your inbox every week.
Time of India
07-07-2025
- Health
- Time of India
IGIMS introduces new ophthalmology services
Patna: Two modular operating theatres and electrophysiology services are being started at the Regional Institute of Ophthalmology (RIO) at IGIMS from Tuesday. Machines for the early detection and management of glaucoma will also be introduced now. According to an official press release, state health minister Mangal Pandey will inaugurate several advanced services and machines at the RIO, including state-of-the-art equipment to support diagnosis and fast delivery of services. Electrophysiology services will include a wide-field fundus camera with angiography and dedicated ultrasound sonography with Ultrasound Biomicroscopy, a specialised imaging technique that uses high-frequency ultrasound to visualise the anterior segment of the eye, including structures like cornea, iris, lens and ciliary body. "These facilities will help us in delivering state-of-the-art services and in reducing patient stay in hospital," read the press release. This superspeciality RIO has been developed at the cost of Rs 162 crore.
Forbes
07-07-2025
- Business
- Forbes
Regulation-As-Code: 2025 Could Be The Year Rulebooks Turn Into APIs
Aerial panoramic view of The City of London cityscape skyline with metropole financial district ... More modern skyscrapers after sunset on night with illuminated buildings and cloudy sky in London, UK Back in the first wave of fintech, founders complained that deciphering a 4,000-page rulebook cost more than building the product itself. Ten years on, the sector's biggest economies have finally decided that the rulebook, not the startup, needs refactoring. On the first of July 2025 the United Kingdom launched the Regulatory Innovation Office (RIO), a new body charged with turning every major piece of digital-economy regulation, payments, privacy, telecoms and online safety, into a single machine-readable library. Technology Secretary Peter Kyle's launch speech promised a future in which developers would query an API, not a PDF, whenever they needed to check the law. The announcement matters because it upgrades a decade of sandbox experiments into national policy: if RIO succeeds, compliance becomes a software dependency that can be version-controlled like any other. How London Plans to Translate Prose Into Code The Office's first mandate is to integrate guidance from the Financial Conduct Authority (FCA), Ofcom, the Information Commissioner's Office, and the Competition and Markets Authority into a unified digital policy library that updates in near real-time. Just as importantly, it will expose those obligations as 'rule objects,' data structures a program can query for an instant true/false answer the moment code is moved into production. The plumbing is already underway. Buried in the FCA's latest Competitiveness & Growth report is a line that speaks volumes: the regulator is 'mobilising a proof of concept for a machine-readable version of a subset of our Handbook rules.' In the pilot, ordinary text is converted into XBRL-based logic such as 'if overdraft APR > 39.9 per cent → flag breach of CONC 6.7.23.' When rules behave like functions, core banking systems are able to test every transaction automatically and stream compliance telemetry back to supervisors. RIO will bankroll the tooling through the £20 million Regulators' Pioneer Fund, inviting supervisors to publish coded rule sets on GitHub and share them as open-source building blocks for industry. Officials describe it as moving from 'sandbox to suptech' - putting regulators and start-ups on the same continuous-integration pipeline. A Chorus Building Beyond Britain The push to treat regulation as code is not uniquely British. In the Netherlands, the joint DNB-AFM InnovationHub already answers cross-agency queries within five days and now plans to publish those responses as public APIs so that the second firm asking the same question gets an automated reply instead of an email chain. Canada's OSFI has gone further on the supervisory side, making its Regulatory Reporting System the sole channel for prudential returns. Templates are machine-validated on upload; if a single field breaks schema, the file never reaches an analyst. Singapore's MAS is watching closely. Industry insiders say the authority's next sandbox cohort will trial JSON-encoded guidelines under the banner 'Project FinReg,' an initiative that dovetails with MAS's wider push to embed compliance directly into cross-border payment prototypes such as Project Mandala. This BIS collaboration demonstrated on-chain, compliance-by-design transfers last year. Even Australia, traditionally laissez-faire, is inching toward multi-agency 'regulatory cells.' A recent Treasury consultation on scam-prevention codes floated the idea of coordinated approach to avoid 'two regulators taking simultaneous action against a breach,' not dissimilar to RIO's backstage-coordination model. Meanwhile the Bank for International Settlements is urging supervisors to adopt open data standards so that rule objects created in London can run unedited in Amsterdam or Singapore. A BIS working paper on 'RegOps' sketches a future in which granular reporting flows via APIs and regulatory logic is stored in a shared code repository rather than buried in narrative guidance. Why the Timing Finally Works Three forces make 2025 the tipping-point year. Generative AI now parses centuries of statute and drafts consistent code stubs in minutes, slashing the manual tagging costs that sank earlier attempts. Post-COVID digitalisation forced banks to rebuild their tech stacks; those same institutions are demanding regulators match their new release cadence. And compliance budgets keep marching higher, McKinsey estimates risk and compliance spend will rise 5 percent a year through 2028, outpacing revenue growth for most banks. Treating rules as reusable code is the last big lever left to flatten that curve. The Hard Problems Still Ahead Not every regulation fits neatly into an if-then statement. Principles-based mandates like 'treat customers fairly' resists binary translation; strip away nuance and firms may optimise for the API rather than the outcome. Interoperability is another issue: without common taxonomies, a workflow that passes in London could fail in Frankfurt. The BIS effort is a start, but reaching consensus across scores of jurisdictions will be messy. Liability looms largest. If a regulator-supplied rule object is buggy, does the fault lie with the supervisor, the developer who consumed it, or the board that signed off deployment? Lawyers are already drafting clauses. Finally, there is the money question: RIO's launch budget, roughly £10 million, looks meagre alongside the FCA's £678 million annual spend. Whitehall has not ruled out industry levies once prototypes become production infrastructure. What to Watch Next Over the next twelve months three milestones will show whether regulation-as-code is hype or inevitability. In August 2025 RIO aims to publish its first fully machine-readable chapter, likely the new data-portability rules, for public use. By Q4 2025 the FCA expects to open an optional Handbook API to sandbox firms, creating the first live test of developer demand. And in April 2026 Singapore's MAS will decide whether to codify its AI model-risk guidelines; insiders say positive feedback on the platform could tip the scales toward full adoption. Why This Matters Rules that can be queried like software change the economics of innovation. Instead of hiring a squad of lawyers to interpret 1990s prose, a fintech can embed a compliance check directly in its CI/CD pipeline and deploy the same afternoon. Supervisors, in turn, receive telemetry in real time, not a quarter late, and can spot systemic risks before they metastasise. If London's experiment works, regulatory compliance will shift from PDF footnotes to Git commits. For the global financial sector, that could be as transformative as moving from batch settlement to real-time payments. By year-end we will know whether the world's rulebooks are ready to join the API economy, or whether innovators must keep wading through PDFs for a little while longer.
Hindustan Times
02-07-2025
- Entertainment
- Hindustan Times
50 Cent, Aubrey O'Day react to Sean ‘Diddy' Combs trial verdict: ‘The gay John Gotti'
Sean Diddy Combs' longtime rival rapper 50 Cent wasted no time reacting to the verdict in his federal case. Just minutes after the jury acquitted Combs of sex trafficking and racketeering but found him guilty of two lesser counts-transportation to engage in prostitution, 50 Cent posted his take on Instagram. File photo of Sean 'Diddy' Combs(REUTERS) 'Beat the RIO, that boy a bad man,' 50 wrote, adding, 'He the gay John Gotti,' alongside clapping emojis. The jab was another addition to 50 Cent's ongoing commentary throughout Combs' legal saga. John Gotti was a mob boss who was similarly acquitted on racketeering charges. Also read: Sean 'Diddy' Combs trial verdict: Key facts and major highlights 50 Cent's reactions during Diddy's trial Over the past several months, the rapper mocked witness testimonies, shared memes and even teased a documentary about the case. In one instance, after testimony alleging Combs once appeared at someone's home with a gun, 50 Cent posted, 'CUT. Puffy's got a gun, I don't feel safe. LOL.' Now, with the trial over, his remarks signal no end to his long-standing feud with Diddy - which dates back to at least 2006 and was even referenced during court proceedings. Aubrey O'Day says she feels sick after the verdict Singer and former Danity Kane member Aubrey O'Day also weighed in after the verdict. Sharing her reaction on Instagram Stories, O'Day said she was 'physically ill.' 'Oh my God, not guilty on Cassie, not guilty on Rico, no way that Jane is gonna be guilty,' she said while recording CNN's live broadcast. 'This makes me physically ill. Cassie probably feels so horrible. Ugh, I'm gonna vomit,' she said, as per E! News. The outlet added that O'Day, who once worked under Combs, has publicly criticized him before. Diddy still faces years in prison According to Variety, Combs, 55, was found guilty of two counts involving transporting male sex workers across state lines for 'freak-offs' or drug-fueled sex parties. Though acquitted of sex trafficking and racketeering, he still faces up to 20 years behind bars-10 years for each count. After the verdict, Combs looked visibly relieved. He mouthed 'thank you' to jurors, shook his lawyers' hands, and turned to face his family. His attorneys are now pushing for his release ahead of sentencing, offering a $1 million bond. Prosecutors strongly opposed the request. 'He has shown disregard for U.S. law,' said Assistant U.S. Attorney Maurene Comey, pointing to testimony involving drugs and abuse. Judge Arun Subramanian asked both sides to submit written arguments by 1 p.m. ET before ruling on Combs' potential release. FAQs: Q1. What was 50 Cent's reaction to Diddy's verdict? A1. He posted on Instagram calling Combs 'a bad man' and 'the gay John Gotti.' Q2. What did Aubrey O'Day say? A2. She said the verdict made her 'physically ill' and posted her reaction on Instagram Stories. Q3. What is Combs convicted of? A3. He was found guilty on two counts of transportation to engage in prostitution. Q4. Will Combs be released before sentencing? A4. The judge has not ruled yet. Final submissions from both legal teams are due by 1 p.m. ET.
