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Exclusive: Nornickel in talks with China Copper to move smelting plant to China, sources say

HONG KONG, July 9 (Reuters) - Nornickel (GMKN.MM), opens new tab is in talks with China Copper to form a joint venture that would allow the Russian mining giant to move its entire copper smelting base to China, four sources with knowledge of the matter told Reuters.

If the move goes ahead, it would mark Russia's first uprooting of a domestic plant since the U.S. and Britain banned metal exchanges from accepting new aluminium, copper and nickel produced by Russia.

It also means Nornickel's copper will be produced within the country where it is most consumed.

Nornickel said in April it planned to close its Arctic facility and build a new plant in China with an unnamed partner.

Executives at China Copper, owned by the world's largest aluminium producer Chinalco (601600.SS), opens new tab, flew to Moscow in June to discuss a possible joint venture, one of the sources said, adding that details of the structure and investment are still under discussion.

Nornickel declined to comment. Chinalco and China Copper did not respond to requests for comment via email and phone.

Sites being considered in China include Fangchenggang and Qinzhou in the Guangxi region, the two sources said, with another source saying Qingdao in Shandong province was also possible.

A decision on a joint venture will be made over the next few months, a fifth source said, adding that Nornickel's Chinese output is likely to be consumed domestically.

The new facility will have capacity to produce 450,000 tonnes of copper annually, two of the sources said, amounting to around 2% of global mined supplies estimated at around 22 million metric tons this year.

Nornickel, which according to its annual report produced 425,400 tonnes of refined copper last year, processed all of its concentrates in 2023 at the Arctic plant, its only operation producing finished copper suitable for delivery to exchanges.

"Corrupt Politicians GPT" "Fiscal Bill GPT", Kenyan protesters use AI to "protest"
In the past few weeks of anti-government activities in Kenya, AI tools have been creatively used by protesters to serve protests. According to the US "Flag" News Agency on July 5, protests in Kenya triggered by the 2024 fiscal bill are still continuing. In the past few weeks, Kenyan protesters, mainly young people, have creatively developed a series of AI tools to assist anti-government activities. The Kenyan government expressed concern about the risks associated with the use of AI tools in protests. Kelvin Onkundi, a software engineer in Kenya, developed the "Fiscal Bill GPT", which operates similarly to ChatGPT and can receive questions about the fiscal bill and generate responses. Martin Siele, a reporter from the "Flag" News Agency, analyzed: "The 'Fiscal Bill GPT' can convert professional terms in many legislative fields into easy-to-understand information for protesters, helping Kenyans understand the potential impact of the fiscal bill." Another software engineer, Marion Kavengi, developed the "SHIF GPT" to provide Kenyans with information about the upcoming Social Health Insurance Fund (SHIF). In addition to AI tools designed to help people understand controversial policies, protesters have also developed "Corrupt Politicians GPT" to assist protest demonstrations. After entering the name of a politician on the platform, the platform will generate a list of corruption scandals about the politician in chronological order. Developer BenwithSon wrote on the social platform X on June 28: "'Corrupt Politicians GPT' allows people to search for any scandal related to any politician. I have seen some leaders stand at the forefront of the political arena, but they are corrupt behind the scenes." Kenyan Chief Minister and Foreign Minister Mudavadi issued a communiqué to ambassadors of various countries in Nairobi on July 2 local time on protests and relevant government measures, expressing concerns about the use of AI and false information in protests. Mudavadi said: "AI technology is used by people with ulterior motives, which will fill the global information system with false narratives." The Kenya Times reported on June 30 that AI technology enables people to force the government to increase transparency and strengthen accountability, and its role in Kenyan political activities is becoming increasingly prominent. Martin Siller believes that AI is reshaping African political behavior in many ways. AI is a new tool for both governments and opposition parties in Africa, but Kenya is one of the African countries with the most developers, and its young protesters are particularly good at using AI technology to fight the government. The 2024 fiscal bill voted and passed by the Kenyan National Assembly on June 25 clearly stated that additional taxes will be levied to repay the interest on high sovereign debt, triggering large-scale demonstrations. After President Ruto announced the withdrawal of the tax increase bill on the evening of the 26th, demonstrations in many parts of Kenya continued. According to Reuters on July 3, Kenyan anti-government protesters are re-adjusting their activities to prevent the protests from turning into violent incidents.
WhatsApp's new feature will let Meta AI edit your photos for you
WhatsApp beta version 2.24.14.20 has a new feature that allows users to share photos with Meta AI. The AI chatbot will analyze uploaded images and provide information or context about the content. Users may be able to request specific edits to their photos directly through Meta AI, though the extent of this feature is still unknown. As the battle for AI dominance heats up, Meta is adding a new trick to its AI chatbot, Meta AI, which is already part of Facebook, Instagram, and WhatsApp. While Meta AI already has impressive text capabilities, such as replying to questions, suggesting captions, and holding conversations, users cannot currently share or upload photos to the Meta AI chat. WaBetaInfo has uncovered the exciting new feature in the WhatsApp beta for Android version 2.24.14.20. This feature will allow Meta AI to interact with photos shared by users, reply to photos, and even edit them. As shown in the attached screenshot, WhatsApp is testing a new camera button in the Meta AI chat, designed to function similarly to the camera button in regular chats. This addition will allow users to manually share photos with Meta AI, a capability that is currently unavailable. With this new functionality, users will be able to ask questions about their photos, presumably allowing users to ask the AI to identify objects or locations or provide context about the photo’s content. Moreover, the screenshot suggests that Meta AI will also offer the option to edit photos, enabling users to make changes to their images directly within the chat by sharing a prompt. The exact scope of this image editing feature remains unclear, leaving us to wonder if it will be limited to simple tweaks or if it will unleash a powerful AI-driven photo editing suite. The possibilities are both exciting and intriguing, and this feature could definitely be a big hit, especially if it performs as promised. While this new image-sharing feature would mean Meta will analyze and face-scan the photos you upload, the screenshot includes a disclaimer indicating that users will have the option to delete their photos whenever they want. As of now, it seems that the feature is still in development, so it might be some time before we finally get to see it roll out publicly. Recently, we also reported about WhatsApp working on an “Imagine Me” feature that would allow Meta AI to generate AI avatars of you based on a set of your photos. WhatsApp in our newsletters WhatsApp is a leading messaging app, keep up to date on the latest, and learn about more Android apps today!
The Apple Watch is reportedly getting a birthday makeover
Apple is planning to revamp its smartwatch as its 10th birthday nears. The improvements include larger displays and thinner builds, Bloomberg reported. The revamped watches may also get a new chip, which could enable some AI enhancements. The Apple Watch is about to turn 10, so Apple is planning a birthday revamp, including larger displays and thinner builds, Bloomberg reported. Both versions of the new Series 10 watches will have screens similar to the large displays found on the Apple Watch Ultra, the report said. The revamped watches are also expected to contain a new chip that may permit some AI enhancements later on. Last month, Apple pulled back the curtain on its generative-AI plans with Apple Intelligence. Advertisement It hopes the artificial-intelligence features will prove alluring enough to persuade consumers to buy new Apple products. The announcement has been generally well received by Wall Street. Dan Ives of Wedbush Securities wrote in a Monday note that the "iPhone 16 AI-driven upgrade could represent a golden upgrade cycle for Cupertino." "We believe AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share," he added. Apple's stock closed on Friday at just over $226 a share, up 22% this year and valuing the company at $3.47 trillion. That puts it just behind Microsoft, which was worth $3.48 trillion at Friday's close. The tech giants have been vying for the title of the world's most valuable company in recent months — with the chipmaker Nvidia briefing claiming the crown last month. Apple also announced some software updates for the watch at its Worldwide Developers Conference last month. The latest version of the device's software, watchOS 11, emphasizes fitness and health, introducing tools that allow users to rate workouts and adjust effort ratings. WatchOS 11 will also use machine learning to curate the best photos for users' displays. Apple has previously used product birthdays to release new versions of devices. The iPhone X's release marked the 10th anniversary of the smartphone. However, it's not clear exactly when Apple plans to release the revamped watches, Bloomberg said. The company announced the Apple Watch in September 2014, with CEO Tim Cook calling it "the most personal product we've ever made." Apple did not immediately respond to a request for comment made outside normal working hours.
Morning Bid: Eyes switch to inflation vs elections, Powell up
A look at the day ahead in U.S. and global markets from Mike Dolan After an intense month focused on election risk around the world, markets quickly switched back to the more prosaic matter of the cost of money - and whether disinflation is resuming to the extent it allows borrowing costs to finally fall. Thursday's U.S. consumer price update for June is the key moment of the week for many investors - with the headline rate expected to have fallen two tenths of a percentage point to 3.1% but with 'core' rates still stuck at 3.4%. With Federal Reserve chair Jerome Powell starting his two-pronged semi-annual congressional testimony later on Tuesday, the consensus CPI forecast probably reflects what the central bank thinks of the situation right now - encouraging but not there yet. But as the U.S. unemployment rate is now back above 4.0% for the first time since late 2021, markets may look for a more nuanced approach from the Fed chair that sees it increasingly wary of a sudden weakening of the labor market as real time quarterly GDP estimates ebb again to about 1.5%. There were some other reasons for Fed optimism in the lead up to the testimony. The path U.S. inflation is expected to follow over coming years generally softened in June, amid retreating projections of price increases for a wide array of consumer goods and services, a New York Fed survey showed on Monday. Inflation a year from now was seen at 3% as of June - down from the expected rise of 3.2% in May - and five-year expectations fell to 2.8% from 3%. Crude oil prices are better behaved this week, too, falling more than 3% from the 10-week highs hit late last week and halving the annual oil price gain to 10%. The losses on Tuesday came after a hurricane that hit a key U.S. oil-producing hub in Texas caused less damage than many in markets had expected - easing concerns over supply disruption. Before Powell starts speaking later, there will also be an update on U.S. small business confidence for last month.
Sparkling box office for Spring Festival films indicates tremendous potential for movie consumption in Chinese society
According to Chinese movie ticketing platform Taopiaopiao, the box office for the 2024 Spring Festival holidays surpassed last year's 6.766 billion yuan and entered the top two in the history of Chinese Spring Festival holidays box office. I recently watched three movies, and I think they are all good. However, their overall level is not higher than the movies from last Spring Festival holidays. The higher box office compared to last year reflects the strong potential for movie consumption in Chinese society. Our filmmakers need to make further efforts. The current development of Chinese movies has many advantages. People often complain that our film creation faces various "restricted areas," but in terms of societal topics, the space for Chinese film creation is relatively large and relaxed. For example, Zhang Yimou's film Article 20 shows protest scenes and boldly explores the issue of judicial injustice in depth. A few years ago, the film I Am Not Madame Bovary specifically discussed the sensitive issue of petitioning. Another film, Johnny Keep Walking! which was aired last year, also touches on serious social issues. The breadth and depth of these films' topics lay the foundation for their attractiveness. The improvement of China's basic film production level has played a role in boosting their success, resulting in Hollywood films being collectively pushed off the Chinese box office charts. Now, almost any domestic film can be considered "watchable." The next step is to produce world-class masterpieces and promote the collective advancement of Chinese films on the global stage. The three movies that I watched are YOLO, directed, written and starring Jia Ling, a representative of the new generation of female Chinese directors, Pegasus 2, directed by Han Han and Article 20. They are all realistic-themed films, and the actors who play the main characters have some overlap. Although each of them is good, as mentioned earlier, I personally feel that their overall quality is not as good as films screened during last year's Spring Festival holidays. So I have a feeling that Chinese movies have been spinning in place for a year in such a good market environment. Of course, I am not an expert, so what I say may not be correct, or it may be biased. The production level of Chinese films, in terms of technology, has caught up. Domestic films have surpassed Hollywood in the domestic market through competition, which is a great achievement. However, I hope that this does not mark the beginning of a "decoupling" between Chinese movies and the rest of the world, but rather a turning point for Chinese films to reach a higher level domestically and to go global. This requires Chinese realistic films to not only be loved by domestic audiences but also become increasingly "understandable" to foreigners, allowing them to empathize with us through these films. If Chinese films can gradually go global through market-oriented approaches, it will be a new process for the international community to re-recognize and understand China, and to establish common values between us. The earliest understanding of the US by the Chinese people came entirely from the shaping of news propaganda. Later, American films and TV works entered China, showcasing the rich American society. Now, Western media's portrayal of China is completely stereotyped. If Chinese films and other popular culture do not go global, and if a large number of secular elements from China do not appear on the global internet, the outside world's perception of China is likely to be dictated by Western media for a long time. So I hope that China's excellent film market can incubate outstanding works that are loved and enjoyed globally. Not only should our cultural policies provide greater space, but our internet public opinion should also be more tolerant of the interweaving and mutually influencing between Chinese and Western cultural elements. We should not restrict those elements in Chinese films that can resonate with both Chinese and foreign audiences. For example, comedies should not only make Chinese people laugh, but also be understandable to foreigners. Chinese films need to establish their own big stars, including top-tier female stars. In the past, Bruce Lee and Jackie Chan became famous in the West, but they were primarily seen as "Hollywood stars." It is a more challenging journey for Chinese stars to gain international recognition through their own films. The success of Chinese films and Chinese stars worldwide is definitely a complementary process. The backgrounds of our film stories should also be carefully selected and more diverse, enhancing the visual quality and international appeal of the films. Feng Xiaogang's film Be There or Be Square was entirely set in the US, and later, there was another film called Lost in Thailand, both of which achieved good results. Choosing such backgrounds should be encouraged as one of the approaches. In conclusion, I am delighted by the comprehensive recovery of the Chinese film market, and I also hope that the films nurtured by this market will continue to progress. To achieve this, we need to keep introducing the world's best films and collaboratively cultivate the aesthetic taste of the Chinese people alongside Chinese films. Chinese films have already stood up, but they should not monopolize this vast market. Instead, the Chinese market should serve as the stage for them to expand globally.