Russian Companies Exploit Inflated Shipping Costs for Oil Profits – FT

Russian companies reportedly earn over $1 billion from inflated shipping costs in crude oil sales, according to Financial Times analysis.
-Despite Western-imposed oil price caps post-Ukraine invasion, Russian producers charge higher amounts including freight costs.
– Investigation suggests potential $1.2 billion profit from overcharging and fees from Russia-linked vessels in three months.

UK July inflation data gains significance after Bank of England’s conservative interest rate hike.
– Economists predict 6.7% inflation rate, slightly lower than the central bank’s 6.8% forecast.
– China’s economic health uncertain with mixed signs of recovery, retail sales slowing, and industrial output figures due.

KoBold Metals, backed by powerful venture capitalists, embarks on $150 million copper exploration in Zambia.
– Zambia aims to triple copper production to over 3 million tonnes by 2032, addressing global energy transition copper shortage.
– Despite challenges, Zambia leverages substantial copper endowment and geographic potential for growth.