US and UK strike Houthi rebels, US inflation cools interest rate cut expectations, world's biggest mining project faces setbacks, challenges, and scandals, impacting the green energy transition.
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Quick takeaways
US and UK launched military strikes against Houthi rebels in Yemen, raising concerns about escalation in the Middle East conflict.
Rio Tinto's mining project in Guinea, which took 30 years, highlights the challenges and opportunities in meeting the increasing demand for minerals in remote locations.
Deep dives
US and UK carry out military strikes in Yemen as response to Houthi attacks on commercial ships in the Red Sea
The US and the UK conducted military strikes against the Houthi rebels in Yemen in response to their attacks on commercial ships in the Red Sea. These strikes aimed to degrade the group's military capabilities and protect US shipping vessels. The actions of the US and UK are raising concerns about a potential escalation of the conflict in the Middle East.
US inflation numbers for December show a slight increase, but overall inflation is trending down
The US inflation rate for December rose to 3.4%, slightly higher than expected. However, the overall trend is still downward. This report has created a disparity between market expectations of interest rate cuts and the cautious stance of policymakers. While this slightly higher inflation figure may reduce the likelihood of rate cuts in the near term, the sustainability of low inflation is what the Federal Reserve is focused on.
Rio Tinto's big-scale mining project in West Africa seen as a model for the green energy transition
Rio Tinto's mining project in Guinea's Simondu Mountains, which took 30 years to get off the ground, is considered a test case for big-scale mining projects in the transition to green energy. The project involves building two giant iron ore mines, a 550-kilometer railway, and a deepwater port. China's need for high-grade iron ore to decarbonize its steel industry makes this project crucial. The complex partnerships and commercial structure required for such projects highlight the challenges and opportunities the mining industry faces in meeting the increasing demand for minerals in remote locations.
The US and the UK have carried out military strikes against Iran-backed Houthi rebels, US inflation numbers for December cool expectations for interest rate cuts in March. Plus, the FT’s Tom Wilson explains why the world’s biggest mining project took so long to get off the ground and whether it was worth the headache.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Josh Gabert-Doyon Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.