The new commodity superpowers | The rise of windfall taxes on banks across Europe | Financial Times | The Muslim Brotherhood

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Don't like ads? Go ad-free with TradeBriefs Premium The new commodity superpowers    The red-brown landscape of Tenke-Fungurume, one of the world’s largest copper and cobalt mines in the Democratic Republic of Congo, is covered by tens of thousands of dusty sacks. The bags stacked up by the roadside and piled next to buildings contain a stash of cobalt hydroxide powder equivalent to almost a tenth of the world’s annual consumption — and worth about half a billion dollars. The haphazard stockpiles of this bright green powder, a key ingredient in electric car batteries, point to how the DRC, the world’s largest producer of cobalt, is starting to flex its muscles when it comes to the metals needed for the energy transition. Continued here You Might Like � � � � � � � � � The rise of windfall taxes on banks across Europe | Financial Times    Italy became the biggest European market to impose a windfall tax on its banks this week, joining a wave of governments in the region seeking to raise cash by targeting the profits of lenders that have been buoyed by rising interest rates. As governments face pressure to support citizens struggling with increased energy and housing costs, lenders enjoying bumper profits on the back of central bank policy rate rises are seen as easy targets to plunder. "You are not going to lose too many votes by increasing taxes on banks," said Giles Edwards, a banks analyst at S&P Global Ratings. Continued here The Muslim Brotherhood's Survival Is Now in Question    In mid-June, Turkish President Recep Tayyip Erdogan hosted Saudi Crown Prince Mohammed bin Salman and hailed it as a "new era" in the two countries' relationship. It marked an end to tensions that had reached their pinnacle in 2018 after Turkey's media published information apparently leaked from the Turkish government about the gruesome murder of Saudi dissident Jamal Khashoggi in Istanbul. In April 2022, a Turkish court transferred the trial of Khashoggi's alleged murderers to Riyadh—a peace offering that paved the path for Erdogan's first trip in years to the oil-rich kingdom, which occurred later that month. But it was Erdogan's ties with the Muslim Brotherhood and its offshoots that began the breakdown in relations more than a decade ago at the start of uprisings in the Arab world. Saudi Arabia, the United Arab Emirates, and Egypt saw the Pan-Arab Islamist group as a challenge to their autocratic systems of government, while Erdogan hoped to piggyback on the Muslim Brotherhood's electoral success in Egypt in 2011 and 2012 to eventually replace Saudi Arabia as the de facto leader of the Sunni Islamic world. Turkey became one of the region's only safe havens for the Muslim Brotherhood. Continued here

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