Latest news for 7 July 2026

DR CONGO

Cobalt clampdown.

With its July 5 deadline expired, Kinshasa is now moving to reassign unused cobalt export quotas to a new state-run entity, though there’s some doubt on next steps — major exporters like Glencore and CMOC argue a government glitch forced them to miss the cut-off. (BI Africa)

Comment: This is classic resource nationalism to stabilise prices and attract more foreign investment into higher-value processing. But what sets this apart is the fact the Congo supplies ~70% of the world’s cobalt, a key tech and renewables input. DR Congo insists there’s no threat to supply, but our sense is it’s still a boon for other sources like recycling (where Glencore also leads) plus emerging players like Indonesia.

INDONESIA

Modi mode.

Prime Minister Modi has touched down in Jakarta for the first leg of his latest Indo-Pacific tour that’ll also include Australia and New Zealand. (Times of India)

Comment: The two powers have similar interests in (say) balancing an assertive China without getting caught in DC’s orbit, so keep an eye on announcements that preserve their manoeuvrability: sharing access to critical minerals, and advancing talks for Indonesia to buy India’s BrahMos cruise missiles.

HUNGARY

We’re so back.

The new government has issued its first eurobond since the centre-right Péter Magyar’s landslide win over the right-populist Viktor Orbán in April. (Bloomberg $)

Comment: Magyar is capitalising on borrowing costs that’ve plunged on hopes his administration will stabilise EU ties and unlock more EU funds.

NIGERIA

Best of both worlds.

Nigeria has become an associate member of the International Energy Agency (IEA), becoming Africa’s first oil-producer (and the first OPEC cartel member) to join the Paris-based club. (Pulse of Africa)

Comment: It’s a notable pivot for Africa’s biggest oil producer and most populous nation, towards a more traditionally Western-aligned club of energy buyers. But while keeping one foot in OPEC, it’s also Nigeria trying to signal that it’s serious about moving beyond pure oil dependence.

ISRAEL

Propaganda or progress?

Israel is dismissing as a propaganda stunt a Hamas announcement that the group is dissolving its de-facto government in Gaza after nearly 20 years in power, transferring civilian authority to a US-backed technocratic committee. (Reuters)

Comment: The US is caught between wanting to see progress in Trump’s stalled Board of Peace plan for Gaza, versus the reality that the Hamas announcement specifies it’s still running the Strip’s security and policing (ie, not disarming — a point highlighted by Israel, which continues to block the committee’s access to Gaza).

CUBA

Another blackout.

The administration in Havana has again accused the US of genocide after the island’s electricity grid suffered its third complete collapse in six months, leaving 11 million people without power. Havana blames the ongoing US energy blockade, while DC continues to attribute blame to Cuba’s failed economic system. (ABC)

CANADA

New subs, eh?

Putting an end to long-running speculation, Prime Minister Carney has announced Germany’s TKMS will build Canada’s new fleet of ~12 conventionally-powered subs, beating out Korea’s Hanwha. The joint German-Norwegian design is Arctic-capable, and comes with big promises of Canadian jobs and industry benefits. (CBC)

Comment: Subject to contract negotiations, it’s an export win for Germany, binds Canada closer to Europe’s orbit, and signals to NATO allies (particularly the US) that Ottawa is taking the Arctic seriously amid melting ice-caps and growing Russian-Chinese interest. Those 2030s delivery timelines look ambitious, though off-the-shelf is still quicker and cheaper than trying to design from scratch — just ask the Aussies.

FRANCE

Waiting on a verdict.

A Paris court will shortly hand down its verdict on embezzlement charges against populist-right leader Marine Le Pen, impacting her eligibility to run in next year’s presidential elections. Meanwhile, President Macron’s visit to Syria has coincided with unidentified explosions in the capital city of Damascus. (France24)