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Brazil official assures that COP30 will be held in safety after Rio violence
A Brazilian official assured visitors that the events next week in Rio, and other Brazilian cities, linked to COP30, will be safe. The official was attempting to reassure attendees following a brutal police crackdown against a drug gang, which resulted in dozens of fatalities. Public defenders reported on Wednesday that the deadliest police action in Brazil's recent history has killed at least 130 people. Residents found corpses in a favela after finding them overnight. His spokesman stated that U.N. Secretary General Antonio Guterres will be joining Brazilian officials to preside over the summit next month. He urged Brazil, which will also host Brazilian officials, to conduct a swift investigation and ensure any police actions adhered to international human rights laws and standards. Stephane Dujarric, spokesman for the Secretary-General, said: "I can confirm that the Secretary-General is gravely worried by the high number of injuries sustained during an operation yesterday in Rio de Janeiro's favelas." Rio's governor and mayor have both insisted that this violence is part of an anti-crime crackdown and has nothing to do the events of the Rio Summit, which are being held across three cities: Rio, Sao Paulo, and the coastal Amazonian city of Belem. Brazilian police conducted a drill on security in Belem, Brazil, on Tuesday. A finance ministry official told, "The COP30 will be safe for all the tens and thousands of people expected to attend. Joao Paulo De Resende, undersecretary of the Ministry for Economic and Fiscal Affairs said: "I'd say that it's a localized issue; it has nothing whatsoever to do with climate change or the COP." It was a very strange event, even by Brazilian standards. You won't see this happening again in the next few weeks or months. The U.S. Consulate issued a travel advisory for the affected Rio neighborhoods citing "ongoing fights between police and criminal groups." Participants at COP30 who spoke with on Wednesday were unafraid. Rio will host a climate conference for local leaders and the Earthshot Prize of Prince William next week. In Sao Paulo, business and banking officials are meeting to discuss climate financing. Meanwhile, world leaders will gather in Belem in preparation for the COP30 negotiations in November. "We have not changed anything; I am unaware of any business that has reconsidered their plans." Andrew Wilson, the deputy secretary-general of International Chamber of Commerce said that they knew it would be logistically difficult but nothing had changed over the past 24 hours. (Reporting from Simon Jessop at the United Nations and Michelle Nichols in London; editing by Rosalba o'Brien).
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After the Fed's move, most Gulf central banks have cut rates by 25 basis point.
The majority of Gulf central banks reduced key interest rates Wednesday, after the U.S. Federal Reserve cut rates by a quarter-point. This was its second rate reduction decision in this year. Two policymakers disagreed with the Fed's decision on cutting rates by 25 basis point and Chairman Jerome Powell stated that a further cut in interest rates for December is not a given. Oil and gas exporters in the Gulf Cooperation Council follow the Fed on interest rate changes, as the majority of regional currencies are pegged with the U.S. Dollar. Kuwaiti dinar only is tied to a basket including the U.S. Dollar. Saudi Arabia, which is the largest economy in the region, has cut its repurchase agreements (repo), or repurchase agreements, rate by 25 basis points to 4.50%, and also its reverse repo rates by 25 basis points to 4%. The central bank of the United Arab Emirates has reduced its overnight deposit rate to 3.9%. Lower interest rates are expected to boost economic activity in the Gulf and stimulate non-oil growth. All have launched ambitious programmes to diversify their economies and move away from hydrocarbons. They are also developing sectors like real estate, tourism, and manufacturing that require billions of dollars in funding and investment. Qatar, Bahrain and Oman followed suit and cut their key rates by 25 basis point. Central Bank of Kuwait held rates at the same level and stated that monetary policy was in line with local economic conditions. (Writing and editing by Andrea Ricci; Rachna uppal)
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Gold gains slowed after Fed Powell's remarks despite rate cuts
The gold price fell on Wednesday, as the markets digested the comments of U.S. Federal Reserve Chairman Jerome Powell about the future path for policy. This was despite the central banks's reduction in interest rates to a quarter percentage point. As of 3:10 pm, spot gold was up by 0.3% to $3,964.39 an ounce. ET (1910 GMT), following a rise of up to 2% in earlier sessions. U.S. Gold Futures for December Delivery settled 0.4% higher, at $4,000.7 an ounce. The Fed has lowered its overnight benchmark rate, bringing it down to a range of 3.75% - 4.00%. This is the second time this year that the U.S. Central Bank has eased. Powell warned of the dangers ahead at a recent press conference. Powell stated that there were strong differences of opinion about the direction to take in December during the discussions in the committee. He added, "A further reduction in policy rates at the December meeting was not a foregone outcome." The policy isn't set in stone. Gold had a logical response to Powell's attempt to backtrack expectations of a December reduction. "We're already noticing Fed funds futures reducing expectations. This would be dollar-positive and gold-negative," said Peter Grant. Dollar index continued to rise, making greenback priced bullion costlier for overseas buyers. Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty. Tai Wong said that the fact that a cut in December is now under question will dampen precious metals' bounce. Donald Trump, the U.S. president, announced a deal on trade with South Korea, and expressed his optimism for a similar truce between him and China's Xi Jinping ahead of Thursday's scheduled talks. Gold is up 51% for the year to date, reaching a record-high of $4,381.21 in October 20. However, it has dropped over 3% this week due, among other things, to easing trade tensions. Silver spot gained 1.7%, to $47.82 an ounce. Platinum was up 0.6%, to $1,595.81, and palladium increased 1.9%, to $1420.05. Reporting by Anjana Anil in Bengaluru, Noel John in New York and Pablo Sinha from Bengaluru. Mark Potter and Alan Barona edited the article.
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Two men sentenced 25 years for plotting to kill dissidents with Iran's backing
In New York, two men who were convicted of murder for hire charges each received 25 years in prison on Wednesday. The prosecution said the convictions stemmed from a failed plot by Tehran to kill a dissident Iranian living in America. Rafat Amirov and Polad Omarova, both 46 years old, appeared before U.S. district judge Colleen McCahon, in Manhattan, dressed in prison garb. In March, a jury found them guilty of five charges, including attempted murder, conspiracy, and money laundering. They were charged with their involvement in a plot to assassinate Masih Aliejad in 2022, a U.S. Iranian and outspoken critic who was a U.S. citizen. McMahon stated, "This was a horrible, terrible crime which has had terrible, horrific repercussions for some very fine individuals." Alinejad spoke in front of the court, with a group of supporters behind her. She said that Amirov and Omarov turned her world upside down, but did not break her. Alinejad, who was leaving the podium, said: "I crossed the ocean to come to America to have a regular life. And I don't." She received applause. The sentences were below the 55-years sought by the prosecution for each of the men and above the 10-to-13-years recommended by the Defense. Amirov's and Omarov's lawyers pleaded for leniency in an effort to minimize their clients ties to Tehran as well as their roles in the plot. Emails seeking comment were not responded to on Wednesday. The prosecution said that Iran's elite Revolutionary Guard Corps had paid Amirov, Omarov, and their associates $500,000 to cover the failed hit on Alinejad who fled Iran in 2009 Iran has denied as false allegations that its intelligence agents sought to kidnap and kill Alinejad. The Justice Department was waging a campaign against what they call transnational repression, which is the targeting of political opponents by authoritarian regimes on foreign soil. Alinejad has been a critic of Iran's laws on head coverings for many years. She has shared videos of women who have violated these laws with her millions of followers. She lived in Brooklyn when the alleged assassination plot was allegedly made. Khalid Mehdiyev was also charged with Amirov and Omarov, and pleaded guilty for attempted murder and illegal firearm possession. The self-proclaimed Russian mob member testified at the trial of Amirov and Omarov, telling jurors that he had tried to murder Alinejad with both men. Mehdiyev, who had an AK-47 in his car and a ski-mask in the trunk of his vehicle when he was arrested in 2022 for staking Alinejad’s house with the AK-47. He is currently awaiting sentencing. (Reporting and editing by Frances Kerry, Nia Williams, and Jack Queen in New York)
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Minister: Serbia's sole oil refinery can only run until November 25, without any new crude supply
The only refinery in Serbia will only continue to operate until November 25, as new crude oil deliveries have been stopped due to U.S. sanction against the Russian-owned plant operator NIS. This was reported by Tanjug News Agency on Wednesday, citing the energy minister. NIS, of which Gazprom, Gazprom and the Serbian Government each own 44.9%, operates the only refinery in Serbia, located in Pancevo. The Office of Foreign Assets Control of the U.S. Treasury placed initial sanctions on Russia's petroleum sector on 10 January and gave Gazprom a 45-day deadline to sell its NIS holdings. The sanctions had been delayed several times and came into force on October 8th. The banks have ceased processing NIS payments, and Croatia's JANAF crude oil pipeline has halted supplying crude to NIS. Tanjug reported that Serbian Energy minister Dubravka Handanovic told an official of the International Monetary Fund after meeting him, that the Balkan nation has sufficient reserves to ensure stability on its market. Djedovic handanovic stated that "our mandatory and commodity reserve are full as well as NIS storage facilities to prevent any disruptions on the markets." She stated that sanctions against Russia’s Lukoil which operates in Serbia, as well as the recent fire at Hungary’s MOL refinery are further complicating Serbia’s oil and derivatives market by affecting imports. Every day, we talk to the oil companies in our market regarding the current state of the market and the challenges. We also discuss the security of supply. "We are increasing imports of oil derivatives despite the various transportation and logistical restrictions of derivatives." In an earlier statement, Aleksandar Vucic, the President of Serbia, said that without new crude oil supplies, NIS' Pancevo plant, which has a capacity of 4.8 millions tons annually and meets most of Serbian needs, will have to cease operations after November 1. Ivana Skularac, Mark Heinrich, and Cynthia Osterman edited the report.
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Brazil to finance adaptation to extreme weather at COP30
Brazil wants to assist developing countries in securing more funding to adapt to climate change. The COP30 summit president stated that. A U.N. study estimated the world would need to spend $310 Billion a year to prepare for rising sea levels, warmer days, and other conditions associated with a warming atmosphere by 2035. According to the U.N.'s Adaptation Gap Report, this is about 12 times what is currently spent annually on climate adaptation efforts. COP summits have so far not resulted in major increases in funding for climate adaptation. These funds are still behind investments in renewable energies and other technologies that reduce greenhouse gas emissions causing global warming. The U.N. released its report on Wednesday. On the same day, Jamaica, an island nation in the Caribbean, was waking up to the destruction caused by a Category 5 hurricane. It had brought severe flooding, landslides, and power outages. Climate scientists say that warmer ocean temperatures cause more intense hurricanes, which are also more frequent. They bring with them higher rainfall, and a greater risk of storm surges due to the rising sea level. This underscores the urgency for adaptation measures. In an interview with Andre Correa do Lago, Brazil's COP30 Summit president, he said: "More and more, the public, governments, and cities want resources for adaption." COP30 takes place in Belem (a port city at the gateway to the Amazon Rainforest) from November 10-21. He hopes to present a "package" of resources for financing adaptation during the summit. "Some will be from wealthy countries, others from philanthropy and, above all, attention from multilateral development bank for adaptation", Correa do lago said, without giving further details. According to the U.N., international public financing flows for climate adaptation in developing countries were $26 billion in 2023 - far less than the $310 billion needed. Bill Gates, philanthropist and billionaire investor, called on world leaders earlier this week to focus on resources that improve and protect lives rather than temperature goals and emission limits. Brazil hopes that COP30 will convince the public of the fact that other countries are still committed to the cause, despite the United States, the world's largest economy, rejecting climate action. "We must somehow convey that there are progresses on this agenda because we're facing a phase where most people think this agenda is losing momentum," said Correa Do Lago. He said that countries should concentrate on providing real-world action and financial guarantees rather than haggling about a negotiated declaration that will be agreed upon by all governments. The topic of climate finance can be a controversial one at U.N. summits. The COP29 agreement in Baku, Azerbaijan last year committed wealthy nations to provide $300 billion annually in climate finance by the year 2035. Poorer countries criticized the deal as being woefully inadequate. Azerbaijan is drafting with Brazil a "Baku-Belem Roadmap" that includes options to increase annual climate finance from private investors to $1.3 trillion. (Reporting from Brasilia by Lisandra Parguassu and Kate Abnett; Editing by Nia Williams and Kat Daigle)
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Mali cancels 90 mining exploration permits
According to a recent official order, Mali has revoked 90 mining exploration permits. This includes those that were held by subsidiaries of multinational mining companies. Local subsidiaries of Harmony Gold and IAMGOLD as well as Birimian Gold and Resolute Mining are affected. The decree does give no reasons for the revocation, but it states that the "released" permits will allow the reallocation of the land covered by these permits. The Ministry of Mines didn't immediately respond to an inquiry for comment. PERMIT REVISIONS AND TOUGHER RULES RESHAPE MINING IN AFRICA Guinea, along with several other African nations, has recently reformated their mining sector by cancelling permits that were inactive or non-compliant. Others have introduced stricter regulations in order to increase earnings from natural resource, as part of a larger push to tighten up oversight and regain control over strategic assets. The Mali decree, which was signed by the Mines Minister Amadou Keita in October and reviewed on October 29, cancels all permits for exploration of gold ore, iron ore bauxite uranium rare earths and other minerals between 2015 and 2022. The order lists all the permits affected by location and number, but it does not include the area covered or an estimate of their value. The document does not specify whether the affected companies can reapply for approval or make an appeal. Cora Gold stated that it had renounced the permits in question over two years prior and hadn't received any formal notification. The company said that the cancellation was delayed and had no effect on its business. Harmony Gold IAMGOLD Birimian Gold and Resolute have not responded to our requests for comments. Mali, Africa's largest gold producer, is a country where mining and exports are major sources of revenue. However, recent crackdowns on foreign investment and insecurity has disrupted it. Due to disruptions in Barrick's Loulo-Gounkoto Mine, the largest gold asset of Mali, industrial gold production is expected to fall short. A military-led government recently moved to strengthen ties with Russia by signing energy and mining deals, including one to supply between 160,000 and 200,000 metric tonnes of agricultural and petroleum products in the face of an Islamist fuel blockade imposed by militants that has crippled transportation and forced school closures across the country. The agreement is a continuation of earlier Russian-backed initiatives, including joint ventures for gold, uranium and lithium and the construction a state controlled gold refinery in Bamako. Reporting by Mali Newsroom. Maxwell Akalaare Adombila is the author. Mark Potter (editing)
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After a record-breaking surge, the copper rally may cool down
Copper smashed its all-time record on Wednesday. This was fueled by concerns about mine supply, and the hope of a U.S. China trade agreement. However, analysts questioned whether this rally could continue without a sustained increase in demand. Copper prices, which are considered to be a bellwether of the global economy have increased by more than 27% this year. This has been helped in part by a weaker dollar, making metals more accessible for holders of foreign currencies, and also falling interest rates. The prospect of a U.S.-China trade deal has been a new catalyst for copper's rally, said ING analyst Ewa Mannthey. She added that the bank predicted a tighter balance on the copper market this year, and in 2026 when ING, like many other banks and brokers, anticipates a deficit. Glencore, a commodity trader and miner, followed Anglo American on Wednesday in reporting lower production of copper in the first nine-months of 2025. It also cut its full year guidance. This is just another in a series of pressures on mine output. The London Metal Exchange's benchmark copper price rose by 1.5%, to $11,200 a metric ton, after surpassing its previous record high, $11,104.50 per metric ton, which was set in May 2024. At 1645 GMT, it was trading at $10190.50. This month, the International Copper Study Group stated that it expects a deficit in the refined market of 150,000 tonnes next year compared to a total consumption of 28,7 million tons. Panmure Liberum's Tom Price, however, said that the two main factors he believes are behind copper’s recent rally -- easing trade tensions as well as an anticipated Federal Reserve rate reduction - would be priced in largely by Thursday. Price stated, "I think that some (investors will leave) due to the lack of price drivers as well as the fact that copper demand hasn't changed much." Panmure Liberum expects a surplus of about 80,000 tonnes of copper in the coming year. Nitesh Sha, WisdomTree's commodity strategist, said that speculative bets tend to fade after they become too prevalent. This could also be a factor. "We have seen this in the precious metal markets." Gold prices, for instance, have gained 52% in the past year, but they've fallen around 8.5% since their record high on October 20, when they reached $4,381.21. Goldman Sachs stated earlier this month that copper prices will remain in the $10,000-$11,000 range in 2026/2027, due to a surplus in the market, but long-term prospects are still positive.
Rio police raids result in at least 132 deaths, and corpses are piled up on the street
Public defenders reported that the deadliest police operation ever conducted in Brazil killed at least 132 individuals. Residents of Rio de Janeiro lined up a street where dozens of bodies were found overnight. This was a week before global climate events took place in Rio de Janeiro.
The state police reported that the raids on a major drug cartel the day before were planned for over two months. They were designed to lure suspects up a hillside covered in trees where a special operation unit was waiting as an ambush.
Victor Santos said at a press conference that the increased lethality was not only expected, but also unwelcome. Rio police confirmed 119 deaths, including four officers.
Santos stated that there is no connection between the global events Rio will be hosting next week in relation to the United Nations COP30 Climate Summit, including the C40 Global Summit of Mayors tackling Climate Change and British Prince William’s Earthshot Prize.
Rio has hosted many global events in the last decade, including the 2016 Olympics and the 2024 G20 Summit, as well as the BRICS Summit in July. However, there was no violence of the magnitude seen on Tuesday.
Before Tuesday, the city's deadliest police raid was a raid in 2021 that killed 28 people in Jacarezinho. In 1992, Sao Paulo Police stormed Carandiru Penitentiary in order to quell a prison revolt. 111 people were killed.
Residents in Rio's Penha neighborhood gathered corpses overnight from the forest and lined them up in a main road.
Taua Brito said, "I want to take my child out of here and bury Him," surrounded by mourners weeping and onlookers, on either side of a long row of dead bodies, some covered with sheets and bags.
UN URGES PROMPT INVESTIGATING
The heavy loss of life in the raid was criticized by several civil society groups as well as public safety experts. The United Nations Human Rights office stated that it is part of a growing trend of police raids which are extremely deadly in Brazil's marginalized areas.
In a press release, the agency stated that it "reminds authorities of their obligations as per international human rights law and urges prompt and effective investigation."
Rio Governor Claudio Castro stated that he is certain the criminals who fired guns in the forest were those who killed during the operation.
He told reporters that the raids were part of a campaign to combat "narcoterrorism".
He said, "The only true victims were the officers of police."
Rio's state government claimed that this was the largest operation ever undertaken to target the Comando Vermelho drug gang. The gang controls the drug trade within several favelas, poor settlements woven into the hilly terrain of the city.
The police said that they arrested 113 suspects and confiscated 118 firearms during the operation.
Ricardo Lewandowski, the Justice Minister, told journalists that President Luiz inacio Lula da Silveira was surprised when he learned Rio police launched an "extremely violent, bloody" operation, without notifying federal authorities or involving them.
The Minister said that he would meet with Rio's Governor and increase the number federal security officials in Rio.
Lula, who had returned late Tuesday night from a visit to Malaysia, held a meeting with Vice President Geraldo Alckmin, and members of his cabinet, on Wednesday, to discuss this matter. His office confirmed that.
(source: Reuters)