Latest News
-
Bulgaria restricts fuel imports into EU after Lukoil sanctions
Bulgaria's Parliament temporarily banned exports of certain fuels to EU members on Friday to ensure stability on the local market after U.S. sanctioned Russia's Lukoil which operates the country's largest oil refinery. Bulgaria announced last week that it would take steps to ensure uninterrupted oil and oil derivatives supplies after the U.S. sanctioned Lukoil, Rosneft and other Russian oil companies over their war in Ukraine. The decision was made by the parliament, which was initiated by the ruling parties. It received 135 votes for, four against, and 42 abstentions. According to BTA, the ban does not apply to the refueling of ships and aircraft, domestic or foreign, and to deliveries to the armed services of member states of the European Union and NATO. The director of customs was instructed by the Parliament to impose the ban on fuel products. He is also authorized to export certain products at his own discretion. The State Agency for State Reserve and Wartime Stocks was also ordered to inspect the quantities of fuel reserves within a week. Lukoil operates Bulgaria's Burgas oil refining plant, which produces 190,000 barrels of crude oil per day. It also runs more than 200 petrol station and has an extensive fuel depot and transport network. Lukoil announced on Thursday that it had accepted a Gunvor offer to purchase its foreign assets. The second largest oil company in Russia was looking to sell these assets after Washington's sanctions.
-
Gold prices steady as traders evaluate further rate cuts. Set for third monthly increase
Gold prices held firm above $4,000 per ounce as traders assessed the uncertainty surrounding another interest rate reduction by the U.S. Federal Reserve in this year. However, the metal was poised to make a third consecutive monthly gain. At 10:59 am, spot gold was unchanged at $4.021.86 an ounce. ET (1459 GMT) after dropping to $3,988.37 in earlier session. Prices are on track to increase by 4% in the month of April. U.S. Gold Futures for December Delivery were up 0.2% to $4,024.9 an ounce. Dollar index was near its three-month-high, making bullion priced in greenbacks more expensive for holders of other currencies. Many traders were waiting to reallocate their gold back into the market. "I think they did it below the $4,000 level," said Phillip Streible. Chief market strategist at Blue Line Futures. The U.S. Federal Reserve cut interest rates on Tuesday, but the hawkish comments of Chair Jerome Powell caused traders to reduce their bets for another rate cut in December. The CME FedWatch tool shows that the markets now price a 65% probability of a rate cut in December. This is down from 90% earlier in this week. When interest rates rise, gold loses its appeal as it is not a yielding asset. This metal is up 53% in the past year and reached a new record high on October 20, reaching $4,381.21. Morgan Stanley said on Friday that it still sees gold as a positive investment due to interest rate reductions, ETF purchases, central bank purchases, and the ongoing uncertainty in the economy. The bank anticipates that gold will average $4,300 during the first half 2026. U.S. president Donald Trump announced on Thursday that he would reduce tariffs against China from 57% to 47% in exchange for Beijing crackingdown on the illicit fentanyl market, resumed U.S. soya bean purchases and kept rare earths exports flowing. Palladium rose 1.1%, while platinum fell 1.3%, to $1.590.55. (Reporting and editing by Deepa Babyington and Vijay Kishore in Bengaluru. Reporting by Noel John, Pablo Sinha and Noel John from Bengaluru)
-
Dollar climbs following Fed comments and stock gains after earnings
The global stock market was poised to post its third consecutive week of gains, and seventh consecutive month of growth on Friday. Earnings from Apple and Amazon eased concerns over lofty valuations. Meanwhile, the dollar rose after comments by some Federal Reserve officials. Amazon's stock soared by more than 10% following the announcement that cloud revenue grew at the fastest rate in almost three years. This helped the company to forecast quarterly sales exceeding estimates. Apple shares fell 0.3%, to $270.52, after hitting an intraday high of $277.32, after the company reported its quarterly earnings. It also forecasted holiday quarter iPhone sales, and overall revenue, that exceeded Wall Street expectations, thanks to strong demand from iPhone 17 models. The results are the culmination of a week of impressive earnings from several large companies that make up the "Magnificent 7" group. These earnings showed the continued growth of the infrastructure around artificial intelligence. Jake Seltz is the portfolio manager of the Empiric LT Equity Team at Allspring, Minneapolis. We've seen the same thing for several quarters in a row. Just looking at capital spending, and building out some cloud capacity for AI Data Centers across the board. The Dow Jones Industrial Average is the benchmark for Wall Street. Rose 75.26 points 47,597.38; The S&P 500 is a stock market index. Rose 38.30 points 6,860.64; The Nasdaq Composite Index Rose 254.26 points 23,835.40 The Nasdaq is on course for its seventh consecutive monthly gain, the longest streak since Jan 2018. MSCI's index of global stocks rose 2.56 points or 0.25% to 1,007.74. It is on course for its seventh consecutive monthly rise, the longest since August 2021. The pan-European STOXX 600 Index fell by 0.53% following a series of mixed earnings quarters and a benign inflation report for the euro zone that confirmed the European Central Bank’s belief that price pressures are contained. The Bank of Japan also held interest rates at the same level this week, despite predictions from many economists that they would be raised. The dollar has strengthened in recent days after some Fed officials made comments that dampened expectations that the central bank would cut interest rates during its December meeting, following comments by Chair Jerome Powell that cast doubt over another cut for this year. Kansas City Fed President Jeffrey Schmid dissented from cutting interest rates in this week's meeting, citing concerns that high inflation could continue and that signs of inflation spreading throughout the economy might raise doubts as to the central bank’s commitment to the 2% target. Lorie Logan, the Dallas Federal Reserve president, said that the Fed shouldn't have reduced interest rates this past week or in December. The dollar index (which measures the greenback versus a basket currencies) rose by 0.3%, to 99.77. Meanwhile, the euro fell by 0.29%, to $1.1531. The dollar index, which measures the greenback against a basket of currencies, rose 0.3% to 99.77. Meanwhile, the euro fell 0.29% at $1.1531. The Japanese yen gained 0.08% to reach 153.98 dollars. Satsuki Katayama, Japanese Finance Minister, said that the government was monitoring the foreign exchange market with great urgency since the yen dropped to around 154 dollars. The Bank of Japan's (BOJ) expectations of a rate increase are not affected by the latest economic data. Core inflation in Japan’s capital increased in October, and was above the central banks' 2% target. The yield on the benchmark U.S. 10 year notes dropped 1.2 basis to 4,081%, while the yield of the 2-year notes, which moves typically in line with expectations about interest rates for the Federal Reserve fell 2 basis to 3,594%. U.S. crude oil rose by 0.28%, to $60.74 per barrel. Brent rose to $65.05 a barrel on the same day. (Reporting and editing by Andrew Heavens; Marc Jones and Stella Qiu, in London; and David Holmes and Mark Heinrich in Sydney)
-
Gold prices steady as traders evaluate further rate cuts. Set for third monthly increase
Gold prices were stable above $4,000 per ounce as traders assessed the uncertainty surrounding another rate cut this year by the U.S. Federal Reserve. However, the metal was poised to make a third consecutive monthly gain. At 9:32 am, spot gold was unchanged at $4.023.44 an ounce. ET (1332 GMT), the price of gold had fallen to $3,988.37 in earlier part of the session. Prices are on track to increase by 4% in the month of April. U.S. Gold Futures for December Delivery were up 0.5% to $4,035.30 an ounce. Dollar index was near its three-month-high, causing greenback bullion to be more expensive for holders of other currencies. Many traders were waiting to re-allocate their gold holdings. Phillip Streible is the chief market strategist for Blue Line Futures. He believes that they did this below $4,000. The U.S. Federal Reserve cut interest rates on Tuesday, but the hawkish comments of Chair Jerome Powell caused traders to reduce their bets for another rate cut in December. The CME FedWatch tool shows that the markets now price a 65% probability of a rate cut in December. This is down from 90% earlier in this week. When interest rates rise, gold loses its appeal as it is not a yielding asset. This metal is up 53% in the past year and reached a new record high on October 20, reaching $4,381.21. Morgan Stanley said on Friday that it still sees gold as a positive investment due to interest rate reductions, ETF purchases, central bank purchases, and the ongoing uncertainty in the economy. The bank predicts that gold will average $4,300 during the first half 2026. Donald Trump, the U.S. president, said that he would reduce tariffs against China from 57% to 47% in exchange for Beijing crackingdown on illegal fentanyl trafficking. He also promised to resume U.S. purchases of soybeans and keep rare earth exports flowing. Palladium rose 1.4% to 1,464.75, while platinum fell 1.7% to $1583.80. (Reporting and editing by Noel John in Bengalur, Pablo Sinha at the New York Times)
-
Canada's GDP contracted in August and could avoid a third-quarter recession
Data showed that the Canadian GDP shrank in August, despite a consensus estimate for flat growth. An advance estimate indicated the economy could avoid a recession by the third quarter. Statista Canada reported that the economy contracted by 0.3% during August, following a 0.3% increase in July, which was revised upwards. This effectively negated any growth in the current third quarter. This was the fourth contraction in five month and was primarily due to a decline in the growth of both the goods and services sectors. A preliminary indicator indicated that the monthly GDP was likely to grow by 0.1% in the month of September, bringing the annualized growth for the third quarter up to 0.4%. The estimate may not be accurate. StatsCan publishes the quarterly annualized estimate based on data on industrial production, while StatsCan releases quarterly annualized GDP based solely on income and expenses. Canada can avoid recession if the economy grows in September. A recession is defined as two consecutive quarterly contractions. Canada's GDP shrank by 1.6% in the second quarter as tariffs and trade uncertainty slowed exports. Michael Davenport is a Senior Economist with Oxford Economics. He said that the Canadian economy was on the brink of a major recession. Some economists believe that the federal budget next week could boost spending and demand, and grow the economy. After the release of the data, the Canadian dollar continued to weaken and traded at 1.4022 U.S. dollars or 71.32 U.S. Cents. The yields on government bonds with a two-year maturity fell by 1.5 basis points, to 2.397%. Data showed that the manufacturing sector, which has been hardest hit by U.S. Tariffs and represents almost a 10th of GDP, contracted 0.5% in August. The largest drop was in the mining, oil and gas extraction and quarrying industries, which decreased by 0.7%. This was primarily because of a 1.2% decline in metal ore and a 5.0% drop in coal mining. In the services sector the biggest contractions occurred in the transportation and warehouse sectors, partly due to an airline strike. The decline in this sector was partially offset by growth in real estate, retail trade, and rental and leasing.
-
Acerinox praises recent EU actions and urges adoption
The head of Spanish steelmaker Acerinox, who is also the CEO of the European Commission, praised the recently announced steel import quotas on Friday but stated that the company was working hard to ensure the measures are adopted sooner. On a conference call with analysts, Chief Executive Officer Bernardo Velazquez stated that the company is pushing to speed up the process. He suggested the measures could be implemented as soon as April 2026 before the current ones expire on June 30. Velazquez stated that "we are very close to getting the protection we have been dreaming of and asking for over the years." He was referring to U.S. steel tariffs at 50% and EU import quotas. Velazquez said that the measures would put Acerinox in a position of equal footing with non-European rivals. Steelmaker has been adamant about what it believes to be global overcapacity, and the pressure of cheap Asian imports that underprices European firms. "MORE REGIONAL FURTURE" Acerinox missed its third-quarter earnings estimates, but Chief Corporate Office Miguel Ferrandis stated that the company was on the verge of recovery as tariffs are driving up stainless steel prices in America. Ferrandis said that the "green shoots", or signs of recovery in Europe were not yet visible, particularly as Asian players increased exports to prepare for EU measures, and imports grew 36% between January and August. Velazquez said that the company is preparing to have a more regional future in response to changes in trade policies. He gave the example of reducing the reliance on exports in South Africa and increasing local sales. In the past, (the output was) 70% local and 30% export. Velazquez stated that the goal is to have more than 60% local and 40% export. (Reporting and editing by Anna Pruchnicka; Javi West Larranaga)
-
El Salvador's 'plague of water lettuce' threatens livelihoods of thousands
Alberto Castillo abandoned a boat at the shores Lake Suchitlan in July. Water lettuce had overtaken the largest lake in El Salvador, and he could no longer take tourists or fish around it. The invasive species has affected thousands of families who live near the lake. Satellite images taken in early October reveal that the plant has covered nearly the entire lake, which is 135 square kilometers (52 square miles). Fundesyram in El Salvador, which is cleaning the reservoir, estimates 80% of it is affected. The reservoir was built in the 1970s for the country's main hydroelectric power station. The spread of the plant has been accelerated by pollution, rain, and nutrients flowing from different tributaries. The wavy lettuce leaves have spread, forming a dense mat which blocks oxygen entering the water. This kills fish, submerged plants and makes it difficult for boats to navigate the water. According to the data of the confederation artisanal fisheries cooperatives, the spread of the species has forced 3,000 fishermen from the lake. The local economy has also suffered a loss of at least $1.3million. Due to a decline in tourism, restaurants near the lake have reduced staff. Locals call water lettuce "the plague." Hundreds of residents, soldiers and government workers are cleaning the lake to remove the lettuce which is not edible for humans. The lettuce invasion continues despite the fact that some areas have been cleared and are cordoned off with steel cable to prevent it from returning. Castillo stated that "we don't have tools to stop an epidemic as large as this plant." Castillo said, "We cannot fight nature."
-
Angola's diamond production reached 10.7 million carats between January and September
Angola’s rough diamond production in the nine-month period ending September reached 10,7 million carats, said a government official on Friday. The country is aiming to achieve another record haul of rough diamonds this year. In 2024, the southwest African nation produced a record of 14 million carats rough diamonds, ranking it third in terms of production behind Botswana and Russia. It aims to produce 14.8 million carats in 2018. Janio Correa Victor, the secretary of state for minerals resources, said that output was 23,2% higher at half-year but did not give comparative figures for 2024's first nine months. Victor said that the higher output is due to the operational stability of the Catoca Mining Company as well as the Luele Mining Company. Both companies are owned jointly by the state-owned Angolan diamond company Endiama, and Taadeen Investment LLC a subsidiary from Oman's sovereign fund. In 2024, the Omani company replaced Russian miner Alrosa in Angola as a partner in state owned diamond projects after Alrosa had been sanctioned following Moscow's invasion in Ukraine two years before. Victor stated that the value of Angola’s rough diamond exports fell 14% in the past nine months despite the fact that export volumes had doubled. This was due to the fall in prices for precious stones. He said that this was due to the competition from synthetic diamonds combined with global economic uncertainty, trade tariffs imposed on the United States and the stagnation in the Chinese market after the COVID-19 epidemic. Angola has increased its diamond production since 2002, when a civil conflict ended. Before 2002, Angola was one of three major sources of conflict-diamonds, along with the Democratic Republic of Congo, and Sierra Leone. Angola bid on a majority share of De Beers. The company was put up for sale after restructuring by Anglo American. This could lead to a conflict with Botswana who also wants control over the giant diamond mining company.
Drive to end international hunger has actually stalled, United Nations cautions
A goal to remove global appetite by 2030 looks progressively difficult to accomplish, with the number of people suffering chronic appetite hardly changed over the past year, a U.N. report said on Wednesday.
The annual State of Food Security and Nutrition worldwide report said around 733 million individuals dealt with appetite in 2023-- one in 11 individuals globally and one in five in Africa-- as dispute, climate change and economic crises take their toll.
David Laborde, director of the department within the U.N. Food and Agriculture Organization (FAO) which helps prepare the survey, stated that although progress had actually been made in some regions, the scenario had weakened at a global level.
We remain in a worse scenario today than nine years ago when we released this objective to eliminate hunger by 2030, he told , saying challenges such as environment modification and local wars had grown more extreme than envisaged even a decade back.
If existing patterns continue, about 582 million individuals will be chronically undernourished at the end of the years, half of them in Africa, the report warned.
A broader objective to make sure regular access to appropriate food has actually also stalled over the previous three years, with 29% of the worldwide population, or 2.33 billion people, experiencing moderate or severe food insecurity in 2023.
Underscoring stark inequalities, some 71.5% of people in low-income nations could not pay for a healthy diet plan in 2015, against 6.3% in high-income countries.
While scarcities are simple to spot, poor nutrition is more perilous but can nevertheless scar individuals for life, stunting both the physical and psychological advancement of children and children, and leaving adults more vulnerable to infections and illnesses.
Laborde said global aid connected to food security and nutrition amounted to $76 billion a year, or 0.07% of the world's total annual economic output.
I believe we can do much better to deliver this promise about residing on a world where no one is starving, he said.
Regional patterns differed substantially, with hunger continuing to increase in Africa, where growing populations, myriad wars and environment upheaval weighed greatly. By contrast, Asia has seen little modification and Latin America has actually enhanced.
South America has actually extremely established social protection programs that enables them to target interventions so they can successfully move out of appetite in a very quick method, said FAO's chief financial expert Maximo Torero.
When it comes to Africa, we have actually not observed that.
The United Nations said the way the anti-hunger drive was funded needed to alter, with greater versatility required to ensure the countries most in requirement got aid.
We need to alter how we do things to be much better coordinated, to accept that not everyone ought to try to do everything but truly be a lot more focused on what we are doing and where, said Laborde.
The report is compiled by the Rome-based FAO, the U.N.'s. International Fund for Agricultural Advancement, its Children's.
(source: Reuters)