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At least 52 people are killed by rebels with machetes in eastern Congo
UN and local officials reported that Islamic State-backed fighters with machetes, hoes and other weapons have recently killed 52 civilians between Beni and Lubero in eastern Democratic Republic of Congo. According to Lieutenant Elongo Kyondwa Marx of the regional Congolese Army, after being defeated by Congolese troops, rebels from the Allied Democratic Forces took revenge on civilians. Macaire Sivikunula told the media that the attackers woke up the residents and then gathered them together, tied them with ropes and began to slaughter them with machetes. Alain Kiwewe is a military administrator in Lubero territory. He told reporters that 30 civilians died alone in the village Melia. He said that "among the victims, there were women and children whose throats had been slit at their homes while several houses were burned." Mission spokesperson: The United Nations Organization Stabilization Mission (MONUSCO) in the Democratic Republic of the Congo condemned the ADF attacks between August 9-16 "in the strongest terms possible". The spokesperson stated that the attacks resulted in the deaths of at least 52 civilians including eight women and children. In Congo's mineral rich east, the ADF is one of several militias fighting over land and resources. In recent weeks, the Congolese army and Uganda, its ally in this war, have intensified their operations against ADF. ADF rebels attacked a church in eastern Congo in late July and killed 38 people. Reporting by Congo Newsroom; Writing by Ayen deng Bior; editing by Toby Chopra & Andrew Heavens
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Representative of Elliott's affiliate says that holders of Venezuelan bonds have secured a payment pact.
A representative of bondholders in the United States told a U.S. Court on Monday that holders of a Venezuelan defaulted bond had reached an agreement for a preliminarily settlement with Amber Energy. This was part of the raised bid submitted by Elliott Investment Management to buy the parent company of U.S. refiner Citgo Petroleum this month. Recently, the court auctioned shares saw improved bids from hedge funds Elliott and Vitol affiliates. This was despite the officer who oversaw the bidding round recommending a separate $7.4 billion offer by a Toronto-listed miner Gold Reserve subsidiary. Some creditors and bidders believe that a payment agreement between the PDVSA 2020 bonds holders, which are collateralized by Citgo equity is key to winning a bid. It would remove the obstacle in the finalization of the sale process. Other parties to the case have requested that the Delaware court wait until a separate New York court decides the validity of these bonds. The Delaware court auctions Venezuelan-owned PDV Holding in order to pay up 15 creditors for debt defaults or expropriations that occurred in South America. The Delaware court will set a deadline soon for all bids, whether solicited or uninvited. Judge Leonard Stark announced this in a recent court hearing. The court will confirm the Gold Reserve Group's bid, or recommend a rival offer as the winner. Reporting by Marianna Pararaga Editing Rod Nickel
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Hungarian opposition leader asks Russia to refrain from interfering
Peter Magyar, the leader of Hungary's opposition party, has asked Russia to refrain from interfering in its politics. He said that there was no way for meaningful co-operation without respecting his country's sovereignty. The Russian Foreign Intelligence Service published a statement earlier this week in which it described Magyars as loyal to the "globalist elites", and claimed that the European Commission is considering "regime changes in Budapest." Magyar's Tisza Party, which is ahead of Prime Minister Viktor Orban’s Fidesz at the polls in the majority of polls before the parliamentary elections next spring, has published an open-letter to Russia's ambassador to Hungary asking what the SVR's statement was intended to achieve. In a letter posted on Facebook Sunday, Magyar demanded "clear assurances" that the Russian Federation would refrain from actions that could be considered as interference in Hungary’s domestic politics. This includes disinformation campaigns, hacker operations, or intimidation of citizens and politicians. Magyar published a letter to Facebook on Monday that the Russian ambassador in Budapest sent him as a reply. The letter said that Magyar’s accusations were “baseless” and that Russia didn't interfere in the internal affairs of whichever foreign country. The SVR's statement on Hungarian political affairs "speaks for itself" and does not require further explanation. The letter signed by Evgeny Stanislavov stated that the contents of the statement were clear and understood by everyone. The Russian Embassy at Budapest has not responded to any of the 'emailed comments. Orban, who has been in power since 2010, is criticized by other EU leaders because of his government's close ties to Moscow and its opposition to military assistance for Ukraine. Orban also accuses EU leaders of plotting his downfall. Magyar is a former insider of the government who has said that he will strive to have "pragmatic relationships" with Russia. Russia supplies Hungary with its majority of energy, and it's also involved in expanding its nuclear plant Paks. He said that the SVR statement was a direct attempt by Russia to influence voters in Hungary. Hungary is a NATO member, but under Orban it has refused to send arms to the neighbouring Ukraine. "Hungary’s sovereignty and inviolability of its democratic processes are not negotiable." Magyar stated that adhering to these principles was a minimum requirement for meaningful bilateral cooperation. (Reporting and editing by David Holmes, Topra Chopra and Togely Chopra; Reporting by Gergely szakacs)
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As it approaches the Atlantic archipelagos, Hurricane Erin is bringing rough seas.
Residents of the Bahamas and Turks and Caicos were bracing themselves for the first Atlantic hurricane of the season, Category 4 Erin. It had strengthened over the weekend as it swept through the Caribbean. Erin is yet to cause any significant damage or landfall. National Hurricane Center of the United States (NHC) stated that Erin would strengthen a bit on Monday, but will bypass northern Atlantic islands. The storm will probably remain a major hurricane until the middle of this week but avoid Bermuda and the U.S. coastline. The storm had maximum sustained winds of 225 kph (140 mph) on Monday, 1500 GMT. It was circling north of Hispaniola. The strength of the storm fluctuated throughout the weekend. It rose on Saturday to Category 5 (the highest level on the Saffir-Simpson Scale), before dropping back down to Category 4 in the late hours of Sunday. The NHC stated that Erin's wind field would result in rough conditions on the ocean over most of the western Atlantic. It said it would become larger than the current tropical storm force winds, which extend up to 230 mile (370 km) away from its center. Erin, the fifth named storm in the Atlantic Season of 2025 and the first hurricane to reach the category, is expected to make landfall on the coast. Last October, Hurricane Milton was the last Atlantic storm that reached Category 5 intensity. Dominican Republic placed its northern coast under alert last weekend but there were no reports of major damage. Authorities in Turks and Caicos (an overseas British territory) have suspended services on the island's largest island and warned residents to prepare for evacuation. The Bahamas' Meteorology Department said that the southeast of the islands, including Turks and Caicos were experiencing tropical storms and that boats shouldn't go out at sea until the end the week. It said that the seas "could become extremely rough and hazardous during the swells". The NHC warned that strong currents will be sweeping across the east coasts of Canada and the U.S. in the next few days. BMS Meteorologist Andrew Siffert said Erin could pass off-shore along Canada's Maritime Provinces, without causing heavy rain. He called this a "gray swan event". He warned that sustained winds could increase the risk of fires.
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Gold prices steady as investors eye Trump-Zelenskiy meeting
Gold prices were mostly unchanged on Monday as investors focused their attention on U.S. president Donald Trump's later-in-the day meeting with Ukrainian leaders and European leaders, and on the Federal Reserve's symposium this week in Jackson Hole. At 11:56 am, spot gold was unchanged at $3334.81 an ounce. ET (1556 GMT), having hit its lowest level in the previous session since August 1. U.S. Gold futures for delivery in December fell by 0.1%, to $3.379.70. The U.S. Dollar gained 0.3% making bullion priced in greenbacks more expensive for holders of other currencies. Investors will be watching closely the White House meeting on Monday between Trump and Ukrainian president Volodymyr Zelenskiy. They will also be joined by European leaders as Washington pushes to reach a quick peace agreement that ends Europe's most deadly conflict in 80 years. It follows Trump's Friday meeting with Russian President Vladimir Putin, in which the two leaders agreed that they would pursue a peace agreement without implementing any ceasefire. Gold did not react much to the Putin-Trump summit. I believe we will continue to trade in this range. Edward Meir, Marex analyst, said: "The next inflection is the Federal Reserve conference." The minutes of the July policy meeting of the U.S. Central Bank are due Wednesday, just before the Fed's annual Jackson Hole conference, which is scheduled to take place August 21-23. The event is expected to feature a speech by Fed Chair Jerome Powell. Investors will be paying attention to Powell's comments on the economy. Meir stated that while markets have already priced a 25 basis-point cut, an additional 50 basis-point reduction could push gold prices up. Gold tends perform well in low-interest rate environments and increased uncertainty. Silver spot rose 0.1%, to $38.02 an ounce. Platinum rose 0.1%, to $1,336.55. Palladium spot rose 1.1% to $1124.04, after earlier falling to its lowest price since July 10. Noel John, Bengalur; Arun Koyyur, editing.
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Jackson Hole: US and European shares are little changed in advance of Ukraine talks
Wall Street and European stocks were flat or marginally lower Monday, ahead of an eventful week in U.S. rate policy. Meanwhile, attention was focused on Washington where Volodymyr Zelenskiy from Ukraine and European leaders would meet Donald Trump. S&P 500 was slightly down in midday trading but remained within striking range of its Friday all-time high. The MSCI All Country World Index was 0.1% lower but still not far off its record high reached on Friday. In the Asian session earlier, indexes from Japan, Taiwan, and China reached record highs, with a Chinese stock gauge reaching its highest level for a decade. After Trump's Friday summit with Russian president Vladimir Putin, investors were anticipating Trump's meeting later that day with Zelenskiy and European leader to discuss the next step to end the conflict in Ukraine. In a research report, Geoff Yu, EMEA's macro strategist, wrote that "Expectations are low for a breakthrough, but aside from assets and energy with direct exposure to this region, the marginal effect on sentiment has faded." Trump, despite the fact that there was no agreement at the Alaska summit, appeared to be more in line with Moscow when it came to seeking a peace deal for Ukraine rather than a first ceasefire. The Federal Reserve's Jackson Hole Symposium, which takes place from August 21 to 23, is another key event for this week. Chair Jerome Powell will be speaking on the economy and the central banks policy framework. The markets are pricing in a further rate cut by December, based on an 85% probability of a quarter point cut at the Fed meeting scheduled for September 17. In a research note, Andrew Hollenhorst wrote that Fed Chair Jerome Powell would likely indicate Friday that the risks to inflation and employment are becoming more equalized, which could imply lowering rates towards neutral. "But he won't commit to a reduction next month until he receives the August data on jobs and inflation." Stock markets have been buoyed by the prospect of lower borrowing rates globally. Japan's Nikkei has reached a new record high. MSCI's broadest Asia-Pacific share index outside Japan gained 0.1% after reaching a record high of four years last week. In Europe, Germany DAX slipped 0.3%. The FTSE in Britain was up 0.1%. Stocks are rallying due to a strong earnings season. The S&P 500's EPS increased 11% over the past year, and 58% of companies have raised their guidance for the full-year. Goldman Sachs analysts said that the results of mega-cap technology companies have been exceptional. While Nvidia is yet to release its earnings, Magnificent Seven grew their EPS in 2Q by 26%, year/year, which was a 12% improvement over the consensus expectations going into earnings season. Home Depot, Target Lowe's, Walmart and Lowe's all reported this week. A FED POLICY that is a concern The yield curve on bond markets has widened. The difference between the two-year and the 10-year Treasury yields reached 57,8 basis points. This is the biggest gap since mid-July. The rates on the back end of the curve increased much faster than the ones on the front, indicating higher inflation expectations. The prospect of higher borrowing for increased defence spending has also pushed German and French long term yields to the highest levels since 2011. The dollar has been impacted by bets that the Fed will ease further. It dropped 0.3% last week against a basket currency and was last at 98.102. The dollar increased 0.4% against the yen, to 147.75. Meanwhile, the euro dropped 0.3% to $1.1667. Gold was unchanged at $3,335 per ounce, after losing 1.9% the previous week. Prices of oil rose before the meeting between Trump Zelenskiy. Brent crude was up 0.3% to $66.09 per barrel. U.S. crude rose 0.5% to $63.09 a barrel.
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South Africa banks curb lending over climate-related default risks, study finds
Colleen Goko JOHANNESBURG - 18 August A study released by the South African Reserve Bank on Monday showed that South African banks are more reluctant to make loans as extreme weather events have increased the risk of default. The study, which looked at 38 banks from 2009 to 2024, showed that credit growth slowed down after climate shocks like floods and droughts as well as the introduction of carbon taxes in 2019. These findings are in line with global trends, such as those observed in Europe, Brazil and the United States where banks are struggling with the financial impact and regulatory efforts of reducing carbon emissions. Credit is tightening as businesses need more funding to meet climate-related challenges, and to shift to a low-carbon economic system. The authors of the study noted that "this could delay progress towards a low-carbon economic system and increase the exposure of companies to future climate related disruptions." The study included South Africa's biggest banks including Standard Bank FirstRand Absa Nedbank Capitec as well as foreign bank operating locally such as Citi, HSBC and Bank of China. The study concluded that banks reduced lending due to climate shocks, which increased the risk of defaults while reducing the value of collateral. Carbon tax measures, for example, impacted corporate profits. The report coincides this year with South Africa's G20 Presidency, where climate financing has become a major focus. Officials have called for greater international support to assist emerging markets in managing climate shocks while not stifling their economic growth. The report concluded that "Achieving an appropriate balance between prudential supervision and credit provision will be crucial to ensure climate resilience and economic development go hand in hand. This is especially true in emerging economies like South Africa." Reporting by Colleen Goko; Editing and proofreading by Olivia Kumwenda Mtambo, Christina Fincher
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Gold prices rise on lower yields and the focus on Trump-Zelenskiy summit and Jackson Hole summit
Gold prices rose on Monday as a result of lower U.S. Treasury rates. Investors also focused on the Federal Reserve annual symposium and Donald Trump's meetings with Ukrainian and European leaders. At 9:56 am, spot gold was up 0.1% at $3383.20 an ounce. ET (1355 GMT) after it hit its lowest level in August 1. U.S. Gold futures for delivery in December rose 0.2% to $ 3,388,80. Gold that does not yield is less appealing as the benchmark 10-year U.S. Treasury has fallen from its two-week-high. Investors will be focused on a White House summit between Trump and Ukrainian president Volodymyr Zelenskiy. They will also be joined by European leaders as Washington seeks a quick peace agreement to end Europe's most deadly conflict in 80 years. It follows Trump's Friday meeting with Russian President Vladimir Putin, in which the two leaders agreed that they would pursue a peace agreement without implementing any ceasefire. Gold did not react much to the Putin-Trump summit. I believe we will continue to trade in this range. "The Federal Reserve is next inflection point," said Marex analyst Edward Meir. The minutes of the July policy meeting of the U.S. Central bank are due Wednesday, just before the annual Fed conference, which will be held in Jackson Hole (Wyoming) from August 21-23. The event is expected to feature a speech by Fed Chair Jerome Powell. Meir says that the markets will be closely watching Powell's comments on interest rates. A 25 basis point reduction is already priced in but an outside chance exists of a 50-basis point cut, which would drive gold prices up. Gold tends perform well in an environment with low interest rates, and increased uncertainty. Silver spot rose 0.2% to $38.07 an ounce while platinum dropped 0.5% to $1.328.40. Palladium spot rose 0.3% to $1.115.68, after earlier falling to its lowest price since July 10. Noel John, Bengalur; Arun Koyyur, editing.
Reactions to EU plan to reduce red tape and assist struggling industries
The European Commission published on Wednesday a three-pronged strategy to revive the European industries that are in trouble. This includes proposals to reduce green reporting requirements for companies, while also supporting clean industrial projects. It also includes a plan to lower energy prices.
Industry groups have welcomed plans to encourage investment in Europe. Campaigners and investors have criticized the rescinding of Europe's sustainability standards, which are world-leading.
* REACTIONS TO EU OMNIBUS TO CUT SUSTAINABILITY RESEARCH RULES
The Institutional Investors Group on Climate Change
The European Commission's proposal to roll back the tax will undermine investment and Europe's competitiveness in the long term.
Reduced scope of CSRD would ultimately limit investors' access to credible and useful data on transition plans, and companies' ability secure financing for their transition. Investors will be forced to continue relying on estimates and direct engagements with investors, which increases costs.
INDUSTRY GROUP BUSINESSEUROPE HEAD MARKUS BEYRER
By reducing unnecessary reporting requirements and regulatory burdens the first Omnibus allows companies to contribute more efficiently to the EU sustainability goals while preserving the competitiveness of the EU economy.
ALBAN GROSDIDIER, CAMPAIGNER FOR FRIENDS of the Earth
The Commission has introduced a massive package of deregulation. It is destroying human rights protections as well as environmental and climatic action."
Reactions to the EU Clean Industrial Deal:
PAUL VOSS HEAD OF THE INDUSTRY GROUP EUROPEAN ALUMINAUM
"While this is just a beginning, it is fair to acknowledge and applaud the Commission's sincere declaration of its political commitment to bringing European industry back to its feet. The hard part is now to sort out the details.
DUTCH INDUSTRIAL GROUP VNO - NCW
The Commission has set out clear deadlines for lower energy costs, the development and growth of the market for sustainable products and the circular economy.
SWISS ENGINEERING GROUP AB
"We were looking for three things, namely: to accelerate electrification and to leverage energy efficiency in order to decarbonize. We also wanted more investment incentives. And we are pleased that the European Clean Industrial Deal has committed to addressing these priorities.
The Decarbonization Investment Bank represents a positive step in redirecting funds towards electrification and industrial technologies that reduce carbon emissions.
AXEL EGGERT DIRECTOR OF EUROPEAN STAIN ASSOCIATION
"Immediate action is needed to protect European steelmaking. This includes decisive measures in trade, CBAM, and energy prices. The Commission has identified the correct challenges, but does not provide concrete policy solutions to reverse the trend.
JEFFERIES:
The EU plan to mobilize 100 billion Euros to support the decarbonisation of industries:
It is unclear how much of the EUR100bn pool represents new funding, as opposed to existing funds that have been repurposed.
* REACTIONS to the EU AFFORDABLE Energy Plan:
Analysts for Energy Aspects:
The European Commission will advise member states to reduce taxation levels on electricity and eliminate levies. It is only a recommendation. We do not believe that CID will provide any significant relief for the high price of electricity in the short term.
We believe that the biggest impact on the decarbonisation of the European energy sector could be a push for more member states adopting streamlined permit procedures.
CHRIS ROSSLOWE SENIOR ANATOMIST AT THINK-TANK MEMBER
The proposed measures strike a good compromise between providing short-term relief to consumers and fixing structural problems with Europe's dependence on fossil fuels. Positive to see concrete action that will accelerate the low-cost renewables...
"Apart from concerns about gas investment support, this plan offers a viable route to lower energy costs." Reporting by Kate Abnett and Julia Payne; Editing by Ingrid Melander
(source: Reuters)