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Lithuania to reopen Belarus borders after balloon incidents
Lithuania said it will reopen the border crossings to Belarus after a temporary closure was imposed due to balloons used by smugglers disrupting airspace. The Prime Minister's spokesperson announced that the two border crossings would reopen Thursday. Last month, Lithuania announced that they would be closed until the end November due to weather balloons from Belarus which have caused disruptions in air traffic. Lithuania said that the balloons were flown by smugglers who transported contraband cigarettes. It blamed Belarus's president Alexander Lukashenko, calling the practice a "hybrid assault". In recent weeks, the number of air traffic incidents has decreased. Vilnius Airport was closed for eight days last. The Lithuanian Interior minister Vladislav Kondratovic said that the situation has changed, and state border crossing restrictions are no longer necessary to maintain domestic security. Belarus later said it received an official notification from Lithuania stating that two border crossings will be reopened Thursday at 1100 Minsk time (2220 GMT). Both countries share a total of six border crossings. "The Belarusian Border Service is ready to resume the passage of individuals and vehicles at the Belarusian-Lithuanian section of the border," the Belarus State Border Committee said in a statement on Telegram. Poland reopened this week two border crossings near Lithuania with Belarus that it had closed for the past two weeks to show solidarity with its neighbor. Lukashenko called the border closure "crazy scam", and accused the West of fighting an hybrid war against Belarus, Russia, which was ushering a new age of barbed wire division. Lithuania accuses Belarus of holding 1,000 Lithuanian trucks in Belarus to prevent them from returning home once the border has been closed. (Reporting and additional reporting by Gwladys Fauch, editing by Stine Jacobsen, Terje Solsvik, Ed Osmond, Stine Jacobsen)
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SQM's profits and demand outlook are boosted by the recent rise in lithium prices
SQM, a Chilean lithium producer, said that the demand for lithium could increase by 25% in 2019 compared to 2024. The company reported on Wednesday its highest prices in two years, driven by an increased use of electric vehicles and energy storage. SQM's third-quarter net income grew 36% on-year, from $131.4 to $178.4 millions. The revenue also increased, rising 8.9% from $1.08 billion to $1.17 Billion. SQM shares listed in the United States rose to a record high of $64.60 per share on Wednesday, marking their highest level for over two years. In recent months, lithium prices have cooled since 2022, when they reached record highs. This is because supply growth has outpaced demand. This has impacted margins of global producers such as SQM, and U.S. based Albemarle. Yet the July-to-September period marked stronger-than-expected demand, SQM said. In a conference call with analysts, CEO Ricardo Ramos said, "We are cautiously optimistic, even though the market is highly volatile." He also noted that he expects the trend to continue into the fourth quarter. He said that the demand for energy storage systems and electric vehicles is still strong. SQM has also reduced its investment forecast for 2025-2027 by a significant amount, reducing its estimate of capital expenditure to $2.7 billion. SQM's investment outlook for 2025 to 2027 has also been significantly narrowed. It has revised its capital expenditure estimate from $3.1-$3.8 billion. The company admitted that some of its investment decisions had been delayed, but it maintained its production and sale targets. The company stated that the revised capex would be distributed evenly throughout each year with roughly a quarter of it going towards maintenance. Pablo Hernandez, Vice President of Strategy and Development at SQM Chile's lithium division, stated that SQM anticipates the lithium demand to increase by 25% this year, to more than 1.5 metric tonnes, and to 1.7 metric tonnes in 2026. He said that he was still assessing the demand growth expectations for next year. "We remain conservative," he added. SQM is one of two lithium producers in Chile, along with Albemarle. It also produces fertilizers and industrial chemical products. SQM said that it also expects to finalize its partnership with Codelco, the state-owned miner in charge of lithium extraction on the Atacama Salt Flat by the end the year. The only approval still needed is from Chile's comptroller, after China's market regulator approved the deal last week. Ramos said to analysts that "we will close this year." Reporting by Daina Solomon in Santiago, and Disha Mishra from Bengaluru. Editing by Nivedita Bhattacharjee, Aurora Ellis and Nivedita Bhattacharjee.
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Carson Block, Muddy Waters' Carson Block, says he owns Snowline Gold Corp.
Muddy Waters founder Carson Block announced on Wednesday that he had taken a position long in Canadian gold mining company Snowline Gold Corp. This marks a departure from the famous short seller. Snowline Gold Corp. is working on potential projects that Block believes are undervalued in comparison to gold prices and the amount of valuable metals the sites can produce. Block spoke at the Sohn Conference, held in London. Block, in describing the public reports that the junior miner released, said that the company took a conservative approach with its own growth forecasts. Block said, "We believe this project is feasible at $1800 gold. We don't think there are any downside risks at that price." Gold has risen to around $4,070 per ounce. This is not far off recent record prices. The junior gold mining company is located in Canada's Yukon and has multiple projects, including the Rogue Valley deposit which is estimated to contain around 8 million ounces gold. The company didn't immediately respond to our request for comment. A long position is basically a bet on the value of an asset.
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Greek refiner Motor Oil doubles nine-month net profit
Motor Oil, a Greek refiner, reported on Wednesday a dramatic increase in its nine-month net income. This was boosted by higher refining margins for the third quarter and an insurance payout following a fire that occurred at its Corinth Refinery. The group reported a net profit of 453.2 millions euros ($523million) for the period January-September, compared to 224.1 million euro a year ago. Motor Oil reported that it had received 244 million euro in insurance proceeds for the period. This included 211 million for business interruption, and 33 million for damage to assets after last year's blaze. The Corinth Refinery is Greece's 2nd largest refinery and represents more than one third of the refining capacity in the country. The revenue dropped from 9.37 billion euros to 8.48 billion euro in the same time period last year. The largest contributor to sales was refining, which generated 4.31 billion euro, followed by fuel marketing, with 3.46 billion. The net debt of the company increased from 1.73 billion euro at the end 2024 to 1.89 billion euro by the end September. This was largely due to investments in renewable energy and the expansion of the retail network. Motor Oil's gearing rate improved from 0.63 to 0.59, despite the increase, thanks to higher equity. $1 = 0.8664 euro (Reporting and editing by David Goodman, Emelia Sithole Matarise).
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The 300 kg gem found in the presidential palace of Madagascar was shown by the military ruler
Madagascar's interim President, who took power on the island nation in the Indian Ocean last month, unveiled a gem weighing 300 kg (661 pounds) that he claimed was found in the Presidential Palace. The Ambohitsorohitra State Palace, in Antananarivo's capital, Antananarivo, showed the dark boulder streaked with green crystal on Tuesday night. Expert analysis is still needed to determine the size and grade of the emerald that's embedded in the stone. Colonel Michael Randrianirina said, "This is an asset for the nation," as he stood next to the find. He promised "complete transparency" and said that "it might be sold". He did not give any details about how, when, and where the stone had been found. All he said was "we discovered this incredible treasure upon arrival" and that "we don't know why it was transported here". Carl Andriamparany, Mines Minister of Madagascar, called it a collector’s dream. He said that an emerald in its natural matrix was rare. Officials have not found a stone with a similar matrix documented anywhere in Madagascar. The government announced that the proceeds of a sale will go to the state treasury. (Reporting and writing by Lovasoa Rabary; Editing by Bate Felis and Alison Williams).
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Bangladesh court stops arbitration with India’s Adani Power for dues
The Bangladesh High Court halted arbitral proceedings on Wednesday between India's Adani Power and Bangladesh's power board over disputes regarding power supply payments. The Bangladesh Power Development Board and the company led by Indian billionaire Gautam Adian have been in dispute over unpaid electricity bills as part of an agreement that both parties signed in 2017. Adani and BPDB decided early this month to use an international arbitration process in order to settle disputes regarding Bangladesh's electricity supply payments. The court announced on Wednesday that arbitration would be suspended until a report is received from a committee formed by the high court to investigate fairness and any possible irregularities of the agreement between Bangladesh's government and Adani Group. Last year, the Bangladesh High Court ordered that a group of experts examine the contract between Adani and Bangladesh. Adani Power provides electricity from its 1,600 megawatt coal-fired Godda power station in eastern India. This plant meets almost a tenth the power needs of Bangladesh. Abdul Qayyum told reporters that if Adani begins arbitration proceedings in Singapore before the report is released, the investigation would be of no value. In December, the interim government of Bangladesh accused Adani for breaching the power-purchase agreement by refusing tax benefits to the Godda Plant that India had provided. Adani received a tariff from Bangladesh of 14,87 takas ($0.1220), per unit, during the fiscal period ending June 30, 2024. This was higher than the average 9.57 takas for power supplied by Indian companies. A spokesperson for the Adani Group said that the company had yet to review the court order. However, according to the agreement, any dispute between the parties must be resolved by the Singapore International Arbitration Centre which is outside the jurisdiction of Bangladeshi courts. BPDB didn't immediately respond to a comment request. Reporting by RumaPaul and SethuramanNR; Editing Maju Samuel
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Israeli airstrikes kill ten Palestinians in Gaza - a shivering ceasefire, say medics
Health authorities reported that Israeli airstrikes in Gaza killed 10 Palestinians on Wednesday, in an area under Hamas' control. The attacks occurred in a region of the Gaza Strip where a fragile ceasefire was in effect since October. Two people were reported dead in Shejaia, a suburb to the east of Gaza City. Four more died in Zeitoun, a nearby suburb. Four Palestinians were killed in a third airstrike in Mawasi, west of Khan Younis. Israel's military claimed that its forces had struck Hamas militants in Gaza who had fired at its troops, violating the ceasefire of nearly six weeks. No Israeli forces were hurt. The fragility of the truce has been demonstrated by repeated shooting incidents. Israel and Hamas are trading blame over what they both claim is a violation of the U.S. broker truce. This is the first step in President Donald Trump's plan to create a postwar Gaza. According to witnesses, medics and Palestinian media, all three attacks went beyond the imaginary "yellow lines" that were agreed upon between areas under Israeli control and Palestinian control. The Zeitoun attacks targeted a building owned by a muslim religious authority and the Khan Younis attacks targeted a U.N. run club. Both of these clubs housed displaced families. The ceasefire on October 10, which ended the two-year Gaza War, has helped to ease the conflict and allowed hundreds of thousands to return to Gaza. Israel has withdrawn troops from city positions and increased aid flows. Violence has not stopped completely. Palestinian health officials say Israeli forces killed 290 in Gaza strikes since the truce. Nearly half of those deaths occurred in one day, last week, when Israel retaliated against an attack on their troops. Israel claims that it has killed three soldiers since the ceasefire started and targeted scores of militants. (Reporting and editing by Nidal Al-Mughrabi, Howard Goller)
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Gold prices rise on demand for safe-haven assets ahead of US data
The gold price rose on Wednesday as investors sought out the safe haven asset in anticipation of the Federal Reserve meeting minutes to be released later that day. This was also due to delayed U.S. Employment data on Thursday. At 11:25 am, spot gold rose 0.3% to $4,081.15 an ounce. ET (1625 GMT) after climbing more than 1% earlier in session. U.S. Gold Futures for December Delivery gained 0.4%, to $4.081.50 an ounce. There's a safe-haven buy going on right now .... Bob Haberkorn, RJO Futures' market strategist, said that the (job) figures have been slightly softer and there is jitter in the equity markets. The global stock market stabilized Wednesday after another sell-off driven by fears over AI valuations. However, the mood is cautious as we await what could be a make-or break earnings report from chip giant Nvidia this week and U.S. job data. The Federal Reserve will release its minutes from the October meeting at 2 pm ET today. Today, policymakers will be able to clarify their stance on a possible rate cut. At the meeting, the central bank cut interest rates by 25 basis point. However, Chair Jerome Powell warned against further rate cuts in this year. The CME FedWatch tool shows that traders now expect a 49% probability of a rate reduction, as opposed to the 46% they saw earlier in the session. Gold that does not yield tends to perform well in low interest rate environments and times of economic uncertainty. The release of the September job report, which was delayed because of the U.S. shutdown of government, is also expected on Thursday. This will provide an early indication of the economic health. The September employment report is expected to show that 50,000 new jobs were created during the month, according to economists polled. Data showed that in mid-October, the number of Americans who received unemployment benefits reached a record high. Other than that, silver spot rose by 1.1%, to $51.26 an ounce. Platinum increased by 0.9%, to $1.549.10 and palladium dropped 0.8%, to $1.389.45. (Reporting and editing by Alexandra Hudson in Bengaluru)
Inuit pride fuels Greenland independence spirit after Trump interest
In a small workshop in Nuuk, the capital of Greenland, goldsmith Nadja Kreutzmann polishes stones and metals mined on this vast island rich in minerals. Her jewellery is decorated with Inuit symbols for life and survival. Indigenous identity in Greenland is resurging ahead of the March 11 general elections called by U.S. president Donald Trump after he said he wanted Greenland to be his.
Trump's interest in Greenland has shaken up the status quo. This, coupled with growing Inuit pride has led to some locals viewing the vote as an historic opportunity to free Greenland of Danish influence.
Greenland is an autonomous territory in the Kingdom of Denmark. It has only 57,000 inhabitants spread over an area three times larger than Texas. A referendum can be held to decide whether Greenland will become independent.
Greenland is dependent on Denmark for more than half of its budget. The main parties all support independence, but differ in how and when this could be achieved. Over the last month, new accusations of historical wrongdoings regarding the exploitation and exploitation of Greenland's mineral wealth have galvanized factions seeking a quicker track.
In the 1950s the Danish authorities began a program of forced relocation of Inuit into larger towns. This resulted in the marginalization of indigenous practices and languages, which accounted for almost 90% of population.
In recent years, the Inuit cultural revival in Greenland has exploded as awareness of colonial repression grows. A new embrace of traditional body and face tattoos is a visible demonstration.
"For many, many years it was an embarrassment for people to be Greenlandic. They would suppress their Greenlandic culture, and try to become more Danish, both in appearance and way of life," said Kreutzmann. Her European surname, Inuit lines tattooed on her arms, reflect her own mixed heritage.
"We were told we had to act more Danish and speak Danish if we wanted something," she said at Nuuk. There, wooden houses painted in primary colors contrast with the snow that covers the town, as well as the white-blue, icebergs floating in the bay.
Speaking Greenlandic and looking Greenlandic are now being celebrated, as is Greenland's rich cultural heritage. Kreutzmann has created earrings that look like the scales of capelin fish, which is a vital but small part of the Arctic eco-system and Inuit diet.
Greenland's own Prime minister and other institutions have been in place since 1979. However, strategic decisions like foreign affairs, monetary policies and defence are still under Danish control. The four-year term of the current parliament ends in April.
Political analysts say it's not clear if voters will support the left-wing coalition again. Election polls are few and far between. Greenland, on the other hand, is concerned about foreign interference. In response to Trump’s remarks, the government banned overseas donations in the campaign.
In order to write this article, I spoke with more than a dozen Greenlanders. All of them said that they were in favour of independence from Denmark and America.
Many wanted Greenland's foreign affairs to be decided by it, but warned against taking rash actions in light of Trump’s remarks. They feared that Greenland would become worse off if it sought independence too soon from Copenhagen. Independence for Greenland would allow for greater U.S. influence on the island, which is seen as crucial for U.S. national security. This comes at a time where the Arctic region, dominated by Russia and China, has become a geopolitical hotspot.
Trump cites China's and Russia's Arctic presence as reasons for his interest Greenland. The United States had previously offered to purchase Greenland from Denmark for $100 million in 1946 after World War Two. Recent polls showed that nearly half of Greenlanders viewed Trump's interest in Greenland as a threat.
Kim Kleist Eriksen is an artist that carves walrus bones and tusks into intricate sculptures based on traditional Greenlandic stories and symbols. He said Trump's proposal had attracted positive attention, but he was still offended by it.
"At first I thought it was just a joke. But he was serious. Eriksen's 40-year-old work is sold both locally and internationally. "I was disgusted."
Eriksen wants to preserve a Greenlandic tradition, when hunters would use walrus tusks or bones to create hunting tools, amulets or toys.
Eriksen said, "I can create art from the stories I heard as a kid and turn them into carvings." It helps me to understand myself and my culture better.
MISSIONARY KING
Qupanuk Olsen is one person who hopes to capitalize on Trump's interests. He's a mining engineer and social media influencer turned candidate for Naleraq. Naleraq is the main pro-independence party in Greenland, and the largest opposition force currently in the Inatsisartut Parliament.
Olsen said that after Trump's remarks, she found her calling in politics.
She said, "Every Greenlander needs to now have an opinion." "We have to decide if we want to remain under Denmark or become independent.
Olsen spoke with Greenlanders by Nuuk’s colonial harbour. The scene included a wooden church painted red and a statue of Hans Egede. Hans Egede was a missionary who had been sent by the Danish King in the 18th Century. He is a symbol of colonialism and the loss of Inuit values for many Greenlanders.
"I believe that the statue will disappear in the near future, and be replaced by either a Greenlander or Inuit myth representing our culture or identity," said Olsen. He gave up Christianity for Inuit religious practices.
Her party is of the opinion that U.S. interests strengthen Greenland's negotiating position with Denmark in regards to secession. The party wants to put a deal reached with Copenhagen up for a vote in the four-year period before the next elections. Three candidates said they wanted an agreement on defence with the United States.
Liv Aurora Jensen was a more cautious candidate. She is a member of the Inuit Ataqatigiit, a party that governs on the left.
"We must choose wisely because we want to remain a part Denmark and work towards our independence. Jensen added that we must also work with our neighbours Canada and the United States.
United Airlines will begin direct flights to Nuuk from New York in June.
Trump mentioned Greenland again on Tuesday. He promised mutual prosperity, and struck a more conciliatory note than his previous comments which refused to rule out a military action in order to acquire the island. "We support your right of choice and if that is what you want, we will welcome you to the United States of America," he told the U.S. Congress during a speech.
HISTORICAL MISCONDUCT The relationship between Greenland, Denmark and Greenland has been strained in the last decade due to revelations about historical misconduct committed by Danish authorities. This includes removal of Inuit girls and women from their families as well as forced contraception.
In a documentary that was released in February, it was alleged the Danish government and companies made money from a large mine of cryolite in Greenland in the period 1853 to 1987 without any benefit for locals. The mine produced the rare mineral cryolite, which is used to produce aluminium.
In response to an email question, the Danish Finance Ministry stated that Denmark would examine the profit claims made in the movie as part of a historical investigation into relations with Greenland. The ministry stated that it did not revise the numbers in the film.
Greenland's Prime Minister Mute Ede said at the premiere of the film that it challenged the idea that Denmark was a "good colonizer" or that Greenland deserved to be grateful for money received from Copenhagen.
He said, "The Danes must look themselves straight in the face."
Local media and social media have been dominated by discussions about Denmark since the screening.
It definitely helps us towards independence, because Greenlanders now are more frustrated. The film has made them realize we're worth more than they thought.
The goldsmith Kreutzmann has used cryolite pieces in her work. They were collected by a friend on the abandoned mining site by the Danes.
"For those of us who live up here, nature has always represented a common resource, a shared asset. Kreutzmann explained that they were able "to go out, take what we need but not too much".
RARE EARTH
Greenland is a country that has a lot of deposits of rare earths, uranium and lithium. This is why global powers are interested in the island. It is largely covered by a huge ice sheet and has very few roads. The ruling party Inuit Ataqatigiit was re-elected in 2021 after promising to stop a mine project linked to China, which is one of the largest rare-earth deposits on the planet. This was due to concerns over uranium contamination of marine life, which is key to fishing - the mainstay of the country's economy and culture.
Kvanefjeld is still opposed by the party that supports mining and tourism in order to reduce Denmark's dependence and fishing. The project could be revived if the government changes at the next election.
A White House official was asked for comment and said that Greenland has "ample" rare earth minerals which will power the U.S.'s next generation economy.
Thomas Emanuel Dans was a U.S. Arctic Commissioner during Trump's initial presidency. He said that Greenland is at the heart of a geopolitical Arctic Game between China, Russia, and the United States because its raw materials are there and it's located in the Arctic.
We're beyond the point of oblique discussions and conversations about what needs to be done. "This is the time to act," Dans said.
"If they wish to achieve independence, this must be achieved within the framework of reality," stated Dans. It's about finding a new agreement. (Reporting from Jacob GronholtPedersen, Nuuk; Additional Reporting by Trevor Hunnicutt in Washington; Editing and rewriting by Frank Jack Daniel).
(source: Reuters)