Latest News
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Intel wins reduced fine after losing its challenge to EU antitrust ruling
Intel, the U.S. chipmaker, lost its appeal against a 376 million euro ($438 millions) EU antitrust penalty imposed two years earlier for 'thwarting competitors.' But it gained some comfort as Europe’s second highest court reduced the fine by a third. The European Commission (which is the EU's competition enforcer) handed out the fine in 2023, after the court threw out an earlier penalty of 1.06 billion euro imposed by the tribunal in 2009 for blocking Advanced Micro Devices. The 376 million Euro fine was a result of payments Intel made to HP, Acer and Lenovo between November 2002 and December 2006 to stop or delay competing?products. These payments are often referred to as "naked restrictions" and are frowned upon by regulators. The Luxembourg-based tribunal stated that "the General Court upholds Commission 2023's decision against Intel, but reduces fine by about?140million euros." The judges said that a fine of 237 million euros is more appropriate in light of the severity and duration of the violation at issue. The company cited the limited number of computers that were affected by Intel?s restrictions and the 12-month interval between?some of these anti-competitive activities. On legal issues, the Commission and Intel may appeal to the European Court of Justice (the highest court in Europe), which is Europe's highest. T-1129/23 Intel Corporation V Commission.
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Silver extends rally beyond $60; gold steady ahead of Fed rate-cut decision
Investors awaited comments from Jerome Powell, the chair of the Federal Reserve, on future policy decisions, as gold prices remained unchanged. Silver extended its historic rally over $60 an ounce. As of 0844 GMT, spot gold dropped 0.2% to $4199.92 an ounce. U.S. Gold Futures for February Delivery fell 0.2% to $4.228.10 an ounce. Spot silver rose 1.2% to $61.37/oz after hitting an all-time record of $61.61 earlier. Silver broke above the $60 an ounce mark, luring in more short-term traders and trend followers. Carsten Menke, Julius Baer's analyst, said that this also reflects a narrative of "physical tightness" in the silver markets. White metal prices have risen 113% in the past year. This is due to a combination of factors, including a decline in inventories and the United States' designation of it as a "critical" mineral. Today, the two-day Federal Open Market Committee (FOMC) policy meeting ends. A rate-cutting decision is expected at 1900 GMT. Powell will then make his remarks at 1930 GMT. The markets assign an 88% chance of a 25 basis-point cut. In the last few weeks, investors' demand for gold measured by holdings in physically-backed products was not as high as silver. Menke said that this is the primary factor holding gold back. Holdings of the largest gold-backed ?exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.1% on Tuesday, while New York's iShares ?Silver Trust, gained 0.53%. Kevin Hassett is the White House's economic advisor and a frontrunner for replacing Powell as Fed Chair. He said on Tuesday that "there was plenty of room" to lower interest rates further. However, rising inflation may change this calculation. Gold is a non-yielding asset that tends to be favoured by lower interest rates. RBC Capital Markets has raised its long-term forecasts for gold prices to an average $4,600 per 1 ounce by 2026, and $5,100 in 2027. They cited geopolitical risk, a softer monetary policies, and persistent deficits. Palladium dropped 0.3%, to 1,501.71, and platinum fell 1.2%, to $1670.70. (Reporting and editing by Alexandra Hudson in Bengaluru, with reporting by Pablo Sinha from Bengaluru)
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Ambassadors of EU countries approve phase-out of Russian gas imports
The ambassadors of EU countries approved the bloc's plan on Wednesday to 'phase out' Russian gas imports in 2027. A spokesperson for Denmark's EU Presidency said that this was the last legal hurdle before the ban can become law. Last week, the EU reached a 'deal' on a new law that will cut ties with Russia, Europe's former largest gas supplier. They had vowed to do so following Moscow's full-scale invasion of Ukraine in 2022. According to the agreement, the EU must stop Russian imports of liquefied gas by 2026. Pipeline gas will be stopped by 2027. Before it becomes law, the 'Russian gas ban' still needs to be approved by the European Parliament and a meeting of EU ministers. The EU Ministers will formally ratify the ban in early 2019. EU officials expect that both will approve the deal, despite Hungary and Slovakia's opposition. (Reporting and editing by Louise Breusch Rasmussen, with Kate Abnett)
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Kazakhmys Copper announces new controlling shareholder
Kazakhmys, a Kazakh copper producer, announced on Wednesday that it had signed an?framework contract? which would transfer the control of?company? to a new investor. The?signing?of?the document marks the beginning of the transfer of the control. The company stated that all the necessary obligations and measures under the agreement would be completed in the near future 'according to established procedures. This will then be followed by the signing a'share purchase agreement. Vladimir Kim and Eduard?Ogay, the board chairman of Kazakhmys, signed the agreement. Kazakhmys has not said who will take control. Local media reported that Nurlan Artykbayev founded Qazaq Stroy and is its majority owner. Local media reported that the preliminary transaction value was $3.85billion. Kazakhmys refused to identify the new owner when asked by journalists and referred them to its published statement. Qazaq Stroy didn't immediately respond to a request for comment. Kazakhmys is ranked 20th in the world in terms of copper concentrator production. It produces 271,000 tonnes per year. Kazakhmys stated that the change in shareholder will not affect production or contractual obligations.
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Iron ore prices rise as China's weak data boosts demand
Iron ore futures rose on Wednesday, ending multiple sessions of losses. This was after soft factory data in China, the top consumer, raised hopes for a new stimulus to boost economic growth by 2026. After falling by 0.7% on the previous day, the?most-traded contract for iron ore on China's Dalian Commodity Exchange closed its daytime trading 1.85% higher. As of 0748 GMT, the benchmark January iron ore traded on Singapore Exchange was up 0.84% at $102.65 per ton. China's factory gate deflation has accelerated in the third year of its existence, and last month it reached a new high. This indicates a weakening domestic demand, which is not expected to improve soon. Official data revealed that the producer price index (PPI), which measures prices for goods and services, fell by?2.2% in November compared to a fall of 2.1% in October. This was worse than expected, as the official data predicted a drop of?2%. Analysts expect Beijing to take some measures to support growth in the first three months of 2026. Iron ore prices rose despite the fact that analysts from China Mineral Resources Group (CMRG), a state-owned company, argued that current trends were not in line with fundamentals. In a Tuesday statement posted on the WeChat page of the state-backed Steel Association, CMRG analysts said that "speculative activity among traders has amplified price fluctuation." Prices are not likely to trend up in the fourth-quarter due to a backdrop of increasing supply and weakening consumer demand." CMRG was 'established in 2022 for the centralisation of iron ore - purchases and to win better terms with miners. Coking coal, another steelmaking ingredient, fell by 1.29%, while adding 0.36%. The benchmarks for steel on the Shanghai Futures Exchange have gained ground. Rebar grew by 0.97%. Hot-rolled coils climbed by 0.58%. Wire rod jumped 0.27%. Stainless steel gained 0.24%. ($1 = 7.0617 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson and Harikrishnan Nair).
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Silver reaches record highs, gold falls ahead of Fed decision
Gold prices fell on Wednesday as investors awaited the Federal Reserve's Jerome Powell to give his guidance. The?bank?is widely anticipated to announce a rate cut on a day where it is widely expected that they will do so. Silver continued its record-breaking rise above $60 per ounce. As of 0712 GMT, spot gold was down by 0.1%, at $4,205.4 an ounce. U.S. Gold Futures for February Delivery fell 0.1%, to $4,233.30 an ounce. Spot silver rose 1.1% to $61.34/oz, after reaching an all-time session high of $61.61 in the morning. It moved above the 6000 mark on Tuesday. Limit of $60/oz Silver has now overtaken gold in terms of value thanks to its widespread use in industries amid a shortage as demand for precious metals surged this year. In October Today, that is close to 69, said Jigar Trivedi senior research analyst at Reliance Securities in Mumbai. Jigar Trivedi is a senior research analyst with Reliance Securities in Mumbai. Trivedi said that silver is in demand, considering the fundamentals. In a report released on Tuesday, the Silver Institute, an industry association, said that solar energy, electric cars and their infrastructure, data centers, and artificial intelligence would drive up industrial demand through 2030. Maria Smirnova said that the metal was boosted by exchange-traded funds and the U.S. decision to declare it a critical mineral in early this year. Silver inventories are decreasing globally, and the expectation of Fed rate reductions has supported demand. Powell will hold a press conference at 1930 GMT after the conclusion of the Fed's two-day meeting. Investors expect a 25 basis-point reduction to be about?89% likely. GoldSilver Central MD Brian Lan stated that gold prices will continue to rise in the long-term, and have a bullish outlook. However, they are currently range-bound while investors wait for clarity regarding?the Fed?s next steps and policy direction. Kevin Hassett is the White House's economic adviser and the leading candidate to become?the Fed chair. He said on Tuesday that there was "plenty" of room for further cuts, but rising inflation might change this outlook. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Palladium dropped 1%, to $1,492.25; platinum fell 1.3%, to $1667.71. (Reporting from Ishaan Aroo, Anmol Choubey, and Sherin Elizabeth Varighese at Bengaluru. Editing by Rashmi Anich and Harikrishnan Nair.
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Copper falls below records as Fed caution tempers gains
The copper price held steady on Wednesday just below records highs, as investors awaited a possible hawkish message from the U.S. Federal Reserve after its two-day policy meeting. The Shanghai Futures Exchange's most traded copper contract closed the daytime trade down 0.23%, at 91.850 yuan (about $13,005.86). As of 0710 GMT, the benchmark 3-month copper price on the London Metal Exchange rose 0.68% to $12,565.50 per ton. The Fed's upcoming rate decision slowed copper's momentum. Markets expect a "hawkish reduction" in interest rates at a time of rising inflation fears and the resilience of US economy. Analysts at Chinese broker Jinrui stated that investors have scaled back their?positions due to apprehension over future rate cuts. They also expect a supply'strain' outside of the U.S., which is keeping prices high and volatile. China's consumer price inflation reached a 21-month high in November. However, factory-gate deflation continued to persist, even as the Chinese government intensified its campaign to reduce overcapacity. Shareholders of Canadian'miner Teck Resources' approved the merger between Anglo American on Tuesday, clearing the way for the case?to be reviewed by regulators. Aluminium, lead, and nickel all declined, while tin was the only metal to gain. The?LME metals gained 0.45% in lead, 0.45% in zinc, 0.31% in nickel and 2.39 % for tin. $1 = 7.0622 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson and Harikrishnan Nair).
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UK stadiums switch beef burgers to wild venison in order to reduce carbon emissions
In an effort to reduce carbon emissions, stadiums such as Brentford’s Gtech Stadium are switching to wild venison. Levy UK, a hospitality partner, says that the initiative, which is now being rolled out to over 20 venues across the UK and Ireland could reduce emissions by up to 85%, and save as much as 1,182 tons of CO2e annually. James Beale is the Director of Sustainability and Community for Brentford. He said that beef has the greatest impact on carbon emissions of all the ingredients we offer. We wanted to replace it with wild venison, which has 85% fewer carbon?emissions (per kilogram) than our beef hamburgers. It has a huge impact. In place of 54 tonnes of beef hamburgers, the initiative will provide wild?venison portions in eco-friendly packaging, with condiments made of surplus?vegetables. Levy Sports and Entertainment Catering, which caters to sports and entertainment, says that the venison hamburger was first sold in Brentford's stadium. In just one month at Twickenham, close to 5,500 wild-venison burgers had been sold, including at Twickenham's Women's Rugby World Cup Final in September. Beale stated, "Our fans love it." It's more popular that the beef burger last year. Depending on how emissions are measured, independent studies have varied on the size of the carbon difference between wild venison and beef. Levy said that Britain's two million estimated wild deer have no natural predators and are "helping to drive a sustainable push" as their meat is now on?stadium menus. The company stated that using wild venison helps reduce reliance on artificial ingredients, supports biodiversity and curbs contamination of water. It also offers a 'lower-carbon alternative' to beef. Levy said that the National Exhibition Centre, The O2, The National Theatre and The Oval Cricket Ground in London are also part of their nationwide rollout. (Reporting and writing by Stuart McDill; editing by William Maclean).
What will the UN agenda be and who will be speaking?
The 80th session of the United Nations General Assembly begins on Tuesday.
Who speaks when?
The United Nations, which was founded in 1945 with 51 members, now has 193 members. The leaders of the Holy See, State of Palestine, and two non-member observers states, known as the United Nations' State of Palestine and the Holy See, may also speak.
Brazil is the first to speak in every meeting. U.N. officials say that Brazil was the first to speak in the early days of the world organization, when other countries were reluctant.
The United States, which hosts the U.N. Headquarters in New York City, is the second nation to address the General Assembly.
The list is arranged in order of hierarchy, and usually on a first-come, first-served basis. The heads of state are the first to speak, followed by their deputy and crown princes. Next come heads of government and ministers, and then lower-ranking leaders of a delegaiton.
How long will they speak?
Leaders should adhere to a 15-minute voluntary time limit.
According to U.N. Records, Fidel Castro of Cuba spoke for approximately 4-1/2 hours during the 1960 opening of the General Assembly. Libyan leader Muammar Gadhafi spoke more than 1 1/2 hours in 2009.
WHAT WILL THEY TALK ABOUT?
Every session of the General Assembly begins with a specific theme. Leaders may briefly mention the theme before moving onto any topic.
The theme for this year is "Better Together: 80 Years and More for Peace, Development and Human Rights."
Leaders are also likely to discuss:
GAZA. As the Gaza Strip war between Israel's Hamas militants and the Palestinian enclave approaches its second anniversary, leaders are gathering. A humanitarian crisis is worsening in the Palestinian enclave.
Benjamin Netanyahu, Israeli Prime Minister, is scheduled to speak at the General Assembly next Friday. Israel has denied the allegations of war crimes and crimes against humanity that the International Criminal Court made against it in Gaza. Israel launched an assault on Gaza City Tuesday.
The U.S. has refused to grant him a Visa. He will appear by video.
UKRAINE. Volodymyr Zelenskiy, the Ukrainian president, will seek to bolster global support for Kyiv while U.S. Donald Trump attempts to broker a ceasefire more than three years since Russia invaded their neighbor. He will address the assembly this Wednesday, while Sergei Lavrov, Russia's foreign minister, will speak Saturday.
Next week, the U.N. Security Council will hold a meeting at a high level on Ukraine. The U.S. will be watched closely, both at the U.N. Security Council and during Trump's General Assembly address, to see if Washington announces measures such as sanctions to try to convince Russian President Vladimir Putin that he should negotiate with Zelenskiy.
IRAN. In New York, expect last-minute diplomacy over Iran's nuclear program. Tehran is trying to avoid the return of all U.N. Security Council Sanctions on the Islamic Republic by September 28. Both the Iranian president Masoud Pezeshkian, and foreign minister Abbas Araqchi will be attending the United Nations.
SYRIA. This year, the Syrian President Ahmed al-Sharaa will make a notable debut at the U.N. General Assembly. Hay'at Tahrir al-Sham, the group that he leads, led the revolt in December to topple President Bashar al-Assad. This ended 13 years of civil conflict.
HTS was the former al-Qaeda branch in Syria, formerly known as al-Nusra Front. It broke ties with al-Qaeda in 2016. The group, Sharaa and its leader remain under U.N. sanction. However, Sharaa was granted a travel waiver to New York between September 21-25.
CLIMATE. Leaders of small island nations and other states that are most affected by climate change will be expected to urge further action as the world struggles to limit global warming to 1.5 degrees Celsius.
WOMEN. Leaders will gather on Monday to celebrate the 30th anniversary a historic women's rights convention. Beijing's 1995 Fourth World Conference on Women is best remembered for the slogan "women’s rights are human right."
Leaders are likely to be disappointed by the lack of progress made and the growing attacks against women's rights. The theme of Monday's meeting is to recommit to, accelerate and resource the implementation of the 1995 declaration. At the Beijing Conference, 189 countries signed a declaration calling for "full participation and equality of women in the political, civil, economical, social, and cultural life".
SUDAN. Next week, some leaders are likely to discuss the war that has lasted for two and a half years in Sudan. The United Nations has called the war between the paramilitary Rapid Support Forces (RSF) and the Sudanese Army, which is a conflict between the Rapid Support Forces, the Sudanese Army, and the paramilitary Rapid Support Forces, "the world's most serious humanitarian crisis." There are pockets of famine in the entire country, including al-Fashir the capital of North Darfur State.
The United States, Saudi Arabia, Egypt, and the United Arab Emirates have all called for a humanitarian truce lasting three months, followed by a ceasefire permanent. According to many, the "Quad", or four countries, have the greatest influence on the warring parties.
U.S.-VENEZUELA TENSIONS. Venezuela complained about the United States' naval build-up in the Southern Caribbean waters and the nearby waters at the end of last month. The U.S. military launched two deadly attacks on suspected Venezuelan drug-cartel vessels in international waters since then.
Venezuelan Foreign Minister Yvan Yli is likely to raise the increased tensions when he addresses the General Assembly this Saturday. Venezuelan President Nicolas Maduro claims that the U.S. wants to remove him from power.
RACE TO APPOINT A NEW U.N. SECRETARY-GENERAL. The United Nations will select a new Secretary-General next year. Guterres' second five-year tenure will end on December 31, 2026. On the sidelines next week of the General Assembly, there will be much talk about potential candidates to succeed him.
The U.N. Security Council, composed of 15 members, must agree on a candidate that will be recommended to the 193 member General Assembly. This means that the five veto-powers - Britain China France Russia and the U.S.
(source: Reuters)