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Twenty dead after fire breaks out in Indonesian Jakarta at a seven-storey building
An official confirmed on Tuesday that 20 people were confirmed dead after a fire broke out in a seven-storey structure in Indonesia's capital,?Jakarta. Susatyo purnomo condro, the head of Central Jakarta Police, told reporters that the fire had been put out and they were still searching for any other victims in the building. Condro reported that the fire started on 'the first floor around noon and spread to the upper floors. He said that some employees were eating lunch in the building at the time, while others had already left the office. He said that as of Tuesday afternoon the death toll was 20. "Now, our focus is still on evacuating the victims and cooling down the fire," Condro said. Terra Drone Indonesia is located in this building. They provide drones to clients for aerial surveys, from the mining and agriculture sectors. According to its website, the company is "the Indonesian division of Japanese drone company Terra Drone Corporation." Kompas TV broadcast footage of dozens fire fighters attempting to evacuate people from the building. Some were carrying bodybags. Some workers have also been seen using portable ladders to escape from high floors. Email requests for comments from both companies were not immediately responded to. (Reporting and editing by David Stanway; Ananda Teresia, Stefanno Sulaiman)
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Consultancy says that Russia could increase LPG exports from China to China by 40% by 2026.
Petromarket 'consultancy' said that Russia could increase its liquefied gas supply to China next year by 40%, to?1.125 millions metric tons, as Moscow pivots towards the East. In response to Western sanctions regarding its invasion of Ukraine in 2022, Russia has redirected oil flows from Europe towards China and India. The European Union's sanctions against Russia's LPG?took effect December 20, 2024. Russia now aims to increase its natural gas and LPG exports?to China. LPG (or propane and butane) is used primarily as fuel in?cars and heating systems, and for the production of other petrochemicals. Russia also supplies LPG to:?Turkey and Mongolia. The traders have stated that Russia's China exports are likely to grow. Petromarket estimates that Russia's LPG imports to China are expected to increase to 800,000 tonnes this year, up from 416,000 tonnes in 2024. Gazprom’s Amur Gas Processing Plant?in Eastern Siberia has increased LPG exports into?China since it began processing gas earlier this summer. Sergei Stepanov, the Gazprom manager in St. Petersburg told a conference last week that his plant is primarily supplying LPG to China. He did not provide figures. According to industry sources the Amur Gas Processing Plant now produces between 40,000 and 45,000 tonnes of LPG each month. (Reporting and Editing by Joe Bavier).
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Copper prices drop from record highs; Market awaits Fed policy
The price of copper fell from its record high on the previous day as traders continue to be dominated by talk about this week's Federal Reserve rate decision, and the possibility of a?tight supply. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading at 91,090 Yuan ($12,883.65) a metric ton, down 1.46%. As of 0717 GMT, the benchmark three-month price for copper at the London Metal Exchange was also down by 1.59%. It stood at $11,450 per tonne. Shanghai copper is up 25% in the last year, while London benchmark copper is up more than 30%. Sucden Financial analysts expect that copper prices will be "characterized by sharp rallies, followed by shallow consolidation", since there is little interest in selling?at the present level. Investors are expecting a U.S. interest rate cut this week, as well as comments from Fed chair Jerome Powell that will be hawkish about further reductions. Markets now predict fewer rate reductions in 2026 due to lingering concerns about inflation and the resilience of the U.S. economy. Copper is a market that continues to be affected by supply issues due to the disruption of mines and the constant dislocation of copper stocks into the U.S. After reaching a record on December 5, the Comex copper stocks continued to rise on Monday. They now total 439,510 short tonnes (398,717 tons metric tons). Lead fell 0.89%. Nickel declined 0.58%. Tin dropped 1.36%. $1 = 7.0702 Chinese yuan renminbi $1 = 7.0702 Chinese Yuan Renminbi (Reporting and editing by Mrigank Aich and Rashmi aich; Mrigank Duan and Lewis Jackson)
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EU scientists predict that 2025 will be the second or third hottest year in history.
The Copernicus Climate Change Service of the European Union (C3S), said Tuesday, that this year will be the second or third warmest in history, possibly only surpassed by the record-breaking heat in 2024. The latest data from C3S is the result of last month's climate?summit at which governments failed to agree on substantial new measures to cut greenhouse gas emissions. This reflects strained geopolitics, as the U.S. rolled back its efforts and some countries sought to weaken CO2-cutting mechanisms. C3S stated in a bulletin that this year is likely to be the last of the three-year period where the average global temperature has exceeded 1.5 degrees Celsius. (2.7 degrees Fahrenheit). This was the time when humans first began using fossil fuels in industrial quantities, between 1850-1900. Samantha Burgess is the strategic lead for Climate at C3S. She said, "These milestones do not reflect abstract figures - they show how climate change is accelerating." Extreme weather has continued to affect?regions across the globe in this year. Last month, Typhoon Kalmaegi caused the deaths of more than 200 people in the Philippines. Spain suffered the worst wildfires in 30 years due to weather conditions scientists said were more likely because of climate change. The planet was at its hottest ever last year. Scientists have confirmed that the primary cause of global warming over time is greenhouse gas emission from fossil fuels. World Meteorological Organization reported earlier this year that the last decade has been the 10 hottest years since records began. The Paris Climate Agreement of 2015 set a global warming threshold of 1.5 degrees Celsius as the limit that countries would try to avoid, in order to avoid the worst consequences of climate change. Technically, the world hasn't yet?breached this target. This refers to a global average temperature of 1.5 Celsius for decades. The U.N. stated this year that the 1.5 Celsius target is no longer achievable and encouraged governments to reduce CO2 emissions more quickly to avoid overshooting. C3S records date back to 1940 and are cross-checked against global temperature records dating back to 1850. (Reporting and editing by Michael Perry; Kate Abnett)
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Gold prices drop as markets prepare for Fed's hawkish tone
Gold ?edged down on Tuesday as investors, having mostly priced ?in ?a Federal Reserve rate cut, looked ahead for clues that the U.S. central bank might opt for a gentler-than-expected easing cycle when its two-day policy meeting begins later in the day. As of 0609 GMT, spot gold was down by 0.3% at $4,174.91 an ounce. U.S. gold futures for delivery in December fell 0.4% to $4.202.70 an ounce. Kelvin Wong, senior market analyst at OANDA, said that investors are largely repositioning themselves ahead of the Federal Reserve's meeting. During his press conference earlier in the month, Jerome Powell signaled hawkish guidance on rate cuts. Investors in the U.S. Treasury Market are now adjusting their "positions." The benchmark 10-year Treasury yields in the United States held close to a peak reached?on Monday, which was a two-and-a half month high. Analysts expect to see a "hawkish" cut this week, accompanied by forecasts and guidance that indicate a high threshold of further easing next year. The U.S. The Fed's preferred inflation indicator, the Personal Consumption Expenditures Price Index (PCE), was in line with expectations. Consumer sentiment also improved in December. The private payrolls for November recorded their sharpest decline in over 2-1/2 years. However, jobless claims for the week ending November 28 fell to a 3-year low. According to CME’s FedWatch Tool, the markets now give an 89% chance of a quarter point cut at the Fed’s meeting on December 9-10. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Silver fell by?0.6%, to $57.76 an ounce. The white metal reached a record high of $59.32 per ounce on Friday. Wong stated that silver was a more risky play than gold, due to its low inventories, high industrial demand and the expectation of Fed rate reductions. Palladium fell 0.4%, to $1459.78, while platinum lost 0.2%, to $1638.35. (Reporting and editing by Sumana Aich, Rashmi aich and Sherry J. Phillips in Bengaluru)
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Russell: China's steel exports are up, but its aluminium exports are down.
Exports of China's steel products are surging this year, as the domestic demand – particularly in property development – is slumping. However, those of aluminum have fallen due to increased activity in the manufacturing and energy sector. China produces more steel and aluminum than the rest of the world combined. Beijing has set informal production ceilings for both sectors in order to curb overcapacity. Informally, steel production is limited to no more than 1.005 billion metric tonnes. Given that production for the first ten months of this year was 817.87 millions tons, 2025 production will likely dip below 1 billion metric tons. This would be the first time since 2019. Steel mills are trying to compensate for the soft demand by increasing exports. Customs data released on Monday shows that China's steel exports increased 6.7% in the first eleven months of this year, compared with the same period of 2024. If December exports are on par with the average of the year, then China's steel shipment will be around 117 million tonnes, which would?mark an all-time high, surpassing the 112,39 million tons in 2015. Steel mills are currently able to benefit from exports as domestic prices have been near their lowest levels in five years. On Monday, Shanghai exchange rebar ended at 3,128 Yuan ($442.43) per?ton, after trading mostly sideways, since the low of 3,012 Yuan was reached early June. Chinese steel is competitively priced against other benchmarks. Last week, LME contracts for Turkish rebar ended at $560.50 per ton. China has been able to increase steel exports, despite the fact that several countries have placed tariffs on imports to protect domestic producers. Buying cheaper Chinese steel is a good idea, as much of China's production goes to other Asian nations, particularly those with limited steel production. ALUMINIUM SLUMP China's exports of refined aluminum and its products, which have fallen by 9.2% in the first 11 month of the year, totalled 5.59 million tonnes. China's aluminum production is expected to be very close to the 45-million-ton annual cap. More demand for metal from the manufacturing and energy sectors of the country has also led to less available metal to export. Loss of Chinese aluminum on global markets pushed benchmark London prices up to $2,920 per?ton in December 5th. This was the highest price since May 2022. The contract has increased by 27% from its early April 2025 low price of $2,300. The rising prices of metals have provided some relief to Western based smelters that have been struggling to stay competitive in the past few years. This is especially true for those in Europe and Australia who have had to contend with increasing energy costs. Beijing's annual aluminum output cap of 45 million tons is likely to further tighten global supply in 2026. It is a question of whether China's Steel sector will follow in the footsteps of aluminium. It will depend on the speed of recovery in domestic demand if Beijing limits annual steel production at a maximum 1 billion tons. While construction is a drag on China's steel industry, the mills are likely to continue trying to reduce capacity or export their way to profitability by retiring old furnaces. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
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Stocks drop as nervous markets await Fed decision, rates outlook
Investors worried about the direction U.S. interest rates could take next year amid fears about a divided Central Bank. Asian stocks dropped while the dollar remained steady on Tuesday. Investor sentiment was cautious after a shaky start to the week, with key central bank meetings. Markets are looking for clarity on the outlook of global interest rates. Reserve Bank of Australia kept rates unchanged as expected on February 2, ruling out any further policy easing. They warned that the next step could be an increase if inflation pressures remain stubborn. The Australian dollar traded just below a three-month high. Bank of Canada, Swiss National Bank, and the Federal Reserve are expected to keep rates unchanged this week. Many Wall Street banks predict that the Fed will not cut interest rates as much in 2026 due to lingering concerns about inflation and expectations for a stronger U.S. economic recovery. MSCI's broadest Asia-Pacific share index outside Japan fell by 0.65% after a weak session overnight on Wall Street. European futures point to a subdued opening as a cautious air grips the markets. Prashant Nnewnaha, senior Asia-Pacific rate strategist at TD Securities, said that "the low-hanging fruits from risk management reductions are likely over" and that Chair Powell's upcoming press conference is likely to reflect a more conservative approach in the future regarding policy recalibration. The dot plot is likely to show a single cut in 2026. If the dot plot indicates two cuts next year, this would be considered dovish. According to LSEG, traders are pricing in 77 basis point of easing at the end of the next year. Some strategists believe that the Fed's Policy Committee could be deeply divided. The meeting is also being held in the context of increased market interest about who will replace Powell as Fed chair when his current term ends next May. Kevin Hassett, White House Economic Advisor and leading contender for the Fed chair role, said in an exclusive interview that the Fed should continue to reduce interest rates. Xiao Cui is a senior U.S. economics from Pictet Wealth Management. He expects that a solid economy, inflation above target, and a slowing labor market will increase the internal divisions within the FOMC, making 2026 a challenging year for policymakers. We see risks that Fed reductions are delayed until the second half 2026. Asian chip stocks sank after U.S. president Donald Trump announced that the United States would allow Nvidia to export its H200 processors -?its second best artificial intelligence chips - to China, and charge a 25% tax on these sales. China's CSI Semiconductor Industry Index fell 0.5%, while the broader CSI300 Index dropped 0.47%. The dollar was stable on Tuesday. The euro was last trading at $1.1649, while the pound sterling was up 0.11% to $1.3336. The Aussie dollar was up 0.33% at $0.6646. It is hovering near its highest level since September after RBA Governor Michele Bullock warned of the possibility of an increase in interest rates due to inflationary forces. The yen remained unchanged at 155.91 to the dollar, after a sharp decline immediately following a powerful earthquake in Japan. The Japanese authorities lifted the tsunami warnings Tuesday, hours after a powerful 7.5-magnitude quake shook Japan's northeastern region, injuring 30 people at least and forcing 90,000 residents from their homes. Oil prices continued to fall in commodities after a 2% drop in the previous session, as traders kept an eye on the peace talks that were taking place in Ukraine to end Russia's conflict. Brent crude futures fell 0.3% to $62.32 per barrel. U.S. West Texas Intermediate Crude was down by 0.41% at $58.64. (Reporting and editing by Shri Navaratnam in Singapore)
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US military develops small refineries for critical mineral substances
The U.S. Military said it plans to build a fleet small-scale refineries that will produce the critical minerals needed to manufacture bullets, armor, and other types of weaponry. This is a step to create domestic sources of niche materials, which Chinese miners have 'long controlled. Plans, not previously announced, are being developed jointly by the U.S. Army, the Idaho National Laboratory, and the antimony and gold mining company Perpetua Resources. Antimony is the first mineral that the military wants to refine. The Army has said that it will not produce large quantities of minerals for private consumption. However, a small-scale approach could provide a constant stream of building blocks, without having to rely on commercial refineries which are often much larger and primarily focused on bulk commodities, such as copper and iron ore. Washington hopes to refine other minerals, such as?tungsten and rare earths, which the U.S. government considers critical. Mark Mezger is a U.S. Army munitions adviser. He said, "We must find a way of making our own critical minerals that we can control and monitor within our borders." The Army spent $30,000,000 over several years developing the refinery programme for antimony. Westpro Machinery, a private company, designed a refinery which can be transported within four shipping containers. The refinery is able to produce between 7 and 10 metric tons of trisulfide (a type of antimony) annually, which is far less than what a commercial refinery could produce. However, it's enough to supply the Army in peacetime. Mezger stated that if a conflict breaks out, the Army could expand processing by adding more mini-refineries for ore from Perpetua’s Idaho mine. He added that the Army was in discussions with other U.S. Antimony Projects to source additional antimony. Primers, which are the explosive caps at the base of a bullet, are made from antimony trisulfide. The United States hasn't produced this version of antimony since the 1960s. "You can't make primers without antimony trisulfide." Without primers you cannot make bullets. "An army without bullets would be a mere parade," Mezger said. Idaho National Laboratory is testing the facility over the next six-months and if it passes muster will be operating it for Perpetua and the Army. Perpetua is backed both by JPMorgan Chase and the billionaire investor John Paulson. Officials said that refineries for other minerals could be situated on military bases or government properties. In March, was the first to report that the Trump Administration was considering placing metal refining plants on U.S. Military bases. The portable refinery will perform steps that are common in larger facilities, such as crushing rock. The type of mineral produced will determine the chemicals that are used. INL will also be involved in ensuring that the facility is not only a copy of existing refinery standards, but is also cleaner and more efficient. In 2021, the Army learned that China had stopped shipping Trisulfide. This triggered a rapid drawdown of its one-year supply and a rush to find alternative supplies in India. Mezger explained that the refinery plan was borne out of a recognition that a domestic alternative was essential. Jon Cherry, Perpetua CEO, said that the development of the plant should "pave a way for sustainable American mineral independence and resilient." (Reporting and editing by Ernest Scheyder)
BBC reports that no company is immune to the AI bubble bursting.
LONDON, November 18 - Alphabet CEO Sundar Pichai warned that no company will be untouched if the artificial intelligent boom crashes, as high valuations and heavy investments in the sector fuel fears of a bubble.
Pichai, in an interview published by the BBC on Tuesday, said that the current wave in AI investment is an "extraordinary time" but also acknowledged "elements irrationality". He echoed warnings about "irrational optimism" during the dotcom period.
Analysts have also debated whether AI valuations can be sustained.
Pichai was asked how Google would handle a possible bubble burst. He said that it could survive the storm, but added, "I don't think any company will be immune, even us."
Investors bet that OpenAI, the ChatGPT maker, will compete with Alphabet.
Concerns about AI valuations are beginning to affect the broader market in the United States. British policymakers also have flagged bubble risk.
Alphabet announced in September that it would invest 5 billion pounds (over two years) for UK AI research and infrastructure, including a data centre, and DeepMind, the AI lab based in London.
Pichai told the BBC during the interview at Google's California headquarters, that Google will begin training models in Britain. Keir starmer, the Prime Minister of Britain hopes this move will boost the country's ambitious goal to become the third "superpower" in AI after the United States.
Pichai warned that Alphabet would have to delay its net-zero target as it increases computing power. (Reporting and editing by Edwina G. Gibbs; Sam Tabahriti)
(source: Reuters)