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Apple sued by US group over Congo conflict minerals
Apple has denied the allegations, but a U.S. advocacy group filed a suit in Washington. The lawsuit accuses Apple of using minerals that are linked to human rights violations and conflict in the Democratic Republic of Congo (DRC) and Rwanda. International Rights Advocates, a group based in the United States, has sued Apple, Tesla and other tech companies over cobalt sourcing. However, U.S. court dismissed this case last year. In December, French prosecutors dropped Congo's conflict mineral case against Apple subsidiaries citing a lack of evidence. An investigation is ongoing in Belgium into a criminal complaint related to this issue. Apple has denied all wrongdoing as a response to Congo's suits, saying that it had ordered its suppliers to stop sourcing material from Congo and Rwanda. Apple did not respond immediately to requests for comments on the latest complaint. In a complaint filed Tuesday at the Superior Court of the District of Columbia, IRAdvocates - a Washington nonprofit that uses litigation to curb rights abuses - said that Apple's supplier chain still contains cobalt and tantalum, which are linked to forced and child labour, as well as to armed groups from Congo and Rwanda. CONGO IS a major source of COBALT and TIN The lawsuit asks the court to determine that Apple's conduct is in violation of consumer protection laws, an order stopping alleged deceptive advertising, and reimbursement for legal costs. It does not request monetary damages, or class certification. The lawsuit claims that three Chinese smelters - Ningxia Orient JiuJiang and Jiujiang Tanbre - processed coltan, which U.N. investigators and Global Witness claim was smuggled via Rwanda after armed group seized mines on the eastern Congo. This material is then linked to Apple's supply chains. The lawsuit claims that a study by the University of Nottingham published in 2025 revealed forced and child labor at Congolese sites connected to Apple suppliers. Requests for comment from Ningxia Orient JiuJiang JinXin, and Jiujiang Tanbre were not immediately responded to. Congo, which provides about 70% of world cobalt, and significant quantities of tin tantalum, and tungsten (used in computers, phones, and batteries), did not respond immediately to a comment request. Rwanda did not respond immediately to a comment request. 'NO REASONABLE BASE FOR LINKS WITH ARMED GROUPS.' Apple has denied using minerals from conflict zones and forced labour repeatedly, citing audits as well as its code of conduct for suppliers. In December, Apple said that "no reasonable base" could be found to conclude that any refiners or smelters in its supply chain funded armed groups in Congo and neighbouring countries. Authorities in Congo claim that armed groups are using mineral profits from eastern Congo to fund the conflict, which has resulted in thousands of deaths and hundreds of thousands being displaced. They tightened controls over minerals to choke funding and squeeze global supplies. Apple claims that 76% of the cobalt used in its devices will be recycled by 2024. However, IRAdvocates alleges that its accounting method includes ore from conflict areas.
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Gold reaches a new high after a week-long peak amid hopes for lowered Fed rates
On Wednesday, gold prices were near a one-week-high after investors expected that the U.S. Federal Reserve would lower interest rates in January. At 9:25 am, spot gold was up by 0.3% to $4,144.06 an ounce. ET (1425 GMT), having reached its highest level since November 14, earlier in the day. U.S. Gold Futures for December Delivery were unchanged at $4,140.30 an ounce. Edward Meir of Marex, a Marex analyst, noted that gold was rising despite the dollar index increasing by 0.2%. Rate-cut bets are "helping gold a little, as is the discussion that they might nominate a Fed Chairman soon and the front runner Kevin Hassett of the Economic Advisory Committee of the President." Hassett has stated, along with U.S. president Donald Trump, that interest rates should lower than what they are now under Fed chair Jerome Powell. This news has given a boost to gold, a non yielding asset that thrives in an environment of low interest rates. The CME FedWatch tool revealed that traders see 83% of the chance of a Fed cut in rates next month, as opposed to 30% one week earlier. The number of Americans who filed new claims for unemployment benefits dropped last week. This indicates that layoffs are still low, but the labor market struggles to create enough jobs to accommodate those without a job amid the lingering uncertainty of the economy. The U.S. consumer's confidence fell in November, as consumers became more worried about their jobs and financial prospects. These data were released in response to a recent series of dovish remarks from Fed policymakers. Most research banks expect gold to exceed $4,000 an ounce by 2026. Deutsche Bank raised its gold forecast for 2026 to $4,450 per ounce, up from $4,000 citing stable investor flows and persistent demand by central banks. Silver spot rose 1.5%, to $52.19 an ounce. Platinum was up 0.6%, at $1,562.96, and palladium gained 0.7%, to $1,407.50. (Reporting and editing by Anjana Anil in Bengaluru, Noel John at the New York Times)
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Mamdani's reaction to the NYC comptroller's decision to drop BlackRock is a test for Mamdani
Brad Lander, New York City Comptroller, is urging pension fund officials in the city to rebid $42.3 billion to BlackRock due to climate concerns. This is the first major step taken by a Democrat against pressure from Republican allies who support the fossil fuel industry. Lander's tenure in office ends Dec. 31. But his recommendation announced on Wednesday could put Mayor elect Zohran Mamdani under pressure when he assumes office in five weeks. BlackRock has indicated that it will try to retain the business. Mamdani’s appointees are in key positions and will have some influence over the pension boards, which decide where to invest retirement money for 800,000. Lander, in a memo he sent to other trustees of pension funds on Nov. 25, urged them to reevaluate their contracts with New York's BlackRock. BlackRock is the largest asset manager in the world and also the largest manager of retirement assets for the city. Lander pointed to what he described as "BlackRock’s restrictive approach to engaging" with approximately 2,800 U.S. firms in which the company owns more than 5 percent of shares. 'Abdication of Financial Duty' BlackRock, under pressure from the Trump Administration in February, said that it would not try to control businesses through its discussions with executives. This was contrary to Lander's and other investors who were environmentally conscious, as they wanted to pressure executives to disclose emissions. Lander stated in an interview that the change is "an abdication from financial duty" and makes them incapable of meeting our expectations regarding responsible investing. The pension boards, which traditionally follow the lead of the comptroller’s office, must still approve his recommendation. Mamdani's representatives did not answer any questions. Mark Levine, Lander's successor, was represented by a representative who said that he would review the recommendations. Lander, who was a rival of Mamdani's during the mayoral race, but became an ally, recommended to the pension plans that BlackRock continue managing non-U.S. index mandates, and other products. Lander recommended that the three systems continue to use State Street for managing $8 billion of equity index assets and drop their deals with Fidelity Investments or PanAgora. He said they also did not push companies enough on environmental issues like decarbonization. Armando Senra is the Head of Americas Institutional Business at BlackRock. In a letter sent to Lander by a BlackRock spokesperson, Senra said that Lander's claim that BlackRock had abdicated their financial responsibility and placed pensions in danger due to climate change was "another instance of the politization of public pension funds which undermines retirement security for hardworking New Yorkers." Senra stated that if the pension officials accept Lander's recommendations, "we are looking forward to demonstrating our breadth and depth and the tremendous value" we provide to the city and public servants. Other fund managers didn't immediately comment. WASHINGTON PRESSURE A number of Republicans, some from fossil-fuel-producing states, have withdrawn money from BlackRock and other money managers, accusing them of basing investment decisions on social or environmental issues. New York City funds are the first major asset owners with a liberal or Democratic lean to do so. Lander confirmed earlier reports that he was "seriously" considering a run for Congress in the next election year. He said, however, that his recommendation about BlackRock had "nothing to do" his future plans. Lander noted that 46 out of 49 fund managers in the city had decarbonization plans that met his expectations. Richard Brooks, director of the climate finance program for environmental advocacy group Stand.earth via email on Wednesday, praised Lander’s plan to drop BlackRock. Brooks stated that it was important for the pension trustees to take action, including those appointed by the mayor.
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The UK government permits some new oil and gas fields but is firm on taxes
The government announced on Wednesday that it will allow oil and natural gas to be produced on existing fields or in close proximity to them, but with certain conditions. It also shattered the hopes of oil and gas producers for an early termination of windfall tax on their sector. During its election campaign in 2024, the Labour government pledged to stop issuing new oil and natural gas licenses. The Department for Energy Security and Net Zero announced that the move on Wednesday allows the government the option to issue new oil and natural gas licenses, if the licences do not require any new exploration and are linked to existing infrastructure and fields. The Winter Tax will remain in effect until 2030 The government did not make any changes in its budget presentation on Wednesday. It has maintained one of the toughest tax regimes in the world for oil and natural gas producers, which includes a 38% windfall tax, increasing the total tax burden to 78%. Gas prices are higher than the threshold set by the government for so-called Energy Profits Levy. Once both prices fall below the thresholds that are updated regularly, windfall taxes will be disabled. The government also announced on Wednesday that the Oil and Gas Price mechanism would replace the EPL in March 2030. This would happen at a 35% rate if the oil and gas price stays above certain thresholds.
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UK cuts household energy bills to 150 pounds per year
Finance Minister Rachel Reeves announced on Wednesday that Britain would reduce energy bills in the UK by an average of 150 pounds ($198.23). This will be achieved by shifting some costs into general taxation, and by cutting a scheme for helping to pay for home improvement. Reeves stated that the Energy Company Obligation will be abolished in April 2026. This obligation, which requires energy companies to fund measures such as insulation and new heating system for low-income homes, is a measure that forces them to pay. Last month, the National Audit Office raised concerns about possible fraud and low-quality work undertaken by the ECO programme. Green groups criticised the decision to abolish it entirely rather than reform it. Ami McCarthy (Greenpeace UK, head of politics) said that cutting the insulation program and funding could leave millions of households trapped in cold and damp homes. Budget documents revealed that 75% of the Renewables Obligation cost, which is used to pay for renewable energy production, will be transferred to general taxes in order further reduce the energy bill. The price cap set by the regulator Ofgem is expected to rise by around 12% in January compared to the 1,568 pounds per year it was when Labour took power in July 2024.
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Stocks rise on Fed optimism, but sterling and gilts are slammed by budget surprises
The growing bets on a rate cut in the U.S. lifted stocks for a 4th straight day, and Europe's stock markets experienced an incredible few hours when Britain's fiscal regulator accidentally published new forecasts that were crucial ahead of a brutal UK budget. The UK budget was released by Finance Minister Rachel Reeves and contained yet another round of tax increases. Early release The Office for Budget Responsibility’s Economic and Fiscal Outlook has already triggered a response. The sterling and gilt yields both rose as OBR figures showed a better than expected picture of the UK's fiscal room, but then fell as Reeves gave her speech. "The problem with this budget is that it has backloaded the majority of fiscal tightening, and what's important has near-term fiscal loosening." Evelyne GomezLiechti, Mizuho's strategist, said that the market has had a mixed reaction. Reeves' speech was over when UK stocks had gained 0.4%, while European equity markets were up by 0.6%. MSCI's global stocks index rose 0.4%, with Wall Street also poised to start higher. The UK's budget was the focus of traders, reflecting the tightrope act that the government under pressure and Finance Minister Reeves were performing. Reeves, who promised that the tax increases would be one-off and were worth $52.7 billion, has now reportedly ordered another 20-30 billion pounds in tax increases. All of this pushed sterling to $1.32. Meanwhile, 10-year gilt yields -- the main proxy for UK borrowing costs -- ticked upwards to 4.46% after dropping to 4.48% on the previous day. This is their lowest level in nearly two weeks. The yen reversed an initial rise against the U.S. Dollar triggered by sources who said the Bank of Japan is preparing to raise rates as early as next month. This would be a shift in the central bank's stance to a more hawkish one and follows a meeting between new prime minister Sanae Takaichi, and BOJ governor Kazuo Ueda last week. The Yomiuri reported that the high approval ratings of Takaichi are also encouraging Japanese opposition parties, who have been preparing for snap elections. The kiwi currency surged by as much as 1.2% after the Reserve Bank of New Zealand reduced interest rates 25 basis point to 2.25% but removed its dovish advice, signaling an end to the central banks' easing cycle. The Australian dollar also jumped by 0.5% after an inflation report that was hotter than expected reinforced the bets made there that rate cuts were over for now. Expectations regarding the rate of exchange The oil prices also remain volatile. Brent oil prices remained at a low of five weeks after Ukrainian President Volodymyr Zelenskiy signaled on Tuesday that he was willing to move forward with a U.S. backed peace plan. This could open the door to a relaxation in sanctions against Russian oil companies. Brent traded at $62.50 during London trading. U.S. president Donald Trump said that a deal is near on Tuesday, but investors are aware of the long road ahead. Wall Street futures pointed to a fourth consecutive day of gains, amid a broader increase in market sentiment. Tuesday's disappointing U.S. retail and consumer confidence numbers had firmed expectations for lowered Fed rates and helped offset some ongoing tech- and AI-related jitters. Retailers are gearing up for a busy holiday season that begins with Thanksgiving on Thursday. Black Friday, Cyber Monday and the weekend after it will be a critical period. Investors will also receive a report on September durable goods, which is delayed, at 8:30 am ET. ET. Beige Book, the Fed's snapshot on economic conditions is due at 2 pm. ET. Fed funds futures are now pricing an implied 80.7% chance of a 25 basis-point cut during the Fed's meeting on December 10, compared to equal odds a week earlier, according to CME Group's FedWatch. The yield on the benchmark 10-year Treasury note hovered around 4,019%. It was little changed from the U.S. closing of 4.002%. After it briefly fell below the 4% threshold this month, for the first. The Nikkei led the overnight gains in Asia, gaining another 2%. However, the Japanese government bonds' short-term rates rose to their highest level since the 2008 global financial crisis as the selloff of these bonds resumed. Hong Kong and China’s stocks had lagged behind the wider stock rally after Alibaba's shares fell over 1% following its underwhelming Q4 Guidance. Bitcoin, which has fallen 30% in the last few months, was just below $87,000. Spot gold rose 0.8% to $4,163.58 an ounce.
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The European Parliament backs a year-long delay in the deforestation laws
The European Parliament voted on Wednesday to delay the implementation of the European Union deforestation legislation by an additional year. The European Parliament announced that companies will have another year to comply with the new EU regulations to prevent deforestation. The obligations of the regulation will apply to large operators and traders as of December 30 2026 and to micro and small businesses from June 30 2027. The EU's green agenda is built around the ban on cocoa, palm and other products linked to deforestation. This policy, a world first, aims to stop the 10% global deforestation caused by EU imports of soy, beef and palm oil, among other products. However, it has become a controversial part of Europe's environmental agenda. Some industries and countries are opposed to the plan, claiming that it is costly and logistically difficult. Environmental setbacks have been a concern for critics in the past. Nestle, Ferrero, and Olam Agri are among the food giants that support this law. They warned Last month Delaying the implementation of this directive is contrary to EU goals for simplifying business regulations and endangers forest worldwide. Business For Nature, a group that advocates for environmental issues, called the delay a "deep failure of political courage". (Reporting and editing by Bart Meijer, Ed Osmond, and Charlotte Van Campenhout)
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Sources say that the insurance review has delayed the discharge of Russian oil cargo at Indian ports.
Three industry sources who have direct knowledge of this matter say that a Western-sanctioned ship with Russian oil bound for Indian Oil Corp had its discharge delayed in a port in Eastern India because of a delay in the online verification of insurance coverage provided by a Russian provider. India tightened its insurance regulations for ships that call at its ports earlier this year, focusing on older and so-called "shadow fleet" vessels which are often used to transport Russian oil. LSEG data revealed that the Aframax Tiger 6, under sanctions from the European Union and UK, was supposed to discharge cargo of ESPO-grade on November 23, but was spotted floating near Paradip Port on Wednesday afternoon. Two sources claimed that the ship is in the process berthing Paradip. India's increased security in ports is evident by the delayed unloading. India requires online verification of insurance policies for all ships insured by companies not part of the International Group. This is to prevent forged documents from being presented to Indian port authorities. Non-IG insurers cover many shadow fleet vessels. Sources said that Russia's Soglasie Insurance Co Ltd had insured the vessel transporting oil for the state-run Indian Oil Corp. They added that the cargo had been supplied by an un-sanctioned company. Soglasie and Indian Oil have not responded to our requests for comment. India recognizes P&I coverage provided by 19 non IG insurers including eight from Russia. This allows the South Asian nation to continue purchasing discounted Russian oil.
Sweden grants green steel startup Stegra $41 million in funding
Sweden announced on Wednesday that it has granted 390 million crowns (41 million dollars) to green steel startup Stegra, as the Swedish firm gathers new funding to complete its facility in the north. The Swedish Energy Agency stated that the project had the potential to accelerate the transformation in the iron-and-steel industry.
The authority stated that the support will increase Stegra’s chances to secure the additional capital needed. Stegra, who last year announced it had secured loans worth 6.5 billion euro ($7.5 billion) and equity, announced in October it was raising $1.1 billion to complete a plant which will use hydrogen produced on site from renewable electricity for its production.
The energy agency said that "the support for Stegra is contingent on the company being in a position to demonstrate by spring 2026, at the very latest, that it has managed to secure enough capital to complete the Project." Sweden is leading Europe in its efforts to transition from fossil fuels to non-polluting electricity. But, the green shift also faces challenges, including the bankruptcy of Northvolt, a battery manufacturer. Henrik Henriksson, CEO of Stegra, said that his company has secured about half the money it needs. He expects the banks to provide the remaining funds within six months.
He added that extra cash from the Swedish government would send an important signal to investors and banks that Sweden supported the project.
STEGRA SAYS NOW IT CAN TAKE "NEXT STEP" Stegra received 1,2 billion crowns in a package of financial support that was agreed upon between Sweden and the European Union. A further 1.6 billion crowns of the package were withheld. Stegra has applied to the agency for this money again, but only part of it was received.
Stegra wrote in written comments on Wednesday that "despite the gap between what the government asked for and what EU approved, we can take the next steps together with the financiers."
This project is a leveler in comparison to other projects in Sweden or Europe.
(source: Reuters)