Latest News
-
Stocks and yields are up after US GDP data, but yen is firm on currency warnings
Major stock indexes were up slightly and Treasury yields rose ?on Tuesday after stronger-than-expected U.S. economic data, while the yen shot up after warnings from Tokyo on its readiness to ?support the battered currency. After Novo Nordisk's weight-loss pills were approved by the U.S., the pan-European STOXX 600 Index briefly reached a record-high. Silver reached a new record of $70 per ounce while gold also hit a new record. The third quarter of the year saw the U.S. economic growth accelerate faster than anticipated, largely due to robust consumer spending. According to early estimates, the gross domestic product grew at an annualized rate of 4.3% last quarter. This was far higher than economists' expectations for a rise in GDP at 3.3%, according a poll. "We are still playing catch-up on economic data and GDP is outdated." It shows strength in the economy and strength above expectations, said Tim Ghriskey senior portfolio strategist of Ingalls & Snyder, New York. The record-breaking federal government shutdown has delayed U.S. economic releases. The Dow Jones Industrial Average rose by 44.14 points or 0.09% to 48,406.82. The S&P 500 gained 5.95 points or 0.09% to 6,884.37. And the Nasdaq Composite increased 7.37 points or 0.03% to 23,435.22. The MSCI index of global stocks rose by 2.31 points or 0.23% to 1,017.80. The pan-European STOXX 600 Index was up by?0.4%. Japan's blue chip Nikkei index closed the day little changed. Novo Nordisk's shares rose on Tuesday, after the U.S. Food and Drug Administration (FDA) approved the?weight loss pill. This gives the Danish drugmaker an edge in the rapidly evolving obesity treatment market. Novo Nordisk is now in a better position to compete with Eli Lilly for the market share that was lost due to its powerful oral weight loss medication. The yield on the 10-year Treasury note was last up 2,71 basis points at 4,198%. After the U.S. growth data, the U.S. Dollar halted its declines against the yen (yen) and euro (euro), which reinforced expectations that the Federal Reserve would pause its rate cuts at its meeting in January. Investors weighed up the chances of a Japanese intervention to "stabilize" the currency. Satsuki Katayama, Japan's Finance Minister, said that Tokyo has the right to intervene on the market in order to stop sharp drops in the yen. This is the strongest warning to date about Tokyo’s willingness to intervene. The Japanese yen gained 0.55% to reach 156.21 dollars. The euro rose 0.12% to $1.1775 while the dollar index fell 0.19% last time at 98.05. The BOJ increased rates on Friday at its policy meeting for December. This was widely anticipated and Governor Kazuo ueda gave few hints about the future extent of rate increases. The dollar fell against major currencies with the Euro up 0.3% to $1.1795, and Sterling 0.4% higher to $1.3514. Silver continued its record rally and reached the crucial $70 per ounce mark. Gold, on the other hand, cut gains after reaching an all-time peak. Silver spot rose by 0.7% to $69.48 an ounce, after reaching a record earlier. Gold spot was flat at $4,445.36. U.S. crude dropped 0.24%, to $57.88 per barrel. Brent was down to $61.87 a barrel, a 0.32% drop on the day. China's blue chip CSI300 index grew by 0.2%. China's blue-chip CSI300 index rose 0.2%.
-
Guinea's water and crops are polluted by a bauxite explosion.
Guinea's bauxite reserves are the largest in the world Villagers near mines report air and water pollution Farmers claim they are losing money because their yields have dropped. Jaume Cano Do you think that we could cook and wash with it? "We have no choice", the 28-year old farmer said as she pointed to the water that she had collected from a river 500 metres away from her home, in the Telimele Prefecture, West Africa. Sow lays the blame for the poor state of the water at the Indian mining company Ashapura Minechem. The mine opened in 2019 about?2km from?Koussadji. Guinea has the largest reserves of bauxite (the raw material for aluminium) in the world. It is a critical component in the transition to clean energy. The people of Koussadji, and the nearby villages, say that they do not benefit from the bauxite mining boom. Instead, they suffer the negative environmental effects of large-scale mines, such as water and air pollution. These complaints are heard across Africa where governments and activists alike want to gain more control and benefit economically from the minerals that are vital for the transition away polluting fossil-fuels. Aluminium is used to make solar panels, windmills, electric vehicles and energy-efficient appliances, as well insulation materials for greener buildings. Look at this water. This is a gift. Do you believe that life is possible with this water? Sow, a farmer of rice, cassava and groundnuts, blamed the pollution for her declining crop yields. Ashapura has not responded to the three emails that asked for comment about the allegations of pollution made by the villagers. Souleymane BAH, a village teacher, said that the company built a borehole in the village of Bembou Silaty, near the city, about a year before. However, the water is not enough to meet the needs of the people. Ashapura is also facing allegations of pollution in India. Tokpa Fahand, an nurse at the Poste de?Sante health center, says that mining activities in Bembou Silaty are detrimental to the village, during both the dry and the wet seasons. He said that the dust in the mine caused respiratory problems, the village was surrounded by it, and the machines were never stopped. A 2023 audit by the community of the social and environmental impacts of mining in the region of Boke connected bauxite to air pollution, water pollution and a decrease in agricultural productivity. Oumar Totiya, executive director of independent Guinean Observatory for Mines and Metals (GOMM), said that the problems experienced at Bembou Silaty are typical. He said that "bauxite waste is a mixture of heavy metals,?acid and sediments. In cases of pollution it's caused by drainage during rainy seasons." Just a Transition? Guinea exported 3.7 million tonnes of bauxite a week, and produced 146 millions tons in the last year. Most of the bauxite exported by this country is shipped to China. The military-led Government, which came to power through a coup in 2021, has been pushing mining companies abroad to add value to the bauxite ore before sending it overseas to be processed. In recent years, the country has been urging mining companies to construct alumina refining plants and has revoked licenses. It is also joining other countries, such as oil-rich Nigeria, which are boosting their domestic refinery capacity. Despite the fact that several African countries pushed for a just transition in resource-rich nations at the COP30 U.N. Climate talks last month, the final text did not address the issue. Participants said that China and Russia were among those who opposed any "explicit" reference to minerals. Antonio Hill, a policy advisor with the Natural Resource Governance Institute, said: "Talk about a just transition is hollow as long as governments ignore minerals needed by future energy systems." In a press release issued after the talks, he stated that "by looking the other direction, governments feed delay, lose leadership, and miss the opportunity to anchor equity, justice, and fairness at the core of the global energy transition." Guinea has taken unilateral actions in the interim. Mamady Doumbouya is the general who led a coup in Guinea and will be running for president at an election in December 28. He has taken action to force companies to add value to the bauxite. Bouna Sylla, the Mines Minister of Algeria, said that the country will accelerate the construction of alumina reprocessing plants and iron ore pellet factories to stop the export of raw ore. NEW APPROACH Human Rights Watch stated in a report from 2021 on aluminium mining and production that included Guinea, that surface-level or "strip mining" can cause contamination of rivers and streams because it removes vegetation and facilitates erosion. Barry stated that the mining industry's noxious effects are a major factor in young Guineans migrating. Many of them take risky boat trips to Spain's Canary Islands. He said that although Guinea has many resources, they have not been turned into national wealth. Instead, the mining revenue is used to pay for police officers, soldiers, and civil servants. He said that legislation was needed to "guarantee Guineans a decent standard living". Employment benefits are also limited, since many young people lack the necessary training to obtain permanent employment. Women of Allawalli - a farmers association in Bembou Silaty & Koussadji - said that pollution from nearby mines had decreased food production. According to the data of Guinea's National Institute of Statistics, rice production in Telimele fell by 90% between 2018-2022. Binta Boye is 35 and grows cassava, rice and groundnuts in Bembou Silaty. She belongs to Allawalli.
-
IS grows in fear as two men are found guilty of plotting to kill hundreds of Jews.
Investigators claim that two men found guilty of plotting to kill hundreds during an Islamic State inspired gun rampage in England against the Jewish Community, shows the risk posed by this militant group. Police and prosecutors claimed that Walid Saadaoui and Amar Hussein were Islamic extremists who wanted to use automatic weapons to kill as many Jews they could. If their plans had been carried out, they would have been responsible for "one of, if not, the deadliest terrorist attacks in UK history", according to Assistant Chief Constable Robert Potts who is in charge of Counter-Terrorism Policing, Northwest England. The convictions of the three men come just a little over a week after 15 people were murdered in a mass shooting on Sydney's Bondi Beach during a Hanukkah celebration. The Islamic State called the Australian attacks a "source for pride". The jihadist group has not claimed responsibility but its response has increased fears of an increase violent Islamist extremism. Although not posing as much of a threat as it did ten years ago, when the Islamic State controlled vast regions of Iraq and Syria. European security officials warn that IS and al Qaeda affiliated groups are once more looking to export 'violence abroad and radicalise would-be attackers on the internet. Last week, British Foreign Secretary Yvette cooper said: "You can start to see some of these terrorism threats growing again and beginning to escalate." Two men are preparing to become Martyrs British prosecutors informed?jurors Saadaoui, and Hussein "embraced the views" and were willing to risk their lives to become "martyrs". Saadaoui arranged to have two assault rifles and an automatic pistol, as well as almost 200 rounds, smuggled in Britain through the port of Dover, when he arrested in May 2024. Saadaoui also said that he planned to collect at least 900 cartridges and obtain two additional rifles. He was unaware that the man he had been trying to obtain weapons from, "Farouk", was actually an undercover agent. This meant that his plan was never implemented. Sandhu claimed that the assault rifles Saadaoui was seeking were the same as those used by a 2015 islamist militant attack in Paris on the Bataclan Concert Hall, which killed 130 people. Sandhu said Saadaoui had "hero worshipped" Abdelhamid Abaaoud who was the mastermind of that 2015 attack on Paris' Bataclan concert hall. Saadaoui wrote in a letter to "Farouk", who he believed to be a fellow militant that the Paris attacks were "the biggest operations after Osama bin Laden", making an apparent reference the attack of September 11, 2001 on the United States. Potts stated that Walid's communication and interaction with the undercover agent, as well as some of his statements, made it clear that he did not consider a less complex attack using less lethal weapons to be good enough. "Because in essence, it was his job and duty to kill as much Jewish people as possible, and that couldn't be done by using a knife, or, perhaps, a vehicle, as a weapon." Saadaoui, Hussein and both had pleaded innocent. Saadaoui claimed that he was afraid for his own life and had participated in the plot. Hussein, who was angry and shouted "How many babies?" from the dock during the first trial day, did not testify nor attend his trial. In an apparent reference Israel's Gaza war. The Preston Crown Court convicted them on one charge of planning terrorist acts. Bilel Saadaoui (36), Walid Saadaoui’s brother, was found guilty for failing to report information about terrorist acts. However, prosectors claimed that he had resisted joining the attack. The threat of an Islamic state is growing The foiled plot was the latest attempt in Britain or elsewhere to be inspired by Islamic State. This group emerged in Iraq and Syria a few years ago, and declared its "caliphate" over all Muslims. It displaced al Qaeda in large part. In the years 2014-17, Islamic State ruled over millions of people in both countries and enforced a brutal, strict interpretation of Islamic Sharia law. The?fighters of the Islamic State also committed or inspired attacks on dozens cities in the world. These were often attributed to Islamic State, even if they had no actual link. SITE Intelligence group said that after the Bondi Beach Attack in Australia, IS had encouraged Muslims?to take action elsewhere, especially singling out Belgium. Unnamed European intelligence officials said that IS is flooding social media with propaganda. While this only affects a few people, the increased number of terrorism investigations was greater than last year. Ken McCallum is the head of Britain's MI5, the domestic spy agency. He said that since the beginning of 2020 his service, along with the police, had foiled 19 late-stage plots and countered hundreds of other terrorist threats. McCallum stated that "terrorism is born in the dark corners of the Internet where poisonous ideologies of any kind meet volatile and chaotic lives of individuals." (Reporting from Sam Tobin and Andy Bruce, in London; writing by Michael Holden and editing by Mark Heinrich.
-
Silver crosses the $70 threshold, and gold extends its record run
Silver rose above $70 for the very first time on Tuesday, while gold reached a new record, trading at just under $4,500 per ounce. A weaker dollar, and geopolitical uncertainties, have boosted demand for safe-haven investments. Silver spot gained 2.2%, reaching a new record price of $70.61 an ounce. The white metal has risen 143% in the past year due to supply deficits and industrial demand. Silver is responding to the same macro-forces, but with a greater intensity because of its own supply and demand dynamics. Silver's price is being impacted by tight supply, strong investment, and speculation as it approaches $70, according to Ahmad Assiri. As of 1336 GMT, spot gold was up 0.9% at $4,486.99 an ounce after hitting a session record $4,497.55 in the previous session. Bullion prices have risen by'more than 70%' this year as investors sought refuge from global tensions and low interest rates. U.S. Gold Futures for February Delivery increased 1.1% to $4,518.80. "Central bank purchases ...., expectations for a dovish Fed and geopolitical tensions are all contributing factors to the massive gold lust among investors," said Carlo A. De?Casa. The U.S. Dollar extended its losses for a second consecutive day, and is on course to have its largest annual decline?since 2017 Last week, on the geopolitical side, U.S. president Donald Trump ordered a "blockade", of all sanctioned oil tanks entering and departing Venezuela. He said that he did not rule out war with the South American nation. The markets are pricing in two?rate reductions for 2026, as President Trump's plan to appoint a new Federal Reserve Chair early next year reinforces expectations of dovish monetary policies. The spot platinum price rose 3.5%, to $2,193.60. This is the highest level in 17 years. Palladium also rose 1.6%, to $1,786.94 a new three-year high, following gains in gold, silver and other precious metals. (Reporting from Pablo Sinha in Bengaluru, and Arunima Kumar in New Delhi; Editing by Subhranshu Sahu & Tasim Zahid.)
-
Silver joins the rally for new highs as gold extends its record run
Silver continued to rise, reaching a new record, and gold reached a new high. A weaker dollar, coupled with persistent geopolitical uncertainties, boosted the demand for this safe-haven. As of 1248 GMT spot gold was up 0.9% at $4,486.34 an ounce. It had previously reached a session record of $4,497.55 per ounce. U.S. gold futures for delivery in February rose by 1.1% to $4,519.90. "Expectations of a dovish Fed; markets losing confidence in?greenback; geopolitical pressures; central bank purchases .... The lust for gold among investors is still massive due to the combination?of factors mentioned above," said Carlo Alberto De Casa. The U.S. Dollar extended its losses for a second day, and was on track to record its largest annual decline since?2017. On the geopolitical side,?U.S. Last week, President Donald Trump ordered a "blockade", which would prevent all sanctioned oil tanks from entering or leaving Venezuela. He also said that he did not rule out war with Venezuela. Markets are pricing in two rate cuts by 2026, as Trump's announcement of a new Federal Reserve Chair?early next season reinforces expectations for dovish policy. Bullion prices have risen by more than 70% in the past year, as investors sought refuge from global tensions and lower interest rates. Silver spot rose 0.9%, to reach $69.63 an ounce. It had previously reached a record high of $69.98. White metal prices have risen by 141% in the past year due to a combination of supply shortages, industrial demand and new investment. Both gold and silver continue to attract strong buying. This behavior suggests that $4.500 and $70 is?being viewed less as hard limits and more as a reference point within ongoing trends. Both metals are therefore firmly supported?for now and the holidays," Ahmad Assiri said, research strategist at Pepperstone. The spot platinum price rose 2.7%, to $2,177.05. This is the highest level in 17 years. Palladium also rose 1.7%, to $1,788.33. This was in line with gold and silver. (Reporting from Pablo Sinha in Bengaluru and Arunima Kumar; editing by Subhranshu Sahu).
-
Five killed as Mexican plane carrying burned children crashes near Texas coast
Five people were killed when a Mexican Navy small aircraft crashed off the Texas coast, near Galveston on Monday. The plane was part of a mission for an organization that assists?burn victims and transfers them to the U.S. for treatment. Mexico's Navy Secretariat said that the aircraft was carrying eight people: four?naval and four civilians. Two people are still alive and one person is missing. The aircraft was on an 'assignment to provide specialized medical transportation. The Michou y Mau Foundation, which helps Mexican children with severe burns, coordinated the operation. The Mexican authorities added that investigations?will be conducted to determine the causes of the crash. Reporting by Aida Pélaez-Fernandez Editing Frances Kerry
-
Trump: US needs Greenland to ensure security. Envoy is appointed to 'lead charge'
Donald Trump, the president of the United States, reaffirmed on Monday the need for Greenland to ensure the national security of the United States. He said that the special envoy appointed by him would "lead" the charge. Trump appointed Jeff Landry, the governor of Louisiana, as his special representative to Greenland on Sunday. This drew criticism from Denmark and Greenland regarding Washington's interest for this mineral-rich Arctic Island. Trump has argued that Greenland should become a part of the United States. He cited its strategic importance and its mineral resources. Landry, the governor who assumed office in January 2024 publicly supports this idea. "We need Greenland not for minerals, but for national security. You can see Russian and Chinese vessels all along the coast of Greenland. It is vital for our national security. Landry wants to "lead" the charge. Mette Frederiksen, Danish Prime Minister and Jens-Frederik Nilsen, Greenland Prime Minister said earlier in a statement that Greenland belonged to Greenlanders. You cannot annex another nation. They said that they would not annex another country, even if it was a matter of?international safety'. "Greenland belongs exclusively to Greenlanders, and the U.S. will not take it over." Landry thanked Trump in a post he made on X: "It is an honor to serve... as a volunteer in this position to make 'Greenland' a part the U.S." This does not affect my position as the Governor of Louisiana! On Monday, the Trump administration increased pressure on Copenhagen by suspending leases on five large offshore wind projects, two of which were developed by Denmark's Orsted, the state-owned energy company. GREENLANDS STRATEGIC VALUE Greenland is a former Danish Colony with 57,000 people. A 2009 agreement gives it the right to declare its independence, but it remains heavily dependent on Danish subsidies and fishing. The strategic location of the country between Europe and North America is a major site for U.S. missile defence systems, while its rich mineral resources have increased U.S. interests in reducing their reliance on Chinese imports. Greenland's Nielsen posted on Facebook after Trump announced the appointment on Sunday: "We are awoken again by a new announcement made by the U.S. President." It may seem big, but for us it doesn't change anything. "We decide our own destiny." DIPLOMATIC TENSIONS ESCALATE The Danish Foreign Minister, Lars?Lokke Rasmussen, said on Monday that he will summon U.S. The U.S. Ambassador Kenneth Howery had promised "mutual respect" on a recent trip to Greenland. "Out of the blue, there is now a special U.S. Presidential representative who, according him, has been tasked to take over Greenland. Rasmussen said to TV2, "This is of course completely unacceptable." Denmark has been trying to mend strained relations with Greenland in the past year. It also tries to ease tensions between it and the Trump administration, by investing in Arctic defense to 'address U.S. critics of inadequate security. In an Instagram post, Prime Minister Frederiksen stated: "It's a tough situation that our lifetime allies are putting us into." Mikkel Vedby, a professor of political science at the University of Copenhagen said: "This appointment proves that all of the money Denmark invested in Greenland and in the defense of the Arctic as well as all of the nice things we've said to Americans have had no impact at all." Reporting by Siddharth Cavale in New York, Arathy Somasekhar, in Houston, and Jacob GronholtPedersen, in Copenhagen. Additional reporting by Anusha Shah in Bengaluru; Soren Sirich Jenppesen, Stine Jacobsen, and Steve Holland, in Palm Beach. Editing by Gareth Jones, Howard Goller.
-
EU expands compensation to industry for costs of emissions regulations
It said that the European Commission would allow energy-intensive industries to get compensation to offset the cost of meeting EU emission?rules. The European Union, under pressure from some member countries and industries, has taken a number of steps to reduce the burden of climate legislation to ensure that European businesses remain competitive. The changes made on Tuesday loosen the rules for so-called state aids, which allow member states to compensate the industries for a portion of the increased power bills that result from the carbon price increase. Commission: The new guidelines will prevent "carbon leakage" which occurs when production is moved to countries outside of the EU that have weaker emission restrictions or when EU products are substituted with more carbon-intensive imports. The 'list of industrial sectors eligible to receive compensation under the EU's emissions trading system has been extended to include 20 additional sectors, such as the production?of organic chemical and certain activities in the ceramic, glass, and battery sectors. The Commission stated that the expansion was necessary because emissions costs have increased significantly in recent times, putting more industries at risk of carbon leakage. (Reporting and editing by Bart Meijer)
EU to tighten import controls on plastics to aid struggling recyclers
The European Union will implement stricter rules on imports of plastics. This is to help European recycling facilities that are struggling with cheaper imports.
Plastics Recyclers Europe, a trade group, says that Europe's plastics recycling industry will lose more capacity by 2025 than it did in any other year. Low-cost imports of plastic and high energy prices are driving closures, including in the Netherlands.
It is of particular concern that recycled plastic, which is made?from used material, is mislabeled as virgin plastic, which is a cheap new material made out of fossil fuels. This puts local recyclers in a difficult position because their recycled plastic can't compete on price.
The European Commission (EU executive body) announced that it would introduce a 'legal change in the first half 2026, requiring stricter documentation of imported recycled plastics. A second proposal is to 'create separate customs code for recycled plastics and virgin plastics to make it easier to track imports.
The Commission stated in a document laying out its plans that "the recycling sector is faced with high energy costs, low prices and instability for virgin plastics (linked to oil price) and competition by imports of cheap materials (often virgin plastics falsely claimed to have been recycled)."
Additional measures include EU audits, even outside Europe, of recycling plants and the support of laboratories that conduct control checks to ensure recycled plastic shipments are genuine.
Brussels will also examine whether or not it is necessary to introduce trade restrictions. The Commission announced that an EU import surveillance taskforce will monitor plastics imported during the year 2026.
The EU imposed antidumping duties on Chinese PET Plastic - used in the manufacture of?bottles- to combat imports that Brussels claimed were so cheap?that they forced EU companies?to sell at a profit to compete.
Six European countries including France, Spain, and the Netherlands?asked the EU to take further actions against the imports of low quality recycled plastics that they claimed were being sold for heavily discounted prices.
The EU has also proposed rules that specify how products that are chemically recycled can be counted towards the EU's requirements for recycled materials in products. (Editing by Timothy Heritage).
(source: Reuters)