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Davos starts a new era of grappling with the global order shaken up by Trump
Next week, business and political leaders will be attending the World Economic Forum annual meeting in Davos to test their?vision for a global economic order based on rules. The expected appearance of U.S. president Donald Trump in the Swiss mountain resort highlights the difference between his agenda, and the consensus-driven approach taken by the WEF. It has been criticized for years that the WEF is just a rich people's talking shop. His "America First' policy has resulted in trade tariffs as punishment, military interventions in Venezuela, threats to take over Greenland and a retreat by the U.S. from international cooperation on climate change, health, and other global issues. The Trump administration also threatened Federal Reserve Chairman Jerome Powell with criminal charges, which prompted many central bankers and other top officials to release a statement in support of Powell and central bank independence. The leaders of the?WEF have dubbed their 56th edition, "A Spirit of Dialogue", saying that in the current climate of uncertainty, it is important to come together and map out the way forward for business and politics. Borge Brende is the CEO of WEF and a former Norwegian Minister. He said: "Dialogue isn't a luxury. It is a necessity." Others say the WEF is at risk of obsolescence because the U.S., China and other countries are leveraging their power to serve national interests. Who will be the one to make the case for a rules-based order? Daniel Woker is a former Swiss Ambassador and expert in foreign relations. It has no purpose to exist, to be blunt. In a system in which everyone only looks out for themselves. It's a past event." Davos watchers also wonder if the event has lost its momentum since its founder, Klaus Schwab, 87 years old, stepped down from his position as chairperson in April. In August, the Geneva-based organization said that an internal investigation found no evidence of material misconduct by Schwab after a whistleblower's letter alleging misconduct. The interim co-chairs were named as BlackRock CEO Larry Fink, and Roche vice chair Andre Hoffmann. There is much to talk about in this latest forum, from Trump's Monroe Doctrine, which establishes U.S. dominance in the Western Hemisphere, to how artificial intelligence will change the world. The forum comes after one of Switzerland’s worst tragedies in recent history, a bar fire at a ski resort that killed 40 people. OIL MAKES a Comeback The WEF's pre-event presentations have put a brave front on the global turmoil, showing how companies are adapting to the highest U.S. Tariff rates since the Great Depression, and hinting at a easing of the trade tensions by late 2025. A WEF survey released last week revealed that business in 2025 will be more difficult. The survey also showed a bleak picture of the cooperation on peace and security. As several European leaders are expected to attend, attention will be focused on their response to U.S. challenges. This includes Trump's threats of taking over Greenland and attacks on European efforts in regulating American?tech companies. Christy Hoffman, the General Secretary of UNI Global Union, which represents 20 million?service sector workers around the world, said that politicians must stand firm and address how AI, new technologies, and other factors impact jobs. The WEF meeting this year will feature top oil executives who are eager to hear Trump promote his energy dominance program, which encourages them drill for more oil while snubbing alternative sources like wind and solar. Exxon Mobil CEOs, Shell CEOs, TotalEnergies CEOs, Equinor CEOs and ENI's are expected to attend after sporadic participation in previous years when oil players viewed the forum as being anti-fossil. It is yet to be seen if China, who has in the past sent high-ranking officials to Davos, will have a large presence. (Additional reporting from Selena Li, in Hong Kong; Dmitry Zhdannikov, Mark John and Alexander Smith in London)
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Six dead in Gaza as displaced people struggle to hold their ground during torrential downpour
Local health officials reported that a rainstorm hit the Gaza Strip Tuesday, causing hundreds of tents to flood, homes to collapse and kill six people. Five people, including a girl and two women, were killed when houses collapsed near Gaza City beach. A one-year-old child died from extreme cold in his tent in Deir Al-Balah, central Gaza. Some tents flew dozens of metres before hitting the ground. Families scrambled for what they could salvage as others lay crumpled on muddy pools. Residents tried to secure remaining shelters by hammering loose pegs in and stacking sandbags along the edge to prevent floodwaters from pouring into them. "We did not realize what was going on until the concrete wall began to collapse. It was an eight-meter high wall. The wall collapsed on us and three tents because of the force of the wind. "The elderly man was martyred. He said that his son's wife and daughter were both killed. Israeli forces ordered the near total?depopulation? of Gaza three months after a ceasefire ended major combat. This forced its 2 million residents into a small strip of land near the coast, where they live in tents and damaged buildings. MORGUE: RELATIVES GATHER TO MORGUE On Tuesday, dozens of relatives gathered in a hospital's morgue to offer special prayers for the bodies that were laid out on stretchers prior to funerals. Hamas' Gaza Government Media Office reported that at least 31 Palestinians have died since the beginning of winter due to exposure to cold, or collapsed buildings damaged by previous Israeli attacks. The report said that 7,000 tents had been damaged over the last 48 hours. Most of their occupants are without alternative shelter. Officials from the municipal and civil defence?systems claimed that they could not cope with this storm due to fuel shortages and damaged gear. During the war, Israel destroyed hundreds of vehicles that were needed to respond to a weather emergency. These included bulldozers, water pumps and other equipment. A U.N. report from December said that 761 sites of displacement, which housed about 850,000 people, were at high-risk of flooding. Thousands of people had already moved to avoid heavy rain. U.N. officials and Palestinian officials have said that at least 300,000. new tents are urgently required for the approximately 1.5 million people who remain displaced. The majority of existing shelters have worn out or are made from thin plastic sheets and cloth. In a Tuesday post on X, UNRWA (the U.N. Palestinian Refugee Agency) said that the winter weather in Gaza is adding to the misery of families who have already been pushed to the edge by two years of conflict. It added that "Flooding and cold temperatures?as well as damaged shelters?are exposing people to new dangers, while access for humanitarian aid remains severely restricted." Hamas issued a statement Tuesday urging mediators to force Israel to accept the unconditional flow and distribution of shelters, rebuilding materials, and aid in Gaza. The ceasefire agreement began in October. Israel claims that hundreds of trucks are entering Gaza every day with food, medical supplies, and shelter equipment. The international aid agencies say that the supplies are not enough. (Reporting and editing by Peter Graff. Dawoud Ab Elkas and Nidal Al-Mughrabi)
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The prospect of $5,000 in gold is a reality with a record start in 2026
The upward trend in gold and silver has resumed. Bullion is now above $4,600 per ounce, and brokerages are predicting $5,000, as a number of factors intensify and boost the metals' safe-haven appeal. On Monday, spot gold reached a high of $4,629.94?per?ounce, while silver rose to a new record of $86.22/oz during the same session. Metal has gained over 6% in only 13 days for 2026 after breaking multiple milestones last year and gaining 64 %. Major brokerages predict that gold will reach $5,000/oz by 2026. They expect safe-haven demand due to geopolitical tensions, monetary policy ease, ETF inflows, and central bank purchases to continue the momentum of last year. GEOPOLITICAL AND MACRO DRIVERS Gold's record-high?on Monday was fueled by concerns over the independence of Federal Reserve Chair Jerome Powell after he said that the Trump administration threatened him with a?criminal investigation. The U.S. military raid that led to the capture of Venezuelan President Nicolas Maduro, Donald Trump's threat to "take control" of Greenland, and Trump's consideration of whether or not to intervene with the unrest in Iran have all contributed to the current political uncertainty. Ross Norman, an independent precious metals analyst, said: "Real assets are at the forefront in the type of environment we're examining." "The rules have been thrown out the window." "Precious metal reflects all that." Gold also benefits from the expectation of U.S. rate cuts which would reduce the opportunity costs of holding non-yielding investments like gold. Tim Waterer is the chief market analyst at KCM Trade. He said that if current geopolitical risk persists and U.S. interest rate expectations remain unchanged, gold could attempt to break through $4,600 more consistently in the weeks ahead. ETF INFLLOWS AND CENTRAL BBANK BUYING Analysts said that the demand for gold by central banks has been high for four years, and will likely continue to be so until 2026. This demand is also expected to increase due strong investment demand. China's central banks extended their gold buying spree for a 14th consecutive month in December, bringing the total to 74.15 millions fine troy-ounces. World Gold Council reports that the annual inflows to physically backed gold ETFs (exchange-traded funds) reached $89 billion in 2018, the highest ever. On?December 29th, the holdings of gold-backed ETFs such as New York's SPDR Gold Trust topped 1,073.41 tons, their highest level in over three years. Silver continues to gain momentum. Its 147% increase in value last year was a result of a robust investment market, the inclusion of silver on the U.S. Critical Minerals?list, which led to a substantial outflow from stocks in the U.S. Soni Kumari, ANZ's commodity strategist, said: "It is likely that the market will experience volatility and if everything remains as it is now, I believe prices will soon push towards $90/oz." Metals Focus, a consultancy, said that a?three-digit price peak for silver is likely this year. Silver's smaller size market amplifies the price movement when it benefits from macroeconomic factors that drive gold investment. HSBC predicts that silver will trade between $58-$88 per ounce by 2026. However, they warn of a possible market correction as supply restrictions ease.
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Gold nears record of $4,600/oz before US inflation data
Investor caution before key inflation data slowed the upward momentum. Gold prices were mostly stable near their all-time high on Tuesday. Supported by concerns about Russia's intensified attacks?on?Ukraine?and?the situation in Iran?, gold prices were relatively steady. As of 1134 GMT spot gold was trading 0.2% lower, at $4,586.15 an ounce, after hitting a new record high of $4629.94 the previous session. U.S. Gold Futures for February Delivery fell 0.4% to $4,595.10. "A modest improvement?in U.S. dollars, driven by hawkish remarks from a Fed official and investors' attention?on the U.S. CPI release later in the session act as a headwind for gold," said ActivTrades analyst Ricardo Evangelista. John Williams, President of the Federal Reserve Bank of New York, said that there is no imminent pressure on the central bank to change its stance in monetary policy. Investors are currently anticipating that the Federal Reserve will cut interest rates twice this year. Today's Consumer Price Index is expected to give further clues about monetary policy in the future. The geopolitical front saw Russian forces launch the most intense missile attack on Ukraine this year early Tuesday morning, killing four and injuring many others. U.S. president Trump said Monday that any country doing business with Iran would face a 25% trade tariff with the United States. Non-yielding investments tend to perform well when interest rates are low and geopolitical risks or economic uncertainties spike. "With gold prices consolidating over $4,500, backed by a bearish outlook 'for the dollar, and continuing geopolitical uncertainties, the $5,000 level appears to be within reach, and could even be tested during the first half of the year," Evangelista said. CME Group, the U.S. exchange operator, announced on Monday that it will change the way it sets the margins for precious materials to ensure adequate coverage of collateral in light of the current market volatility. Spot silver, which had hit an all-time record of $86.22 per ounce on Monday, gained 0.9% and is now at $85.72 per troy oz. After reaching a record high of $2,478.50 per ounce on December 29, spot platinum increased by 0.1%, to $2,344.89 an ounce. Palladium slid 1.2% to $1,820.75 per ounce. (Reporting and editing by Sharon Singleton in Bengaluru, with Pablo Sinha reporting from Bengaluru)
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Shares of L3Harris rocket engine company surge after Pentagon invests $1 billion,
L3Harris will separate rocket motor unit to IPO in 2026 Pentagon's investment marks the first direct-to supplier partnership Conflicts of interest may cause scrutiny to be placed on transaction structure By Mike Stone Jan 13: The U.S. Government will invest $1 billion into L3Harris Technologies, a growing rocket motor business. This investment will ensure a constant supply of motors that are used in many missiles including 'Tomahawks' and Patriot interceptors. In New York, shares were up 11.4% during pre-market trading. This deal is the latest investment by the U.S. Government in Corporate America. Previous investments include a 10% stake at chipmaker Intel, and investments in key mineral producers. The deal comes only a few weeks after President Donald Trump criticised defense contractors for the slow production of weapons. L3Harris announced on Tuesday that it plans to IPO its rocket motor business, which is growing rapidly. The IPO will be backed by an investment of $1 billion in convertible securities from the government. The securities will convert into common equity once the company becomes public in 2026. Michael Duffey, the Under Secretary of Defense (Acquisition and Sustainment) said: "We are fundamentally changing our approach to secure our munitions chain." By investing directly in suppliers, we build the resilient industrial base required for the Arsenal of Freedom. PENTAGON'S INVESTMENT MARKS STRATEGY SHIFT IN DIRECTION It is not surprising that the Trump Administration invested in a major defense contractor, Lockheed Martin. In August last year, U.S. Commerce secretary Howard Lutnick said that the Trump administration had been weighing equity stakes. Intel's shares have doubled in value since the announcement of the?investment. The government's equity stake?in L3Harris may face backlash from L3Harris rivals, as it could create a conflict of interest. Pentagon will own a stake in a firm that bids regularly on government contracts and major defense projects. This investment is the first of its kind, and is a result of the new Acquisition Transformation Strategy of the Department and the "Go Direct to Supplier" initiative. To save money, the strategy requires that the department negotiate directly with key suppliers and invest in them. L3Harris Missile Solutions, which manufactures missile propulsion system for many missiles, including Patriot, THAAD Tomahawk and Standard Missiles, will be "carved out" from the company. L3Harris retains majority ownership and will control the new entity. This deal almost guarantees that the new unit will have a steady stream of business. Christopher Kubasik said that the recent actions of the Trump Administration have renewed focus on strengthening defense industrial base and reinvigorating competitiveness following a 30 year wave consolidation. This new company, which is a result of several years' sustained investment by L3Harris and improvements to its operational capabilities, will be a key partner for the Pentagon. In a press release, the Pentagon stated that its "partnership" will allow it to "negotiate multi-year framework agreements for solid motors vital to a number of critical munitions pending Congressional approval and appropriations." The Pentagon said in a release that the "partnership" with L3Harris positions it to "negotiate multi-year procurement framework agreements for solid rocket motors,?vital to several critical munitions, pending Congressional authorization and appropriations." A STRUCTURE UNUSUAL IN DEAL MIGHT FACE SCRUTINY This transaction structure, which combines a government convertible preferred stock with a planned public offering and maintains control of the parent company, is highly unusual for the defense industry and could be scrutinized by regulators and legislators concerned about market competition and conflicts of interest. A planned IPO in 2026 could enable the U.S. Government to make a profit. J.P. Morgan Securities LLC acts as financial advisor and Vinson & Elkins LLP as legal advisor on the proposed deal. (Reporting and editing by Chris Sanders in Washington, Lincoln Feast, and Louise Heavens).
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What are the trade partners of Iran that will be subject to US tariffs of 25%?
Donald Trump, the U.S. president, said on Monday that any country doing business with Iran will be subject to a 25% tariff when it comes to trade with the U.S. According to the latest data from the World Bank, Iran, a?member? of the OPEC oil producing group, exported its products to 147 trading partner in 2022. Fuel is Iran's largest export item in terms of value. Major imports include intermediate products, vegetables, machinery, and equipment. China is Iran's biggest trading partner. According to the World Bank, Iranian exports to China in 2022 will total $22 billion, with fuels making up more than half. Imports to China were $15 billion. According to Kpler's data, China purchased more than 80% of Iran’s oil shipped in 2025. Due to U.S. sanctioning that aims to stop funding for Tehran's nuclear program, the pool of buyers of Iranian oil is limited. According to India's Commerce Ministry, India's bilateral trade with Iran was worth $1.34 billion in the first 10 months 2025. Indian exports include fruits, vegetables and pharmaceutical products, as well as basmati rice. Turkey According to official and sector data, Turkish exports to Iran in 2025 will be $2.3 billion, while imports are $2.2 billion for the 11 months. GERMANY According to the data of the German Trade & Invest, the exports of Iran to Germany in the first 11 months of 2025 were around 217 millions euros, a rise of?1.7%. German exports to Iran fell by 25% to 871 millions euros during the period. SOUTH KOREA South Korea exports to Iran were only $129 million between January?and?November 2025, while imports were $1.6 million during the same period. JAPAN According to the latest data on Japan's trade with Iran, which goes until November 2025, Japan imports modest amounts of fruits, vegetables, textiles, and machinery. It also ships some vehicle engines and other equipment. Reporting by Jihoon, Heekyong, Yang, Geddie Shubham, Akanksha, Khushi, Christoph Steitz, Jonathan Spicer, Miyoung, Adam Jourdan, and Singleton.
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Copper prices fall on concerns over U.S. interest rate hikes
The copper price was slightly lower on Tuesday due to supply concerns and continued interest by speculators. Benchmark three-month Copper on the London Metal Exchange fell 0.2% to $13,185.50 a metric ton at 1030 GMT after recovering from an intraday low of $13,033 reached in Asian trading. LME copper prices have risen by 45% in the last 12 months. They've reached successive records, including $13,387.50 just last week. Dan Smith, managing Director at Commodity Market Analytics said that there is a large amount of liquidity in the financial markets. He added that there is a high probability LME copper will break through the $14,000 mark in the near term. Copper's rise has been fueled by disruptions in mines and concerns?about deficits for this year. A flow of copper is also being sent to the U.S. as a result of potential tariffs which are reducing supply elsewhere. The LME Cash Copper premium over the three-month contract is increasing as a result of the tightening. The price of, which rose from $3 to $64 per ton in the past week, was at its highest level in over a month. Some traders were however on the sidelines ahead of U.S. Consumer Price Index data due later on Tuesday. Goldman Sachs has shifted back its forecasts that the U.S. Federal Reserve will cut interest rates by 2026 due to softer employment data. "Hopes for any near-term rate cut have been dashed. This has triggered a price drop," said an anonymous trader in Beijing, as he was not authorized to speak to the media. The most traded copper contract at the Shanghai Futures Exchange ended daytime trading 0.5% lower, at 102290 yuan (14,662.71) a tonne. The contract reached a high of 104.880 yuan during the session. This is close to the 105.500 yuan record that was touched last week. Other metals include LME aluminium, which fell 0.4% to $3171.50 per ton. Nickel dropped 0.7%, tin 0.3%, and tin 0.3%, while zinc increased 0.7%, to $3237, and lead rose 0.3%, to $2,059. (1 Chinese Yuan = 6.9762 US dollars) (Reporting and editing by Ronojojo Mazumdar; Additional reporting by Amy Lv, Beijing)
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Iran official: 2,000 killed in unrest
Official blames 'terrorists' for deaths Protests are a result of a rotten economy The biggest challenge for authorities in recent years Elwely Elwelly DUBAI, January?13, - An?Iranian Official?said that about 2,000 people, including security personnel, have been 'killed during protests in Iran. This is the first time the authorities have admitted the high death toll following an intensive crackdown after two weeks of unrest across the country. Speaking to, the Iranian official said that what he referred to as 'terrorists' were responsible for both the deaths of protesters and security staff. The official didn't give any breakdown of the deaths. The?unrest, caused by dire economic conditions has been the greatest internal challenge for Iranian?authorities in at least three year and comes amid increasing international pressure following Israeli?and U.S. attacks last year. Iran's clerical authority, which has been in power since the 1979 Islamic Revolution began, has tried to adopt a dual-approach to the protests. They have called them legitimate, while also enforcing harsh security measures. They have accused the U.S., Israel and other countries of fomenting unrest. Unnamed individuals they label terrorists are also said to be behind the protests. A rights group previously claimed that thousands of people had been arrested and hundreds had been killed. Information flow has been hampered by recent restrictions in communications, including the internet blackout. Video footage of violent clashes between demonstrators, security forces, and vehicles and buildings in the last week, which includes several videos that have been verified, shows gunfire, and buildings and cars on fire.
Bharat Coking Coal attracts bids of $13 billion in India IPO
Bharat Coking Coal's $118.7-million initial public offering attracted bids of 1.17 trillion rupees (12.97 billion dollars) on Tuesday as the prospects for strong demand for coking coal by steelmakers boosted appetite for a?shares.
According to exchange data, the company, India's largest coking coal miner received bids of 50.93 billion, or nearly 147 times more shares than were offered, after three days of auctioning.
The company is a state-owned subsidiary of Coal India.
Why it's important
After two years of record-breaking fundraising, the strong response shows that investors are still interested in India's primary market.
Bharat coal is the first mainboard IPO to be held in India this year. It is made up entirely of a stake-sale by its parent.
CONTEXT
According to LSEG, India will be the world's second largest primary market in 2025, after the United States. 367 IPOs raised $21.8 billion.
The year saw strong demand for products and services from companies like LG Electronics India, Meesho, and other e-commerce platforms.
KEY QUOTES
This demonstrates that the primary market is still thriving despite the turmoil in secondary markets. Investor interest in Bharat coal is also driven by the strong parentage of Bharat, said Kranthi bathini. Director of equity strategy at WealthMills Securities.
Ventura Securities said that the Indian coal industry is benefiting from structural demand growth, driven by government-led development of infrastructure, capacity additions in steel manufacturing and policy emphasis on import substitute.
By?THE NUMBERS
Qualified institutional investors bid for 24,61 billion shares of Bharat coal Coking Coal. This is about 311 times the number of shares offered for them.
The non-institutional investor quota and the retail investor quota have been subscribed to 258 and 49 times respectively. ($1 = 90.1780 Indian rupees) (Reporting by Vivek Kumar M in Bengaluru; Editing by Nivedita Bhattacharjee)
(source: Reuters)