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Canada kills ostriches infected by bird flu after a top court refuses to hear the farm's case
Canada's government is preparing to kill over 300 ostriches on a farm in British Columbia where some birds have been infected by avian influenza, after the country’s highest court refused to hear arguments Thursday to spare the animals. Universal Ostrich Farms, Edgewood, argued that its birds had survived the initial infection in December 2024. They also claimed they were immune. Canadian officials claim that the animals are still a source of infection to birds and other species. The owners of Universal Ostrich Farms, along with a large crowd of supporters, wept and denounced this cull at midday on Thursday, while federal health officials wore safety gear. Katie Pasitney was distraught after the Supreme Court of Canada's ruling. She posted a Facebook message in which she said, "We are supposed to protect them." Last year, the Canadian Food Inspection Agency ordered that all ostriches be slaughtered. This is standard procedure when commercial flocks are infected by bird flu. The agency announced on Thursday that it would complete the cull. Robert F. Kennedy Jr., Secretary of Health and Human Services under President Donald Trump, and other groups and individuals who have a history opposing government policies that they believe are overreaching, such as vaccinations, had shown support for the ostriches. The farm has also received support from some members of the "Freedom Convoy", a group that led protests across Canada against government mandates on vaccines and other measures during the pandemic. CFIA issued a statement saying that it had "respectfully" followed all court orders and decisions throughout the legal process. It expected the owners of ostrich farms and their supporters to follow suit now that the Supreme Court of Canada's judgment has been released. Avian influenza is highly contagious and affects many bird species. It can also affect mammals including humans and cows. A B.C. A B.C. The bird flu outbreak has caused the American poultry industry to lose billions of dollars, and a rise in egg prices. Since September, the CFIA has been in control of the Universal flock located in B.C. The CFIA has been in control of the Universal flock, located in B.C. Four people were arrested on suspicion of obstructing CFIA action. The owners of the farm, who claim to specialize in ostrich antibody research, claimed that culling the birds could cause irreparable damage. The CFIA stated that it had not been able to verify the claims made by the farm owners about their scientific research, and they have not provided any proof of research conducted on infected premises. Pasitney denounced federal government. Pasitney said, "They are everything we have and all that we love for 35 years."
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Consolidated Edison's strong demand for power helps it beat third-quarter earnings estimates
Consolidated Edison beat Wall Street expectations for the third quarter profit. This was helped by a robust demand for their electric and gas services. Its shares rose nearly 3% during extended trading. The U.S. Energy Information Administration predicts that power consumption will reach record levels in 2025 and beyond, due to demand from data centres dedicated to AI, cryptocurrency and homes and businesses using more electricity, and less fossil fuels for heating and transportation. The S&P Index tracking utilities increased 6.8% during the quarter ending September 30. Net income for the New York utility rose by 17%, to $688 millions, or 1.91 dollars per share. This compares with $588 million or $1.70 per shares a year ago. The total operating revenue, which includes electric and gas services in New York City and Manhattan, Westchester County, and New Jersey, increased to $4.53 Billion during the third quarter from $4.09 Billion a year ago. The company announced that it had reached an agreement on a plan of investment for a period of three years to upgrade critical infrastructure. Consolidated Edison has lowered its adjusted 2025 earnings forecast from $5.50 per share to $5.60 per share. LSEG data revealed that the utility had a profit adjusted of $1.90 for the three-month period ended September 30 compared to analysts' estimates of $1.74. (Reporting by Dharna Bafna in Bengaluru; Editing by Tasim Zahid)
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Gunvor withdraws its bid to purchase assets from Russian energy company Lukoil
Gunvor, a Swiss commodity trader, announced on Thursday that it had withdrawn its proposal to purchase foreign assets from Russian energy company Lukoil. The U.S. Treasury indicated it was against the deal so long as Russia’s war in Ukraine continues. In a recent post, the U.S. Treasury stated that Donald Trump has "made it clear that this war must be ended immediately" and that as long as Vladimir Putin (Russian president) continues to kill people in a senseless manner, Gunvor (the Kremlin puppet), will not get a license for operation and profit. Gunvor's corporate director Seth Pietras said that Treasury's statements were "fundamentally false and misinformed" in an email. Gunvor welcomed the opportunity "to ensure this clear misunderstanding was corrected." Pietras stated that Gunvor has withdrawn its offer for Lukoil international assets. Treasury sanctioned Lukoil in an attempt to reduce Russia's revenue used for fighting the war. Lukoil announced a week after that it had accepted Gunvor's offer to purchase its foreign assets. The second largest oil company in Russia is trying to sell them because of sanctions. Treasury's involvement in the deal is crucial because it can grant licenses or waivers to allow transactions related with the sanctions. (Reporting and editing by Chris Reese, Cynthia Osterman and Timothy Gardner)
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MP Materials' quarterly loss increases after sales to Chinese clients are halted
MP Materials, a rare earths company, said that its loss in the third quarter widened due to a suspension of sales to Chinese clients as part an agreement with U.S. authorities. However, results exceeded Wall Street's expectations. After-hours trading saw shares drop to $51.86. The company has shifted its focus from relying on foreign sales, to becoming a major U.S. miner of rare earths. It also focuses on manufacturing magnets from these materials that are widely used in the automotive and electronics industries. MP is the owner of the only U.S. mine for rare earths and has plans to build a magnet plant in Oklahoma. Las Vegas-based company MP reported a quarterly loss totaling $41.8 million or 24 cents a share. This compares to a loss amounting to $11.2 million or 16 cents a share in the previous quarter. Without one-time items MP lost 10 cents a share. According to LSEG, based on this measure, analysts were expecting a loss per share of 18 cents. The company did not report any revenue during the third quarter from sales of concentrates of rare earths. These sales were the company's main source of revenue for many years. However, a July agreement with the Pentagon prevents future shipments. MP recorded $21.9 million of sales for magnetic precursors, which are the building blocks to magnets. MP expects to start commercial magnet sales at its Oklahoma facility by the end the year. MP had to construct a facility for the processing of so-called "heavy rare earths" in order to make magnets. The company plans to start up the facility by mid-2026, using ore from its California mine as well as third-party purchases. This facility will produce 200 metric tonnes of dysprosium per year and terbium, two heavy rare earths that are used in magnets.
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Cove Capital will mine Kazakhstan tungsten under a deal announced by Trump
Under a deal that will be announced on Thursday by the Trump Administration, Cove Capital Mining Investments and the JSC Tau-Ken Samruk state mining company will jointly develop a large deposit of tungsten in Kazakhstan. The agreement is one of several announced deals between Washington and Astana aimed at strengthening economic ties between the two countries. According to a document obtained by, Cove Capital would control 70% of the joint venture, and the sales of metal. Tau-Ken Samruk would hold the remaining 30%. The cost of developing the Northern Katpar project and Upper Kairakty project in the east is estimated to be $1.1 billion. Meanwhile, the U.S. Export-Import Bank issued a letter expressing interest in funding $900 million. The U.S. government considers tungsten, which is used to harden the steel in a variety of industries, a vital mineral. The U.S. stopped mining the metal in 2015, and China is the largest producer. According to the document, supplies of metal from the Kazakhstan project will be used to "prioritize U.S. commercial and government needs." Cove CEO Pini Alhaus said: "This is a win for generations to come in the U.S., and its vital minerals needs." Althaus, the former CEO of USA Rare Earth, stated that U.S. President Donald Trump, and Commerce Secretary Howard Lutnick personally negotiated the deal in order to prevent Chinese firms from developing the asset. At a C5+1 conference at the Kennedy Center, Christopher Landau, Deputy Secretary at State, said that the United States and Kazakhstan had both underexplored this part of the globe. Althaus stated that mine construction should begin within two years, and production within three-and-a half years. Refining should also occur in Kazakhstan.
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What are the world leaders saying in Brazil at the climate summit?
Brazil hosted world leaders on Thursday for a summit ahead of the COP30 Climate Conference in the rainforest city Belem. Leaders have made some interesting comments. U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captive to these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in an outdated system that perpetuates economic and social disparities, and environmental degradation." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we rely may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "Now is the time when voices are raising that decide to ignore or deny scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N. BARBADOS PRIME MINISTER MIA MOTTLEY "All of us are to be ashamed, as we established this fund (for loss and damage) a few year ago in Sharm el-Sheikh. Its capital base is under $800 millions, while Jamaica has suffered damage of over $7 billion US dollars, let alone Cuba, Haiti, or the Bahamas." "The world has never changed, my friends, by spectators or naysayers. People who take action change the world. Is it necessary for everyone to act at the same moment? It would be ideal. If we do not, we will need to build a coalition and show all the benefits. ESWATINI RUSSELL DLAMINI, PRIME MINISTER Collaboration is vital. We must actually go beyond just collaboration and increase our ambition, aligning ourselves with scientifically-determined emission reduction targets. "For Africa, this struggle isn't about environmental policy. It's about justice and survival. Africa is responsible for less than 4% global greenhouse gas emissions. "Yet we suffer the most severe consequences." IRISH PRIME MINISTER MICHEAL MARTIN Belem has fewer people. "In a time of political leadership that is more important than ever, we are fewer. Fewer leaders willing to say it like it is. Climate change is irrefutable. Science is unquestionable. The clock is ticking, temperatures are rising. We are failing our citizens and the planet in the deepest way if we don't tell them the truth. (Reporting and editing by Nia William, Cynthia Osterman and William James)
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Gold prices rise as US tariffs and shutdown uncertainty boost demand
Gold prices rose on Thursday due to a weaker US dollar, a renewed demand for safe-haven assets and concerns about a long U.S. shutdown as well as uncertainty regarding tariffs. By 1:40 pm, spot gold had risen 0.2% to $3,989.91 an ounce. ET (1840 GMT). U.S. Gold Futures for December Delivery settled at $3.991 with little change. Dollar fell by 0.5%, after reaching a four-month peak in the previous session. This made gold more affordable for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the U.S. shutdown of government and the doubts of U.S. Supreme Court Justices about the legality President Donald Trump's sweeping Tariffs are causing a "revival of the haven bid". "Gold is on track to have a decent end to the year. I would say that a target of $4,300-$4,400/oz seems reasonable." Markets expect another rate cut in December, after the U.S. Federal Reserve lowered interest rates last week for the second consecutive time this year. Beth Hammack, President of the Fed Bank of Cleveland, said that on Thursday high inflation rates continue to be a concern. The following are some examples of the use of The U.S. Central Bank has cut interest rates once again. Gold is a good hedge in times of uncertainty. Gold is a non-yielding investment that also performs well in environments with low interest rates. Traders are cautious and watching out for the fallout of U.S. president Donald Trump's policies on trade as well as risks associated with a prolonged U.S. shutdown. SP Angel wrote in a report that it would be surprising if gold remained rangebound at $4,000/oz, as speculative money exits the market. Central bank purchases will remain the main positive tailwind for gold going forward. Other than that, silver spot rose 0.3%, to $48.22 an ounce. Platinum was down 1.8%, at $1,533.93, while palladium dropped 2.7%, to $1,381.18. (Reporting from Noel John in Bengaluru and Pablo Sinha, with additional reporting by Kavya Baliaraman. Editing by Sahal Muhammad and Tasimzahid.
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Norway invests about $3 billion into forest conservation fund
The Norwegian government announced on Thursday that it would contribute around $3 billion to the Tropical Forests Forever Facility. This multilateral fund is intended to support the global conservation of endangered forest. The largest donation announced to date for the new fund proposed in Brazil by the summit's host is this first-reported gift. In a statement, the Norwegian government confirmed that it will contribute up to 30 billion crowns (2.99 billion dollars) to the fund by 2035. The fund aims to use contributions from government to raise more private funding. Brazil and Indonesia each contributed $1 billion to the fund. Fernando Haddad, the Brazilian Finance Minister, said that he believes $10 billion in public money is an ambitious but achievable target for the first year of the fund. The TFFF is envisioned by policymakers as a $125 billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing.
Sterling rises as BoE rates remain unchanged, but stocks fall due to tech shares
The major stock indexes dropped sharply Thursday. Technology and consumer discretionary stocks led the losses in the S&P 500. Meanwhile, the British pound strengthened after the Bank of England decided against a rate cut. The shares of U.S. semiconductor company Qualcomm fell after it warned that its chips may not be as dominant in future Samsung devices.
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Legrand's stock dropped after the French data center equipment company reported sales growth in the first nine month of the year of 11.9%, which was slightly below expectations and hit by U.S. Tariffs.
The pound rose 0.64%, to $1.3132. The BoE Monetary Policy Committee, in anticipation of possible tax increases in UK Chancellor Rachel Reeves budget due later this month (later this month), voted by 5-4 to maintain the benchmark bank rate for the central bank at 4.0%. This close vote maintained expectations of a reduction before the end of the year.
Investors on Wall Street continue to focus their attention on the stretched valuations of stocks, the U.S. shutdown, the trade tariff rulings, and the influx of corporate earnings.
This earnings season will not be defined by the past. "The market is looking for guidance, and with tariffs, shutdown, and possible peak AI, it could be bleak in the future," said Jake Dollarhide. He is the chief executive officer at Longbow Asset Management, located in Tulsa. Some U.S. chief executives of banks warned earlier this week about a possible market pullback.
The S&P 500 Technology Index was down by more than 1%.
Investors digested a Challenger, Gray & Christmas report that revealed employers in the United States cut more than 150.000 jobs in October, the largest reduction for more than 20 year.
Investors have been more interested in private economic data due to the lack of official data. This is because the U.S. Government has been shut down for the longest time. The Dow Jones Industrial Average dropped 231.32 points or 0.49% to 47,080.37. The S&P 500 declined 45.36 points or 0.67% to 6,750.93. And the Nasdaq Composite lost 311.21 or 1.32% to 23,189.74.
The MSCI index of global stocks fell by 2.62 points or 0.26 percent to 995.27.
The STOXX 600 Index fell by 0.7%.
Overnight, Japan's Nikkei rebounded 1.4% after sliding 2.5% on Wednesday. Shanghai's benchmark index, which is a psychologically significant level of 4,000, regained the psychologically-important 4,000 mark in China as optimism about tech self-sufficiency drove its semiconductor and AI related shares.
Dollar falls after poor U.S. employment data increases market expectations for another Federal Reserve rate reduction this year.
The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.41%, while the euro rose by 0.47%, reaching $1.1544. The dollar fell 0.65% against the Japanese yen to 153.11.
After the BoE's decision, yields on euro zone benchmark Bunds fell from their previous four-week high. Germany's 10-year bond yields are down by 2 basis points to 2.65%, after reaching 2.676% in the early session. This is the highest level seen since October 10. Investors were concerned about the U.S. labor market, and the uncertainty caused by the government shutdown.
The yield on the benchmark U.S. 10 year notes fell 6.6 basis points from 4,157% to 4.091% late on Wednesday.
U.S. crude oil eased 17 cents, settling at $59.43 per barrel. Brent dropped 14 cents, settling at $63.38.
(source: Reuters)