Latest News
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Gold prices rise as the dollar weakens and US shutdown fears persist
Gold prices rose Friday, as the dollar weakened and the uncertainty surrounding the U.S. shutdown contributed to the demand for safe-haven assets. Wall Street indexes are set for a sharp weekly drop. As of 11:12 am, spot gold rose 0.5% to $3,997.47 an ounce. ET (1612 GMT). The contract has dropped 0.1% in the last week. U.S. Gold Futures for December Delivery gained 0.1%, to $3.993.60 an ounce. Investors worried about the sustainability of an artificial intelligence rally on Friday, which is a concern for tech-heavy markets. Other currency holders can now buy greenback bullion at a lower price. Jim Wyckoff is a senior analyst with Kitco Metals. He said, "The recent price movement suggests that we are putting a floor under the gold and silver prices." As a non-yielding investment, gold tends to do well in environments with low interest rates. The U.S. shutdown delayed the release of the non-farm payroll report for October. Traders turned to the private sector data which showed that there were job losses in the month of October to gauge the probability of another Federal Reserve rate cut this year. According to CME Group’s FedWatch tool, the markets now expect a rate cut of 25 basis points in December. Industry insiders say that China has begun designing a new licensing regime for rare earths, which could accelerate shipments. However, it is unlikely that the restrictions will be lifted as Washington had hoped. The conflicts have not been resolved, even though trade policy has calmed down a bit. Commerzbank wrote in a report that gold is likely to continue being sought after as a "safe haven". Silver spot rose 0.7% per ounce to $48,30. Platinum increased by 0.3% at $1,545.61 while palladium rose 0.7% to $1,385. All three metals are heading for losses this week. (Reporting and editing by Sahal Muhammad, Noel John in Bengaluru, Kavya Baliaraman in Bengaluru)
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Exxon CEO anticipates oil and gas to play a long-term role, but not necessarily as fuel
Exxon Mobil's CEO Darren Woods stated on Friday that oil and gas would continue to play a crucial role for a very long time. He added that the real question is whether they will be used to fuel vehicles. Woods stated that while future technological advances may see a shift in the way hydrocarbons are burned, they will still be used in other areas, like the medical industry. Woods said that crude oil and hydrocarbons will play a crucial role in everyone's lives for many years to come. Carbon emissions from fossils fuels, such as coal and oil, but also gas, contribute significantly to climate change The question is: Do you continue to burn them? "I think that will change over time depending on how the technology develops," said he on the sidelines at the Sustainable Innovation Forum, held in Sao Paulo. This month, the South American nation hosts United Nations COP30 Climate Conference in Belem. The UN announced earlier this week that the world will overshoot the goal to keep global warming under the 1.5 degree Celsius target set in 2015 at the Paris Climate Conference. Woods stated that the government is making decisions without having all of the facts, and that carbon accounting is needed to track emissions properly. Woods stated that "without a mechanism for accurately accounting the carbon emissions across economies, net zero" is nothing more than a slogan. "You need to understand where emissions come from, and you also need a ledger system that can give credibility to the emissions along a value-chain," he said. Reporting by Oliver Griffin, Editing by Mark Porter & Alexander Smith
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US official: Iranian plot to kill Israel’s ambassador in Mexico foiled
A U.S. official stated on Friday that Iran's Islamic Revolutionary Guard Corps planned to assassinate Israel’s ambassador to Mexico beginning late last year. However, the plot was thwarted and there is currently no threat. According to the official who spoke on condition of anonymity about the plot against Einat Kranz-Neiger, the plot was active throughout the first half of the year. The official said that the plot had been contained and did not pose any current threat. The official said that the plot was contained and does not pose a current threat. Officials declined to provide any further details or information about how the plot foiled. The Iranian mission at the U.N. headquarters in New York has declined to comment. The United States, its allies and others have repeatedly claimed that Iran and its agents have attempted to launch violent attacks on Tehran's enemies. Last year, security services in Britain and Sweden warned that Tehran used criminal proxies in these countries to carry out violent attacks. London said it had foiled 20 Iran-linked plots in the last 20 years. Dozens of other countries condemned the alleged increase in Iranian intelligence services' plots to assassinate, kidnap, and harass. The British spy chief MI5 Director-General Ken McCallum said that Iran is "frantically" trying its critics to be silenced around the globe. He cited Australian authorities who had exposed Iranian involvement with antisemitic plans and Dutch authorities who had revealed an unsuccessful assassination. Israel has been a target of Iran for a long time, but this is especially true after Israel and Iran engaged in armed conflict in which U.S. bombers attacked Iranian nuclear sites in the summer. (Reporting by Steve Holland, Editing by Michelle Nichols & Lincoln Feast)
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India's JSW Cement reports profit on higher volumes and price recovery
JSW Cement, a construction material manufacturer in India, reported a profit for the second quarter on Friday. The company sold more of its products at higher prices. The growth in volume comes during a weaker quarter, when India's annual rains reduce construction activity and lower demand for the material. The total net profit of 864.3 millions rupees for the period July-September was $9.8 million, compared to a loss last year of 643.9million rupees. JSW Cement shares closed Friday 0.6% lower. Since their August listing, they are down approximately 17%. The cement prices have slowly recovered from the lows of 2024, when construction, and especially infrastructure projects, slowed down after the general elections. Data from brokerage Ambit Research revealed that cement prices rose by an average of 5% during the period reported. This, combined with a 7 percent increase in cement volume, increased revenue by over 17%, to 14,36 billion rupees. Cement companies such as UltraTech, Ambuja and other larger cement producers also reported an increase in profits for the quarter reported. ($1 = 87.8950 Indian rupees) (Reporting by Hritam Mukherjee in Bengaluru; Editing by Anil D'Silva)
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Gates Foundation pledges $1.4 Billion to help farmers adapt extreme weather
Bill Gates Foundation CEO said that the foundation would spend $1.4 billion in the next four year to help farmers adapt to extreme weather conditions. Mark Suzman said that the Gates Foundation would be funding innovations such as mapping soil health, and biofertilisers which use microorganisms instead of chemicals to promote plant development. Gates called for a shift in climate strategy from focusing on emission targets to helping the poor who are increasingly suffering the effects of extreme weather and climate change. Suzman said in an interview conducted before the funding announcement that "these are people who have contributed a very small fraction of the greenhouse gas emissions causing climate changes, but are most affected by the climate impacts in terms of the ability to feed their families and themselves." The United Nations, noting that climate-driven weather extremes pose an increasing threat to food security and crop yields, has called for more protection of agriculture. In a report published by Systemiq, a consultancy that was part of a group of more than 20 organizations, crop resilience emerged as one of the areas where investment could have the greatest impact. The report released on Tuesday said that there is a need for climate resilient crop varieties, better weather forecasts, and innovations like AI-enabled maps and guidance. FARMING TECHNOLOGIES OF THE FUTURE The International Potato Center (IPC), one of the organizations that previously benefited from Gates Foundation funding unveiled on Friday a newly-cultivated variety of potatoes that are resistant to blight. Blight is a disease which is spreading higher altitudes with global temperature increases. Thiago Mendes, one of the researchers at the company, said that the new potato was created in Peru after identifying wild potatoes resistant to disease and incorporating these resistances into cultivated varieties. TomorrowNow sends out weather updates via text message to African farmers, including those in Kenya and Rwanda. This helps them avoid wasting seed and supplies, according to CEO Wanjeri Mbugua. Suzman stated that there is a lot of research and development in agricultural solutions. However, the goal should be to provide these solutions to the poorest peoples around the globe. He said, "The jury's still out as to whether we will see this." Oliver Griffin, Simon Jessop and Nia William edited the story.
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US official: Iranian plot to kill Israel’s ambassador in Mexico foiled
A U.S. official stated on Friday that Iran's Islamic Revolutionary Guard Corps planned to assassinate Israel’s ambassador to Mexico beginning late last year. However, the plot was thwarted and there is currently no threat. According to the official who spoke on condition of anonymity about the plot against Einat Kranz-Neiger, the plot was active throughout the first half of the year. The official said that the plot had been contained and did not pose any current threat. The official said that the plot was contained and does not pose a current threat. Officials declined to provide any further details or information about how the plot foiled. The United States, its allies and others have repeatedly claimed that Iran and its agents have attempted to launch violent attacks on Tehran's enemies. Last year, security services in Britain and Sweden warned that Tehran used criminal proxies in these countries to carry out violent attacks. London said it had foiled 20 Iran-linked plots in the last 20 years. Dozens of other countries condemned the alleged increase in Iranian intelligence services' plots to assassinate, kidnap, and harass. The British spy chief MI5 Director-General Ken McCallum said that Iran is "frantically" attempting to silence its critics in the world. He cited Australian authorities who had exposed Iranian involvement with antisemitic plans and Dutch authorities who had revealed an unsuccessful assassination. Israel has been an Iranian target for a long time, but this is especially true after Israel engaged in a war with Iran in which U.S. aircraft bombed Iranian nuclear sites in the month of June. Reporting by Steve Holland. Editing by Michelle Nichols, Lincoln Feast.
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Gold prices rise as the dollar weakens and US shutdown fears persist
Gold prices rose Friday, as the dollar softened. The uncertainty surrounding the U.S. shutdown also added to the demand for safe-haven assets. Wall Street indexes are set for sharp weekly drops. As of 9:37 am, spot gold rose 0.2% to $3,986.83 an ounce. ET (1437 GMT). The contract has dropped 0.4% this week. U.S. Gold Futures for December Delivery gained 0.1%, to $3.993.60 an ounce. Investors worried about the sustainability of an artificial intelligence rally on Friday kept tech-heavy markets poised for their largest weekly drop in seven months. Other currency holders can now buy greenback bullion at a lower price. Jim Wyckoff is a senior analyst with Kitco Metals. He said, "The recent price movement suggests that we are putting a floor under the gold and silver prices." As a non-yielding investment, gold tends to do well in environments with low interest rates. The U.S. shutdown delayed the release of the non-farm payrolls data for October. Traders turned to the private sector data which showed that there were job losses in the month of October to gauge the probability of another Federal Reserve rate cut this year. According to CME Group’s FedWatch tool, the markets now expect a rate cut of 25 basis points in December. Industry insiders say that China has begun designing a new licensing regime for rare earths, which could accelerate shipments. However, it is unlikely to lift all restrictions, as Washington had hoped. The conflicts have not been resolved, even though trade policy has calmed a bit. Commerzbank wrote in a report that gold is likely to continue being sought after as a "safe haven". Silver spot rose 0.6% per ounce to $48,26. Platinum dropped 0.5% to 1,533.10, while palladium remained at $1,374.75. All three metals are on a downward trend. (Reporting and editing by Sahal Muhammad, Noel John in Bengaluru, Kavya Baliaraman and Pablo Sinha in Bengaluru)
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India extends anti-dumping duty for five years on Malaysian glass
India's Trade Watchdog has recommended that anti-dumping duty on glass imports to India from Malaysia be extended for another five years. They warned that removing tariffs would trigger new dumping, and harm domestic producers who are already harmed by cheap imports. Analysts said that while the Finance Ministry must decide whether or not to extend the duty, the recommendation shows India's larger push to protect its local industries against cheap imports coming from Southeast Asia. In 2020, the government will impose duties on clear float-glass from Malaysia. India's construction industry and auto manufacturing sector are experiencing rapid growth, resulting in a surge in demand for this material. The Directorate General of Trade Remedies launched a new investigation at the request of Indian glass producers Asahi India Glass. Saint-Gobain India and Gold Plus Glass Industry. The DGTR released its final findings late Thursday and stated that even with duties in place, India's imports from Malaysia would rise sharply, reaching 361,000 metric tonnes in 2024. This represents about 18% the market. The authority stated that prices of Malaysian glass are up to 40% cheaper than those of Indian manufacturers. It added that domestic producers have suffered losses and increased inventories as a result of the sustained price undercutting. The current deadline for the expiration of duties on imports of Malaysian glass is February 2026. The DGTR, however, warned that their removal would lead to a flood of cheap imports and hurt local production and investments. It recommended that definitive anti-dumping duty be imposed for a period of five years. The DGTR estimated dumping rates of up to 30 percent for certain Malaysian exporters, while injury margins could reach up to 70 percent for other exporters. In September, the trade remedies body released 15 final findings from similar dumping investigations that covered sectors such as glass fibers and steel, solar cells and chemical goods. (Reporting and editing by Joe Bavier; Manoj Kumar)
Russia launches first-ever investigation into searches online for "extremist" material
The first Russian to be investigated for violating a law that prohibits online searches of material Moscow deems extremist is a man whose lawyer claims he accidentally came across information about pro Ukrainian combat units when browsing the Internet on a bus.
Sergei Barsukov is a Russian lawyer who practices in Sverdlovsk, a region located near the Urals. He was quoted by Russian media as saying that he represented Sergei Glukhikh (20), whose internet service provider had reported him to the FSB for viewing information on units Russia considers terrorists.
Barsukov was quoted by the news outlet Ostorozhno Novosti as saying that his client did not have malicious intent and complained about investigators exerting psychological pressure on him.
Since its invasion of Ukraine in 2022, Russia has introduced censorship legislation that makes people liable for fines or lengthy prison sentences if "discrediting" the Russian military or spreading "knowingly false information" regarding the war.
A new law, passed in July, imposes fines up to 5,000 rubles ($61.50) on people who search online for extremist material. The fine may seem small, but critics claim that it could be used to investigate people and lead to more serious charges or penalties.
Barsukov said that a verdict had not yet been made in the case of his client, but many people would be unfairly affected by the law.
Imagine I am a researcher preparing a piece about banned organizations. "I'm left defenseless because an internet operator has reported me to the law enforcement," said he.
It's time to end this farce, and stop draging decent citizens through courts.
(source: Reuters)