Latest News
-
Gold reaches a two-week high as weak economic data reinforces rate cuts
Gold prices rose over 2% Monday, hitting a new two-week-high, as weak economic data from the U.S. fueled expectations that the Federal Reserve would cut interest rates. This in turn boosted demand for this non-yielding investment. As of 9:45 am, spot gold rose 2% to $4.079.71 an ounce. ET (1445 GMT), having reached its highest level in the previous session since October 27. U.S. Gold Futures for December Delivery rose 2% to $4.090.80 an ounce. Gold is now more affordable to overseas buyers due to the dollar index. Peter Grant, senior metals analyst at Zaner Metals and vice president of Zaner Metals, said: "We could still see a rate cut in December due to some weak data from last week." Last week, data showed that the U.S. economy lost jobs in October. These losses were in the retail and government sectors. Data on Friday also showed that U.S. consumer confidence dropped in early November, as consumers worried about economic fallout. According to CME Group’s FedWatch tool, the markets now expect a rate reduction in December. By January, odds will have risen to about 80%. Gold that does not yield tends to perform well in low-interest rates and times of economic uncertainty. Grant said that gold could be priced between $4,200 and $4,300 per ounce by the end the year. $5,000/oz is still a realistic goal for the first quarter next year. The U.S. Senate moved ahead on a Sunday measure aimed at reopening federal government and ending a shutdown that has now lasted 40 days. In a note, Ole Hansen said that reopening the market would bring back data and revive expectations of a December rate reduction, but it also shifted attention to the deteriorating fiscal outlook in the United States. Palladium rose by 1.1% and platinum added 1.4%. Reporting by Noel John in Bengaluru and Pablo Sinha from Mumbai
-
Eight dead in explosion near Red Fort in India's New Delhi
Police in New Delhi said that at least eight people died in an explosion in a heavily populated area near the Red Fort, a landmark in the Indian capital. Sanjay Tyagi, spokesperson for the city police, said that the blast happened in a vehicle near the Red Fort. The exact cause of the explosion was not known immediately, and the investigation was underway. According to TV reports, at least 11 people have been injured. Local media reported that flames and smoke were seen billowing out of more than one car in a street near a metro stop in the old section of Delhi. Delhi's deputy chief of fire said that at least six vehicles, including three autorickshaws, caught fire. He added that firefighting teams had extinguished the flames. "We heard a loud sound and our windows shook," a resident, who declined to give his name, told NDTV. The police tried to remove the crowds who had gathered at the scene of the incident. The Red Fort is also known as Lal Qila in India. It is located in the Old City and attracts tourists throughout the year.
-
Gold Reserve files complaint with Rusoro over alleged breach of Citgo auction
Gold Reserve, a Toronto-listed company, filed a lawsuit in Delaware against Rusoro Mining on Monday for alleged breach in contractual obligations. The consortium agreement required Rusoro to bid in an auction for Citgo Petroleum's parent company in the United States. In August, Elliott Investment Management's affiliate was recommended to be the winner of the auction. This bid beat Gold Reserve's bid of $7.9billion. The auction of Venezuela's PDV Holding is intended to compensate up 15 creditors for debt defaults and expropriations in Venezuela. As part of both bids, Rusoro agreed to allow the use of its $1.5 billion claim relating to expropriated Venezuelan assets. Delaware Judge Leonard Stark is yet to make a decision about the winner of the auction due to objections and challenges regarding the bidding process. The miner stated in a press release that "Gold Reserve seeks preliminary injunctive remedies to prevent Rusoro's participation in the sales process while the case is pending, as well as other types of relief." Gold Reserve filed its complaint under seal at the Court of Chancery of Delaware. Last month, the company and Venezuelan parties filed motions for disqualification of the judge and court advisers due to alleged conflicts of interest. These are still pending. The lawyers representing Rusoro didn't immediately respond to a comment request, but informed the Delaware court about Gold Reserve’s complaint over the weekend and stated that the company was reviewing documents while reserving the right to take any action. Gold Reserve wants to "prevent Rusoro Mining taking steps to complete the impending purchase of shares from PDV Holding", Rusoro said in court.
-
Renault is looking for a Chinese supplier of rare-earth free motors, according to sources
Two sources with knowledge of the matter said that France's Renault had ended its project with Valeo for the development of a new electric vehicle motor without rare earths and was looking to find a Chinese supplier who is cheaper. Renault, General Motors, and other automakers, as well as suppliers like ZF, BorgWare, and Valeo, have developed EV motors that do not need rare earths. Renault announced in 2023 that it would be working with Valeo to develop a more powerful, compact, and lightweight EV motor, without rare earths. It described this as an "innovation made in France". China controls 70% global rare earths mining, and 85% refining. Beijing's decision imposing increasing exports limits on rare earths sent the industry scrambling to find supplies. Renault has been using rare-earth free motors since 2012. Valeo, on the other hand, brought its expertise to the stator (the fixed part that houses the rotor) by using copper wire technology. One of the sources stated that the E7A project was no longer done with Valeo. "It is now being done in-house throughout the entire value chain except for the stator, which can be purchased from a Chinese provider." Renault's decision not to continue Valeo's participation in the rare-earth-free motor project, and its search for a Chinese supplier with lower costs have never been reported. Both sources stated that the move was motivated by the need to reduce costs. Chinese suppliers offered very competitive prices. A spokeswoman from Ampere, Renault EV's subsidiary, stated that a Chinese partner was a possibility, but added that no decision had been made, and the "process is still in progress". Valeo has declined to comment. 'MADE in France' OBJECTIVE REMAINS The inverter, a key component of an EV, would be provided by the Franco-Italian company STMicro, even if the Chinese company contributed to the stator. Ampere's spokeswoman stated that they are currently studying the option of placing the stator in France. Renault, the smaller of the main legacy carmakers, has developed numerous partnerships in the past few years to manage the costs involved with developing EVs. China is also a major supplier of electric vehicles. It developed its new electric Twingo with the help of a Chinese engineering team in only two years. Renault will use the new motors, which are free of rare earths, to power its next generation compact EVs. This is expected to happen by 2028. The strategic plan that CEO Francois Privost will share in March will include these motors. The E7A will be able to produce 200 kW, 25% more power than current Renault EVs such as Scenic. Its 800-volt system also allows for a faster charging time, thanks to the fact that it is double the voltage. Valeo continues to work with German supplier Mahle on its own magnetless "iBEE", EV motor. This motor will also deliver up to 350 kW of power and be available in the market by 2028. (Reporting and writing by Gilles Guillaume; editing by Alexander Smith).
-
Ather Energy, an Indian e-scooter manufacturer, posts a narrower quarter loss
Ather Energy, an Indian e-scooter manufacturer, reported on Monday a smaller loss for the second quarterly period as sales of models like the Rizta were boosted by more stores. The company reported a loss for the third quarter ending September 30 of 1,54 billion rupees (17.52 million dollars), compared with a loss last year of 1,97 billion rupees. Since 2018, the Bengaluru-based firm, founded in 2013, sells electric scooters and is steadily increasing its market share. Analysts predict that the trend will accelerate as scooters are launched on a platform with a wider range of consumers in mind. Ather, backed by Hero MotoCorp (which owns around 30% of the company), operates 524 experience centers in the country. This is a substantial increase from 265 centres it operated in December 2024 before its listing on May this year. The company plans to double the number of stores to 700 by March. Ather's revenues grew 54% year-on-year, to 8.99 billion rupies during the quarter of July-to September. However, rising material costs drove overall expenses up by 38%. The quarterly sales volume increased 67%, to 65 595 units. The adjusted gross margin increased to 22%. This represents a 300 basis point increase on the previous year, primarily due to growth in non core revenue streams, such as warranty programs and accessories. They accounted for 12% of the total revenue. Ola Electric, a rival company, reported a smaller quarterly loss last Thursday. This was due to a dramatic drop in expenses. Ather continues to fall behind competitors like Ola Electric, and legacy giants Bajaj Auto who benefit from larger pockets and wider distribution networks.
-
Soccer-Atletico Ottawa win blizzard-hit CPL final featuring "icicle kick"
Atletico Ottawa won the Canadian Premier League Final in a way unlike any other. It was a snow globe spectacle amid swirling blizzards, featuring a "icicle kick" by Mexican midfielder David Rodriguez. In Sunday's title-deciding match, Ottawa defeated Cavalry FC 2-1 in extra time. The temperature was minus 8 degrees Celsius (46.4%degF), and the snowfall was so heavy that every 15 minutes play had to be halted to clear lines. Goalkeepers also used shovels for their boxes. The pitch was plowed 60 minutes after the normal time had ended. Fraser Aird converted a penalty for Cavalry in the 33rd minutes, while wearing short sleeves. He celebrated with a knee slide in the snow. Rodriguez's bicycle kick, which roared into the goal from the underside bar seven minutes later was the equaliser. In the 107th minutes, Rodriguez chipped the ball past Cavalry goalkeeper Marco Carducci to cement his place in Canadian Soccer history. "I was very excited when I entered the locker room. "I saw that it was snowing and I thought, 'It is going to be a great day'," Rodriguez told reporters. Sergio Camargo, a veteran of the Cavalry, said that conditions were unlike anything else he has ever experienced. Camargo, a reporter, said that he had played in the snow during his college days. "But it was nothing like this, with the snow being so thick and making it difficult to dribble or manipulate the ball. This was a factor for both sides, and not an excuse. "Just another element to a memorable final." Atletico Ottawa is a CPL affiliate of the Spanish club Atletico Madrid. They were founded in 2020. (Reporting and editing by Christian Radnedge.)
-
US kills six in Pacific after striking alleged drug-carrying ships
U.S. Secretary of Defense Pete Hegseth confirmed on Monday that the United States had struck two alleged drug vessels in the eastern Pacific Ocean, killing six on board. The strikes have sparked calls for an investigation. Hegseth stated in a blog post on X that the vessels had been identified as being associated with illegal narcotics smuggling. They were also carrying narcotics and transiting along a well-known narcotrafficking route. According to the U.S. Defense Secretary, the U.S. carried out more that a dozen attacks on vessels near Venezuelan shores and more recently in the eastern Pacific Ocean. More than 70 people were killed. This is part of a growing military buildup by the U.S. in the Caribbean Sea. Foreign leaders, members of Congress and some Congressmen have all disputed the U.S. claim that the boats bombed in Yemen were carrying drugs. Legal experts Families of the victims have demanded proof. United Nations Human Rights Chief has called U.S. attacks on suspected drug dealers an unacceptable violation of international law and human rights. Venezuela claims that the strikes are illegal, amounting to murder, and an aggression against its sovereign South American nation. The Venezuelan president Nicolas Maduro accused Donald Trump that he was trying to overthrow his government. This accusation has been downplayed by the U.S. President despite reports about the close relationship between the U.S. administration and Venezuela's opposition. In September, U.S. military forces increased their presence in the Caribbean. They included a nuclear sub and a group warships that accompanied the largest aircraft carrier on the planet. This prompted Maduro's government to beef up security and deploy tens and thousands of troops across the country.
-
Investors look to end US shutdown as they increase their investments in world stocks
The dollar was stable and government bond yields were rising. Global shares rose Monday on the back of optimism that a resolution to a historic U.S. shutdown is in sight. On Sunday, the U.S. Senate advanced a measure that would reopen federal government and put an end to a shutdown of 40 days. The shutdown has caused federal workers to be unable to work and food aid delays and slowed air travel. In a procedural motion, the Senate advanced a bill passed by the House. The amended version will fund government operations until January 30, and includes a package of 3 full-year appropriations. Wall Street is expected to open higher, with Nasdaq Futures rising 1.5% and S&P 500 Futures increasing 0.9%. The STOXX pan-European 600 index rose by about 1.4%. Diageo's shares also soared following the appointment of a new CEO. Prashant Nnewnaha, senior Asia-Pacific rate strategist at TD Securities said: "A possible ending to the longest-running U.S. shut down is a positive development for markets." We expect that a vote in the House will take place on Wednesday and the government will reopen next Friday. The Senate may pass the bill but it must be approved by both the House of Representatives, and then sent to the President Donald Trump, who will sign the package. This process could take a few days. The shutdown has had a negative impact on the U.S. economic system. Federal workers, from airports to the military and law enforcement are not paid. Meanwhile, the central bank is blinded by the limited reporting of government data. Kevin Hassett, White House economist, said in an article that the fourth quarter GDP could be negatively affected if shutdown continues. The data released on Friday shows that the U.S. consumer's sentiment fell to a near 3-1/2 year low in early Novembre as consumers worried about economic consequences. Mark Haefele is the chief investment officer of UBS Global Wealth Management. He said that allocations in quality fixed income and gold as part of a well-diversified, risk-managing portfolio can help to manage risks. Haefele wrote in a report that "overall, the combination between Fed easing, robust corporate earnings, and quality bonds offers an attractive risk-reward ratio." Under-allocated investors must add exposure to transformative growth trends, including AI. On Monday, gold rose by around 2.5% to reach its highest level in the past two weeks, at $4,097 per ounce. This was due to a combination of weak U.S. data, Federal Reserve expectations for rate cuts, and a weaker dollar. On Monday, the overall risk sentiment was still positive. The CSI300 blue chip index in China closed with a gain of almost 0.4%. This reversed early losses. Hong Kong's Hang Seng Index also rose by 1.6%. The data released on Sunday shows that China's producer prices deflation has eased and consumer prices have returned to positive territory. This is as the government intensifies its efforts to reduce overcapacity and fierce competition between firms. The benchmark 10-year Treasury yield increased by about 4 basis points, to 4.13%. This was due to the risk-on sentiment that has taken hold on global markets. The dollar has recovered some of the losses it suffered last week as investors weighed the prospects for the U.S. economic outlook against a Fed that is more hawkish. Last week, Fed officials reiterated that they prefer to be cautious about further rate reductions. Recent data has stoked concerns over a weakening U.S. labor market. The markets are pricing in 63% of a rate cut by the Fed for December. Dollar rose by 0.44% against the yen to 154.11. However, the dollar was not much different against the Euro and Sterling. A summary of the opinions expressed at the Bank of Japan's October meeting revealed that policymakers were increasingly convinced of the need to increase interest rates soon. Some even argued for the necessity of ensuring wage increases will continue. Brent crude futures rose 29 cents per barrel to $63.92, while U.S. Crude climbed 27 cents, to $60.02. Reporting by Nell Mackenzie, Rae Wee and Kim Coghill Editing by Dhara Ranasinghe, Clarence Fernandez and Kim Coghill
Bulgaria increases security at Lukoil Refinery in anticipation of a planned takeover by the state
Premier Rosen Zhelyazkov announced on Monday that Bulgarian authorities were conducting inspections at the Russian oil giant Lukoil’s Burgas refinery and taking security measures to protect critical infrastructure. The government is preparing to take control of the site.
Last week, Bulgaria made legal changes that allowed it to buy the refinery from the U.S. and sell it on to a new buyer to protect the plant against sanctions.
Zhelyazkov stated on Monday that these measures include inspections, and the preparation of military police. They are preventative and aim to preserve critical infrastructure including oil refinery, and other facilities.
The Council of Ministers released a statement on Sunday saying that the state security agency, ministry of interior, and ministry of defence had taken additional security measures "in the vicinity of Lukoil sites - critical infrastructure elements in Bulgaria's territory."
The statement stated that the Ministry of Defence had redeployed a system to combat drones in the Burgas region. The inspection of strategic facilities is conducted to ensure compliance with security and plan measures.
The statement said "military teams are also ready and waiting to assist the Ministry of Interior."
Nova TV in Bulgaria reported that vehicles entering the country are thoroughly checked for explosives and other devices.
A special manager may be appointed under the new law to supervise the sale of Burgas Refinery. Lukoil would not be able to appeal or vote on the decision.
Last month, the U.S. and Britain imposed sanctions against Lukoil & Rosneft -- Russia's largest oil companies -- over Moscow's conflict in Ukraine. This has complicated their operations.
Eleonora Mitchellofanova told TASS, the Russian Ambassador to Bulgaria said that Bulgarian actions were "hurried and legally questionable."
She said: "We need to wait and see how the law will work, but for now, it appears like a law of expropriation." "The Bulgarians have taken a very dangerous step. They are setting a dangerous precedent." (Reporting and writing by Ivana Skularac, with additional reporting by Robert Harvey from London and Vladimir Soldatkin from Moscow. Editing by Louise Heavens.
(source: Reuters)