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India changes the name of Mahatma Ghandi's rural employment scheme
India presented legislation that would expand a rural employment program dating back 20 years by increasing the number of?guaranteed workdays. However, opposition leaders questioned plans to remove the name of independence hero Mahatma?Gandhi from the programme. In its listing in parliament, the government of Prime Minister Narendra modi said that the bill would guarantee 125 days of employment per year for manual workers who are not skilled. The current fiscal year, which ends on March 31st 2026, will see 860 billion rupees (9.5 billion dollars) allocated to the scheme. In a notification to the parliament, the government said that the change was made to align the scheme with the goal of making India a developed country by 2047 - the centenary year of independence from Britain. A government source said that the bill is aimed at creating jobs through infrastructure development in rural roads and water supply, as well as measures to reduce the impact of extreme weather. According to the source, the government has changed the way it funds the scheme from an open-ended expenditure based on the demand for jobs related to the scheme to expenditures that are geared towards budget projections. The bill proposes to change the name of the program from Mahatma-Gandhi National Rural Employment-Guarantee Scheme (MNREGA), to Guarantee for Livelihood and Employment Mission – Rural (Guarantee For Rozgar And Ajeevika Mission – Rural). Why is Mahatma's Gandhi name being removed?" Mahatma is regarded as the most revered leader not only in India but around the world. So removing his name is a question I don't really understand. What is the intention? Priyanka Vadra, leader of the opposition Congress party, said: The rural employment programme, launched in 2005 by the Congress party, India's opposition, was named after Gandhi. Gandhi was an independence activist and a proponent of non-violence, who was murdered by a Hindu nationalist in 1949. Analysts claim Gandhi's association to the Congress made the rural programme a symbol of the political legacy. The Modi government, on the other hand, has tried to promote figures and narratives that are aligned with the Hindu nationalist base. Reporting by Saurabh Ohri and Nikunj Sharma; editing by Mark Heinrich
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Novonor's sale of stake to IG4 will shake up the control structure at Braskem.
Braskem, a Brazilian petrochemical company, announced on Monday that conglomerate Novonor had signed an agreement with IG4 Capital to sell its controlling stake to the private equity firm. IG4 and Petrobras will be sharing control of Braskem under the agreement. Petrobras is the second largest investor in the company. A securities filing revealed that Novonor will retain a 4% share. Braskem could benefit from a new controlling shareholder, as the company has been struggling with tight petrochemical margins. It also faces ongoing liabilities related to damages caused by salt mining operations at?Maceio in northeastern Brazil. The private equity firm announced that IG4 had agreed to buy about 20 billion reais (3.71 billion dollars) of Novonor credits held by some of Brazil's biggest lenders, and secured by Braskem equities. Novonor, in turn, will transfer its controlling stakes in the petrochemical company to an IG4 Investment Fund. first reported Late last year, the Brazilian government and major banks worked on a plan for transferring Novonor's Braskem share?to private equity funds. The deal could finally relieve Novonor of its heavy debt burden. It was exacerbated by the "Car Wash" corruption scandal, a decade earlier, when the company - at the time known as Odebrecht- pledged Braskem shares to secure billions in loans. Novonor had been trying to sell its Braskem controlling interest for years, but has failed repeatedly. recent talks Nelson Tanure is a businessman who invests in distressed companies. "Braskem’s current management team, as well as existing advisors, remain unchanged to ensure full operational continuity," IG4 stated. Parallel to this, preparations are being made for a comprehensive turnaround. Luciana Magnhaes, Reporting; Gabriel Araujo, Editing
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Gold rises 1% due to safe-haven demand and a weaker dollar in advance of US jobs data
Gold rose 1% Monday, hovering near a seven-week high. Supported by a weaker US dollar, the expectation of interest rate cuts, and safe-haven purchases due to geopolitical turmoil, silver also gained, but remained below Friday's high. Gold spot rose 0.9%, to $4,343.96 per ounce, at 1145 GMT. It had risen over 1% in the previous session. Bullion reached its highest level since October 21 last Friday. U.S. Gold Futures rose 1.1% to $4.374.40 per ounce. The dollar hovered around a two-month-low reached last week. This made greenback-priced gold more affordable for foreign buyers. Meanwhile, benchmark yields on 10-year U.S. Treasury bonds edged down. UBS analyst Giovanni Staunovo said that "stronger demand from investors,?three solid months of central bank demand (as) well as investors beginning to anticipate even lower interest rates in 2026" are all factors that'support gold. Last week, the U.S. Federal Reserve?delivered 25 basis points of rate cuts in a?divided vote. Further easing is dependent on inflation and labour market conditions. Investors are watching this week's U.S. Non-Farm Payrolls Report for more clues about monetary policy. Gold and other non-yielding investments benefit from a low interest rate environment. The Russian central bank stated on Friday that the European Union's plans to use Russian assets as collateral for a loan to Ukraine was illegal. It also said that the Russian central bank reserved the right?to employ all means available to protect its own interests. Spot silver increased 2.8%, to $63.73 an ounce. The price of silver reached a record-high of $64.65 before closing sharply down. Metal prices have risen 120% in this year due to tightening supply and inclusion on the U.S. Critical Minerals List. Silver benefits from the same factors that support investment demand for Gold (i.e. Lower rates, but also benefit from stronger industrial demands due to monetary and fiscal stimuli measures," Staunovo stated. Palladium rose 2%, to $1.524.68 an ounce, while spot platinum increased 1%, to $1.762.76 per ounce.
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Copper prices are rising on short covering and ignoring the weak China data.
The copper price rose on Monday, as traders moved forward their?positions in anticipation of a contract that expires this week. This helped the?market put aside worries about weak data and the property sector in China's top consumer for now. The benchmark three-month copper price on the London Metal Exchange increased 1.4% to $11,670 a metric ton at 1058 GMT. On Friday, copper hit a new record of $11,952 due to concerns about a tight supply. Then there was a "sell-off" amid renewed fears that the AI bubble would burst. Alastair Munro is a senior metals analyst at Marex. He said that prices will remain volatile and choppy intraday as we enter the first quarter of this year. A trader reported that short or bearish LME positions were being cut, or rolled over before settlement on Wednesday. A trader said that 39% of the 165,875 tonnes of copper in LME-registered storage facilities were short or bearish positions. Marked as ready for delivery. Daily inflows of copper to Comex stocks The price of copper, which was already a record, increased due to the higher prices on Comex. The U.S. did not include refined copper in the 50% tariffs on imports that went into effect in August, but kept it under review. As long as there's a significant arbitrage in the LME-CME market, I expect material to continue to?flow? into the U.S., as traders take advantage of those profits," said Samuel Basi. He is the founder?of Perfectly Hedged. Data showed that in China, the top metals consumer, factory output growth fell to a low of 15 months in November. Meanwhile, new home prices continued their decline. Vanke, a developer in China, has made a "renewed effort" to get bondholders to support an onshore debt payment. Other LME metals include aluminium, which rose by 0.4% to 2,880.50 per ton. Zinc fell by 0.1% to 3,121, while lead dropped 0.2% to 1,964. Tin fell 1.1% to 40,915, and nickel lost 0.3% to 14,540. (Reporting and editing by Susan Fenton; Polina Devtt)
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Canada's farmers produce record crops despite droughts, floods and other natural disasters
After a year of flooding and a long dry spell, Simon Ellis expected "catastrophic" failure when he first drove his combine through this crop. Instead of shriveled seeds, plump grains of wheat, oats, and soybeans were poured into the combine. Ellis, 38, who is a fourth generation farmer in Wawanesa (Manitoba), credits the investment made into expensive systems, such as minimum- and zero-till agriculture, for helping to protect soil. Tile drainage is an underground system that prevents flooding. It also contains pellets of fertilizer with a slower release rate, which are more efficient. A professional agronomist can provide advice on weedkillers. He said, "We're always making small tweaks." "That's the only way we can continue to fight against climate change." Farmers like Ellis are common in western Canada. According to Canadian government statistics, farmers have produced better crops in spite of 'hotter and dryer' conditions. This is a far cry from what they could have achieved in better weather years ago. While higher yields in Canada, and elsewhere, are depressing the global price for grains they keep many farmers in business. A RECORD HARDEST HARVEST EVEN IN THE MIDST OF A DROUGHT Many farmers have been able to survive the drought that started in 2020 by using adaptation practices, which are expensive and require cutting-edge technologies. The Canadian government announced earlier this month that it would be harvesting record amounts of canola and spring wheat by 2025. Because most grains produced in Canada is shipped and consumed overseas, these gains will have a major impact on the ability of the rest of world to feed themselves affordably. Australia, a large grain exporter in the world, also reported higher crop yields, despite dry conditions. According to interviews with 25 farmers, scientists, and leaders in the agriculture industry, as well as a review of over a dozen academic articles, this combination of technology and methods is helping Canadian growers not only keep up with climate changes, but also stay ahead of their ravages. According to government data, spring wheat used for high-quality bread yielded 58.8 bushes per acre in 2018. Based on a three year average, this is a 77% increase from 30 years ago. Canola yields have nearly doubled to reach 44.7 bushels an acre based on the same average of 1994-1996. The agricultural experts interviewed in Nature said that climate adaptation strategies can help the prairies continue to produce larger and larger crops in the future. Rob Saik is a Canadian agronomist and has advised governments around the world. "Now, it's a complete failure." A REGION WORLDWIDE RECOGNIZED FOR BEING DIFFICULT Western Canada was experiencing extreme weather even before the climate change. It was a notoriously hard region to farm. Central prairies are a land of golden and green short grasses and thin, scrubby brushes. They receive half the amount of rainfall that Iowa does and have a shorter growing season. Climate change has made it harder. Environment and Climate Change Canada According to the report, extreme weather events are becoming more common and the country is warming twice as fast as the global average. . On the prairies annual snowfall has decreased, and extremes in summer rain and drought are increasing. Rain often comes as torrents or even not at all. In a report dated 2024, the federal department stated that extreme events such as floods, heatwaves or wildfires are damaging our economy, ecosystems, and built environment. Not Miracles, but INCREASED GAINS Scientists and agronomists agree that Canada's gains are not the result of a single, dramatic event, but rather from incremental, steady progress in farming techniques and inputs. Now, many seeds are coming. Thanks to genetic modification and conventional breeding, these plants are resistant to insects, diseases, and weeds. The application of fertilizer is timed to coincide with the planting of seeds to minimize soil disturbance. The use of weedkillers, ungicides and nutrients allows crops to compete with their natural enemies. Some strategies are reminiscent of pre-industrial techniques, like intercropping or growing multiple crops simultaneously. Experts are also credited Automation such as self-guiding tractor that applies fertilizer at different rates depending on soil testing and satellite mapping. A FAMILY'S EVOLUTION IN ADAPTATION The Mowbray Family began adapting practices with tile drainage four decades ago. They laid a small length of perforated pipes designed to allow the water to drain into the soil instead of spreading it on the surface. In the past 12 years, Scott Mowbray (46), has increased the drainage system on his 800-acre property. The Mowbrays, meanwhile, gradually reduced their tilling. In 2010, the 2,000 acres of farm were no-till. The soil was left unplowed, and stubble remained to act as a moisture-trap and barrier against the wind which would otherwise carry the topsoil. Mowbray says that the innovations have allowed him to produce "incredible" quantities of spring wheat and peas, while using half as much rainfall. TECHNOLOGY'S STEEL PRICE TAG Many of the tools that have helped Canadian farmers deal with climate changes are expensive and complex. A smart combine can cost upwards of C$1,000,000 ($722,125.94). A high-speed-data-enabled tractor and seeding drill cost around C$2 ?million ($1.44 million). Kip Eideberg is the senior vice president of government relations and industry relations at the Association of Equipment Manufacturers (AEM), which represents John Deere, Case New Holland, and other manufacturers. He said that precision systems are important. The Canadian farmers have been able to save 9% on herbicides and pesticides. They also saved 6% on fuel and 4% on water. He said that this saves money for farmers who are operating on razor thin margins. Terry Griffin, an agricultural economist at Kansas State University, says that most large-scale farms have such technology available in their 'tractors, combines and sprayers, as well as management computers. A younger generation of farmers may not have the funds to purchase machines or receive agronomic guidance. Rural broadband access is one of the biggest obstacles to adoption. Mowbray cannot rely on his farm machinery to provide a continuous stream of data. He can't call his farm from his phone. He relies on radios to communicate with his farm. He said that it was a simple but important thing to have when you're out in the field, and need a pickup but are unable to call home. SEED SCIENCE: THE INVISIBLE Factor Breeding genetically superior crops, which are drought-tolerant, hardier and yield more, is also important for farmers. "We're just starting down that path," said Rick Mitzel, CEO of farmer-and-industry-funded mustard seed development organization Mustard 21. The company is working on drought-tolerant plants to replace canola. Mitzel said in an interview that the varieties "develop roots faster, come out of ground quicker and get leafing quicker." South East Research Farm, a farmer-controlled farm in Redvers in Saskatchewan, has been testing crops like camelina that is likely to be planted for sustainable aviation fuel in Canada. This could offer farmers higher yields and greater resilience. Lana Shaw, executive director of the Canadian Farm Community Association, believes that climate change will not occur without causing losses to Canadian farmers. Some farmers will retire and not adapt. Some farmers will fail to adapt. Some farmers will thrive and adapt. She said that "under pressure, they can adapt very quickly."
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The Hanukkah massacre in Australia: "It was dead everywhere"
Click here to view a multi-media graphic Some of the thousands who descended on Sydney's Bondi Beach Sunday evening were looking for relief from the hot weather, while others joined the local Jewish group to celebrate Hanukkah or the festival of lights. Advertisements advertised a face-painting, donuts, and petting farm. The goal was to "fill Bondi" with light and joy. The scene became a bloodbath hours later. Two gunmen fired between 10 and twenty minutes on Hanukkah attendees, killing men, women, and children, as terrified beachgoers fled. At least 40 people, including at least two police officers, were injured, with some of them critically. More than 12 people died and more than a dozen others wounded. The video footage, interviews with witnesses and comments of police officials and other authorities, as well as media reports and videos from the incident, have helped to piece together when Hanukkah went from a time for celebration to one that was filled with fear. The police have not released the names of the two suspects. One was shot dead and the other critically injured in a shootout with the police. State media ABC and others have identified the two suspects as Sajid and his son Naveed. Police said that by Sunday the men had collected six firearms belonging to the father, as well as multiple improvised bomb devices. According to the police, the father owned a firearm and was a member of a gun club. According to Australia's ABC public broadcaster, the two men lived in a "spartan" Airbnb apartment located in Campsie, a suburb southwest of Sydney. The son, a 24 year-old Sydney bricklayer who was unemployed, called his mom to inform her that his father, 50-year old shopowner, and he had taken a fishing trip over the weekend on the eastern coast of Australia, according to the Sydney Morning Herald, which cited his mother. Anthony Albanese, Australian prime minister, said that in October 2019, Australia’s intelligence agency investigated the son to determine if he had any ties with a self-proclaimed Islamic State terror. Albanese stated that the agency determined there was "no evidence of an ongoing threat". According to the police, on Sunday night, two men left improvised bombs in a car that was parked near Bondi Beachfront. They then drove towards the beach. Two figures in black are then seen on video footage standing atop the concrete bridge that leads to Bondi's crowded waters and a nearby park. Bystanders recorded both men firing?large, powerful firearms' from the highpoint toward the Hanukkah celebration. A surf camera captured footage of dozens running across Bondi sand in an attempt to escape gunfire. Terry, a man who identified himself as such, said that his daughter of 15 years was "part of the stampede". Terry said that she took refuge at the Iceberg Swimming?Pools, located at the southern end Bondi. She used the phone of a stranger to call him while he was at another Hanukkah celebration. He said, "You think you are safe standing here." He had to reconsider his life as an Australian because of the growing antisemitic attacks, many of which are linked to the Gaza war. He said, "Maybe one day we should move to Israel." The irony is, that Israel looks like the only safe place we can be in the world as Jews. In a third video, the older shooter is seen standing near the festival site. The older shooter fires directly at a festival attendee while others run. Local media identified the man as Sydney resident Ahmed al Ahmed. He is seen hiding behind a car. Ahmed, hiding behind a car, tackles the shooter from behind and tears the gun from his hands. He then points it at the man as he flees. Ahmed was treated in hospital for two gunshot wounds on Monday. The drone video shows the older gunman lying prone on the concrete, while the younger man moves around before falling. Sixth video: Three police officers sprint?towards the bridge, arms outstretched. One video shows the officers holding two men down on the floor, as a passerby runs up and kicks the men. The video shows that at least nine officers are on the bridge. Several of them kneel over prone men and apply chest compressions. The police said that the older man at Bondi died from his injuries. Hussain Rifi (18) said that he and a group were in a nearby shower block. Rifi said, "We were taking videos and flexing our muscles in the mirror when we heard it: bang bang bang." He soon realised that the sounds were gunshots. He said that he and his friend hid near the showers for about 20 minutes until the shooting stopped. He saw dead bodies when he looked around. Rifi said, "There were chunks of human flesh on the floor." It was everywhere dead people. Hundreds of paramedics and police descended upon the scene. From there, dozens of injured victims and the shooter survived were transported to local hospitals. 16 people have died, including a 10-year old girl and a British born rabbi. Police began to sweep the grass and sand using flashlights as darkness fell. They were apparently looking for evidence. ABC reported that police found an Islamic State Flag in the car of the gunmen suspected. The men were arrested in Bonnyrigg, a suburb in Sydney. They also had their Airbnb at Campsie. Rabbi Levi Wolff, of the Central Sydney Synagogue, stood in shock on Bondi's main street. After hearing the news, he had rushed over to a religious service. He said that it was hard to believe that such a thing could be possible in Australia, a country that has been so welcoming for generations. Then he stepped away to answer a phone call from Israel's President. He said that "the silent majority" of antisemitism opponents "must no longer remain silent." (Editing Praveen Menon & Lincoln Feast).
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Fortuna Mining aims to achieve its output target by focusing on gold assets in the mid-tier.
Fortuna Mining's West Africa Operations Chief said that the company is looking for mid-tier gold assets and accelerating new projects as it works to achieve its 500,000 ounces annual production target, after selling mines located in Burkina Faso, Mexico, and?Burkina?Faso. Canadian miner sells Yaramoko mines in Burkina Faso, and San Jose operations in Mexico, cutting short-term, high-cost assets but also reducing production. It has made new deals including a joint-venture with DeSoto to explore in Guinea, and a larger stake in Awale Resources a West Africa focused?gold-explorer with operations on the Ivory Coast. This is in line with a global trend, as gold prices are rising. WEST AFRICA?SEES FLURRY of GOLD M&A David Whittle said that these deals were part of Fortuna’s long-term plan for growth in a Thursday interview. Whittle stated that Fortuna would also be keeping a close eye on potential acquisitions to accelerate growth. West Africa experienced a "flurry" of gold sector deals by 2025. This included the purchase of Barrick Tongon mines in northern Ivory Coast by Atlantic Group and the merger between African Gold and Montage Gold. Perseus Mining’s A$2.1billion ($1.40billion) bid for Predictive Discovery expired last week, after Robex Resources made a better offer for the Guinean-focused explorer. FLEXIBILITY IN ACTING Whittle stated that Fortuna's target was mid-size operations, producing 100,000-200,000ozs of gold per year and with a mine life of at least 10 years. "Any deal should add value and not only ounces." He said that the company prefers to operate in countries where it has already established operations. Fortuna's net cash is about $400 million, which gives it the flexibility to take advantage of new opportunities. Fortuna's plan for growth is centered around Seguela. The mine, which will pour its first gold in 2023, plays a key role. The mine will exceed its 2025 production guidance by producing more than 150,000 ounces. Fortuna has also awarded 'Lycopodium' an option study for expanding plant throughput from 1.7-1.75 metric tons to 2-2.5 metric tons a year. Fortuna is expecting environmental approval for Diamba Sud early next year. Construction will begin in 2026, and the first gold pour should be early in 2028. Whittle noted that governments in West Africa continue to support mining investments despite a tendency toward resource nationalism. "Ivory Coast, Senegal and other African countries offer permit timelines between four and five years for the first gold to be produced from resource... This is much faster than Canada or USA."
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Dalian iron ore reaches five-month low after China announces plans to regulate exports of steel
The price of Dalian Iron Ore dropped on Monday, reaching its lowest level in over five months. This was due to China's plan to introduce a license system to regulate steel exports from 2026. Iron ore, the most traded contract at China's Dalian Commodity Exchange closed daytime trading 0.92% lower than its previous price of 753 yuan (106.85 dollars) per metric ton. The price of iron ore fell to its lowest level in the last 10 days at 748 yuan during this session. By 1012 GMT, the benchmark January iron ore traded on the Singapore Exchange had fallen 0.47% to $100.50 a ton. The contract hit an intraday minimum of $100.4, which is close to Friday's low level of $100.25, the weakest since July 17. China's Ministry of Commerce announced on Friday that it would add certain steel products to the list of cargoes "under export license" as of January 1, 2026. This is because robust shipments are fueling a protectionist backlash around the world. China's soaring steel exports helped offset the slump in domestic demand for steel caused by the prolonged downturn on the property market, thereby supporting the prices of this key ingredient. China's crude output of steel in November dropped 3% from October. This is the sixth consecutive month that China has seen a decline. The margins are thinner and domestic demand is dwindling. Analysts at Xinhu Futures stated in a 'note' that the downside potential for?iron-ore prices is limited as mills will start restocking their feedstocks in order to?sustain operation over the Chinese Lunar New Year holidays in February. The Chinese Lunar New Year in 2026 falls between February 15 and 23. Following a Friday?slump, coking coal and other steelmaking components rose by 3.16 % and 0.3% respectively. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Hot-rolled coils lost 0.15%. Wire rods dropped 1.31%. Stainless steel declined 0.68%. Rebar gained 0.13%. ($1 = 7.0471 Chinese Yuan Renminbi). (Reporting and editing by Amy Lv, Lewis Jackson)
Key data: Stocks fall as traders reduce their exposure before central bank meetings
Asian stocks fell in early trading Monday, as investors reined-in risk-taking ahead of a week that will be dotted with data releases and central bank decisions.
MSCI's broadest Asia-Pacific share index outside Japan fell?0.6%. This was led by a fall of up to 2.7% on South Korean shares. South Korea is one of the best-performing markets in the world this year.
Chris Weston said, "We are in the final trading week for 2025. Many will close their books at this point and call it an end to the year." Chris Weston is head of research at Pepperstone Group Ltd. "Some may have already done this," he said.
The liquidity levels will likely be lower than usual this week, but still sufficient to work the sizes without causing excessive price movement. Next week, however, they will drop significantly.
Investors awaited the release of economic data and the central bank's decisions. The S&P 500 e-mini futures rose by 0.1%.
Bank of England and the Bank of Japan are expected to make similar decisions. The Bank of England could cut rates by the same amount to 3.75%. Along with Sweden's Riksbank, and Norway's Norges Bank, the European Central Bank is expected to hold interest rates.
Investors can also check on the economic data which were delayed due to the U.S. shutdown. This includes the November jobs report and the consumer price index.
The Topix index remained steady in Japan after the BOJ’s closely watched “tankan” survey revealed on Monday that the business sentiment of big manufacturers had reached a four-year-high, indicating the economy is weathering the impact of higher U.S. tariffs.
The U.S. Dollar was trading at 7,0532 yuan against the Chinese Yuan. This is its highest level in over a year. Today, we will be releasing the house price and activity statistics for November.
A filing shows that the state-backed property company China Vanke, which is in financial trouble, failed to get bondholders' approval on Friday to extend a Monday bond payment by a year. This increased the risk of default, and renewed concerns about the property crisis-hit sector.
Brent crude rose 0.3% to $61.30 in commodities after Imperial Oil announced on Sunday that it had issued an alert for a fire at its 120,000 barrels-per-day refinery facility?in Ontario, Canada. Russia reported that a Ukrainian drone strike on an Afipsky oil refinery did not cause any damage.
Steve Witkoff, the U.S. ambassador to Berlin, said that "a lot?of progress" was made in the peace talks in Berlin last Sunday.
After a four-day rally in the last week, gold fluctuated between gains & losses. It was approaching its record high $4,381.21. The spot bullion price was down by 0.1% to $4,299.69.
The cryptocurrency markets were under pressure for the fourth day in a row. Bitcoin was down by 0.3% to $88,235.59, and ether was 0.5% lower, at $3,065.62. (Reporting and editing by Shri Navaratnam.)
(source: Reuters)