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India cenbank has proposed rules to banks on how they can implement relief measures in natural disasters
India's central banks has published a set guidelines on Tuesday for the implementation of?plans for resolution during natural disasters. In its draft guidelines, the Reserve Bank of India stated that banks would have to?factor in the impact of natural disasters on borrowers? and include provisions for resolutions such as relief measures in their policies. The RBI stated that the guidelines provide a?resolution system based on principles, allowing the REs (regulated entities), complete discretion in the design and implementation of a resolution plan. Flooding has caused crop losses and livelihoods in key agricultural states such as Punjab and Assam. In Uttarakhand, landslides and flash floods have destroyed roads, bridges, and homes. According to the Germanwatch Global Climate Risk Index, 2025, India is ranked sixth in the world for climate vulnerability. This index tracked events from 1993 to 2022. India suffered over 400 extreme weather conditions during this time, which resulted in at least 80.000 deaths and economic losses of $180 billion. According to the central banks, the resolution plan could include rescheduling payments, converting any accrued interest?into a new credit facility and granting a moratorium based on the lender?s assessment. The?RBI stated that "(it) may include a proposal for additional financing to?address financial stress of the borrower." The RBI has added that borrowers who haven't defaulted in their repayments for over 30 days are eligible for these measures. The new rules will be implemented on April 1. The central bank is seeking feedback from the public and stakeholders until February 17. (Reporting by Ashwin Manikandan; Editing by Krishna Chandra Eluri)
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Sources say that Mali has detained five gold mine managers for alleged code violations.
By Tiemoko Diallo BAMAKO/DAKAR - Mali detained five local managers of the Yanfolila?mine for alleged violations of the mining code in the country, according to two sources. Sources said that the employees of Societe Des?Mines de Komana were arrested on Friday because they allegedly failed to repatriate the foreign currency earned from exports, as required by the mining code. SMK was not available for comment via email or telephone. Since its introduction in 2023, the?code has caused disputes with mining operators, including a 2-year standoff before a deal with Barrick Mining was reached in November. In December, the government announced that it had recovered 761 billion CFA francs (about $1.2 billion) from miners who failed to pay their taxes. Sources close to the company and familiar with the case said that all five detainees are Malians. They both requested anonymity as they weren't authorised to talk to the media. The justice ministry spokesperson in Mali did not respond immediately to a?request for comment. The spokesperson for the mines ministry said that the ministry had no?information about the matter. West Africa-focused lender Coris Bank International, operating through its subsidiary Nioko Resources, acquired the Yanfolila?mine from UK based Hummingbird Resources by 2025. According to its profile, the?mine will produce 83,965 gold ounces by 2023. It has 493,000 ounces as reserves.
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The climate change is putting the Winter Games in Milano Cortina to the test.
Teams of snowmakers are racing against the clock to meet the competition requirements for the Milano Cortina 2026 Winter Olympics, within ever-shorter cold windows. Climate change is reshaping the limits of technology. Organisers at Italy's Alpine venues are increasingly relying on artificially-produced snow to compensate for the declining and less predictable natural snowfall. This means that months of preparation can be squeezed into short periods of subzero temperatures, leaving less room for error. In order to accommodate the Olympic competition in Milano - Cortina, resorts like Livigno, Bormio and Antholz-Anterselva, which are already established, have added reservoirs, pumps and snow guns. Nemanja dogo, executive technical director at snowmaking specialists TechnoAlpin who has supplied systems to many Olympic and World Cup venues, stated that in Livigno, alone, over 600,000 cubic meters of snow were produced since mid December for freestyle and snowboard events. Production was accelerated during brief cold spells. Dogo said that temperatures dropped to minus 22°C after Christmas, making it a good time to make snow. Snow formation is dependent on temperatures around minus 2 or minus 2.5 degrees Celsius for a wet bulb. Dogo stated that "the window to prepare for the 1st of December is getting smaller and smaller." Researchers say that this is one of most obvious operational impacts of warmer winters. Caitlin Pries, a Dartmouth associate professor who studies winter climate changes and their ecological and recreational effects, said: "It's just not like you're losing the natural snow. You're also loosing the days that it takes to make snow." She added that Europe is especially exposed. The further south you go in Europe, the more likely it is that you will experience a'snow drought. This causes resorts to produce large amounts of snow quickly, increasing the pressure on their infrastructure, staffing, and energy systems when there are brief cold snaps. In the last 20 years, snowmaking technology has improved significantly through automation, better forecasting, and efficiency gains. In the past, snow guns were used to cover only a portion of the slopes. It could take up to 150 hours for a priority slope. In 2018, this had dropped to 100 hours. Dogo says that many resorts today aim to finish priority slopes within 50 hours. He said that with the same amount of power as in 10 to 15 year ago, they can produce 25% more snow. TechnoAlpin invests around 8 million Euros annually into research and development. Most of the investment went into software that integrated snow guns, pumps stations, and weather forecasts. This allowed resorts to accurately predict how much they could produce, and operate systems automatically in order to minimise waste. Scientists say that technological advancements do not eliminate physical constraints. We need low freezing temperatures to make snow. Hicks Pries stated that low freezing temperatures are needed to make snow. As resorts increase snowmaking in order to meet tighter deadlines, energy use is a priority. Dogo stated that snowmaking systems are typically operated between 250-300 hours per year. Fan guns consume 20-25 kilowatts an hour while lance gun use 1.5-4 kilowatts, depending on the conditions. He said that in Austria, the ski industry, including snowmaking, lifts, and hotels, accounts for around 2% of the national electricity consumption. In Switzerland, this figure is lower. Hicks Pries stated that the energy footprint of snowmaking must be considered in context. She said that the electricity used for snowmaking accounts for 2 to 4% (or less) of total carbon dioxide emissions from a ski resort. "Transportation combined is 50 to 80 percent." Critics claim that rising energy costs and shrinking windows for cold temperatures could make large-scale ice making more expensive. Dogo, however, said that he did not anticipate snowmaking becoming economically unsustainable any time soon. He cited the continued growth of skier numbers worldwide. He said that efficiency was the key. "The key is efficiency," he said. The Winter Games are a test for the International Olympic Committee to see how much snowmaking can compensate climate pressure. Numerous studies indicate that the number of cities that can reliably host Winter Olympics is decreasing, raising concerns about their long-term viability. Hicks Pries says that snowmaking is only a temporary solution, and the risks will continue to increase as long as temperatures rise. Hicks Pries stated that "With four degrees Celsius warming, 98% European ski resorts will be at risk of low snow supply." If they have the necessary resources, right now snowmaking could cover the changes we are seeing. This can't continue." (Reporting and editing by Hugh Lawson; Julien Pretot).
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South Sudan Government says rebel advance is a serious threat to peace
South Sudan's Government urged opposition forces on Tuesday to stop fighting, claiming that a rebel advance in Jonglei State and ongoing clashes which have already caused mass displacement threaten to reignite civil war. According to the United Nations, the scale of clashes between government forces and fighters loyal to 'the Sudan People's Liberation Army-in-Opposition' (SPLA-IO), has not been seen since 2017. The government claimed that its forces had defeated rebel advances in Jonglei. This region stretches from the border of Ethiopia to central South Sudan. Ateny Wek Ateny, the government's spokesperson and minister of information, said that "the ongoing security operation in Northern Jonglei State" is a necessary and lawful measure to halt the advancing rebel forces, restore public order and protect civilians. He added: "The Government calls on the SPLM/A to cease hostilities immediately... Any actions that undermine the (2018) Agreement are a grave threat to peace and jeopardize ongoing transitional?process." South Sudan's Military on Sunday ordered all civil servants and personnel of the U.N. Mission in South Sudan, and other charities, to evacuate three counties in Jonglei before its operation against opposition forces. A spokesperson for U.N. Secretary General Antonio Guterres stated that the mission shared concerns about the possibility of the fighting putting hundreds of thousands civilians in danger. The mission's spokesman warned that the rise in hate speech is fueling ethnic tensions, and could draw civilians into conflict. UNMISS?on Sunday reported that at least 180,000 Jonglei residents had been forced to flee their homes by the fighting. The civil 'war' between President Salva kiir and his vice president Riek Machar in 2013-18 was fought largely along ethnic lines, and it cost approximately 400,000 people their lives. Machar is currently being tried for treason, after an ethnic group with historical ties to SPLA-IO took over an army base near the town of Nasir in the northeastern part of the country last year. He has denied all charges. Denis Logonyi, Vincent Mumo Nzilani and Aiden Lewis edited the article.
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Czech grid operator: Two units at Sev.en’s Chvaletice must remain open
The Czech electricity grid operator,?CEPS, said that on Tuesday two of the four 200-megawatt coal-fired units at Sev.en’s?Chvaletice?coal-fired plant should continue to operate in order to maintain grid stability. Sev.en owned by billionaire Czech Investor Pavel Tykac has announced that it will close Chvaletice, along with its lignite fired plants in Pocerady, and Kladno, between the end of 2020 and the first quarter 2027. CEPS will send its?analysis to the market operator ERU. ERU will then be responsible for securing the operations of the units required, either through an agreement with the existing?owner, or through another operator. Sev.en had no ?immediate comment. CEPS stated that a complete shutdown of Chvaletice could, in certain operating conditions, cause problems with voltage regulation in the northern part the transmission grid. It may also increase the risk of overloading some lines. High EU carbon allowance costs have driven lignite plants that emit carbon out of the market, even though they still produce a significant minority of Czech electricity. However, critics of EU policy say that lignite plants continue to play an important role - especially on days when there is little wind or sun for renewable energy plants. Grid resilience is being closely monitored in Europe, as the increasing share of solar and winds energy output creates more demands on transmission networks. Reporting by Jan Lopatka, Jason Hovet. Mark Potter edited the article.
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Vale Brazil shuts down two units due to water overflow.
A securities filing late on Monday showed that Brazilian miner Vale had halted operation at sites where water had overflowed. Analysts estimate the units account for about 2 percent of Vale's iron ore production outlook for this coming year. Vale reported that the city of?Congonhas ordered the suspension and adoption of emergency measures and control measures after the overflows. The overflows also affected the site of steelmaker CSN, and damaged a nearby river. In Brazil's Minas Gerais, the state of Minas Gerais, there were two separate but nearby areas that experienced heavy rain on Sunday. Analysts?said that the suspension of the units was negative as they have an estimated annual combined output of 8 million tons. SHORT TERM VOLATILITY RBC Europe stressed to its clients in a client note that the reasons behind the overflow and the potential duration of the license suspension as well as the remediation costs were still unclear. Vale's stock closed more than 2% lower on Monday. Itau BBA analysts stated that the events could have an impact on Vale's share performance in the short term, but claimed this was due "primarily to regulatory scrutiny and headline risks rather than a new assessment of structural operational risk." They added that capacity exposure is still manageable and noted that the run rate during the first quarter of the year is typically slower because of challenging rain conditions. INTENSE SCRUTINY FOLLOWING RECENT DISASTERS Vale has been under intense scrutiny since the two dam disasters that occurred in Minas Gerais, in 2010s. The incidents on Sunday coincided with the?anniversary of the 2019 burst dam in Brumadinho which released an avalanche muddy mining waste killing an?estimated 270 while ravaging rivers and local communities. Vale stated that there was no link between the accident and its tailings dams in the area, which they described as "in stable and secure conditions" and noted that no injuries had been reported. The company said that it had suspended operations in the units mentioned and would respond to any required actions promptly, cooperating fully with the authorities. Reporting by Gabriel Araujo, Isabel Teles and Alison Williams.
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Chinese buyers and seller expect gold rush will continue despite record price
Gold prices have reached new highs in the past week. Customers are rushing into shops that sell gold, some even predicting an increase. Zhao Jinhao, a gold seller at a Shanghai jewellery mall said: "There's still a good number of people who are buying gold. Gold awareness is a long-term tendency that continues to rise." It has risen steadily from just under 20 yuan in the 1980s, to over 1,000 yuan today. Gold prices reached $5,100 an ounce on monday after a surge of 62% in 2025. Central bank purchases to reduce dependence on the U.S. Dollar and strong demand from buyers seeking a safe haven asset following the tumultuous year of Donald Trump's second presidential term are driving the record-breaking run. Analysts from Societe Generale stated on Monday that they expected gold to reach $6,000/oz before the end of the year. They said this was a conservative forecast because prices may go higher. Wang Qiuqin, a Shanghai resident aged 68 years old, appeared to agree. She said that the "crazy rise" in prices had prompted her to purchase gold at a 'gold store. If this continues, gold will likely go up. I'm still able to mentally accept the current gold price, so I came and bought some." Simon Littmann of Swiss Investors Corporation Limited in Hong Kong said that the business he did in January was the best he's ever done in his 20-year career. He said that this year will be very busy. However, he also noted that there are supply issues. He said that the supply of small bars of gold has been delayed because of high demand. Refineries are also rushing to increase production to meet the needs of retail. Even though many are not discouraged by higher prices -- China's central banks bought bullion every month last year -- they still have an effect on demand. Last year, China's wholesale gold demand fell by 11% as higher prices and tax reforms weighed down on jewelry demand. Others are rushing to cash in on record prices. On Tuesday, dozens of people waited outside the Chong Kee Gold shop in Hong Kong’s central business district to?trade in gold and Silver. Some people had to queue for hours before they could enter the premises. They had their trinkets such as bracelets, necklaces and small statuettes weighed. It will certainly go higher. Cherry Tam, a retired woman who sold some gold jewelry she received on her wedding anniversary decades ago, said that society is chaotic and unstable. "With the economy being so bad, I could get some money back to spend." Dick Liu, an 79-year old gold craftsman, who has worked in the industry for over 50 years, says the uncertain times will continue to fuel the growth, which he hadn't seen before. Gold will continue to rise, Trump, because of the way you are now. It will not fall. He's a crazy man, don't think so? (Reporting and writing by Lewis Jackson, Editing and Hugh Lawson; Additional reporting and writing by Nicoco Chan, Polina Devitt, and Nicoco Chan; Additional reporting and editing by Hugh Lawson; Lewis Jackson, and Polina devitt).
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Official: Indonesia's Danantara will manage land seized by 28 companies linked to Sumatra flooding
A spokesperson for the country’s forestry taskforce told reporters that Danantara Indonesia, a sovereign wealth fund, will be taking over land taken from 28 companies linked to flooding and landslides on Sumatra. Last week, President Prabowo revoked business permits for the companies for 'alleged environmental violations that worsened floods in Sumatra last year. Barita Simanjuntak, spokesperson for the task force, said that the handover was already underway. She added that there would be "a comprehensive process" to minimise the impact on the workers and the surrounding communities of the removals. These companies are active in a wide range of sectors, from oil palm and cocoa through to mining and power generation. Anwar Lawden, the director of Toba Pulp, said that the company will work with the government to rescind the permit. According to the government, the area of land that was taken from the 22 plantation and forestry firms listed on the list was approximately 1 million hectares (2.47 millions acres). Danantara's spokesperson stated that the fund was unable to comment immediately. Bernadette Munthe, Reporter. Writing by Fransiska Nangoy. David Stanway, Mark Potter and Mark Potter (Editing)
Dollar wobbles as stocks rise on hopes of earnings offset by Trump's Korea tariffs
Investors hoped that a barrage?U.S. Mega-cap earnings were a big factor, but uncertainty due to President Donald Trump's tariff moves against South Korea capped broader gains.
Trump increased tariffs to 25% on autos, lumber, and pharmaceutical imports to the U.S. from Asia's 4th-largest economy.
The Nasdaq Futures rose 0.2%, as investors prepared for the earnings of the Magnificent Seven, including Microsoft, Apple, and Tesla, on Wednesday.
Even South Korea's KOSPI reversed earlier losses and was last to gain 0.8%.
Silver surged 6.4% to $110.60 per ounce and is not far off the record set just on Monday.
Christopher Louney is a commodity strategist with RBC Capital Markets. He said that the frenetic uncertainty and a weaker US dollar were two of the main factors behind this latest leg up for gold.
According to the duration, similar major rallies in the past have occurred around mid-December or early September. The current duration of the rally is not an anomaly, he added, and gold could reach as high as $7100/oz by year's end based on 2025 performance.
In Asia, MSCI’s broadest Asia-Pacific share index outside Japan rose by?0.4%. Japan's Nikkei fell 0.1% due to the sharp yen rebound that has clouded its export sector.
Hong Kong's Hang Seng index gained 0.4%, but Chinese blue-chips were flat.
Overnight, Wall Street rose a fourth time in a row, and both the S&P500 and Nasdaq reached their highest levels in over a week. The earnings reports of U.S. technology giants will be a major test to see if the AI-driven rally can continue.
On Wednesday, the Federal Reserve will announce its latest policy decisions. No change in interest rates are expected. The criminal investigation by the Trump Administration into Jerome Powell's term as chair, which ends in May, will overshadow this meeting.
Betting markets online now give a 50% chance to Rick Rieder of BlackRock, a bond chief who advocates lower rates, like Trump.
US DOLLAR MALAISE
Investors are rethinking their optimistic expectations for a period where the dollar will be stable.
The latest decline to four-month lows was driven by sharp gains of the Japanese yen on Friday, when talk about rate checks from the New York Fed fueled the risk that a joint U.S. and Japanese intervention would be needed to stop the yen’s slide.
The dollar was stable?at154.30 yen, after losing a staggering 2.6% in the previous two sessions. It is also well below the 160-yen level that the Japanese authorities consider to be a red line.
The greenback's value against six major currencies was unchanged at 97.09 - close to a 4-1/2-month low of 96.8.
The benchmark yield on the 10-year Treasury note increased by 1 basis point, to 4.225%. This is after it fell for four consecutive sessions, from its recent high of 4.313%.
In the background, Republicans and Democrats are at odds over funding Trump's Department of Homeland Security following the fatal shooting of an American citizen by federal immigration agents in Minnesota.
Tuesday's oil prices were largely flat. Brent crude futures fell by 0.1% to $60.58 a barrel, while U.S. West Texas Intermediate Crude dropped 0.2% to $65.48.
(source: Reuters)