Latest News
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Abu Dhabi's wealth fund L'IMAD acquires stake in utility TAQA
Abu Dhabi's newest sovereign fund, L'IMAD 'Holding', led by the emirate’s 'crown prince', has increased its share in state-owned 'power and water utility TAQA' by a further '8.09%', TAQA announced on Wednesday. Abu Dhabi Power Corporation (a subsidiary of the fund) has completed the purchase of 9.1 billion TAQA share, bringing the total of its shares in the company to 98.12%. TAQA announced this in a bourse statement. In a separate filing, Two Point 'Zero Group stated that it sold TAQA's entire stake to AD Power in order to continue its "ongoing strategic aims and portfolio optimization." The company did not disclose financial details. According to calculations based upon TAQA's close share price of the same day, the?stake purchased by AD Power would be valued at around 21,56 billion dirhams (5.87 billion dollars). Abu Dhabi is the home of sovereign funds that collectively manage assets worth more than $1.8 trillion. L'IMAD gained a global reputation last year when it was one of the Gulf's backers in Paramount Skydance Corp's bid to buy Warner Bros Discovery. After acquiring control of ADQ, it has become a?major investment player with assets estimated at $300 billion. The?Crown Princess Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan of Abu Dhabi chairs the board.
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UK consults on steel tariff plan following warnings from users
The government is seeking input from the industry regarding a new steel tariff regime. This comes after the users of metals warned that the scheme would be very costly for their businesses. As other countries in the European Union and Britain, they are concerned about the "dumping" high subsidised steel from countries like China. In March, Britain proposed a reduction in its tariff-free allowance for imported steel, and a doubling of the tariff on imports that exceeded this allowance. This new trade measure, which is due to take effect on July 1, was warmly welcomed by British steel producers. The British Chambers of Commerce warned that "real financial and logistical problems" would be faced by steel-consuming industries, including construction, engineering, and manufacturing. A spokesperson for Business and Trade stated that the trade measure aims to "strike the right balance between domestic production and maintaining a reliable supply". The spokesperson said: "We have always stated that we would review the measures after a year to make sure they remain effective. We are doing exactly what we promised." Sky News reported on possible changes to the plans. It said that a greater number steel products could be "exempted" from the restrictions. UK Steel, an industry group, said that it would support specific amendments and didn't believe accepting them would be a reversal. It also added that it itself had proposed changes to assist other sectors in obtaining the steel they needed. The group has worked with manufacturers to identify areas that need to be amended to "ensure the measure offers the protection steelmakers require while causing as little disruption to the wider manufacturing sector", according to Gareth Stace. The UK and the EU are currently in discussions over their respective steel measures. UK Trade Minister Chris Bryant had previously indicated that both sides would be able come to an agreement on mutually beneficial exceptions. Reporting by Alistair Smout and Muvija M, writing by Alistair Smout and editing by William James & Jan Harvey
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Report: Indonesian floods killed at least 7% orangutans, a rare species.
A 'new report' released on Wednesday shows that deadly floods and landslides in Indonesia last year wiped out at least 7% of Tapanuli orangutans, which are critically endangered. Floods and landslides caused by a cyclone in Sumatra last year killed at least 1,200 and destroyed around 300,000. Environmental groups blamed the deforestation on Sumatra for the severity of the damage. The report cited a'survey of the western block in the forest which is home to the majority of the 800 primates. The report was a joint study of Borneo Futures in Brunei, World Weather Attribution, and Liverpool John Moores University. It did not cover the rest of the forest. This means that the death toll may have been even higher. Satellite images of damage to Batang Toru's West Block and historical records about the orangutan populations there were used to derive the findings. The study found that climate change caused by humans has increased extreme rainfall in the Malacca Strait area, which puts the habitat of the Tapanuli Orangutan at greater risk. Erik Meijaard, the lead author, from Borneo Futures said that the heavy rains soaked up the soil to the point where large areas of hillsides in the primary forest collapsed into fast-moving landslides. He said: "If you are caught as an orangutan... If anything falls at high speeds, your chances of survival will be minimal. This is a very real concern." This level of?loss is?substantial' for a species that has such a low total population. Meijaard said that when combined with other pressures, such as habitat destruction and conflict between humans and wildlife, it makes it even more urgent to implement and properly resource a coordinated species action plan. Panut Hadisiswoyo is another researcher who urged the Indonesian Government to work with researchers and NGOs to prevent the further decline in orangutan populations. "We can minimise poaching and hunting, then we'll probably be able to stabilise the population," he said. He added that all parties should pay attention to poor land use, which contributes to the decline in the population. (Reporting and editing by Gibran Pshimam, David Stanway and Ananda Teresia)
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Lebanese reports say that 13 people were killed by Israeli airstrikes in the south of Lebanon
Lebanese sources of security said that Israeli airstrikes killed at least 13 people in southern Lebanon on Wednesday. Israel continued its campaign against Hezbollah, and the Iran-backed group claimed to have launched 'fresh attacks' against Israeli forces. National News Agency, the official state news agency, reported that nine people were killed in Dayr Debba village, located 8 km (5miles) east of Tyre. After an Israeli airstrike, footage showed cars on fire in the southern city of Sidon. Lebanon is still a major frontline of the Middle -East conflict more than 'three months after the U.S. and Israeli attack on Iran sparked the conflict. The Lebanon war sparked escalation in the ?wider conflict earlier this week, when Israel struck Beirut's ?Hezbollah-controlled southern suburbs, prompting Iran ?to retaliate with a missile attack on Israel, which in turn struck Iran, before Israel and Iran halted attacks. According to the Lebanon's Health Ministry, Israeli attacks have killed almost 3,700 people in Lebanon since March 2. 730 were women, children, or doctors. Authorities also claim that 1.2 million people in Lebanon have been forced from their homes. Hezbollah entered the war on 2 March, claiming it was in retaliation for the killing of Iran's supreme leader at the beginning of the conflict. According to a list of Israeli military announcements compiled since then, 28 Israeli soldiers have died in combat in Lebanon. Meanwhile, four civilians were killed by Hezbollah in attacks. The Lebanese army reported that a Lebanese man died on Wednesday, March 18, from injuries caused by an Israeli airstrike. Reporting by Alexander Cornwell, Jerusalem; Writing by Tom Perry and Editing by Alexandra Hudson
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The gold output of Ivory Coast is expected to increase in 2026, as the mines expand
Director?general of mines for Ivory Coast, the West African country, said that gold production is expected to increase from 59.33 tonnes in 2025 to 62 metric tonnes in '2026 as existing?mines expand their operations. Seydoucoulibaly predicted that production would increase to 63 tonnes in 2027, and to around 69 tonnes in 2028. There are currently 14 gold mines operating in the world's leading cocoa producer. He said that the number of gold mines in operation will increase to 15 within two years, with the Kone mine coming online, and 17 in three, when the Doropo mine and the?Tanda Mine come online. Ghana is the largest gold producer in Africa, with a?output? of 187 tons last year. This data was provided by the World Gold Council. Ivory Coast authorities are trying to reduce the gap in their efforts to diversify their economy. Coulibaly stated that "in recent years, Ivory Coast became increasingly attractive for gold exploration. The growing interest of domestic and international investors?is a testament to this attraction." He stated that the government had granted 151 permits out of the 189 applications in 2023, 160 of the 203 in 2020, and 171 of the 225 in 2025. This reflects the growing interest of investors in this sector. Coulibaly stated that the Ministry of Mines and Petroleum, Energy and Planning plans to use SIREXE (an international exhibition on extractive resources and renewable energy) in Abidjan, from November 18-22, to "showcase" new mining projects, and to attract foreign investors. Mining companies operating in Ivory Coast are Roxgold, Perseus Mining and Resolute Mining from Australia and Endeavour Mining of the UK. Reporting by Loucoumane Colibaly, Editing by Clement Bonnerot & Joe Bavier
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Ukraine Police chief: Russia recruits young girls to kill Ukrainian servicemen
Ukraine's police chief accused Russia of recruiting teenage Ukrainian girls to kill Ukrainian soldiers, after the arrest of 17-year old girl suspected of killing a serviceman under the orders of a Russian agent. Ivan Vyhivskyi, the national police chief, said in an interview with Ukrainian media outlet Cenzor.NET published on Wednesday that there had been six cases this year of contract killings organized via Telegram messaging application, of which one was prevented. He said: "We're talking about planned killings, organised by special services of the aggressor country and committed by Ukrainians." The FSB, Russia's security service, was not immediately able to comment. Russian security services have accused Kyiv for recruiting Russians to bombings in Russia. Ukrainian military intelligence has also claimed responsibility for the assassination of several senior Russian officers following Moscow's invasion in 2022. Vyhivskyi claimed that Russian recruiters find young women through messaging platforms. They promise them easy money, and coordinate their actions remotely. Vyhivskyi stated that the young women were told to look for Ukrainian military personnel in dating websites and they received money from their handlers so that they could rent apartments. He said they were told where to get methadone for laceing drinks. Methadone is a'synthetic opiate used as a painkiller, which can be deadly in high doses. Ukraine's security services has said that more than 1,100 Ukrainians were accused of arson, terrorism, or sabotage as a betrayal?of their own country during the war. Last week, police detained a woman aged 17 in Zhytomyr, a western region. They said that she was 'communicating via Telegram' with a man who they believed to be a Russian intelligence agent. Police said that she had received a package containing a substance investigators assumed to be methadone. (Reporting and editing by Daniel Flynn, Timothy Heritage and Anna Pruchnicka)
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Report: Indonesian floods killed at least 7% orangutans, a rare species.
A new report published on Wednesday shows that deadly floods and landslides last year in Indonesia's Sumatra have?wipedout at least 7% the population of the critically endangered Tapanuli Orangutan. At least 1,200 people were killed and 300,000 homes damaged by the landslides and floods caused by the cyclone. Environmental groups blamed the deforestation on Sumatra for the severity of the damages. The report stated that at least 58 Tapanuli Orangutans were killed by the floods. These orangutans are native to north Sumatra, and live in an area near Batang Toru Forest. This forest is also home to the majority of 800 primates. The report, a joint research by Borneo Futures in Brunei, World Weather Attribution, and Liverpool John Moores University did not include the other areas of the forest. This means that the death toll may have been higher. Satellite images of damage to West Block of Batang Toru, and historical records of orangutan populations there were analysed. The study found that climate change caused by humans has increased extreme rainfall in the Malacca Strait area, which puts the habitat of the Tapanuli Orangutan at greater risk. Erik Meijaard, the lead author, from Borneo Futures said that the heavy rains soaked up the soil to the point where large areas of hillsides in primary forests collapsed into fast-moving land slides. He said: "If you are caught in the act of being an orangutan... If anything falls at high speeds, your chances of survival will be very minimal. This became a concern." This level of loss is substantial for a species that has a relatively small population. Combining this with other pressures, such as habitat destruction and conflict between humans and wildlife, further increases the urgency to implement and properly resource a coordinated species action plan. Panut Hadisiswoyo is another researcher who urged the Indonesian Government to work with researchers and NGOs to prevent a further decline in the orangutan populations. "We can minimise poaching and hunting, then the population will probably be stabilized," he added, adding that everyone must also pay attention to poor land use, which contributes to the decline in the population. (Reporting and editing by Gibran Pshimam, David Stanway, and Ananda Teresia)
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The world markets are on a tightrope, balancing between AI stocks and oil price shocks
Investors said that the turmoil on the world markets over the past week showed the economic outlook was 'now on a razor edge. There are equal odds for an AI boom to lift growth, or for oil shocks resulting from the U.S. - Iran war to send stocks and bonds into a tailspin. Global equities reached an all-time high on June 3 and then suffered their worst day in October the next day. This week, they have spent a lot of time reversing direction constantly to match U.S. president Donald Trump's volatile remarks about Iran as well as rapidly changing bets regarding when the Strait of Hormuz might reopen. Florian Ielpo, head of multi-asset and macro portfolio management at Lombard Odier Investment Managers, said that most investors had been assuming that the Strait of Hormuz would reopen in less than three months. He added: "If we were to expect oil prices at $95 for several months in the future, it would represent a radical change of outlook and a stagflation scenario." The market is treading a thin line. All Together In recent months, as interest rate and inflation markets have correlated with tech investment and oil outlook, assets that were not clearly linked have moved in tandem. AI-driven optimism is boosting Wall Street stocks, U.S. household assets, official growth forecasts for the next few years, driving breakneck expansion in Asia exporters, and lifting sentiment across asset classes, from global bank shares, to Greek debt. Taiwan is expecting the highest economic growth for 2026, thanks to "blockbuster semiconductor exports", while global tech spending sent imports and exported in China, which is the world's largest consumer of commodities, surging. It's because of this that the FTSE 100, which includes energy producers and miner stocks, has stopped moving inversely compared to so-called growth stock in the tech sector and is now rising with them. THE FLIPSIDE Investors warned that these tech-driven correlations would also make it harder to hide in the event of fears about inflation and rate increases affecting AI spending driving world markets. Investors warned that after markets began pricing in 70% odds of an U.S. interest rate hike, South Korea's won fell to its lowest level in 17 years and the country's technology-heavy Kospi index plummeted almost 9% within hours. Alessia Bernardi, global director of macro-economics at Amundi's research arm, Europe's biggest asset manager, still favors equities and believes that the markets are not pricing in a long-term Hormuz shut down. She warned that "a repricing (interest rate policy) along with higher oil costs and shortages would mean stagflationary risk, and some countries have already entered a recessionary perspective." The energy supply crisis is already affecting economies like Germany and India that aren't closely linked to technology. BUY THE DIPP? Asset managers are used to geopolitical shocks that cause rapid changes in sentiment. For example, Trump's "Liberation Day" tariff blitz of April 2025 shook U.S. stock prices before retail investors piled on a spectacular recovery trade. Ben Jones, Invesco’s global head for research, said: "If you believe that the Strait will remain closed for an extended period and that demand destruction and inflation are likely to occur then it's time to position your portfolio for stagflation." He said: "History has shown us that geopolitical risk?will pass, and when they do you tend to see markets rally very quickly." After Trump's announcements of tariffs, Wall Street's S&P 500 index fell sharply and then made a rapid and fierce rebound. The equity and bond markets also experienced the biggest swings since the COVID-19 epidemic. HEDGING Michael Nizard said that he was boosting his derivatives to profit from the stock market volatility. Many other asset managers have stated that they are now purchasing more insurance products rather than more equity. Kevin Thozet, a member of the Carmignac Investment Committee, said that he increased his holdings in inflation-linked U.S. debt due to market expectations for U.S. consumers prices being complacent. He said that data centre construction would be capital-intensive and increase energy prices. Ielpo, a Lombard Odier employee, said that he hedged his market bets while holding on to stocks and cutting back on government debt. Government debt can act as a safe-haven but it also moves according to inflation forecasts. German Bund yields have reached their highest levels in 15 years, as the price of debt fell during the Iran War. Meanwhile, Japanese 10-year yields have also risen to the highest level they've seen for three decades. Bond market volatility has risen by 5% since the beginning of the war. The stock market volatility is about the same as its long-term average but 35% more than it was year-to date.
Investors weigh Iran talks and Nvidia earnings as they consider the stock market's rise
Investors pondered a few'signs of progress' in the Iran peace talks on Thursday, as they weighed up possible?signs?. Nvidia shares fell despite its earnings exceeding expectations.
The STOXX 600 Index in Europe was up by 0.2% after falling earlier in the day.
The S&P 500 futures and the Nasdaq tech-focused futures were little changed.
After three days of losses, the S&P 500 gained 1.1% after oil prices dropped after U.S. president Donald Trump announced that Iran talks are in their final stages. However, he also said he may restart attacks.
Overnight, the rally continued in Asia with MSCI's broadest Asia-Pacific index outside Japan rising 2.6%.
Samsung shares rose 8.5% after the union of the electronics giant announced it would suspend its industrial action. This prevented a strike which threatened global chip supplies.
Investors in America and Europe were left with mixed messages on Iran from Trump Thursday. On Wednesday, the U.S. President said he would wait for "the answers" from Tehran but was willing to continue strikes against Iran.
Pakistan is stepping up its diplomatic efforts to keep the U.S. and Iran peace talks on track. Officials in Tehran are reviewing Washington's most recent responses.
Francesco Pesole is a currency strategist with ING. He said that the level of conviction was lower this time. "Both sides continue to use belligerent rhetoric, and the markets are less willing to chase positive headlines following earlier disappointments."
NVIDIA UNDERWHELMS IN HEAT AI MARKET
Nvidia shares, the largest company in the world by market capitalisation fell 0.4% during pre-market trading, despite the fact that the firm exceeded Wall Street expectations.
Nvidia announced a $80 billion share buyback program and forecasted second-quarter earnings of $91 billion on Wednesday.
Dan Coatsworth is the head of markets for AJ Bell.
The shares of the company fell in pre-market trade despite the fact that it had once again beaten consensus estimates for quarterly sales and earnings. This was due to concerns about the sustainability of the rapid growth.
The massive increase in U.S. stock prices, up over 8% so far this year, has not been impacted by questions about the longevity of the AI rally.
The index tracking the U.S. Dollar, which was a haven of safety for investors throughout the war, was flat, at 99.15.
On Wednesday, it fell from its six-week peak of 99.47 in hopes of peace talks progressing.
The euro remained flat at $1.16 on Thursday, barely above its six-week low.
Meanwhile, 10-year ?U.S. Treasury yields, the benchmark for borrowing costs around the globe, rose 1 basis point to 4.58%.
On Tuesday, they reached a 16-month peak of 4,687% as traders continued to abandon their previous bets about Federal Reserve rate reductions.
(source: Reuters)