Latest News
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Vanda Research reports that US retail traders are buying silver ETFs more quickly than other tech favorites.
Silver demand by retail traders is not slowing down in the U.S.?stock?market. In fact, it has now surpassed popular technology trades. The?analytics company said that individual investors bought iShares Silver Trust for?about $171 mln on Monday. This is nearly twice the $93 mln one-day high set during the silver squeeze of 2021, when investors banded on Reddit in order to push up GameStop's stock and silver. Ashwin 'Bhakre', Vanda Research's Head of Product, noted that the turnover for iShares Silver Trust had increased by more than 11 'times' its normal pace. This was more than seven times the increase in Nvidia. LSEG data shows that a combination of?retail' and?institutional' interest has pushed the volume in iShares Silver Trust several times higher than the popular SPDR S&P ETF Trust. Investors also bet against the rally. Vanda noted that trading activity for ProShares Ultrashort Silver, which tracks the double inverse of an index of silver, was four times higher than usual. This showed a strong interest from retail investors in betting on a fall in silver prices. The retail frenzy is also spilling over into mining stocks. According to Vanda, Hecla Mining and Coeur Mining are among the 50 most active names. Silver prices tripled over the last year and now exceed $100 per ounce. This was due to retail speculation, momentum buying, and persistent shortages of physical supply.
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EU-India trade agreement leaves carbon border tariff in place
The EU has confirmed that the landmark trade agreement between India and the European Union, signed on Tuesday, will not result in any changes to the carbon border tariff of the EU, despite India’s concerns about the scheme. India has criticized the policy, which is a world first. Since the EU announced the policy in 2021 it has warned that the levy may hamper the steel trade. This month, the scheme began charging fees for EU imports of high-carbon goods such as steel, cement and others. An EU official stated on Tuesday that "nothing will be phased-out in terms of CBAM implementation." The EU levy has been referred to as the carbon border adjustments mechanism. EU Promises No One Will Get Favorable Treatment India was concerned that the EU could offer exemptions to?U.S. The official said that India had agreed to a trade agreement with Donald Trump as part of the deal. Unknown to? The EU had refused to offer Indian companies more flexible CBAM regulations or change the levy. Brussels and New Delhi instead agreed to hold technical discussions around the carbon tax, and the EU committed itself that it would not give other countries more favourable treatment under the scheme than India. This pledge has no practical effect, as EU law already prohibits the bloc from giving special treatment to certain countries in CBAM. The first official stated, "We do not intend to discriminate between countries in the implementation of the CBAM." The EU Carbon Levy was designed to bring imports up to par with those manufactured in Europe where factories pay for CO2 emissions. It has angered some trading partners including South Africa, Brazil and others who claim that it penalizes their economies by imposing EU standards to developing nations, without them having the resources to meet these standards. In the same trade agreement, the EU agreed to give 500 million euros to India to reduce its emissions. India will also receive 1.6 millions metric tons in duty-free steel to be exported to the EU. This is about half of the annual shipments. Analysts and industry executives have stated that the CBAM will likely curb Indian steel exports to Europe and encourage mills to look for alternative buyers in Africa or the Middle East. CBAM will initially only be charged on imports if they emit a certain amount of CO2, as the EU introduces the tax gradually. Reporting by Kate Abnett in Brussels and Philip Blenkinsop. Shivangi Acharya contributed additional reporting from New Delhi. Mark Potter (Editing)
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Former Nigerian oil minister Alison-Madueke is tried in the UK for bribery.
British prosecutors said that former Nigerian oil minister Diezani Alison Madueke received bribes, including cash, luxury items and the use of high-end property, from those who were interested in oil and gas deals. Alison-Madueke served as Minister for Petroleum Resources between 2010 and 2015. She was the first woman in history to hold either role. The 65-year old is one of the highest-profile former energy officials who will be tried for corruption. He was charged in 2023 with five counts of taking bribes, and also a conspiracy charge. Alison-Madueke denies the charges. Her trial started at London's Southwark Crown Court. Prosecutor Alexandra Healy stated that Alison-Madueke had been given use of properties, and "vast quantities?of luxury items" were purchased by those who wanted contracts with Nigerian state owned companies. Alison Madueke, 54, sat on the dock with Olatimbo Ayinde. Ayinde is charged with bribery in relation to Alison Madueke, and another count?of Bribery of an Foreign Public Official. Alison-Madueke’s brother, former archbishop Doye Agama (69), is accused of conspiracy to commit bribery. He is unable to attend the trial in person due to medical issues. Ayinde et Agama deny all the accusations against them.
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Insurance giant AXA XL, Enosis Capital seal 'debt-for-nature' tie up
Enosis capital, a credit fund, has signed an agreement with AXA XL to have the insurance company provide vital cover for a $3 billion wave of debt for nature' deals. The first deal is expected to be in the next 6 to 9 months. Debt-for nature swaps are designed to help countries with lower incomes spend more money on ecosystems that are under threat, such as coral reefs or rainforests. They do this by substituting expensive government bonds for cheaper alternatives. Belize, Barbados, and Ecuador's Galapagos Islands are examples of places that have seen their popularity grow. But there has been something of a drought in the past year, as Donald Trump, a climate-change skeptic, has returned as the president in the U.S., leading to some changes in key institutions. Specialist finance and insurance firms have stepped in to help the market for debt-fornature swaps 'take off'. Ramzi Issa co-founded Enosis capital in late 2024, after pioneering the debt-for nature-swap structure at Credit Suisse. He said that the tie-up between Enosis and AXA XL, which provides political risk insurance and similar products, was key. It is also part of Enosis’s $3 billion pipeline for debt swaps and developments deals. Issa anticipates that the first of these dozen or more deals will be finalised within the next six-nine months and a second by the end of this year. Issa declined to identify the countries due to the sensitive nature of the debt markets. He said that the first deal will not follow a traditional structure of debt swaps, but instead would make use of many "credit enhancements", such as risk insurance, which are essential to keep borrowing costs low for countries. SPEED UP PROCESS The partnership is part of a larger?collaboration, including Conservation International, World Wildlife Fund and Hollywood star Leonardo DiCaprio?s Re:wild?group. AXA XL’s Jeff Abramson, Stuart Barrowcliff and Stuart Barrowcliff stated that debt swaps are an area for growth at the insurance company. It has insured $30 million out of $300 million in loan that was at the heart of one of the latest swaps in the Bahamas, which took place in late 2024. Abramson stated that the partnership would reduce the complexity of debt swaps, which can take years to finalise and agree upon. Abramson noted that these deals tend to take a while to develop. The hope is to make it more systematic... so that the wheel turns a bit faster. (Reporting and editing by Jan Harvey; Marc Jones)
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Sicilian town is left perched on the edge of a cliff by a landslide
The Italian civil protection chief said that homes in the Sicilian city of Niscemi were left perched on the edge of the cliff following a landslide triggered by storm. Niscemi is a town with a population of around 25,000 in central-south Sicily. It sits on top of a plateau which, according to authorities, is slowly collapsing towards the plain below. Over 1,500 people had to be evacuated. After large sections of slopes gave way, buildings were left hanging over the edge. The front end of a car was poking out into the chasm. Fabio Ciciliano, the head of civil protection in Niscemi told reporters that there were homes near the landslide which are uninhabitable. Residents from the area would be relocated permanently. Once the water drains away and the moving part has stopped or slowed down, an accurate assessment can be made. He added that the landslide was still active. The Italian government, led by Prime Minister Giorgia meloni, declared a state-of-emergency for Sicily and Sardinia on Monday. These three southern regions were devastated by a violent storm that hit last week. In recent years, extreme weather events in Italy have increased. In recent years, flooding has devastated many cities in Italy. Dozens of people have died and the risks of landslides or floods are now more prevalent. The administration has set aside 100 millions euros ($119million) to cover 'the immediate needs of the worst-hit areas by the storm. Local authorities estimate the damage to be over one billion euros. This is after strong winds and waves forced the sea inland, overwhelming coastal defences and destroying homes and business. The sudden evacuations in Niscemi have caused anger and anxiety among some residents who claim that earlier landslides were not addressed. Francesco Zarba: "I was told I had to leave the house, despite not having any collapsed items in my home or under it. "We had our first landslide thirty years ago and nobody did anything." $1 = 0.8382 Euros (Reporting and Writing by Angelo Amante, Editing by Alison Williams).
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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).
Greece wants to review the cost of an undersea electricity link to attract investors
The Greek energy minister announced on Tuesday that the country will hire an outside adviser to review the costs of a stalled, stalled project. It aims to build "one of the largest undersea cables in the world" and to 'link mainland Europe with Cyprus. The Great Sea Interconnector scheme, which has a budget worth 1.9 billion euro ($2.26 billion), partly provided by the European Union has been delayed due to geopolitical tensions in the eastern Mediterranean. Cyprus has also repeatedly asked for clarifications about the total cost, viability, and any liability for unforeseen delays.
After taking over the project from a Cyprus operator who had worked on it for a decade, IPTO, a Greek transmission operator, is building the link with a capacity of 1,000 Megawatts. In recent months, both Greece and Cyprus reaffirmed their commitment towards the cable. Cyprus also said that it had approached the United Arab Emirates to discuss possible collaboration on the project.
In an interview on Tuesday with Greek Open TV, Energy Minister Stavros papastavrou stated that "the decision by Greece and Cyprus was that we move forward, that there would be updated numbers from a house that is one of the most famous ones in?the world, and with this, to attract either investors from the Middle East or the Americas."
"I hope that this will be a fresh start," he said. He added that the increased number of investors would allow the scheme to go into effect. The French cable manufacturer Nexans, who has won a contract worth 1.4 billion euros to supply the cable said that it would re-negotiate the delivery schedule this month, acknowledging the delays.
(source: Reuters)