Latest News
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Rescue efforts continue to reach at least three victims of South Korea's power plant collapse
An official of the South Korean Fire Department said that on Friday, at least three people had died following the collapse of an enormous structure at a South Korean power station that was being prepared to be demolished. Kim Jung-shik told reporters that two other workers were found under the rubble, and it was presumed they had died. Two others are still missing. On Thursday afternoon, workers were removing parts of a massive steel structure that was a decommissioned heating system when it collapsed. The footage from the scene shows the structure toppled and mangled, surrounded by other structures. Rescuers used heat sensors, remote scopes, and search dogs to help locate other trapped workers. However, their efforts were hampered by a risk of further collapse, Kim explained. The South Korean president, Lee Jae Myung has made improving workplace safety a top priority and has ordered a massive effort to rescue the trapped workers. (Reporting and editing by Jack Kim, Joyce Lee)
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ASIA GOLD - India discounts increase as demand drops post-festivals. China activity also cools
The physical gold demand in India was subdued in this week's trading as the volatile price levels discouraged buyers and led dealers to offer steep discounts in order to attract them. In China, demand also cooled due to new tax regulations. Indian dealers are offering a discount The discount is now up to $14 per kilogram over the official domestic price, including 6% import duties and 3% sales taxes, compared to last week's up to $12. A New Delhi jeweller said that investment demand was the main driver of the market last month. But now, even investors are waiting for a clear trend in prices. The global spot gold price is on track to gain a little each week, but it has fallen about 9% from its record high of $4381.21 set on October 20. In India, domestic gold prices are trading at around 121,000 rupees (1,376.64) for 10 grams after reaching a record of 132 294 rupees per gram last month. India celebrated Dhanteras (Diwali) and Diwali last month. These festivals are when gold is considered auspicious, and they're also the most popular gold-buying holidays in the country. Jewellers are rushing to replenish their stock after a good festival season. However, many are delaying the purchase of new items. Bullion traded in top consumer China at a discount of up to $5 per ounce above the global benchmark spot rate. . Last week, the price of bullion was equal to $4 per ounce. According to the Ministry of Finance, China has ended its long-standing policy of tax exemption for certain gold retailers. The new policies have reduced it to 6% as of November 1. The lower tax exemption will last through December 31, 2027. Barnard Sin is the regional director for Greater China of MKS PAMP. He said that "China's gold market has cooled, due to regulatory challenges and new VAT rules (value added tax). Exchange-traded investments have remained largely unaffected." Expect a short-term decline, especially in jewellery consumption due to the higher costs for retailers (in China). In Singapore Gold in Hong Kong traded at a premium of $1.7-$3.5. Hong Kong Gold Gold was priced between $1.50 to $2.50. In Japan, gold The spot price was equal to the sale price due to a weak demand. ($1 = 87.8950 Indian rupees) (Reporting by Ishaan Arora and Brijesh Patel in Bengaluru and Rajendra Jadhav in Mumbai; Editing by Subhranshu Sahu)
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Polish central bank maintains CPI target despite growth acceleration
According to the National Bank of Poland's latest forecasts, the inflation rate in Poland will remain within the target range of the central bank until 2027. The forecasts also predict a faster economic growth for next year. According to the November forecasts inflation will reach 2,9% in 2026, and 2.5% by 2027. This is in the middle of central bank's target range of 1.5-3.5%. According to the forecast, in 2026 the price increase will be primarily driven by the unfreezing energy prices, introduction of excise duty on tobacco products, and higher prices for administration services. In its report, the central bank stated that "additionally, faster price increases in 2026 will also be driven by accelerated economic recovery in 2020, translating to stronger demand pressure, reflected in positive output gaps." The NBP noted that inflation will be controlled by slower wage increases and the expected declines in global commodity prices, including energy and agricultural commodities. The NBP stated that price growth is projected to be significantly slower in 2027. The central bank expects that the economic growth will also accelerate next year due to continued EU funding under the National Recovery Plan. The report says that "in 2027, this positive factor will fade and result in a slower economic activity." EU funds will have a positive effect on Polish investments. These will be fueled by the spending associated with the ongoing energy transformation and purchases of military equipment. The central bank stated that the projection was based on data available up to October 15, 2025. The central bank of Poland cut its main rate on Wednesday by 25 basis points, to 4.25%. It cited a slower inflation and a better outlook. The key interest rate was cut by 150 basis points this year. (Reporting and editing by Alex Richardson; Pawel Florkiewicz)
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China's central banks buys gold 12th consecutive month
Data from the People's Bank of China showed that China's central banks added gold to their reserves for the 12th consecutive month in October. China's gold reserves increased from 74.06 to 74.09 fine troy pounds at the end October. This compares to 72.8 million ounces a year ago, a 1.8% increase. According to the PBOC, the value of gold held by the PBOC was $297.21 Billion at the end last month compared with $283.29 Billion in September. Gold spot was just above $4000 per ounce Friday, as the safe haven gained traction in the face of a weaker US dollar and as bets grew on the Federal Reserve cutting rates by December. Gold prices were also supported by concerns over a long-term U.S. shutdown, and the uncertainty surrounding U.S. tariffs. In October, gold reached a new record of $4,381 an ounce. Beijing has cut the value added tax for gold purchased via the Shanghai Gold Exchange or the Shanghai Futures Exchange. China still hasn't released official data on gold production for the last quarter, so analysts are left without an update. The PBOC halted their 18-month gold buying spree in May 2024. The central bank began buying gold again in November of that same year. (Reporting and editing by Christian Schmollinger, Kim Coghill and Kim Coghill; Qiaoyi Li and Dylan Duan).
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Foreign Minister: Hungary will buy US nuclear fuel from the US and technology for storing spent fuel.
Hungary will sign a nuclear cooperation agreement with the United States. This includes a deal for American nuclear fuel, and U.S. technologies to store spent fuel in a Russian nuclear power plant. The deal is expected to be signed when U.S. president Donald Trump sits down with Hungarian prime minister Viktor Orban for talks later on Friday. Both leaders are expected to discuss Hungary’s dependence on Russian oil. Peter Szijjarto, Foreign Minister, said: "We will be signing a major agreement intergovernmental on cooperation in the nuclear energy sector with Marco Rubio my colleague as a foreign minister." Hungary has maintained close relations with Moscow ever since Russia invaded Ukraine. It is also reluctant to reduce its dependence on Russian energy. Trump supports Orban, a fellow right-wing politician. He has however called on European nations to reduce their energy ties with Moscow and purchase more energy from the United States. Szijjarto stated that Hungary will buy American nuclear fuel to meet its increasing energy needs. Rosatom, a Russian company, is building two new reactors at Paks. Rosatom was awarded the "Paks II", a project that has been delayed significantly, in 2014 without any tender. Szijjarto stated that "in addition to maintaining our existing supplier relationships, we will purchase American nuclear fuel for the first ever time in Hungary's history of energy." Szijjarto, in a press release, said that Hungary would also purchase American technology to safely store spent nuclear fuel inside the Paks Nuclear Plant. Minister said that the agreement would also cover small modular reactors. In August, Hungary announced a partnership with Poland's Synthos Green Energy. Synthos Green Energy holds the technology rights for GE Vernova Hitachi on small modular reactors throughout central Europe. (Reporting and editing by Anita Komuves)
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AI rally hits speedbump, tech stocks drop to weekly low
Investors became uneasy over the extent of the artificial intelligence rally, and yen and bonds were stable. S&P 500 and Nasdaq futures were up about 0.3% by the afternoon in Asia. This was after a Nasdaq drop of 1.9% on Thursday. The world's largest tech index has fallen 2.8% this week, and if that trend continues, it will be the biggest drop in a single week since April when tariffs were first announced. Since then, the Nasdaq index has gained over 50%. European futures and FTSE Futures both fell by 0.3%. Japan's Nikkei dropped 1.2%, resulting in a loss of 4.1% per week, the biggest since April. In Seoul, the KOSPI declined 1.8%, resulting in a weekly drop of 3.7%, the biggest since February. Softbank Group Corp, a tech investor, fell nearly 20% in the past week. Chip and cable manufacturers were also amongst the worst performers. Bitcoin, which is sometimes used as a barometer for tech sentiments, has fallen 8% this week to $101,090. MOOD SHIFT The pullback of AI-related shares has not been triggered by any obvious event, but the reaction to recent results reveals that some fears are beginning to surface about the possibility of a bubble and profitability questions. Meta's stock plunged late last month after it revealed large capital expenditures as the company builds data centres to support its AI push. Palantir Technologies, a data and AI company, has also seen its shares fall despite exceeding earnings expectations. Herald van der Linde is the head of equity strategies for Asia Pacific, HSBC. "And another one says it. Then a third. A fourth person says that these three are all selling. It's possible that I am selling, too. It's just a change in market sentiment. This could be happening now." Overnight, the S&P 500 index closed down 1.1% and the Philadelphia SE Semiconductor Index fell 2.4%. BONDS, YEN HIGHER Bond markets rose on the back of a demand for safety, and as second-tier U.S. data indicated a wave layoffs which could support future rate cuts in the U.S. The benchmark 10-year U.S. Treasury rates fell 6.4 basis point to 4.09% Thursday, after Challenger, Gray & Christmas, a firm that specializes in outplacement, said that there was a spike in the number of announced job cuts for October. On Friday, the yields remained unchanged. These private surveys have attracted attention on the market, while a long-term U.S. shutdown has stopped official U.S. data publishing. The dollar was dragged down by the lower yields, but it was still set to have a relatively steady week. The euro was largely stable throughout the Asia session, at $1.1535. The safe-haven Japanese yen is expected to rise modestly by 0.3% per week, last trading at 153.47 yen for every dollar. The pound jumped in value after the Bank of England held interest rates, but the possibility of a rate cut in December limited gains. It traded at a slight discount in Asia and was trading at $1.3115. Brent crude oil held steady at $63.58 per barrel and Safe-haven Gold briefly traded above $4,000 per ounce. The price of soybeans is expected to drop by a week, but there are no signs yet that China will be buying 12 million tons before the year's end. (Editing by Lincoln Feast, Jacqueline Wong and Jacqueline Feast)
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China's production of steel and iron ore is reducing, resulting in a weekly loss for the industry.
Dalian iron ore contracts fell on Friday, logging a loss for the week as weakened steel demand and production reductions in China's top consumer pushed prices down. The January contract for iron ore most traded on China's Dalian Commodity Exchange(DCE) dropped 1.87%, to 760.5 Yuan ($106.77) per metric ton. The contract closed the week at a 3.95% loss. As of 0712 GMT, the benchmark December iron ore contract on Singapore Exchange was down by 2.46% to $101.35 per ton. The contract has fallen 4.51% this week. Analysts from ANZ said that in order to control deflation in China, the country has been focusing on eliminating overcapacity. The steel industry is a particular focus, as rapid capacity growth in this sector has impacted profitability. SteelHome data showed that blast furnace production was cut in North China, the region with the largest steelmaking industry. This led to a drop in steel output. Galaxy Futures, a Chinese broker, says that ore prices will remain low, as steel demand is expected to continue declining, as real estate, infrastructure and manufacturing consumption declined on an annual basis. The fourth quarter should not see any significant improvement. After the European Commission proposed last month that tariff-free import quotas for steel be cut by almost half, while the duty on steel imported outside of the quotas would double to 50%, German Chancellor Friedrich Merz called for European patriotism in order to protect the EU’s steel industry. ArcelorMittal is the second largest steelmaker in the world. It beat earnings estimates for the third quarter, and provided a positive outlook to 2026. However, it noted that the overall demand was weak during the quarter, and there were few signs of restocking. Coking coal and coke, which are used in steelmaking, also lost ground. They fell by 0.97% each and 0.62% respectively. The Shanghai Futures Exchange saw a rise in most steel benchmarks. The price of rebar rose by 0.2%. Wire rod increased by 0.03%. Stainless steel was up 0.2%. Hot-rolled coil fell 0.34%. ($1 = 7.1230 Chinese yuan). (Reporting and editing by Subhranshu Sahu, Janane Venkatraman and Lucas Liew)
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Botswana, Angola to hold talks over De Beers
Botswana, Angola and their mining ministers will meet in Botswana’s capital for talks on Friday. The two Southern African nations are seeking to control the Anglo American diamond company De Beers. Botswana considers De Beers, which owns 15% and produces 70% of its rough diamonds, as a strategic asset for the country, despite the global price slump that has hurt their economy. Angola originally sought a minor stake in De Beers, but submitted a bid later for a major stake. This could lead to a bidding war between Angola and its neighbour. According to a program shared by the Botswana mines ministry, their meeting is expected to begin around 8am GMT. The program did not specify what the two ministers were going to discuss. Azevedo will fly to Angola at 1230 GMT after their meeting. Anglo has put De Beers up for sale, one of the leading diamond companies in the world, to focus on its other business areas. It values it at $4.9billion.
Canada proposes changes to draft tidy electrical energy regulations
Canada has actually proposed changes to its draft tidy electrical power regulations that intend to achieve a. netzero emissions power grid by 2035 after getting extensive. feedback throughout consultations, the federal environment minister. stated on Friday.
Prime Minister Justin Trudeau's Liberal federal government released. the draft regulations, a crucial part of Canada's promise to strike. net-zero emissions across its entire economy by 2050, last year. and expects to settle the legislation later this year.
The proposed modifications consist of setting an annual emissions. limitation for each specific power-generating system instead of having. an emissions intensity requirement, permitting power companies with. several systems within one jurisdiction to pool those emissions. and enabling the usage of carbon offsetting.
The enhancements under consideration would boost the. versatility for provincial operators to continue to ensure. cost effective and reliable power while keeping Canada's capability. to achieve its emissions decrease objective, the federal government stated in. a statement.
A variety of conservative provinces highly oppose the tidy. electrical power guidelines, including Canada's primary fossil. fuel-producing province Alberta, whose government is thinking about. developing a publicly-owned electricity company in a quote to avert. the federal requirements.
Federal Environment Minister Steven Guilbeault said the. federal government had taken into account feedback from numerous. stakeholders including energies, investors and policy. think-tanks.
The proposed changes are a result of feedback, not a result. of this province or that province - it's a combination of what. we have heard, he stated in an interview.
In its preliminary draft guidelines the government said it. expected to cut more than 340 million metric lots of carbon. contamination between 2040 and 2050. Guilbeault stated the proposed. modifications would result in emissions decreases in the very same. ballpark as the initial plan.
(source: Reuters)