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Putin speaks of war and peace during marathon news conference
Vladimir Putin, Russian president, is expected to send a message to the United States of America and European powers about his desire for peace in Ukraine or more war when he speaks on Friday at a long 'end-of-year' news conference. After eight years of fighting, Russia invaded Ukraine on February 20, 2022. This was the largest confrontation between Moscow, the West and the Cold War. U.S. president Donald Trump has complained repeatedly that ending the Ukraine conflict has been a difficult foreign policy goal of his presidency. Putin, Russia's foremost leader since the last day in 1999, will be leading a news conference with the population and a call-in that is scheduled to start at 0900 GMT this Friday. PUTTIN DUE TAKE DOZENS QUESTIONS Putin answers dozens of questions at the "Results Of The Year" event. He has done this in various formats since 2001. Topics range from his future and price increases to nuclear weapons, and what the Kremlin refers to as "the special military operation" in Ukraine. The COVID test was administered to all attendees. This is still a standard procedure for Putin's meetings, even 73 years later, after the pandemic ended. The question is whether Putin agrees to end the deadliest European war since World War Two. It also depends on the extent of European power's marginalization and the success or failure of a US-brokered peace deal. The Ukraine and its European Allies are concerned that Trump may sell out Ukraine, leaving European powers to pay for a devasted Ukraine in 2025 after Russian forces have taken?12-17 sq km (4.6-6.66 sq miles) of land per day. They are echoing former U.S. president Joe Biden, who said that the Russian invasion is an imperial land grab and Moscow should be punished. This view has been challenged by Trump. Putin sees the war in the West as a turning point in the relationship between the two. He says the West humiliated Russia after the Soviet Union collapsed in 1991, by expanding NATO and encroaching upon what he believes to be Moscow's sphere. A war ending could help'reconnect' Russia with the United States, which has some of the largest reserves of natural resources in the world. These include oil and gas as well as diamonds and rare Earths. This is important for Russia to focus on its competition with China with whom Putin formed a partnership with "no limits". The continuation of this war will lead to more deaths and drain the economies of Ukraine and Russia, as well as European countries, increasing the likelihood of escalation. U.S. officials claim that Russia and Ukraine has suffered over 2 million casualties since the beginning of the war, including dead and injured. Russia and Ukraine do not provide credible estimates of losses. (Reporting and editing by Alison Williams.
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How Trump's Venezuela embargo could put Taiwan at risk
Donald Trump's decision imposing a partial Venezuelan blockade marks a dramatic increase in U.S. political pressure on Venezuelan President Nicolas Maduro. But it could also undermine a key U.S. goal: deterring an eventual Chinese naval encirclement. The U.S. President on Tuesday ordered a "total and complete blockade" against all sanctioned oil tanks entering or leaving Venezuela. This was a move to choke off the main source of revenue for the Maduro regime. The action immediately raised questions about its legal status under international law. Military planners in the Indo-Pacific have feared for years that China could use a blockade of Taiwan's ports to force it to accept Beijing’s rule. Experts say that while China considers Taiwan to be its own territory, it would not rely on international law as a justification for military action in Taiwan Strait. Instead, Beijing could use the U.S. embargo of Venezuela to undermine any American efforts to raise international diplomatic opposition. "If U.S. sanctions change the political outcome in Venezuela, China could justify coercive actions against Taiwan based on alleged security grounds," said Craig Singleton a China specialist at the Foundation for Defence of Democracies, Washington. He said that while the legal contexts are different, the propaganda opening was real. He added that narrative is also a precedent in international relations, not just law. He said that when Washington uses ambiguous terms, this weakens the ability of its critics to denounce?coercion' elsewhere. The blockade was the latest in a series of military actions by the U.S. that included over two dozen airstrikes on suspected drug boats. This was done to put pressure on Maduro and senior Venezuelan officials who, according to the Trump administration, are linked with drug traffickers. Maduro claims that the U.S. is trying to overthrow him and gain control of the OPEC nation’s oil reserves, which are among the largest in the world. A White House official responded to questions by saying that President Trump was prepared to use all of the American power available to stop drugs flooding our country, and bring those responsible to justice. The official did not address Taiwan. China, the largest buyer of Venezuelan oil, has taken a stand in support of Venezuela. It said on Thursday that "it opposes unilateralism and bullying, and supports countries defending their sovereignty and national dignity." CHINA PRACTICES BLOCKADES Beijing has signaled repeatedly that a naval blockade de facto could be the central element in a campaign for control of Taiwan. China's military has been practicing blockade drills around the island more and more in recent years, even though its government denies Beijing's claims of sovereignty. Chinese officials will probably present such a move as an act of domestic law enforcement or quarantine to international audiences. Beijing denies any comparisons between Taiwan and Ukraine, which is fighting a Russian invasion. Taiwanese officials, however, have stated that a Chinese blockade would be an act war and would have far-reaching implications for international trade. Washington, which has opposed unilateral changes in the status quo regarding Taiwan for many years, would argue that a Chinese naval encirclement would be akin to a blocking. In its national security strategy, released in early December by the?Trump Administration, deterring a conflict over Taiwan was deemed a top priority because of its strategic location and importance economically. Isaac Kardon is a senior fellow of the Carnegie Endowment for International Peace, who studies China's naval power. He said Beijing would try to stop the U.S. building a coalition against Chinese actions toward Taiwan. China could benefit from international concern about a U.S.-led blockade on Venezuela. Kardon stated that "the U.S. has done a great deal of damage to the normative nature of the rules." This is a serious blow to the credibility and ability of international law to constrain other actors. Kardon stated that the U.S. actions against Venezuelan tankers may open up China's door to similar actions such as intercepting vessels bound for Taiwan carrying vital natural gas supplies. He said, "Everything about this muddies the water." Experts have warned that a prolonged deployment of U.S. Naval assets to the Caribbean could also undermine the military readiness of the United States and its ability respond to a crisis on the Taiwan Strait. 'REALPOLITIK' International law allows for wartime blockades, but only if they are accompanied by strict conditions. Milena Sterio is a maritime expert at the law school of Cleveland State University. She said that a complete U.S. ban on Venezuela would be illegal unless there was clear evidence the U.S. were in an armed conflict with Venezuela. Sterio stated that a U.S. Blockade would make it difficult for us to criticize the Chinese blockade against Taiwan. Sterio said that "the same rules of international laws apply to all countries and it would not be consistent for the U.S. criticize other states for doing what we do." Michael Hunzeker is an expert in Taiwan's deterrence military at George Mason University. He said that he did not believe that Trump's actions will hurt the real effort: building U.S. allies' support for counterblockade efforts during a crisis about Taiwan. Hunzeker explained that any reference to Venezuela by allies in this context would be a rhetorical justification of a realpolitik choice to stay on the sidelines. He said: "I doubt this episode will have a significant impact on how they view these interests." (Reporting and editing by Don Durfee, Diane Craft and Don Durfee; Additional reporting and editing by Michelle Nichols, Tom Hals and Michael Martina)
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Gold inches down as market digests US CPI data
Gold prices fell on Thursday, as the markets digested U.S. inflation figures that were lower than expected. This reduced the appeal of gold as an inflation hedge. However, support from a higher unemployment rate in November limited further losses. As of 02:26 pm, spot gold was down 0.2% at $4,330.39 per ounce. ET (19:26 GMT). Bullion reached a record-high of $4,381.21 in October 20 and hovered near this level earlier in the session. U.S. Gold Futures?Settled 0.2% Lower at $4,364.5. "Now that the inflation rate is falling faster than anticipated, it reduces the appeal of purchasing insurance against inflation. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that gold has historically been used as a hedge against inflation. Data showed that U.S. consumer price index rose by 2.7% in November compared to the same month last year. This was below the 3.1% rise forecast by economists surveyed by?. After the data, futures on the federal funds rate factored in an increased likelihood that the Federal Reserve would lower interest rates during its meeting in January. Razaqzada said, "It's worth remembering that high inflation has eroded the value of fiat currency over the years." Gold is an asset that does not yield any income, but thrives in low-interest rate environments. It's also reputed to be a hedge against inflation. Gold is in a very positive trend and a breakout to the upside is expected. "I've got upside targets at $4,515.63, and $5,000 is also a valid goal," said Peter Grant. Spot silver fell 1.5% to $65.3/oz after a record high was reached of $66.88 in the previous session. Silver has outperformed the gold market this year. It is up?126% on a year-to date basis, mainly due to investment demand and fears over a shortage. Palladium rose 3.7%, to a record high of $1.708,72, a gain of nearly three years. Platinum rose 1.2%, to $1.922.05, which is a new high. Commerzbank stated in a report that "the wave of price increases has now spread from Silver to Platinum... The platinum price is buoyed up by strong demand coming from China."
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Cannabis stocks rise after Trump signs an order to ease restrictions on marijuana
Stocks of cannabis companies rose Thursday following a?U.S. The U.S. President Donald Trump signed an order to loosen federal regulations on marijuana, the largest shift in marijuana laws since 1970. The decision to reclassify marijuana as a less harmful drug does not legalize it, but rather improves the operating environment for businesses by improving capital access, reducing taxes and accelerating research and development. In afternoon trading, U.S. listed shares of Tilray rose over 6%. Aurora Cannabis?rose almost 9%. SNDL rose 6%. And Canopy Growth gained close to 12%. According to senior administration officials, Trump's order "directs" his attorney general to move quickly with reclassifying marijuana. This could result in the psychoactive plant becoming listed along side common painkillers like ketamine, and testosterone as less dangerous drugs. Irwin Simon said, "I don't believe that many shareholders would buy my stock or?a number of other cannabis shares" without rescheduling. This was before the order. Reclassification would move marijuana from Schedule I (which includes substances such as heroin, ecstasy, and peyote) to Schedule III which covers substances that are associated with a moderate-to-low level of dependence. According to reports, Trump is?considering an Medicare pilot program which would give some seniors access CBD. Rearranging Medicare coverage and attracting investments from other investors and financial institutions would be likely to attract investment.
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Memo shows that Barrick Mining has officially taken over operational control of the Mali mine.
According to a?memo from the company,?Barrick Mining of Canada has retaken operational control over its?Mali mine. Sebastiaan Bok, Director of Operations in Africa and the Middle East, sent a memo stating that Barrick would resume production gradually, and focus on mandatory training to employees and contractors. After two years of negotiation, the two sides reached an agreement to settle their dispute regarding Barrick's operations in West Africa. Barrick's disagreement with the military-led government over a new mining code led to a suspension of operations at its gold mine complex in January. A provisional administrator appointed by a Mali court took control in June. Sources claim that Barrick has agreed to a settlement of $430 million. Two people with knowledge of the situation say that a Malian court ordered last week the return to Barrick of 3 metric tonnes of gold, which had been seized nearly a year earlier by the military government of the country. According to two people familiar with the matter, a Malian judge ordered that a military helicopter seize Barrick's 3 metric tons of gold worth $400 million in January after a confiscation order was issued by a Malian judicial authority. According to both sources, the gold has been at the BMS Bank in Bamako's capital since then. Barrick, whose activist investor Elliott 'Capital is a shareholder, announced plans to concentrate on its North American business, including launching an IPO under interim CEO Mark Hill. Barrick shares were up 1% at the Toronto Stock Exchange Thursday afternoon. (Reporting from Divyarajagopa, Toronto; PortiaCrowe, Dakar. Editing by KirstenDonovan.)
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The Ukraine-US Fund approves investment policy as it looks to first projects in 2026
The U.S. government body that oversees the fund announced on Thursday that the Ukraine-U.S. Reconstruction Fund, created as part of a minerals 'deal' signed by the two countries in April, has approved its asset policies and is ready to review its first investment opportunities starting in 2026. In a press release, the Development Finance Corporation (DFC), said that the fund's 2nd meeting "reached the final consensus needed to bring the fund into full operational status". The DFC stated that potential deals could focus on energy and minerals development, as well as maritime infrastructure. Kyiv, under pressure from Donald Trump for months, signed the minerals deal in April. The United States would receive preferential access to new Ukrainian mineral projects in exchange of investment. Ukraine signed the deal in order to win Trump's support as it repelled Russia's almost four-year old full-scale invasion. A U.S. delegation visited Ukraine in the fall for consultations, and also to visit some potential promising sites. The EU considers 22 minerals to be critical for industries like defence, high-tech appliances, and green energy. Most of the sites are not fully evaluated and will require significant funding for development. (Reporting and editing by Hugh Lawson; Yuliia dysa)
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Pirelli reports that 99.3% 500 mln Euro bond converted, diluting Sinochem & Camfin stakes
Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its stake to approximately 34.1%, down from 37.4%. Camfin, the vehicle of Marco Tronchetti Provera, will see its stake drop to 25,3%, down from 27.4%. Sinochem and Camfin - Pirelli's largest shareholders - have clashed a number of times in recent years. Camfin has complained that Sinochem’s stake is hindering the group’s U.S. growth. Camfin's board has authorized it to increase its share in Pirelli?to 29,9% by October of next year. Pirelli stated on Thursday that the conversion of its?bonds would have a positive effect on its debt. This will improve its net financial position in 2025 by more than 496 million euro.
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EU countries approve a year-long delay in deforestation laws
The 'Council of the EU' announced that the European Union countries approved a deal on Thursday to delay the anti-deforestation legislation by one year. This cleared the final legal hurdle so the law could be passed. First-ever policy, the EU would not allow imports of palm oil, cocoa and other products linked to deforestation. Foreign exporters of these commodities were required to submit due diligence reports proving that their products didn't contribute to forest degradation. The law, originally due to take effect in December 2024 was intended as a major component of the EU’s green agenda. Brussels had already delayed the law by one year. However, that did not stop the opposition from the industry and other trade partners, including Brazil, Indonesia, and the U.S. who said the regulations would be expensive and harm their exports to Europe. According to the amended EU legislation, large firms will be required to comply with the new law as of December 30, 2026. Smaller companies, with a revenue less than 10 million euros for the affected products, must comply by June 30, '2027. The EU Proposed delaying In September, the law was amended a second-time citing concerns about the ?readiness of information-technology systems needed to support ?it Nestle, Ferrero, and Olam Agri are among the food giants. The law was not to be delayed, as the government had previously warned. Forests in danger of extinction are found worldwide. The policy is designed to stop the 10% global deforestation caused by EU imports. (Reporting and editing by Charlotte Van Campenhout, Ed Osmond and Kate Abnett)
Stocks ease as AI ecstasy wanes; dollar wilts without tariff bump
International stocks relieved on Thursday, stopping a rally stimulated by U.S. President Donald Trump's mammoth spending plans for artificial intelligence infrastructure as a few of that enjoyment died, though Chinese shares fared much better on Beijing's assistance.
In Europe, the STOXX 600, which hit a record high on Wednesday, was down 0.1%, under pressure from a drop in technology shares, which had actually soared the previous day after Trump announced a $500 billion private-sector AI facilities financial investment strategy.
The joint endeavor, which involves Oracle, OpenAI and SoftBank at first turbo-charged a rally in worldwide stock markets, which drew further support from upbeat revenues.
With no more information on Trump's prepare for tariffs, the momentum faded and the dollar hovered around two-week lows, while stocks on Wall Street struck a record high the previous day .
Plainly, the path of least resistance continues to cause the upside in the equity area, with participants competently shrugging off tariff-related uncertainties in the meantime, stated Michael Brown, senior research study strategist at Pepperstone.
That stated, next week brings a chunky slate of occasion danger, including the first FOMC decision of the year, along with revenues from megacaps ... It wouldn't be too unexpected to see some equity longs trimmed into that bonanza.
U.S. stock index futures were down 0.2-0.5%.
On Asian markets overnight, Chinese stocks rallied by more than 1% at one point in the session, after the federal government revealed strategies to funnel hundreds of billions of yuan of investment from state-owned insurance providers into shares, simply after Trump stated he was proposing to slap a 10% punitive duty on Chinese imports.
The CSI300 blue-chip index quit a few of those gains to end the day up 0.18%.
The consistent underperformance of China equities is a. barometer of the country's fundamental economic troubles,. along with falling bond yields, said Alvin Tan, head of Asia FX. strategy at RBC Capital Markets.
They point to the domestic troubles. And U.S. tariffs. will get worse the issue especially with China growing more. reliant on net exports to power growth.
Somewhere else, Japan's Nikkei gained 0.8%. Shares in. SoftBank jumped 5%, with the company having come under. the spotlight due to the Stargate AI joint venture.
The Info reported on Wednesday that OpenAI and. Japanese corporation SoftBank will each devote $19 billion to. fund the job.
TARIFF THREATS
Action in the currency markets was mainly subdued on. Thursday after an unpredictable couple of sessions since Trump's return to. the White House, owing to his plans around tariffs.
Adding to his dangers on Chinese imports, Trump also stated. Mexico and Canada might face levies of around 25% by Feb. 1.
Likewise, he assured responsibilities on European imports, without. elaborating even more.
However in the absence of any additional details, the dollar. struggled to push higher.
The U.S. dollar index, which measures the currency. versus 6 others, suffered near a two-week low of 108.26.
The euro was little bit altered at $1.0408, while. sterling last traded down 0.2% at $1.2306.
China's yuan deteriorated by 0.14% to 7.2931 in the. offshore market.
The danger of tariffs continues to hang over markets, but. the rapidly decreasing half life of headings shows you the. market is currently numb to the shenanigans, said Brent Donnelly,. president at Spectra Markets.
Ahead of the Bank of Japan's policy choice on Friday, the. dollar increased to a one-week high against the yen at. 156.76. Markets have actually currently completely priced in a 25-basis-point. rate hike at the conclusion of the conference.
Norges Bank held interest rates on Thursday however signified it. plans to cut rates at its next meeting in March.
The crown, the weakest carrying out G10 currency. versus the dollar in the in 2015, with a loss of 7.5%, was. 0.1% down on the day at 11.29 to the dollar.
In commodities, oil prices edged into positive territory,. but remained below $80 a barrel, under pressure from issue. over how Trump's proposed tariffs might impact worldwide economic. growth and need for energy.
Brent crude futures were last up 0.15% on the day at. $ 79.11 a barrel, having fallen earlier by as much as 0.5%, while. copper prices fell 0.6% to $9,173 a metric load.
(source: Reuters)