Latest News
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Vale, a Brazilian company, plans to invest $2.6 Billion in decarbonization initiatives
A sustainability report released on Monday revealed that Brazilian miner Vale will invest up to 13 billion reais (2,56 billion dollars) in decarbonization projects to achieve its voluntary emission reduction targets and mitigate climate-related risks. The company has not specified the timeline for the investment. The investment includes up to four billion reais in decarbonizing operations. The 8 billion reais are allocated to the construction of industrial complexes focusing on low-carbon technology, including steelmaking technologies and iron ore briquettes. The firm stated that the remaining 1 billion reais would be used for research and development. Vale has invested 9 billion reais between 2020 and 2025 in initiatives to reduce carbon emissions. Vale's executive vice president for sustainability, Grazielle Parentsi, told a reporter that the company could see financial and environmental benefits from these initiatives. She said that Vale's governance structure evaluates all projects and decisions with this level of importance based on an environmental, social and governance matrix which identifies the potential risks and opportunities associated with each one. Carbon?pricing mechanisms could cost the company up to 22 billion reais, at current?value. This is expected to have a significant impact from 2030. $1 = 5.0686 Reais (Reporting and Writing by Fernando Cardoso, Editing by Aurora Ellis).
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The US Strategic Petroleum Reserve has its lowest oil stock since 1983
According to Department of 'Energy data released on Monday, crude oil stocks in the U.S. Strategic Petroleum Reserve have fallen to 340.3m barrels. This is the lowest level since 1983. It signals a?shortage of supplies at a time when?the u.s. Iran and the United States agree to a deal that will end the war in the Middle East and open up the Strait of Hormuz. The government's emergency stock fell by 8.9m barrels. This is the third-largest draw in history. The U.S. agreed to "loan" 172 million barrels to the facility in order to lower fuel prices which have risen to multi-year levels over the past few months. U.S. crude stock levels have dropped sharply over the past few weeks due to high demand for American oil in refining, and to fill supply gaps created by the Iran War. Overall,?U.S. After the beginning of the war at the end February, inventories including commercial and SPR stock have dropped by 79 million barrels to 77,6 million, the lowest level since 2023. Cushing, Oklahoma's main oil storage hub and pricing point for U.S. West Texas Intermediate Crude Futures, has seen its inventories drop to 21.6m barrels. This is near the operational lows. There are concerns about a tight supply. Stocks in the SPR fell below levels reached during the tenure of former president Joe Biden. They hit a low of 346.8 millions barrels. Republican lawmakers raised concerns at the time that the sale of the?180m barrels of oil, the largest amount ever sold from the Strategic Petroleum Reserve after Russia invaded Ukraine, was being used as a 'political instrument' and had damaged the?delicate sal caverns. The Biden administration denies these claims. The latest SPR loan requires companies to borrow oil 'to return the original volumes, plus a premium, in the form of extra oil. The Department of Energy says the system will stabilize markets without costing U.S. tax payers.
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Gold prices rise as Iran and the US agree to end war
Gold prices rose on Monday for the third consecutive session, reaching a record high of over one week after Iran and the U.S. announced that they had agreed to terms to end their conflict. This move eased expectations about higher interest rates. By 1:30 pm EDT (1730 GMT), spot gold had risen 2.6% to $4,327.82 an ounce after reaching its highest level since June 5, earlier in the day. U.S. Gold Futures closed 2.7% higher at 4,351.6. The dollar index fell by 0.2%, making metals priced in greenbacks more affordable for holders of other currencies. The dollar index fell by 0.2%, making metals in greenbacks more affordable to holders of other currencies. An official in the United States confirmed that a memorandum to end the conflict was signed by President Donald Trump of the United States, Vice President JDVance, and the Speaker of the Iranian Parliament. Both sides reported that it was expected to be signed at a Geneva ceremony on Friday. The?gold price is pricing out the conflict. The news of the peace deal brought down Treasury yields and the dollar, as well as oil. These were the main inflation and cross-asset risks, said Phillip Streible. Chief market strategist at Blue Line Futures. Since the Iran conflict, gold has been under pressure as high energy costs and inflation concerns have raised the chances of interest rate increases which tends to weigh down on the non-yielding assets. According to the CME FedWatch tool, after the framework agreement, traders reduced the odds of an U.S. interest rate hike in December from 70% to 58%, down from nearly 70% the previous week. Markets are now focusing on the Federal Reserve policy meeting of June 16-17, which will be Chair Kevin Warsh’s first as the head. Streible said that the next move in gold's price is all about Warsh and his tone. The deputy prime minister announced that Singapore will introduce a central bank gold vaulting service and an over-the counter?gold clearing system. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber, Jan Harvey and Joyjeet Das) (Reporting and editing by Shailesh Kumar, Jan Harvey, Joyjeet Das; Ashitha Shivaprasad from Bengaluru)
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India's silver exports fell to a three-year low after import restrictions in May
India's silver exports fell 87% from a year ago to the lowest level in over three years. This was revealed by government data on Monday, after the largest consumer of the metal in the world tightened import restrictions. India's lower imports, which meet more than 80% its silver demand by purchasing it overseas, could have a negative impact on global prices while also helping to narrow India's trade surplus and reduce pressure on the rupee. According to data compiled by Ministry of Commerce and Industry, silver imports dropped from $566.22 millions in May of last year to $75.57million. Volume-wise, imports fell?94% on an annual basis to 33 metric tonnes, the lowest level since February 2023. India restricted imports in May of'silver' in almost all forms. In the first week of this month, India tightened its rules by adding silver powder and grain to the restricted category. In an effort to reduce the pressure on foreign exchange reserves and curb imports of precious metals, the government also increased import duties for gold and silver from 6% to 15%. "There's demand, but due to restrictions it has become more difficult to import, and the local premiums are starting to increase," said a Mumbai dealer for a private bank that imports bullion. India spent $12 billion in total on silver imports during the financial year 2025/26 that ended in March. This is a record amount compared to $4.8 billion just a year ago. Silver is used for jewellery, coins, bars, and industrial applications from solar energy to electronic devices. Inflows to silver ETFs have reached a record level. India imports silver from the United Arab Emirates (UAE), Britain, and China. (Reporting and editing by Sahal Muhammad; Rajendra Jadhav)
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Gold gains over 3% after US and Iran reach a peace agreement
Gold prices rose by more than 3% on Monday. They reached a 'over a week peak, after the U.S. and Iran agreed to end their war. This eased expectations for higher interest rates. As of 10:35 am EDT (1435 GMT), spot gold was up by 3.3%, at $4.356.79 an ounce. It had earlier reached its highest level since June 5. U.S. Gold Futures rose 3.3% to $4 378.70. The index of the?U.S. The dollar index fell by 0.2% making metals in greenbacks more affordable to holders of other currencies. Although still only a framework agreement, the deal ending the war and opening the Strait of Hormuz was a major breakthrough that sent oil prices down. The official signing of the memorandum is set for Friday in Switzerland. The gold market has priced out the conflict and is now moving on. The news of the 'peace deal' brought down Treasury yields and the dollar, as well as oil. These were the major inflation and cross-asset risks, according to Phillip Streible. Chief market strategist at Blue Line Futures. Since the Iran conflict began, gold has been under pressure as rising energy prices have increased the likelihood of interest rate increases. This tends to weigh down on the non-yielding investment. CME FedWatch shows that after the framework agreement, traders reduced the odds of an increase in U.S. interest rates in December from almost 70% to?52.5%, down from nearly 70% the previous week. Markets are now looking for hints?on interest rate outlook at the Federal Reserve policy meeting on June 16-17, which will be Chair Kevin Warsh’s first as the head of the Fed. Streible said that the next move in gold's price is largely determined by Warsh and his tone. The deputy prime minister announced that Singapore will introduce a central bank gold vaulting service and an over-the counter gold clearing system. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber and Jan Harvey) (Reporting from Ashitha Shivaprasad, Bengaluru. Editing by Shailesh Kuber and Jan Harvey.
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Gold prices rise as US and Iran reach peace agreement
Gold prices rose for the third straight session on Monday. They reached a high of?nearly one week after Iran and United States agreed that their war would be halted. This agreement eased expectations about higher interest rates. Gold spot rose 3%, to $4,344.77 an ounce at 08:42 am EDT (1242 GMT), reaching its highest level since the 9th of June. U.S. Gold Futures? climbed 3% to 4,366.80. The U.S. Dollar Index was down by 0.2% making metals priced in greenbacks more affordable to holders of other currencies. The deal, while still in its framework stage, was the most significant breakthrough. It would reopen?Strait of Hormuz and send oil prices down. The official signing of the memorandum is set for Friday in Switzerland. The gold market has priced out the conflict. The news of the peace agreement brought down Treasury yields, oil, and the dollar, and these were the major inflation and cross-asset risks, said Phillip Streible. Chief market strategist at Blue Line Futures. Since the Iran conflict began gold has been under pressure as rising energy prices have increased the likelihood of interest rate increases, which tends to weigh down on the non-yielding assets. CME FedWatch shows that traders reduced the odds of an increase in the U.S. interest rate for December from almost 70% last week to just 54.8%. As markets seek clues about the future of interest rates, they are now looking to the Federal Reserve's policy meeting on June 16-17, which will be Chair Kevin Warsh’s first as the head. Streible added that Warsh's tone and what he will say about the interest rate path are what will move the markets. The deputy prime minister announced that Singapore would?establish a gold clearing system over the counter and?introduce gold vaulting services by central banks. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber) (Reporting and editing by Shailesh Kuber in Bengaluru)
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Vance hopes to release the text of an agreement to stop war in Iran by this week
?U.S. Vice President JDVance stated on Monday that he hoped the text of an agreement to halt the war in Iran and reopen the 'Strait Of Hormuz would be released this coming week. Further negotiations regarding the details of the deal were scheduled to continue. Vance said in an interview with CNBC that the United States expected the waterway to be open for a long time without tolls. He said, "Our expectation is the Strait?is?going to be opened toll-free for the long term." This is the kind of thing we will figure out during these technical negotiations. You know there are many important?details that need to be worked out. We'll sit down at the table to discuss them and find a way forward. News that the U.S., Iran and other countries had reached an agreement to end the war and reopen strait brought relief to the markets. However, the deal may depend on a ceasefire in Lebanon and postpones discussions on Tehran's nuclear programme. The deal, while still a framework for a resolution of the conflict that has claimed thousands of lives and shattered the energy markets ever since the joint U.S./Israeli'strikes against Iran in February began, was the 'biggest step forward towards resolving this conflict. Vance stated that Iran's foreign minister and House Speaker will represent Iran in Switzerland at the signing on Friday. Many details of the deal are yet to be sorted out. He did not specify who would be representing the U.S. Reporting by Susan Heavey, Katharine Jackson and Hugh Lawson; Editing by Andrew Cawthorne & Hugh Lawson
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Sweden's Vattenfall selects Rolls-Royce SMR nuclear power project
The Swedish utility 'Vattenfall' announced on Monday that it had selected Rolls-Royce SMR for the supply of a series small modular nuclear reactors. GE 'Vernova, a rival. The Swedish parliament passed legislation last year to finance the construction of a new generation reactors. This is the first time in more than 40-years that a new reactor has been built in Sweden. According to the government, this is essential for energy security as well as achieving zero net emissions by 2045. In 'August 2025, Vattenfall said that its Videberg Kraft venture intended to order five GE Vernova GE BWRX-300 reactors or three Rolls-Royce Small Modular Reactors (SMRs) to produce a total output of?close to 1,500 MW. Vattenfall CEO Anna Borg said at a press briefing that the selection of the British over the U.S. group makes Sweden part of a broader European initiative and gives the Nordic country its?first?new nuclear energy in?over forty years. Borg stated that "this project will be made into reality." Rolls-Royce said that each SMR would produce enough electricity to run a million households for over 60 years. Videberg Kraft is 80% owned by Vattenfall and the remaining 20% by a group from Sweden's biggest companies. The company plans to build a new nuclear power capacity on the site of Ringhals, the existing nuclear facility in south-west Sweden. The right-of centre government in Sweden wants to revive nuclear energy amid concerns about energy security. It has forecast that electricity demand will double by 2045 and plans to acquire a 60% majority stake in Videberg Kraft, pending approval from parliament. Private investors are deterred by the high costs and risks. The government is offering up to 440 billion crowns (47 billion dollars) in loans, 40-year guarantees, and support for the management of nuclear waste. This will help spur the construction at least 5,000MW of new nuclear power. (Reporting and editing by Terje Solsvik.)
Zelenskiy accuses Russia for rejecting Kyiv's ceasefire proposal
Ukraine accused Russia on Wednesday of violating a Kyiv proposed ceasefire by carrying out dozens battlefield assaults, drone attacks and air?strikes. President Volodymyr Zelenskiy called this Moscow's "obvious spurning of peace".
Zelenskiy floated the cessation starting on 6 May in response to Russian President Vladimir Putin's proposal of a ceasefire between 8 and 9 May to coincide with World War Two Victory Commemorations.
Zelenskiy stated that Russia, which had not confirmed its agreement with Ukraine's proposal, had committed 1,820 violation?by Wednesday morning.
He said that "Russia's decision is an obvious rejection of a ceasefire, and the saving of lives."
Two people killed in drone strikes
Officials from the northeastern Sumy area said that two people died in separate Russian drone strikes on a car for civilians and a kindergarten where no children were present.
Officials said that air raids after midnight damaged private buildings, infrastructure and industrial sites in major cities like Kharkiv and Kryvyi Rih, where an attack on the city Tuesday left 12 dead.
Andrii Sybiha, Ukrainian Foreign Minister on X, said: "This shows Russia rejects peace?and that its fake calls for ceasefire?on the 9th of May have nothing to do diplomacy."
"Putin is only concerned about military parades and not human life."
Rival overtures are made amid the stalled U.S. peace talks to end a war that has lasted more than four years, as Russia continues its offensive to seize the eastern Donetsk area of Ukraine.
RUSSIA WARNS ITS RESPONSE TO ATTACKS
This week, Russia will have a trimmed-down version of its annual military parade held in central Moscow. The reason given is the increased threat from Ukrainian attacks.
Zelenskiy stated on Wednesday that officials will decide later on the day on "further action" in response to Russia’s attacks. He had said earlier that Kyiv will act "symmetrically", if the ceasefire is violated.
The Russian defence ministry warned on Monday that they would "respond" to Ukrainian attacks at victory celebrations by launching a massive missile attack against the Ukrainian capital Kyiv.
It said: "We're warning the citizens of Kyiv, as well as the staff of foreign diplomatic missions to leave the city quickly."
Sergei Sobyanin, the mayor of Moscow, said that an Ukrainian drone struck a building overnight in Russia's capital but caused no injuries.
According to some Ukrainians, any unilateral attempts by their military force to maintain a ceasefire would be fruitless as long as?cities remain under attack and frontline troops are still being attacked.
"Perhaps we should act like Russia." Nataliia FOMENEK, 52, from Kyiv, said: "We should not be silent and we shouldn't observe the truce." "We don't have any other option." (Additional reporting and editing by Andrew Heavens; Lincoln Feast, Alison Williams and Andrew Heavens)
(source: Reuters)