Latest News
-
Gold reaches $4,100 on the back of trade tensions and rate-cut optimism
On Monday, gold broke through $4100 per ounce, a new record, on renewed U.S. China trade tensions, and on expectations of U.S. rate cuts. Silver also reached a new high. As of 01:47 pm, spot gold had risen 2.2%, to $4,106.48 an ounce. After hitting a new record of $4,116.77 at 1747 GMT ET (1747 GMT), spot gold was up 2.2% to $4,106.48 per ounce. U.S. Gold Futures for December closed 3.3% higher, at $4133. Gold prices have risen 56% in the past year, and last week they reached the $4,000 mark for the first. This is due to factors such as geopolitical uncertainty, economic concerns, and expectations of U.S. rate cuts. Central bank purchases are also a major factor. Gold could continue to rise. "We could see prices above $5,000 by 2026," said Phillip Streible. Chief market strategist at Blue Line Futures. Streible said that the structural support of the market is provided by steady central bank purchases, strong ETF inflows as well as U.S. China trade tensions. The geopolitical front saw U.S. president Donald Trump reinitiate trade tensions with China, ending a tense truce between two of the world's largest economies. While traders price in a 97% chance of a Federal Reserve rate reduction in October, and a 100% probability for December. Gold is a non-yielding investment that tends to perform well in low interest rate environments. Standard Chartered's forecast for next year has been raised to $4,488 on average. Standard Chartered Bank's global head of commodities research, Suki Cooper said: "We believe this rally will continue, but a short-term correction is better for a long-term trend." Spot silver climbed 3.1% to $51.82, reaching a record high earlier in the session of $52.12. This was boosted by the same factors that supported gold and tightness on the spot market. Technical indicators indicate that both gold and silver are overbought. The relative strength index (RSI), which measures the relative strength of the two metals, is 80 for gold and 83 in the case of silver. Palladium rose 5.2% to 1,478.94, while platinum gained 3.9%. Reporting by Noel John in Bengaluru, Pablo Sinha, Sherin Elizabeth Varighese, and Kavya Varghese; Additional reporting and editing by Joe Bavier and Alexander Smith; Shreya Biwas.
-
Officials say that 19 people were killed by rebels affiliated with the Islamic State in eastern Congo.
Two local officials reported on Monday that suspected Islamic State-backed terrorists killed 19 civilians during an overnight attack in eastern Congo. This has exacerbated the insecurity of this mineral-rich area. Alain Kiwewa is the Lubero territory military administrator, where Mukondo lies, and he told reporters that the death toll may rise. The ADF has not immediately claimed responsibility. Also known as the Islamic State Central Africa Province, (ISCAP), it has been responsible for several attacks in recent weeks, including a September attack on a funeral in which more than 60 people were killed. ADF could not be reached for comment immediately. Assailants from Mukondo were wearing uniforms that looked like those of the Congolese Army, which enabled them to enter Mukondo without being noticed. The attackers then used guns, knives, and clubs to attack people, according to a local priest who refused his name out of security concerns. Espoir Kambale, a leader of the civil society in the region, put the death toll at 19. He also said that eight people were injured and 26 homes had been burned. Kambale said, "We ask ourselves how the terrorists came and attacked us when we thought the village was secure." The population is in a panic. "Some residents fled to the bush and never returned." The ADF began as a Ugandan rebel force, but is now based in the Congolese forests since the late 90s. It has also been recognised as an affiliate by the Islamic State. The recent attacks by the M23 rebels, who are backed by Rwanda, have increased security concerns in eastern Congo. This has prompted U.S. president Donald Trump's administration, to attempt to broker peace. Reporting by Congo Newsroom; Writing by Ayen deng Bior; editing by Rob Corey-Boulet, Lisa Shumaker and Lisa Shumaker
-
EU lawmakers oppose cuts to the reach of sustainability laws
The European Parliament’s Legal Committee backed plans on Monday to weaken the EU’s Corporate Sustainability Law, which has been criticized by companies who claim that complying with these rules will hinder the competitiveness for European industries. Corporate Sustainability Due Diligence Directive (CSDDD), adopted by the European Union last year, requires companies to address human rights and environment issues in their supply chain or face a fine of 5% global turnover. The European Parliament's Legal Committee voted on Monday to approve proposals that would only make the rules compulsory for companies with at least 5,000 employees and a turnover of 1.5 billion euros. CSDDD is currently applicable to companies that have 1,000 employees or more and a turnover of over 450 millions euros. The committee also supported dropping the requirement that companies have "transition plans." CUTTING BUSINESS COSTS The (conservative-leaning) European People's Party's aim has always been to reduce costs and simplify rules for businesses," said Jorgen Warsborn, the legislator who drafted the approved text on Monday. "Our vote will bring more predictability to our businesses in a world that is unpredictable," said Jorgen Warborn, the lawmaker who drafted the text approved on Monday. The committee asked that the European parliament begin negotiations with EU countries on final rules without a vote by the entire assembly. The committee could force a vote by a group of legislators equivalent to 10% of the assembly. Some of the proposed changes are already likely to be implemented. EU countries have already stated that they support changing the law so that it only applies to companies with at least 5,000 employees. CSDDD is one of the most controversial parts of Europe’s green agenda. Countries such as the United States and Qatar have demanded changes. The EU, they argue, is going too far by imposing these requirements on foreign firms. TotalEnergies and other European companies have called on the EU to scrap the law completely, warning that it could harm the competitiveness of the EU. Investors and activists have reacted negatively to the move, claiming that it undermines corporate accountability while reducing Europe's capacity to attract investment towards meeting climate goals. Amandine van den Berghe, senior lawyer at nonprofit law firm ClientEarth, said: "If these changes are adopted in the end, this law would be stripped of its purpose to serve short-term political convenience." What is a cornerstone for responsible business in Europe has been turned into a bargaining chip. (Reporting from Kate Abnett in Brussels and Inti landauro; Editing by Benoit van Overstraeten, Matthew Lewis).
-
Gold reaches $4,100 on the back of trade tensions and rate-cut optimism
On Monday, gold broke through $4100 per ounce, a new record, on renewed U.S. China trade tensions, and on expectations of U.S. rate cuts. Silver also reached a record high. As of 12:17 pm, spot gold had risen 2.4%, to $4,114.31 an ounce. After hitting a new record of $4,116.77 at 1617 GMT ET (1617 GMT), gold prices have risen 2.4% to $4114.31 per ounce. U.S. Gold Futures for December Delivery rose by 3.3% to $4133.90. Gold prices have risen 56% in the past year, and last week they reached the $4,000 mark for the first. This is due to factors such as geopolitical uncertainty, economic concerns, and expectations of U.S. rate cuts. Central bank purchases are also a major factor. Gold could continue to rise. "We could see prices above $5,000 by 2026," said Phillip Streible. Chief market strategist at Blue Line Futures. Streible said that the structural support of the market is provided by the steady central bank purchases, the firm ETF inflows as well as the U.S. China trade tensions. Streible added that on the geopolitical side, U.S. president Donald Trump reignited the trade tensions between China and the United States last Friday, ending a tense truce. While traders price in a 97% chance of a Federal Reserve rate reduction in October, and a 100% probability for December. Gold is a non-yielding investment that tends to perform well in environments with low interest rates. Bank of America analysts and Societe Generale expect gold to hit $5,000 by 2026. Standard Chartered's forecast has been raised to $4,488 on average next year. Standard Chartered Bank's global head of commodities research, Suki Cooper said: "This rally is strong, but a short-term correction will be better for a long-term trend." Spot silver increased 3.1% to $51.82, reaching a record high earlier in the session of $52.07. This was boosted by the same factors that supported gold and tightness on the spot market. Technical indicators indicate that both gold and silver are overbought. The relative strength index (RSI), which measures the strength of the relationship between two assets, is 80 for gold. Palladium rose 6.5%, to $1496.52. Platinum gained 5%, to $1666. Reporting by Noel John in Bengaluru, Pablo Sinha in Mumbai and Sherin-Elizabeth Varghese; Additional reporting and editing by Joe Bavier & Alexander Smith.
-
Trump will meet Zelenskiy this Friday to discuss air defense and new weapons
Three sources familiar with the plans said that President Donald Trump would meet Ukrainian President Volodymyr Zelenskiy for a luncheon on Friday. The meeting comes amid increasing discussions over the possible provision of Tomahawk long-range missiles to Kyiv. Both leaders met on Saturday and Sunday. A high-ranking Ukrainian delegation, headed by Prime Minister Yulia Shvyrydenko is scheduled to arrive in Washington, DC, before Friday's meeting, to prepare the groundwork for their talks. One of the sources, who requested anonymity, as the visit had not been announced publicly, stated that the main topics would be air defense, additional U.S. arms for Kyiv, and Russia's possible return to the negotiation table. Zelenskiy is lobbying Washington for the supply of U.S. Tomahawk missiles that can hit Moscow but are only used on military targets, according to Ukrainians. Moscow said that such a move could be a significant escalation. Trump said that he was considering sending Tomahawks into Ukraine. He also stated that he may speak to Russian President Vladimir Putin. Ukraine and the U.S. also appear to be closing in on an historic drone deal, in which Ukraine will share drone technology with United States. European diplomats view such a deal to be an important tool in keeping the volatile U.S. President engaged and supportive of Ukraine. Reporting by Steve Holland in Washington, Tom Balmforth and Gram Slattery from London. Editing by Jeff Mason & Matthew Lewis.
-
Gold reaches $4,100 on the back of trade tensions and rate-cut optimism
On Monday, gold broke through $4100 per ounce, a new record, on renewed U.S. China trade tensions, and on expectations of U.S. rate cuts. Silver also reached a new high. As of 10:50 am, spot gold had risen 2.1%, to $4,099.55 an ounce. After hitting a new record of $4,103.58 at 1450 GMT ET, gold prices rose 2.1% to $4099.55. U.S. Gold Futures for December Delivery rose 3% to 4,120.10. Gold prices have risen 56% in the past year, and last week they reached the $4,000 mark for the first. This is due to factors such as geopolitical uncertainty, economic concerns, and expectations of U.S. rate cuts. Central bank purchases are also a major factor. Jeffrey Christian, managing partner of CPM Group, said that gold and silver prices rise when investors become concerned about the current state of the economy or politics. Donald Trump, the U.S. president, reignited the trade tensions between China and the United States on Friday. This ended an uneasy truce that existed between the two world's largest economies. While traders price in a 97% chance of a Federal Reserve rate reduction in October, and a 100% probability for December. Gold is a non-yielding investment that tends to perform well in environments with low interest rates. Bank of America analysts and Societe Generale expect gold to hit $5,000 by 2026. Standard Chartered's forecast has been raised to $4,488 on average next year. Standard Chartered Bank's global head of commodities research, Suki Cooper said: "This rally is strong, but a short-term correction will be better for a long-term trend." Spot silver increased 3.3% to $51.95, reaching a record high earlier in the session of $52.07. This was boosted by the same factors that supported gold and tightness on the spot market. Technical indicators indicate that both gold and silver are overbought. The relative strength index (RSI), which measures the relative strength of a currency, is 80 for gold. Palladium rose 5.4% to $1.482.00, while platinum gained 4.6%. (Reporting from Sherin Elizabeth Varighese and Pablo Sinha in Bengaluru, Additional reporting by Kavya Baliaraman; Editing and Joe Bavier by Alexander Smith and Joe Bavier)
-
EU legislators back further reductions to the sustainability law
The European Parliament’s Legal Committee on Monday supported plans to further reduce the EU's Corporate Sustainability Law, which has been criticized by companies who say that complying with these rules would hinder European industries' competitiveness. Last year, the European Union adopted the Corporate Sustainability Due Diligence Directive (CSDDD), which requires companies to address human rights and environment issues within their supply chains or risk a fine of 5% global turnover. On Monday, the European Parliament’s Legal Committee approved proposals to limit the application of the regulations to only those companies with at least 5,000 employees and a turnover of 1.5 billion euros. CSDDD currently covers companies with at least 1,000 employees and a turnover of more than 450 millions euros. The committee also supported dropping the requirement that companies implement "transition plans" in order to align their activities with climate change goals. The EPP has always sought to simplify the rules and reduce costs for business -- even going beyond the original Commission proposal. "Our vote today will bring more predictability to our businesses in a world that is unpredictable," said Jorgen Warborn. He was the legislator who drafted and approved the text on Monday. The committee asked that the European parliament now begin negotiations with EU countries on final rules. The EU Parliament as a whole will decide whether or not to proceed with this request next week. It appears that some of the changes are already likely to be implemented. EU countries have said that they are in favor of changing the law so it only applies to companies with at least 5,000 employees. CSDDD is one of the most controversial parts of Europe's Green Agenda. Countries like the United States, Qatar and others have demanded changes, claiming that the EU has overstepped by imposing demands on foreign companies. TotalEnergies and other European companies have called on the EU to scrap the law completely, warning that it could harm the EU's economic ability to compete with foreign competitors. Investors and activists have reacted negatively to the move back on ESG regulations. They say that it undermines corporate accountability, and Europe's ability attract more investment towards climate goals. Some companies also have resisted. In an August survey conducted by the think-tank E3G with YouGov of 2,500 European company leaders, 63% said that they were in favor of large companies implementing a climate change plan. Only 11% disagreed. (Reporting and editing by Kate Abnett, Inti Lanauro)
-
Mexico: Torrential rains and flooding cause at least 64 deaths, 65 missing
The government announced Monday that the torrential rains which ravaged Mexico last week left 64 dead and 65 people missing. Landslides were triggered, power was cut in some municipalities, and rivers burst through their banks. Mexican authorities have sent thousands of personnel to clean up, evacuate and monitor the areas most affected by last week's rains in Gulf Coast states and Central States. Laura Velazquez is the national coordinator for civil protection. She said that Hidalgo, along with Veracruz was the worst affected state, with 29 fatalities and 18 missing persons reported in Veracruz and 21 deaths and 44 missing persons in Hidalgo. Authorities said that electricity was cut for five municipalities in Mexico, but it has now been restored to a large extent. (Reporting Ana Isabel Martinez, writing Stefanie Eschenbacher, editing Mark Heinrich).
Ship sunk by Houthis threatens Red Sea environment, Yemen federal government and United States military say
A UKowned ship attacked by Houthi militants last month sank in the Red Sea, the U.S. military validated on Saturday, as it echoed a caution from Yemen's worldwide recognised federal government that the vessel's. cargo of harmful fertiliser positioned a threat to marine life.
The Belize-registered Rubymar is the first vessel lost since. the Houthis started targeting commercial ships in November. Those. drone and rocket attacks have forced shipping companies to divert. ships to the longer route around southern Africa, interfering with. worldwide trade by delaying deliveries and sending expenses higher.
The sinking bulk provider likewise presents a subsurface impact. danger to other ships transiting the busy shipping lanes of the. waterway, U.S. Central Command (CENTCOM) said in its statement. on social media platform X.
The Iran-aligned Houthis, who control the north of Yemen and. other big centres, say their campaign is a show of solidarity. with Palestinians in Gaza.
The Houthi attacks have triggered a series of strikes against. their positions by the United States and Britain, and have led. other navies to send out vessels to the area to try to safeguard the. vital Suez Canal trade route.
The Rubymar went down in the southern Red Sea late on Friday. or early on Saturday, according to statements from the Yemen. federal government and CENTCOM.
The U.S. military previously stated the Feb. 18 rocket attack. had actually significantly damaged the bulk vessel and triggered an 18-mile. ( 29-km) oil slick. The ship was bring about 21,000 metric. tons of fertiliser, CENTCOM stated on Saturday.
Ahmed Awad bin Mubarak, the foreign minister in Yemen's. globally identified federal government in Aden, stated in a post on. X: The sinking of the Rubymar is an environmental catastrophe. that Yemen and the area have never ever experienced before.
It is a brand-new tragedy for our country and our people. Every. day we pay the rate for the adventures of the Houthi militia. ...
The internationally identified government, which is backed. by Saudi Arabia, has actually been at war with the Houthis because 2014.
MARINE LIFE THREATENED
The release of such large amounts of fertiliser into the Red. Sea positions a severe threat to marine life, stated Ali Al-Sawalmih,. director of the Marine Science Station at the University of. Jordan.
The overload of nutrients can stimulate excessive development of. algae, using up a lot oxygen that regular marine life can not. survive, said Al-Sawalmih, describing a process called. eutrophication.
An immediate plan needs to be adopted by countries of the Red. Sea to develop monitoring program of the contaminated locations in the. Red Sea as well as adopt a cleanup method, he said.
The overall effect depends on how ocean currents deplete the. fertiliser and how it is launched from the stricken vessel, stated. Xingchen Tony Wang, assistant professor at the Department of. Earth and Environmental Sciences at Boston College.
The community of the southern Red Sea features beautiful. coral reefs, coastal mangroves and diverse marine life.
In 2015, the location avoided a potential ecological. When the United Nations got rid of more than 1 million, disaster. barrels of oil from a decaying supertanker moored off the Yemen. coast. That type of operation may be more difficult in the. present situations.
The Houthi attacks have stired fears that the Israel-Hamas. war might spread out, destabilising the larger Middle East.
In a different report, the UKMTO agency stated it had actually gotten. a report of a ship being assaulted 15 nautical miles west of. Yemen's port of Mokha.
The crew took the vessel to anchor and were left by. military authorities, the UKMTO stated in an advisory note.
Italy's defence ministry likewise said that a person of its naval. ships had actually shot down a drone flying towards it in the Red Sea.
The Houthi Transport Ministry, on the other hand, stated there had. been a glitch in undersea interaction cable televisions in the Red Sea. as a result of actions by U.S. and British marine vessels. It did. not give further information.
(source: Reuters)