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Church leader: Nigerian abductors killed a priest after one month of captivity
The head of the Church of Nigeria confirmed that an Anglican priest who was kidnapped last month in the northwest of Nigeria has died in captivity. This comes as Nigeria is reeling from a wave of abductions and murders which has drawn the condemnation of Washington. Archbishop Henry Ndakuba stated that Venerable Edwin Achi was killed after spending a month as a captive. He had been taken with his wife, daughter and son from their Kaduna home on October 28. In a late-Friday statement, Ndakuba stated: "With deep sorrow, we announce that our beloved priest... was brutally killed after suffering a month long abduction." The church reported that gunmen demanded at first a ransom payment of 600 million Naira (416,00) to release Achi, but later reduced it to 200,000,000 Naira. His wife and his daughter are still in captivity. Police in Kaduna have not responded to any requests for comments. The killing occurs amid a wave kidnappings across northern Nigeria. Armed gangs kidnapped 25 schoolgirls from Kebbi State on November 17, and days later more than 300 students and staff from a Catholic School in Niger State, prompting the closure of schools in several states. Bola Tinubu, the president of Nigeria, ordered the recruitment and cancellation of foreign trips in order to deal with what he termed a "national crisis." These attacks have also caused international concern. Donald Trump, the U.S. president, called Nigeria's situation "a disgrace". He warned that Washington would halt its aid and even take military action against Nigerian authorities if they failed to stop violence against Christians. Ndakuba called on the government and security services to "identify the treacherous sponsors and financiers, and enablers" of the wave of terror and demanded the immediate release Achi's daughter and wife.
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Russian drones and missiles injure 11, kill 1 in Kyiv
Russian drones, missiles, and explosions caused fires in Kyiv's districts early Saturday morning, according to officials. One person was killed and 11 others injured. This was the second attack in four days on the Ukrainian capital. On Tuesday, seven people were killed when Russian forces fired a barrage with drones and missiles. Tymur Tkachenko said that six locations in Kyiv, a city of three million people, were struck by explosions on Saturday. Apartment buildings and other dwellings were also affected. The military administration reported that the remains of a resident were recovered from the rubble in an apartment building which had been set on fire. The same building was also the site of a child's rescue. Vitali Klitschko, the mayor of the city of Kiev, said that a strike also caused a fire to start in the lower levels of an apartment building west of the centre. A second fire was also quickly put out in the central district. After 5 am (0300 GMT), a new alert was sent out in the capital for drones approaching. Online pictures showed an apartment building on fire, and emergency crews working in the streets and alongside damaged buildings. (Reporting and editing by Ron Popeski, Diane Craft, Tom Hogue and Chris Reese)
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Rosneft, Russia's oil company reports 70% drop in nine-month net profit
Rosneft, Russia's biggest oil producer, reported a 70% drop in net income from January to September, falling by $3.57 billion or 277 billion Russian roubles. The company attributed the decline to high interest rates and cheaper oil, as well as a stronger rouble. Shell and TotalEnergies have seen their quarterly profits fall due to lower oil prices. Rosneft stated that the increased "anti-terror" security was putting additional pressure on its results. The company didn't elaborate on specific security measures. Ukraine has increased drone attacks against Russia's energy infrastructure. Rosneft reported that its revenues dropped 17.8% to 6.29 trillion rubles in the first nine-month period of the year. The high key interest rate of the Bank of Russia continues to negatively impact the profit. Rosneft also said that non-monetary factors and special events had a negative impact on the indicator's dynamic during the reporting period. EBITDA (earnings before taxes, depreciation, and amortization) decreased by 29.3% for the period to 1.6 trillion Russian roubles.
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Petrobras cost-cutting could affect new wells in the Equatorial Margin Region
Petrobras' CEO stated on Friday that the company could reconsider some of its 15 planned wells in the "Equatorial Margin" because Brent oil prices will likely remain low for the next few years. Petrobras has cut its investment plans for the period 2026-2030 by $500 million up to $2.5 billion. Magda Chambriard, Petrobras' Chief Executive Officer, said at a recent press conference that "we had a large number of wells in the Equatorial margin; some were prioritised, while others were, say, deprioritized based on the Brent crude oil price." She did not specify how many wells would be examined. Petrobras is drilling in an environmentally sensitive region off the coast Amapa, known as Foz do Amazonas. Fernando Melgarejo, the Chief Financial Officer of Petrobras, told journalists that the company's cuts would also affect the extraordinary dividends paid to shareholders. He said the likelihood of distributing extra cash is low in the future. Chambriard stated that despite the cuts, Petrobras will maintain its oil production around 2.6 or 2.7 millions barrels per day up until 2034, after ramping it back up in 2027. Petrobras' new business plan expects it to reach a peak oil production level in five years. Reporting by Fabio Téixeira and Marta Nogueira from Rio de Janeiro, writing by Andre Romani and editing by Kyrry Madry and Paul Simao
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Silver sets new record for silver; gold heads to fourth consecutive monthly gain
Gold spot rose 1% on Friday to a new two-week-high, amid expectations that the U.S. Federal Reserve would cut interest rates in the coming months. Silver also hit a record high. Gold spot was up by 1.3% at $4,210.94 an ounce as of 03:11 pm EST (20:11 GMT) after hitting its highest price in November 13 earlier this morning. Bullion is expected to rise 5.2% for the month and 3.6% for the week, marking a fourth consecutive increase. Silver reached a new record high at $56.78 an ounce. This is up 6.1% in the session, and 16.6% over the course of the month. After an outage that lasted for several hours at CME, trading in foreign exchange, commodities and futures, including Treasuries, stocks, and Treasuries, resumed around 8 a.m. U.S. Gold Futures for February Delivery settled 1.3% higher, at $4.254.9 an ounce. INVESTORS FOCUS ON FED Bart Melek is global head of commodity strategies at TD Securities. He said that some investors are returning to gold because they believe the Federal Reserve will cut rates. Gold is more likely to perform well when interest rates are low. The recent dovish comments from Fed Governor Christopher Waller, and New York Fed president John Williams, coupled with the softer economic data after the recent U.S. Government shutdown, has strengthened expectations that central bank rates will be cut next month. The traders now see 87% of a chance that the rate will be cut in December. This is up from 50% just last week. Jim Wyckoff is a senior analyst at Kitco Metals. He said that "the technical charts have become more bullish over the last week or two, which has encouraged chart-based investors to bet on the long side of silver." This week, gold demand in major Asian markets was muted as high prices slowed retail purchases despite the beginning of India's festive season. The removal of the tax exemption for gold purchases in China has slowed consumer demand. Palladium gained 0.8%, to $1450.16, and is set to gain 5.6% for the week. Platinum rose 4%, to $1672.50. (Reporting from Bengaluru by Pablo Sinha; Additional reporting by Sarah Qureshi, Editing by Rod Nickel and Paul Simao; Vijay Kishore).
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Silver sets new record for silver; gold heads to fourth consecutive monthly gain
Gold spot rose 1% on Friday to a new two-week-high, amid expectations that the U.S. Federal Reserve would cut interest rates in the coming months. Silver also hit a record high. Gold spot was up 1.6% at $4,222 an ounce as of 01:44 pm EST (18.44 GMT), the highest price since 11 November. It was also set to gain 3.9% per week. Bullion is on course to record a 5.5% increase this month and is set for its fourth monthly gain. Silver reached a new record high at $56.52 an ounce. This is a 5.5% increase for the session, and a 16% gain for the entire month. After an outage that lasted for several hours at CME, trading in foreign exchange, commodities and futures, including Treasuries, stocks, and Treasuries, resumed around 8 a.m. U.S. Gold Futures for February Delivery settled 1.3% higher, at $4.254.9 an ounce. INVESTORS ARE FOCUSED UPON THE FED Bart Melek is the global head of commodity strategies at TD Securities. He said that some investors are returning to gold because they believe rates will be cut by the Federal Reserve. Gold is more likely to perform well when interest rates are low. The recent dovish comments from Fed Governor Christopher Waller, and New York Fed president John Williams, coupled with the softer economic data after the recent U.S. Government shutdown, has strengthened expectations that central bank rates will be cut next month. The traders now see 87% of a chance that the rate will be cut in December. This is up from 50% just last week. Jim Wyckoff is a senior analyst at Kitco Metals. He said that "the technical charts have become more bullish over the last week or two, which has invited chart-based investors to be on the long side of silver." This week, gold demand in major Asian markets was muted as high prices curbed the retail buying of the precious metal despite India's wedding season. The removal of the tax exemption for gold purchases in China has slowed consumer demand. Palladium rose 0.5%, to $1.445.20, and is set to gain 5.2% for the week. Platinum was up 3.2% at $1,659.83. (Reporting from Pablo Sinha, Bengaluru Editing done by Rod Nickel and Paul Simao)
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Adani, an Indian company, wants to invest up to $5 billion in Google's data centers to take part in the AI boom
Adani Group, owned by Alphabet, plans to invest $5 billion into Google's India AI Data Centre Project, an executive revealed on Friday. The company is looking to capitalize on the booming demand in data capacity across the world's largest nation. Google announced in October that it would invest $15 Billion over five years in the state of Andhra Pradesh to build an artificial intelligence data center. This is its largest investment in India. AI demands enormous computing power. This is driving demand for data centres with thousands of chips linked together in clusters. Adani Group CFO Jugeshinder Singh stated that the Google project may mean an investment up to $5 billion in Adani Connex, a joint venture of Adani Enterprises with private data centre operator EdgeConneX. Singh told reporters Friday that "It is not only Google. There are many parties who would like to collaborate with us, particularly when the capacity of our data centres goes up to gigawatts and beyond." Google has committed to investing about $85 billion in expanding data centres capacity this year. Tech companies are investing heavily in infrastructure as they try to meet the demand for AI-based services. The Indian billionaires Mukesh and Gautam Ambani also announced investments to build data centres. The campus of the data centre in Visakhapatnam, a port city, will initially have a power capacity of one gigawatt. $1 = 89.3660 Indian Rupees (Reporting and editing by Kevin Liffey; Harshita Pandya, Dhwani Pandya)
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Silver sets new record for silver; gold heads to fourth consecutive monthly gain
Silver also hit a new record high. Spot gold rose by 1% on Friday to a 2-week high, amid expectations that the Federal Reserve would cut interest rates in the coming months. By 12:10 pm EST (1710 GMT), spot gold had risen 1.3% to $4210.49 an ounce, its highest price in two weeks. It was also set for a weekly gain of 3.4%. Bullion is on course to record a 5% increase this month and is set for a fourth consecutive monthly rise. Silver reached a new record high of 56.41 dollars per ounce. This is a 5.3% gain for the session, and a 15.2% increase for the month. After an outage that lasted for several hours at CME, trading in the currency platform, as well as futures covering foreign exchange, commodities and Treasuries, resumed around 8:15 a.m. U.S. Gold futures for delivery in February rose by 1%, to $4245.70 an ounce. INVESTORS FOCUSED UPON FED Bart Melek is global head of commodity strategies at TD Securities. He said that some investors are returning to gold because they believe the Federal Reserve will cut rates. Gold does well in environments with low interest rates. Recent dovish comments from Fed Governor Christopher Waller, New York Fed president John Williams and softer economic data after the recent U.S. Government shutdown have increased expectations that the central banks will reduce rates next month. The traders now see 87% of a chance that the rate will be cut in December. This is up from 50% just last week. Jim Wyckoff is a senior analyst with Kitco Metals. He said that "the technical charts of silver have become more bullish over the last week or two, which invites chart-based traders to be on the long side in the silver market." The demand for gold was muted across the major Asian markets during this week as high prices discouraged retail purchases despite India's wedding season. The removal of the tax exemption for gold purchases in China has slowed consumer demand. Platinum rose 3.2%, to $1659.02 and was up 10% on the week. Palladium rose 1.3%, to $1456.68, for a gain of 6%. (Reporting from Pablo Sinha, Bengaluru Editing done by Rod Nickel and Paul Simao.)
Chocolate costs to keep rising as West Africa's cocoa crisis deepens
Surveying the removed landscape of her farm dotted with pools of cyanidetainted, tea coloured waste water left by prohibited gold miners suffices to make Janet Gyamfi break down.
Only in 2015, the 27-hectare plot in western Ghana was covered with almost 6,000 cocoa trees. Today, less than a dozen stay.
This farm was my only methods of survival, the 52-year-old divorcee told , tears streaming down her cheeks. I. planned to pass it on to my children.
Long the world's undisputed cocoa powerhouses representing. over 60% of international supply, Ghana and its West African neighbour. Ivory Coast are both facing catastrophic harvests this season.
Expectations of scarcities of cocoa beans - the raw product. for chocolate - have actually seen New York cocoa futures more. than double this year alone. They have struck fresh record highs. nearly daily in an unmatched trend that shows little sign of. easing off.
More than 20 farmers, professionals and market experts informed. that a best storm of widespread unlawful gold mining,. environment change, sector mismanagement, and quickly spreading out. illness is to blame.
In its most sobering assessment to date, according to information. assembled since 2018 and gotten specifically , Ghana's. cocoa marketing board Cocobod estimates that 590,000 hectares of. plantations have actually been contaminated with inflamed shoot, an infection that. will ultimately kill them.
Ghana today has some 1.38 million hectares of land under. cocoa cultivation, a figure Cocobod stated includes contaminated trees. that are still producing cocoa.
Production is in long-lasting decline, said Steve Wateridge,. a cocoa professional with Tropical Research study Providers. We wouldn't get. the lowest crop for 20 years in Ghana and least expensive for eight years. in Ivory Coast if we had not reached a tipping point.
It's an imbroglio without any simple fixes that has actually surprised. markets and might spell the beginning of completion of West. Africa's cocoa supremacy, the experts informed . That may. open the door for ascendant producers, especially in Latin. America.
And while millions of cocoa farmers in West Africa are. dealing with an agonizing watershed minute, it's a shift that will likewise. be felt in rich consumer markets, perhaps for several years to come.
Buyers purchasing Easter confectionary in the United States. are discovering that chocolate on shop shelves is more than 10%. more pricey than a year earlier, according to data from research study. firm NielsenIQ.
Since chocolate makers tend to hedge cocoa purchases months. ahead of time, analysts say the devastating crops in West Africa. will just truly struck customers later this year.
The sort of chocolate bar that we're used to eating, that's. going to end up being a luxury, stated Tedd George, an Africa-focused. commodities expert with Kleos Advisory. It will be offered,. however it's going to be two times as expensive.
' TRAUMATISED'
The roots of this season's implosion are on complete screen in. Samreboi, the neighborhood in Ghana's western cocoa heartland where. Gyamfi lives.
Only 3 years ago, Samreboi boasted roughly 38,000. hectares of planted cocoa, according to Cocobod's regional office. there. Today, it's fallen to simply 15,400.
Illegal miners began appearing in the area a couple of years earlier,. Gyamfi stated. She 'd been withstanding their threatening needs to. offer them her plantation when, one day last June, she got here to. discover it cordoned off. Armed guards obstructed her entry.
Bulldozers removed her cocoa trees. Miners swarmed the. home. Within six months, the gold was finished and the website. was deserted, leaving Gyamfi with unusable land contaminated. with toxic chemicals, a loan she can no longer pay back, and. 4 kids to support.
I was traumatised, she stated.
She stated she pleaded with the authorities and Cocobod however states. she's seen no reaction.
An officer at the regional police station, who asked not to be. recognized, stated they had received a grievance but he might not. remember if they had actually sent out officers to the farm. He decreased to. speak with cops records.
Cocobod representative Fiifi Boafo, upon learning of her case,. stated the board's legal department would get included.
But we are not the authorities or the courts, he stated. It is. unlawful to destroy cocoa trees, however the charge isn't punitive. enough.
Throughout Ghana, cocoa plantations are delivering ground to gold. miners, known in your area as galamsey.
Cocobod told it had no as much as date data on the scale. of the destruction. And while a study it performed 4 years. back found that 20,000 hectares of cocoa had actually been lost to. galamsey, 5 professionals said mining has actually expanded rapidly in the. stepping in years.
It's now disastrous, said Godwin Kojo Ayenor, a. development financial expert specialising in cocoa. It's covering. practically every part of the cocoa belt.
While some plantation takeovers are certainly violent, five. farmers and neighborhood leaders told that more and more of. them are ending up being ready sellers.
To cocoa farmer Asiamah Yeboah, galamsey is simply a sign. of a more comprehensive malaise. Considering that striking peak production of over a. million tonnes in the 2020/21 season, Ghana has been moving. Output is forecast to plummet to just 580,000 tonnes this year.
Yeboah states he gathered 50 bags of cocoa in 2015, however. production from his 15-hectare plot fell to simply seven this. season. He doesn't make enough to reinvest and significantly. battles to discover workers.
Before God and guy, if they come requesting my farm to. mine, I will sell it, he said.
ILLNESS AND CLIMATE MODIFICATION
Yeboah and other Ghanaian farmers blame Cocobod.
The body, which has far-flung obligation for. controling and promoting the sector, faces installing debt and. this season struggled to protect the syndicated loan it utilizes to. financing operations and generate the crop.
It suspended distributions of fertiliser and pesticides. years ago. Strategies to rejuvenate ageing tree stocks have actually made. scant development. And it is losing the battle versus what numerous. think about an existential danger: swollen shoot.
The virus very first reduces yields before eventually killing. trees. When contaminated with inflamed shoot, plantations must be. ripped out and the soil treated before cocoa can be replanted.
Cocobod has undertaken to fix up affected cocoa. plantations, using a part of its $600 million in funding. from the African Advancement Bank and another $200 million from. the World Bank.
With aging and unhealthy crops, the difficulties look frightening,. Boafo, the Cocobod spokesperson, told . However we have actually critical. interventions continuous to resolve them.
The 67,000 hectares covered under Ghana's rehabilitation. program, however, come no place near keeping up with the. disease's spread, professionals state. Worse, Cocobod says unlawful. miners invade some fixed up farms.
And in Ivory Coast, the world's greatest cocoa producer,. things are barely much better, with Tropical Research study Service's. Wateridge approximating up to 30% of Ivorian cocoa plantations are. likely contaminated.
There's no fast fix, said Antonie Fountain, managing. director of VOICE Network, which promotes cocoa sector reform.
A dead tree is not simply dead for a season, he stated.
Even after rehabilitation, replanted trees take 2 to four. years to develop and produce beans. And a significant rebound in. cocoa production in the 2 countries faces other major headwinds.
Scientist anticipate climate change will make the crop harder. to produce in West Africa in coming decades with one research study. forecasting Ivory Coast's the majority of appropriate growing areas will. shrink by more than 50% by the 2050s.
Rain patterns are already moving, with more. focused periods of heavy rains and longer, hotter dry. spells, said Bakary Traoré, head of Ivorian forest preservation. group IDEF.
It's something we have actually currently been observing for the past. few years, he said.
With West Africa struggling, current sky-high worldwide rates. will be an attractive incentive for farmers to plant more cocoa. in other tropical areas, notably Latin America.
Both VOICE Network's Water fountain and cocoa specialist Wateridge are. forecasting that Ecuador will now surpass Ghana as the world's. number 2 cocoa by 2027. Brazil and Peru might also step up.
Filling the supply space will take some time, however, and in the. meantime chocolate fans should anticipate to feel the pinch.
But the genuine victims, say activists like Water fountain, are the. small-time growers in Ivory Coast and Ghana, who have few. choices as they watch their earnings vaporize.
The situation for farmers in West Africa is devastating,. said Fountain. It is simply definitely ravaging.
(source: Reuters)