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Italian appeals Court upholds conviction of Milan prosecutors in Eni Nigeria Case
Two Milan prosecutors were sentenced to eight months in prison by an Italian appeals court for not filing documents that would have backed up the position of energy group Eni in an international case of corruption. Eni, Shell and all defendants were acquitted by a jury in March 2021, in what was dubbed the biggest corruption case in the oil industry, which involved the $1.3 billion purchase of an oilfield in Nigeria a decade earlier. The judges in Brescia, a northern city in Italy, confirmed the verdict of last year that Fabio De Pasquale & Sergio Spadaro had failed to comply with their legal obligations by failing to submit documents that would have been helpful to the defence. Spadaro, before Thursday's verdict read to the court a long statement in which he stated that "there was not omission, no refusal" and the prosecution had acted according to "conscience and law". Massimo Dinoia said that the two attorneys for the prosecution would appeal their case to Italy's highest court, The Court of Cassation. De Pasquale & Spadaro are able to continue working during the appeals process. The Milan court which acquitted defendants in Eni and Shell's trial stated that the prosecutors failed to include a video taken by an ex-external lawyer for Eni. This court considered the video relevant to the case. The Brescia Court has jurisdiction over judges in Milan and prosecutors there. (Reporting and editing by Gavin Jones, Emilio Parodi)
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Brazil looks to financial guarantees and tax breaks for strategic mineral deposits
According to the agenda for the first meeting of the National Mining Policy Council, held on Thursday, the Brazilian government plans to offer financial guarantee to fund strategic mining projects and tax incentives to encourage their processing and industrialization. Document stated that the meeting will take place at 3:30 PM (1830 GMT) in Brasilia. The resolution to create a group of experts tasked with developing the supply chain in Latin America's biggest economy is expected to be voted on. The committee was created by President Luiz inacio Lula to promote a new policy that treats strategic minerals as an issue of national sovereignty and aims to limit exports without domestic processing. In August, the Brazilian government said that the framework will help Brazil maintain control over its mineral resources and position Brazil as a leader in the global energy transition. Rare earth elements, abundant in Brazil, are critical minerals that are essential for advanced technologies. They have also become a flashpoint of tensions between the United States and China following Beijing's decision to move its embassy to tighten Export controls were implemented earlier in October. According to the U.S. Geological Survey, Brazil's rare earths production is less than 1% despite having the second largest reserves in the world after China. Brazil is also seeking to engage with the United States again following the aforementioned a Get 50% off Donald Trump's Administration imposed tariffs on its products citing the case of former President Jair Bolsonaro who was later convicted. The sentence is: To 27 years of prison for trying to stage a coup in 2022 after the election was lost. Brazilian officials floated the idea of rare earths in the context of trade negotiations with Washington. However, the dialogue has only recently gained traction. This was notably after Lula briefly spoke to Trump at the U.N. General Assembly on September 30. On Thursday, Foreign Minister Mauro Vieira The meeting is scheduled to take place U.S. Secretary Marco Rubio at Washington. Reporting by Marcela Gregorio; editing by David Gregorio
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Russian rouble falls on concerns about oil exports
On Thursday, the Russian rouble fell sharply in relation to the U.S. Dollar and the Chinese yuan due to market worries about future oil revenues after U.S. pressure was applied on India and China. Donald Trump, the U.S. president, said that on October 15, Indian Prime Minister NarendraModi had promised to stop purchasing oil from Russia. He would then try to convince China to do the exact same thing. The rouble fell by 1.7% against the U.S. Dollar in the over-the counter market and by 2% to 11,20 against the Yuan at the Moscow Stock Exchange where the Chinese currency is the most actively traded foreign currency. The rouble strengthened this week to its highest level since July, on the back of a decline in demand for foreign currencies from importers. Fears of a possible future decline in oil revenues led to some profit-taking, which had a direct impact on the thin Russian markets, said a Russian currency trader who declined identification. Another currency dealer stated that "our illiquid market broke", mainly because there was a general feeling of inadequacy about the recent strengthening the rouble. The rouble has not reacted to the news that Trump is to hold a telephone call with Russian president Vladimir Putin on Thursday evening, just a day before he hosts Ukraine's Volodymyr Zelenskiy at the White House. (Reporting and editing by Gareth Jones, Gleb Brynski)
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Peru's new President faces protests that resulted in dozens of injuries and one death
The state ombudsman’s office reported on Thursday that at least one person died and dozens were injured during protests in Peru overnight against President Jose Jeri who took power only days before. The protest, organized by Gen Z, civil groups and transport workers, took place on Wednesday night. It was part of a series against rising crime and corruption that culminated in the dramatic ouster at midnight of the former president Dina Boluarte, last Thursday. Around the country, thousands of protesters gathered. Hundreds clashed with police in front of Congress in Lima. The police fired tear gas, while protesters hurled rocks, fireworks and burning objects. "Everyone must leave!" "Everyone must go!" protesters shouted when they reached Congress, and then tried to tear down the metal barriers protecting it. This led to clashes. The Ombudsman's Office confirmed that a 32-year old man, Fernando Losada was killed in the protest. It said the death will be investigated. The Peruvian prosecutor's said that Losada died after being shot but didn't say who fired. Jeri posted on X that she was sorry for the death and said it would be investigated "objectively". Jeri had earlier claimed that 55 police officers were injured and 20 civilians in the protest. She blamed "delinquents" who "infiltrated peaceful demonstrations to sow confusion." He wrote: "The full force will be on them." The protests on Wednesday were a good indicator of how Jeri’s presidency could end next July, due to elections. Jeri has pledged to put crime at the top of his agenda, but he has been involved in a number scandals, including allegations of corruption and an investigation that has now been shelved for sexual assault. Jeri, 38, has expressed his willingness to work with any investigation into corruption. He has also denied wrongdoing and a number of scandals. Boluarte was met with widespread protests when she took power late in 2022. This led to dozens deaths and a drop in her popularity, which fluctuated between 2% to 4% during the days before her removal. Congress, which Jeri led before becoming president, is also unpopular. It has a one-digit approval rating.
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Kazakhstan freezes fuel and utility prices amid inflation
Kazakhstan's Government announced on Thursday that it would freeze the price of some diesel and petrol as well as suspend utility tariff increases until 2026. This is due to the double-digit inflation rate continuing to increase. In a Telegram statement, the government announced that price freezes for diesel and AI92 gasoline will remain in effect until inflation stabilizes. It also said it would increase funding for the domestic agriculture to help prevent any price increases on what it called "socially important" food products. The government also claimed that it would reduce the tax revenue collected by small businesses, and make affordable mortgages more available. Inflation rates in Kazakhstan, which is a mineral giant and produces around 2% the world's supply of oil, were 12.9% in September. This was significantly higher than those in Russia, Kazakhstan's neighbour and main trading partner, where the prices have risen since the start of the war in Ukraine. Kazakhstan's central banks raised rates last week to an unprecedented 18%. Since the invasion of Ukraine, inflation has also spiked in other Central Asian countries with economies that are closely tied to Russia. The price of LPG soared suddenly in January 2022, causing the worst unrest in Kazakhstan since 1991 when the 20-million population gained independence from the Soviet Union. The fuel price protests that year grew to widespread unrest and hundreds of deaths. Russian troops were deployed to restore order.
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Gold reaches new records as Fed rate-cut betting drives gold to record highs
Gold reached a record-high for the fourth consecutive session on Thursday as investors flocked into the metal of safety due to brewing U.S. China trade tensions, and the U.S. Government shutdown. Bets on interest rates cuts also fueled the momentum. As of 09:10 am, spot gold was up by 0.8% to $4,242.65 an ounce. ET (1310 GMT), after bullion reached a record high earlier of $4,254.61. U.S. Gold Futures for December Delivery were up 1.3% to $4,256.70. Yellow metal is up over 60% in the past year, thanks to geopolitical tensions and aggressive bets on rate cuts, central bank purchases, dedollarisation, and strong ETF flows. The rate-cut scenario heading into 2026, as well as developments surrounding U.S. China will determine the trajectory of gold. "If no deal is made between the U.S. and China, the relationship will continue to deteriorate. That could be what gold needs to break the barrier of $5000/oz," said Zain Vwda. Analyst at MarketPulse. This week, investors have been focused on the U.S.-China Trade Spat. Washington criticised China's increased rare earth export controls on Wednesday as a danger to global supply chains. Traders have priced in a rate cut of 25 basis points by the U.S. Federal Reserve in October and a second in December with probabilities as high as 98% and 95%. Gold that does not yield is usually a good investment in an environment with low interest rates. Vawda stated that short-term gold pullbacks are likely to be temporary as bullish investors use dips to enter positions. HSBC increased its forecast for the average price of gold in 2025 to $3,355 per ounce, citing geopolitical tensions and economic uncertainty, as well as a weaker U.S. Dollar. The ongoing U.S. shutdown has also halted the release of scheduled economic data. A Treasury official warned that the loss in output could be as high as $15 billion per week. Silver spot fell by 0.2%, to $52.96 an ounce. It had hit a record high $53.60 per ounce on Tuesday. The rally in gold was mirrored and the tightness of the spot market supported this decline. Palladium rose 1.8%, to $1,564.00, while platinum was up 0.7% at $1,665.24. (Reporting and editing by Vijay Kishore in Bengaluru, Sherin Elizabethvarghese from Bengaluru)
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HSBC increases average gold price forecasts 2025 and 26
HSBC raised its forecast for the average price of gold in 2025 to $3,355 from $3,215 because of safe-haven demand fueled by geopolitical tensions and economic uncertainty. In a note from October 15, the bank stated that "sentiment is bullish" as it expects rallies to continue into 2026, aided both by buying from the official sector and demand for gold among institutions as a diversifier. HSBC has also increased its forecast for the average 2026 gold price to $3.950 from $3.125. GOLD HITS A NEW RECORD HIGH HSBC reported that the demand for gold is increasing due to mounting fiscal deficits across major economies, including the U.S. Gold has been traditionally viewed as a safe haven during economic and geopolitical instabilities. Its value has increased by over 60% this year and reached a new record of $4,250.89. China accused the U.S. on Thursday of inciting panic over Beijing's controls on rare earths and said Treasury Sec. Scott Bessent made "grossly distortion" remarks about an important Chinese trade negotiator. The Chinese rejected a U.S. request to roll back curbs. HSBC stated that "central bank demand will likely remain high due to geopolitical risk and dollar diversification but lower than peak levels in 2022-23". HSBC stated that a lower rate cut than the Federal Reserve's current projections for this year or next could dampen the rally. Investors have priced in a rate cut of 25 basis points at the Fed meeting this month, and expect another in December. HSBC stated that the gradual decline in global inflation could also dampen jewelry purchases, which are driven by inflationary fears. The bank also maintained its average 2025 price forecasts of palladium and platinum at $1,100 and $1,215, respectively. Reporting by Noel John, Bengaluru. Editing by Mark Potter
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Gold prices spike in India before festivals, causing a surge in gold smuggling
Government and industry officials said that gold smuggling in India had increased ahead of major festivals. This was due to the record high prices and supply shortages. Import taxes on gold have been reduced to 6%, down from 15% in the past year. Customs and Directorate of Revenue Intelligence officials (DRI), however, said that smuggling had increased in the last few weeks. Several attempts to smuggle were foiled at Indian airports. A bullion dealer in Chennai said that smugglers are now able to convert gold quickly and easily, thanks to the strong demand for festival gifts and limited supplies. This month, Indians will celebrate Dhanteras (Diwali) and Diwali (Dhanteras), festivals when purchasing gold is considered auspicious. These are also the busiest days to buy the precious metal. On Thursday, gold prices in India reached a record of 128,395 rupees for 10 grams. This marks a 67% increase so far this season. Smuggling gold at this price is lucrative for grey-market operators. They can make more money by avoiding the 6% import tax and a local sales tax of 3%. "The payoff is super tempting for them," said an unnamed senior bullion trader in Mumbai. The margin for smugglers has fallen to 630,000 rupees a kilogram after the import duties were reduced in July. The bullion dealer stated that investors are now chasing after gold, causing a shortage of supply and driving up premiums. A jeweller in Kolkata said that banks were unable to satisfy the demand for the stock and charged very high prices. This week, Indian dealers quoted a premium. The price of gold can be up to 25 dollars per ounce more than the official domestic prices. This is the highest since at least a decade. The government registered 3,005 gold-smuggling cases in the fiscal year 2024/25 that ended in March. They also seized 2.6 tons of this metal. (Reporting and editing by Alexander Smith; Rajendra Jadhav)
UPS, FedEx transition to electric vans slowed by battery lacks, low supply
UPS and FedEx are dealing with unpredictability in U.S. materials of huge, boxy electrical step vans they need to replace their gas guzzlers and make a dent in the nation's. climatewarming tailpipe emissions. The course to electrification by the package delivery giants is. critical to U.S. President Joe Biden's transportation climate. goals. Accomplishing that objective, nevertheless, is obstructed by battery. scarcities that are restricting EV materials and keeping costs high,. and by start-up electric van makers that are running out of cash. and shutting down.
The question is the number of those (business) will be here. in 5 years, ten years? Luke Wake, UPS's vice president of. fleet maintenance and engineering, told .
In a double whammy, UPS and FedEx are likewise losing access to. California coupons that assist settle EV prices that can be about. 2 times greater than traditional delivery van.
UPS and FedEx obtained some relief from EV supply. restraints when trend-setting California, the center of. electrification, postponed a guideline that would have required. them to acquire electric delivery cars specifically starting. this year. An industry group whose members include UPS and FedEx. has submitted a suit declaring that California first required the. approval of U.S. regulators.
The delivery business and their electrical van providers face. a Catch-22 circumstance, stated Sam Fiorani, a vice president at. AutoForecast Solutions.
You need the demand to have the supply and you need the. supply to have the need. Getting both of them to work at the. very same time is the issue, he said.
UPS has actually checked and bought EVs for decades and is a. bellwether for demand. It has more than 150,000 shipment. automobiles around the globe and is amongst the top buyers of step. vans, replacing about 7,000 of its common brown trucks each. year in the U.S. alone.
UPS and FedEx, which each have actually rolled out about 1,000. electrical step trucks, are keeping their alternatives open.
UPS is sticking to its plan, set in 2016, to rely on EVs. and other alternative fuel cars to decrease emissions. Those. other lorries consist of 13,000 action vans that work on renewable. gas (RNG).
FedEx informed it is searching for opportunities to. incorporate other lower-emission delivery trucks into its. fleet.
' SUBJECT TO AVAILABILITY'
UPS and FedEx prefer step vans - bigger, often custom-made. trucks with spacious cargo locations.
U.S. releases of EV step vans by UPS, FedEx and others. such as bread and linen carriers peaked at 275 in 2021 and fell. to 238 in 2022, according to data from the not-for-profit CALSTART. Those deployments were in between 220 and 250 for 2023, the group. quotes.
On the other hand, shipment competing Amazon.com already has. over 10,000 smaller electric freight vans from Rivian. throughout the U.S. and Europe - still a small fraction of the. more comprehensive freight van market.
UPS and FedEx say electrical action vans are hard to discover.
There is minimal availability for bigger capability vans,. FedEx stated in a statement.
In 2021, FedEx revealed its objective to make 100% of pickup and. delivery car purchases in its company-owned Express system. electrical by 2030. It often adds the words based on. availability in declarations about that objective. UPS made a big bet on the EV transition in 2020, buying. UK-based Arrival and placing an order for 10,000 electrical vans. But Arrival ran out of money before selling a single. lorry to UPS.
Arrival is not alone. Upstart EV maker Lightning eMotors. remains in receivership, while Workhorse and Xos. have actually released going-concern warnings.
Atlanta-based UPS expects to utilize 40% alternative fuel in its. Ground operations by 2025, up from 29% presently. RNG trucks. today can be more climate-friendly than EVs powered by. electrical energy from coal and other nonrenewable fuel sources, Wake stated.
Environment advocates do not embrace UPS's RNG analysis,. mentioning the small portion of RNG in the gas supply and. the risk of leakages that release methane, a heat-trapping. greenhouse gas.
STICKER SHOCK
Wake said EV costs can be cost-prohibitive, but decreased. to disclose how much UPS pays.
In Southern California, UPS recently dispatched new. zero-emissions step vans made by veteran supplier Freightliner. Custom Chassis Corp (FCCC) - owned by Daimler Truck -. and SEA Electric, which is being bought by Canada's Exro. Technologies.
The expense of an FCCC MT50e electric step van is just over. $ 260,000, according to U.S. General Solutions Administration. files. That has to do with double the expense of a standard design,. industry advisors stated. Freightliner decreased to discuss. prices and said we stand ready to produce as numerous MT50e. products as the market and our consumers demand.
California for several years offered purchase vouchers of $60,000 or. $ 85,000 to all industrial purchasers of electric action vans - however. changed terms for big business like UPS and FedEx in 2023.
A evaluation found those companies now need to buy 30. trucks without rewards before they are qualified for half of. the value of coupons on additional purchases. Those. large-company incentives will end on Jan. 1, 2025.
As states like Oregon and Washington prepare to provide. coupons, the California incentive change might be weighing on. adoption as the biggest fleets historically represent a bigger. percentage of new truck purchases, said CALSTART Vice President. Tor Larson. If the U.S. Environmental Protection Agency. clears the way for California to restrict big delivery business. fleet purchases to electrical and other zero-emissions lorries,. this could offer the electric step van market a European-style. regulatory push. This is since the rule could then be adopted. by other U.S. states.
The U.S. tries to utilize carrots. Europe does a good job of. using sticks, said Scott Phillippi, a previous UPS executive.
(source: Reuters)