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Indonesia will tax gold exports up to 15% from 2026
A senior official from the Finance Ministry said that Indonesia will impose taxes of 7.5% to 15% on gold exports in a plan which will be implemented next year. Febrio Kakaribu, director general for fiscal strategy at the Ministry, said that the tax policy is currently being finalised and will be designed to lower rates on processed goods in order to encourage domestic processing. He said that minted gold bars and ingots would be subject to a higher price than dore, which are bars or ingots containing impurities. He said that global gold prices would also play a role in determining taxes. Higher rates will be charged when the price of gold is at or above $3200 per troy-ounce, to capture the miners' windfall profit. Since early November, spot gold has traded above $4000 per ounce. This year, it is up by more than half. Indonesian gold exports have soared to $1.64 billion in the first nine months 2025. This is a huge increase from the $1.1 billion shipped for the entire last year. Singapore, Switzerland and Hong Kong were the top three buyers. Indonesia, a resource-rich country, has the fourth largest unmined gold reserve in the world, which is located in the Grasberg Mine in the east of the country, operated by a unit of Freeport McMoRan. Febrio stated that many domestic investors are finding it difficult to purchase gold bars due to the gold investment boom. We want gold production and circulation in Indonesia. Febrio added, "We want to add as much value as possible in order for Indonesians to enjoy gold." He said that the government is still discussing its plan to tax coal exports. (Reporting and editing by John Mair, Edwina Gibbs, and Gayatri Suryo)
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Stocks on edge as Nvidia's earnings test looms
Asia's stock market fell on Monday as a dispute between China, Japan and the United States intensified. Investors looked forward to a week full of data catch-up and corporate earnings. Investors may be more interested in Nvidia's results on Wednesday after the market, as headline data for the U.S. labor market due on Thursday will have a bit of a dated feel. Nasdaq futures grew 0.7% and S&P 500 futures 0.4% during the Asia session. European and FTSE Futures dropped about 0.1%. After policymakers sounded hesitant, the expectation of a U.S. rate cut in December has fallen to less that 50%. This has put pressure on the stock market, particularly in the volatile and rate-sensitive technology sector. TENSION BETWEEN CHINA AND JAPAN After China warned its citizens to avoid Japan, the Nikkei index in Asia fell by 0.2%. Tourism and retail stocks were also down. Shares of department store operator Isetan Mitsukoshi, Muji parent Ryohin Keikaku, and cosmetics manufacturer Shiseido have declined by around 10%. In Australia, the Australian bourse was flat due to a 0.6% drop for BHP following Britain's High Court finding it responsible for a Brazilian dam collapse. Hong Kong and China's indexes both fell by around 1%. The Nikkei reported on a $110 Billion stimulus plan, which weighed down on bonds. It sent yields on 20-year bonds to their highest level in 26 years. Analysts see a risk for the yen if confidence in fiscal discipline is shaken. This was evident in Britain, where stocks, bonds, and sterling fell on news that Finance Minister Rachel Reeves would not be raising taxes. The yield on the 10-year U.S. Treasury rose to 4.163% in Asia. Wall Street indexes recovered on Friday from a steep saleoff on Friday, resulting in a mixed closing. The S&P 500 saw a slight drop and the Nasdaq saw a modest gain. NVIDIA JOBS This week, the headline U.S. release will be the delayed September jobs report on Thursday. Private surveys have already indicated a slowdown in the labour market, so these figures are likely to be stale. The Fed's more hawkish officials will not change their tune if it only confirms this. The CPI data will be crucial for them, as they are more concerned about inflation risks. On Friday, the expectation of a rate cut was dampened when Kansas City Fed president Jeffrey Schmid and Dallas Fed president Lorie Logan questioned whether it would be necessary to reduce rates next month. Home Depot, Target and Walmart report their earnings this week in the U.S. All eyes are on Nvidia, as the market response will be a test for the recent rally. Nvidia's shares have increased by about 1,000% in value since the launch ChatGPT, which took place in November 2022. Nvidia's market value surpassed $5 trillion last month after a gain of over 40% year-to date. The U.S. Dollar was slightly higher in foreign exchange. It held the euro at $1.16, and crept up on the other majors. Gold suffered a loss of $4,060 per ounce on Friday. Brent crude futures fell 1% to $63.78 after loading resumed in a Russian hub that had been hit by an attack from Ukraine. Bitcoin, which in recent weeks has acted as a barometer for the mood of technology stocks, suffered its biggest weekly drop since March. It had lost more than 10 percent last week. It was trading at $95,000. Reporting and editing by Jamie Freed, Christopher Cushing, and Tom Westbrook.
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Dollar gains as gold falls, but watch US data for further Fed clues
Gold prices fell on Monday as a result of a stronger dollar, while investors awaited a series U.S. data that may shed light on Federal Reserve interest rate policy. As of 0608 GMT, spot gold was down by 0.4%, at $4,062.96 an ounce. U.S. Gold Futures for December Delivery fell by 0.7%, to $4.064.50 an ounce. Dollar index continued to gain against its rivals for a second day, making gold less appealing for holders of other currencies. Tim Waterer, Chief Market Analyst at KCM Trade, said that "scalled-back expectations of rate cuts from the Fed next month are essentially hampering gold in terms of yield." Even though the government shutdown is over, it's not certain that the Fed or the markets will be able to see the full picture of how the economy is performing. Hawkish remarks by Fed officials won't do gold any favors either." The market participants will be looking for clues about the health of America's largest economy this week. This includes the nonfarm payrolls data on Thursday. The Bureau of Economic Analysis of the Commerce Department said that it is working on updating its schedule of economic data releases affected by the recent government shutdown. The traders are now pricing in 46% of a Fed rate reduction next month. This is down from 50% last week. A growing number of Fed policymakers have expressed reluctance to further ease the monetary conditions, citing concerns about inflation and signs that the labour market has remained relatively stable after two rate cuts in this year. Gold that does not yield tends to perform well in low interest rate environments and times of economic uncertainty. SPDR Gold Trust is the largest gold-backed ETF in the world. Its holdings dropped 0.47% on Friday to 1,044.00 tons from 1,048.93 tonnes on Thursday. Silver spot rose 0.5%, to $50.81 an ounce. Platinum gained 0.5%, to $1.548.37, and palladium increased 0.7%, to $1.394. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
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At least 18 people have been killed and dozens are missing in Central Java, Indonesia.
Authorities said that at least 18 people have died in landslides caused by rain in Central Java Province, Indonesia, last week. Search operations are ongoing. The disaster mitigation agency reported that a landslide last week in Cilacap buried 12 houses in Cibeunying. It said that the search and rescue effort was difficult because people were buried between 3 to 8 metres (ten to 25 feet). M Abdullah said that the landslide in Cilacap has left at least 16 dead and 7 people missing. KompasTV, a news channel, showed footage on Monday of excavators digging through the dirt in Cilacap. The disaster mitigation agency reported on Monday that two people were killed and 27 others missing following a landslide in Central Java on Saturday. It said that 30 homes and farms were affected. The wet season in Southeast Asia began in September and will likely last until April. This means that there is a high chance of flooding and heavy rainfall, according to the weather agency. (Reporting and editing by Christopher Cushing; Stanley Widianto)
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Australian shares flatten as financials counter the energy sector's boost
Australian shares closed Monday at near-four-month lows, as declines among major banks offset the strong performance of the energy sector. Investors also reassessed their positions in an uncertain environment for monetary policy. The benchmark S&P/ASX 200 index closed at 8,635.40, its lowest level since mid-July. Financials closed at a four-month low, down 0.2%. Commonwealth Bank of Australia shares fell by nearly 1% to a new low. CBA, Australia's largest lender, has lost more than 10% of its value since the beginning of last week, after its disappointing earnings and warnings about margin pressures affected market sentiment. Tim Waterer, KCM Trade's Chief Market Analyst said: "With the future of interest rates still in flux, there were very few positive drivers on the ASX today." Macquarie, an Australian investment bank, fell by 2.3% when it traded ex-dividend. It has also fallen by around 10% in the past week due to lower-than expected earnings. Shares of ANZ, Westpac and other peers finished the day each 0.6% higher. CBA and Macquarie have a hard time shaking off their reputation as being overvalued. This is affecting the share price. Traders try to find better values elsewhere in the market. Citi analysts remain positive about the macro-environment for banks. They have named ANZ as well as Westpac among their top picks. Other discretionary stocks also ended the session up 0.2%, after having fallen as high as 1.3% in the previous session. Recent robust economic data has prompted a sharp retreat in expectations for interest rate reductions. Swaps indicate a probability of 36% for a rate cut in May, down from 70% the week before. Energy stocks rose by 1.1%, their biggest one-day gain in a week. Woodside shares rose nearly 1% as the Australian oil-and-gas producer is poised to sign an U.S. Liquefied Natural Gas supply agreement with Saudi Aramco in the coming week. The benchmark S&P/NZX50 index for New Zealand ended the day 0.3% higher, at 13,499.04 point.
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Arada, a UAE-based real estate developer, has acquired 80% of the London Riverfront Development
The United Arab Emirates' real estate developer Arada will, with the backing of Gulf royals and following its launch in the UK in September, acquire a majority share in London's Thameside West Mixed-Use Development, according to a Monday statement. The statement stated that Arada would take an 80% share in the Riverfront Development in London's East, which is estimated to have a gross development of 3,29 billion pounds (2,5 billion pounds). It also plans to build at least 5,000 houses. Arada stated that the first phase of this project will deliver 1,000 homes. Construction is scheduled to start in 2027. "Our entry into the market was based on our unwavering belief in London, and its attractiveness to be one of the leading capitals in the world," said Arada chairman Sultan bin Ahmed Al Qasimi. He is a member of Sharjah's ruling families. Gulf property developers are experiencing strong growth due to increased demand and investment, as regional oil producers intensify diversification strategies. As a means to diversify their operations, several have established development arms in Britain via subsidiaries or joint-ventures. The acquisition of Thameside West by Arada increases its London pipeline of development to 15,000 properties. This is part of a larger strategy to triple the London residential pipeline over the next 3 years to 30,000.
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Morning bid Europe-Nvidia earnings to likely overshadow US delayed data
Tom Westbrook gives us a look at what the future holds for European and global markets. On Monday, the U.S. economy will start to flow again with figures on construction spending for August. On Thursday, September's jobs data will be released. The next month will bring more up-to date figures on labour and prices. However, due to concerns over the quality of these data and hawkish comments from policymakers, expectations for a December rate cut are fading. The main event for markets this week is likely Nvidia earnings after the close on Wednesday, which are shaping as a test for the artificial-intelligence bull run. According to LSEG analysts are becoming more optimistic with regards to future revenue, leaving the company a lot of room to improve. On Monday, the markets in Asia were cautious, with the dollar rising a bit. The deepening diplomatic dispute between China and Japan also impacted the Tokyo stock market. After China warned its citizens to avoid Japan, shares of Muji parent Ryohin Kaikaku, department-store operator Isetan Mitsukoshi, and Shiseido each saw losses of about 10%. After Japan's Prime Minster Sanae Takaichi warned lawmakers that a Chinese attack against Taiwan could threaten Japan’s survival, and possibly trigger a military reaction, a row broke out. Japanese media reported that a senior Japanese diplomat would be heading to China to try and calm down the situation. Separate Japanese news reports on plans to spend $110 billion on a government stimulus package put pressures on Japanese bonds. Market developments on Monday that may have a significant impact - Canada inflation data - Delayed U.S. construction data; November Empire State manufacturing survey Fed's Williams Jefferson Kashkari Waller
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Saudi Crown Prince visits US to discuss defence, AI, and nuclear issues
Saudi Arabia's de-facto ruler will visit the White House on Tuesday for talks with U.S. president Donald Trump. The goal is to expand and deepen longstanding cooperation in oil and security, while also enhancing ties to commerce, technology, and even nuclear energy. This will be Crown Prince Mohammed bin Salman's first visit to the U.S. after the killing by Saudi agents of Saudi critic Jamal Khashoggi in Istanbul last year, which caused an international uproar. U.S. Intelligence concluded that MBS had approved the capture or murder of Khashoggi. The Crown Prince, also known as MBS and widely known for his initials, denied ordering the attack but admitted responsibility in his role as de facto ruler of the Kingdom. After more than seven years, the largest economy in the world and the top oil producer in the world want to move on. Trump wants to take advantage of a Saudi Arabian investment pledge worth $600 billion made during Trump's May visit. He avoided mentioning human-rights concerns during his May visit and will likely do so again. Saudi Arabia's leader wants security guarantees in the face of regional unrest, access to artificial-intelligence technology and progress on a civilian nuke programme. Aziz Alghashian is a Saudi lecturer in international relations who teaches at Naif Arab University of Security Sciences. Focus on DEFENCE DEAL Saudi Arabia and the United States have had a long-standing agreement whereby the Saudi Arabian kingdom sells oil at favorable prices in exchange for security provided by the superpower. Washington's inaction when Iran attacked oil installations in Saudi Arabia in 2019 shook this equation. In September, Israel's attack on Doha in Qatar in which it claimed to have targeted Hamas militants in Palestine re-emerged as a source of concern. Trump then signed an executive order to sign a defense pact between the United States and Qatar. Many analysts, regional officials and diplomats believe that the Saudis are going to get something similar. Saudi Arabia sought to have a recent defence pact approved by the U.S. Congress during recent negotiations. Washington, however, has put a condition on this: normalizing relations between the kingdom and Israel. Riyadh, in turn, has linked this to the commitment of Israel's right-wing government to the creation of a Palestinian state. Benjamin Netanyahu, the Israeli Prime Minister who, after two years war, agreed to a ceasefire in Gaza mediated by Trump last month, reaffirmed on Sunday his opposition to Palestinian statehood. A Trump executive agreement on defence, similar to the one with Qatar, would not be the defense agreement that the Saudis are seeking. Alghashian, however, said that it would be "a step along the way, a part of the processes, not the ending of the processes." One Western diplomat in the Gulf summarized the dynamics: "Trump wants to normalize and Saudi Arabia wants a full-fledged defence pact but the circumstances do not allow." Both sides are likely to get less than what they wanted in the end. That's diplomacy." Dennis Ross, former Middle East negotiator for Democratic, Republican and now the Washington Institute for Near East Policy said that he expected an executive order calling for the U.S. to consult with the Saudis on "what to do to respond to the threat", but not to commit Washington to come to Riyadh's defence. He said that this could include a variety of assistance including replacing weapons, deploying defensive rocket batteries such as THAAD and Patriot, or deploying marines with naval forces. DEALS KEY IN REGIONAL RIVALRY Riyadh also pushed for deals on nuclear energy and artificial Intelligence as part of its ambitious Vision 2030 Plan to diversify the economy and improve its position in relation to rivals. The approval of advanced computer chips is crucial to the Kingdom's plans to compete with United Arab Emirates which signed a multi-billion dollar data centre deal in the United States in June, giving it access to high end chips. MBS wants to reach an agreement with Washington to develop a Saudi civil nuclear programme as part of his efforts to diversify away from oil. A deal like this would give Saudi Arabia access to U.S. security and nuclear technology, as well as allowing it to compete with its traditional enemy Iran and the UAE. The Saudis refused to accept a U.S. clause that would have prohibited the enrichment of uranium and the reprocessing of spent fuel, both possible paths to making a nuclear bomb. Ross said that he was expecting an announcement on nuclear energy or at least progress in reaching one. (Reporting from Riyadh by Timour Azhari; Editing by Cynthia Osterman).
At Tahiti's Olympic browsing place, Polynesians fight for a reef and a way of life
On the remote south coast of Tahiti, its Jurassic peaks and azure lagoon available just by boat, Patrick Rochette is discussing how centuriesold Polynesian conservation traditions are being restored to secure this distinct environment.
Joined gruesome tales of the island's history of tribal wars and the roots of wave-riding, it's a compelling account that resonates with the school kids that the Tahitian older has given this picturesque area near to the Olympic browsing venue of Teahupo'o.
Amongst the interconnected Polynesian concepts lost or repressed during Tahiti's French colonisation that Rochette explains: respect for tupuna, the ancestors; mana, the spiritual power of people and places; tapu, that which is sacred; rahui, a constraint or restriction; and the guardians - the whales, sharks, turtles.
It depends on the children to go home with this information and describe it to their parents, says Rochette, a burly 63-year-old.
For Rochette and others, countering the pressures of over-exploitation and climate change go hand-in-hand with a. cultural renaissance in the Pacific island group, an unique. Polynesian identity that covers the world's biggest ocean.
We Polynesians, in 15 or 20 years, if we do not do anything,. there'll be absolutely nothing left, Rochette said in a boat, speeding. down the jungle-clad coast. We have to do it together, not simply. here, but the Pacific neighborhood needs to do all of this together.
The Polynesian Triangle incorporates some 10 million square. miles of the Pacific Ocean with Hawaii, New Zealand (Aotearoa). and Easter Island (Rapa Nui) at its corners. Its people, who. trace their lineage back to a spiritual homeland, are closely. connected by language, culture and their seafaring history.
As ideas of sustainability and preservation develop momentum. all over the world, the adoption of traditional and culturally. appropriate methods is becoming more popular among Indigenous. neighborhoods.
In Polynesia, an intimate understanding of the moana, the ocean,. and the concept of guardianship is resonating as pressures on. reefs and lagoons from both development and climate modification grow.
WAVE OF MANA
Tereva David is likewise working with the regional Teahupo'o. community to embrace the Polynesian lifestyle in consistency. with the environment.
One of the very best to ride the Paris Olympic's ferocious wave. in front of his town, David has run camps for appealing young. French Polynesian surfers for the previous years.
David, 35, teaches them regard - not simply for the wave, but. for themselves, for each other and for their culture and. environment.
My mom, when she was a little woman, she was prohibited to. speak Tahitian, he stated. For a while there, it wasn't looking. excellent when you speak Tahitian - 'Oh, you're too impolite, or you're. from the street, or from Teahupo'o, in the bush.'
Now, Tahitian language and culture is a source of pride in. Teahupo'o, where clear rivers go through the village to the. black sand beach and the lagoon.
Olympic gold for 22-year-old regional internet user Kauli Vaast also. created great mana, spiritual power or cultural pride.
Only kings were able to surf here before, David said. For. us, browsing is sacred, it's the culture - like dancing, like. canoe paddling, like singing, like making food for everybody.
David stated the community had worked to ensure having one of. the world's most effective and alluring waves on their doorsteps. fully benefited the town. Locals now provide surf camps,. electronic camera operators, taxi boats, and water security patrols when top. internet users come for big swells.
It took us a long time however we lastly did it. Now, nobody. is available in and does it like the circus - we manage, states David.
For us, it was the important things to do, to represent our mana, to. represent our tupuna, our ancestors.
The Olympics brought fresh challenges, with locals fighting. to reduce the impact of new Games infrastructure, consisting of. insisting that a brand-new tower on the reef to judge the surf contest. be downsized to minimize its environmental impact.
RESTORE THE RAHUI
The reef - the oxygen we breath, states David - is at the. heart of the surf and the town, a distinct, living structure. that not just produces the best waves, but is a larder, a. play ground and a workplace for almost everybody who lives there.
10 years back, however, the reef was struggling.
Pestered by over-fishing and struck more frequently by damaging. storms, a decision was made by the community to reintroduce a. rahui over a 768-hectare area south of the village, banning. fishing and other activities.
In the older culture, it was the king who chose these. things and you could not go against it, you would be killed, and. many individuals were afraid of the idea, said Rochette, who. manages the Teahupo'o rahui.
The method has been modernised and democratised, with the. neighborhoods throughout French Polynesia now initiating rahui and. choosing how to run them to sustain their environment and. resources.
South of Teahupo'o, buoys are set out to mark the rahui. limits, and residents monitor the zone to make sure compliance. They. state the effect has actually been mainly positive, with the reef growing. and fish stocks improving.
Rushing over streams and paths of broken coral, Rochette. informs the story of a spiritual rock and its role in ancestral. fishing routines, states battles that turned the lagoon red. with blood and information how surfing was introduced here by twin. brothers.
While the cultural aspects have been considerable, ascribing. an economic value to the environment has likewise been essential.
Cliff Kapono, a Hawaiian coral researcher, web surfer and. Polynesian activist, worked with locals to map and value the. economic effect that works around the Olympics might have on the. reef and lagoon utilizing a recognized formula.
Kapono's MEGA Laboratory approximated a direct economic impact of. $ 170,000 for disturbing and destroying corals at the judging. tower website and $1.3 million in total for the larger reef. interruption around Teahupo'o from digging up and other works.
Beyond the economics, the idea of being guardians of the. ocean was intrinsic to the Polynesian viewpoint, Kapono stated.
There are individuals and neighborhoods throughout Polynesia that are. safeguarding their reefs. Whether they get struck by the Olympic. individuals, or over-fishing, or nuclear testing, there are people. that are going to stand up in these communities.
For us in Polynesia, that's who we are, that's our roots,. says Kapono. This is now the war we fight. We fight for our. environment..
(source: Reuters)