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Cannabis stocks rise after Trump signs an order to ease restrictions on marijuana
Stocks of cannabis companies rose Thursday following a?U.S. The U.S. President Donald Trump signed an order to loosen federal regulations on marijuana, the largest shift in marijuana laws since 1970. The decision to reclassify marijuana as a less harmful drug does not legalize it, but rather improves the operating environment for businesses by improving capital access, reducing taxes and accelerating research and development. In afternoon trading, U.S. listed shares of Tilray rose over 6%. Aurora Cannabis?rose almost 9%. SNDL rose 6%. And Canopy Growth gained close to 12%. According to senior administration officials, Trump's order "directs" his attorney general to move quickly with reclassifying marijuana. This could result in the psychoactive plant becoming listed along side common painkillers like ketamine, and testosterone as less dangerous drugs. Irwin Simon said, "I don't believe that many shareholders would buy my stock or?a number of other cannabis shares" without rescheduling. This was before the order. Reclassification would move marijuana from Schedule I (which includes substances such as heroin, ecstasy, and peyote) to Schedule III which covers substances that are associated with a moderate-to-low level of dependence. According to reports, Trump is?considering an Medicare pilot program which would give some seniors access CBD. Rearranging Medicare coverage and attracting investments from other investors and financial institutions would be likely to attract investment.
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Memo shows that Barrick Mining has officially taken over operational control of the Mali mine.
According to a?memo from the company,?Barrick Mining of Canada has retaken operational control over its?Mali mine. Sebastiaan Bok, Director of Operations in Africa and the Middle East, sent a memo stating that Barrick would resume production gradually, and focus on mandatory training to employees and contractors. After two years of negotiation, the two sides reached an agreement to settle their dispute regarding Barrick's operations in West Africa. Barrick's disagreement with the military-led government over a new mining code led to a suspension of operations at its gold mine complex in January. A provisional administrator appointed by a Mali court took control in June. Sources claim that Barrick has agreed to a settlement of $430 million. Two people with knowledge of the situation say that a Malian court ordered last week the return to Barrick of 3 metric tonnes of gold, which had been seized nearly a year earlier by the military government of the country. According to two people familiar with the matter, a Malian judge ordered that a military helicopter seize Barrick's 3 metric tons of gold worth $400 million in January after a confiscation order was issued by a Malian judicial authority. According to both sources, the gold has been at the BMS Bank in Bamako's capital since then. Barrick, whose activist investor Elliott 'Capital is a shareholder, announced plans to concentrate on its North American business, including launching an IPO under interim CEO Mark Hill. Barrick shares were up 1% at the Toronto Stock Exchange Thursday afternoon. (Reporting from Divyarajagopa, Toronto; PortiaCrowe, Dakar. Editing by KirstenDonovan.)
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The Ukraine-US Fund approves investment policy as it looks to first projects in 2026
The U.S. government body that oversees the fund announced on Thursday that the Ukraine-U.S. Reconstruction Fund, created as part of a minerals 'deal' signed by the two countries in April, has approved its asset policies and is ready to review its first investment opportunities starting in 2026. In a press release, the Development Finance Corporation (DFC), said that the fund's 2nd meeting "reached the final consensus needed to bring the fund into full operational status". The DFC stated that potential deals could focus on energy and minerals development, as well as maritime infrastructure. Kyiv, under pressure from Donald Trump for months, signed the minerals deal in April. The United States would receive preferential access to new Ukrainian mineral projects in exchange of investment. Ukraine signed the deal in order to win Trump's support as it repelled Russia's almost four-year old full-scale invasion. A U.S. delegation visited Ukraine in the fall for consultations, and also to visit some potential promising sites. The EU considers 22 minerals to be critical for industries like defence, high-tech appliances, and green energy. Most of the sites are not fully evaluated and will require significant funding for development. (Reporting and editing by Hugh Lawson; Yuliia dysa)
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Pirelli reports that 99.3% 500 mln Euro bond converted, diluting Sinochem & Camfin stakes
Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its stake to approximately 34.1%, down from 37.4%. Camfin, the vehicle of Marco Tronchetti Provera, will see its stake drop to 25,3%, down from 27.4%. Sinochem and Camfin - Pirelli's largest shareholders - have clashed a number of times in recent years. Camfin has complained that Sinochem’s stake is hindering the group’s U.S. growth. Camfin's board has authorized it to increase its share in Pirelli?to 29,9% by October of next year. Pirelli stated on Thursday that the conversion of its?bonds would have a positive effect on its debt. This will improve its net financial position in 2025 by more than 496 million euro.
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EU countries approve a year-long delay in deforestation laws
The 'Council of the EU' announced that the European Union countries approved a deal on Thursday to delay the anti-deforestation legislation by one year. This cleared the final legal hurdle so the law could be passed. First-ever policy, the EU would not allow imports of palm oil, cocoa and other products linked to deforestation. Foreign exporters of these commodities were required to submit due diligence reports proving that their products didn't contribute to forest degradation. The law, originally due to take effect in December 2024 was intended as a major component of the EU’s green agenda. Brussels had already delayed the law by one year. However, that did not stop the opposition from the industry and other trade partners, including Brazil, Indonesia, and the U.S. who said the regulations would be expensive and harm their exports to Europe. According to the amended EU legislation, large firms will be required to comply with the new law as of December 30, 2026. Smaller companies, with a revenue less than 10 million euros for the affected products, must comply by June 30, '2027. The EU Proposed delaying In September, the law was amended a second-time citing concerns about the ?readiness of information-technology systems needed to support ?it Nestle, Ferrero, and Olam Agri are among the food giants. The law was not to be delayed, as the government had previously warned. Forests in danger of extinction are found worldwide. The policy is designed to stop the 10% global deforestation caused by EU imports. (Reporting and editing by Charlotte Van Campenhout, Ed Osmond and Kate Abnett)
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Gold nears record high as rate cuts fuelled by soft US inflation fuels bets
Gold prices rose on Thursday and hovered near a new record high. This was after U.S. inflation data that were softer than expected boosted expectations for Federal Reserve rate reductions in 2026. As of 1645 GMT, spot gold was up 0.6% at $4,366.62 per ounce. Bullion reached a record-high of $4,381.21 an ounce on October 20. U.S. Gold Futures slipped 0.2%, to $4 366.80. Data showed that U.S. consumer price index rose 2.7% on an annual basis in November. This was less than the 3.1% rise forecast by economists surveyed. After the data, futures on the federal fund rate factored a slightly?increased likelihood that the Federal Reserve would lower interest rates during its meeting in January. David Meger said, "The CPI report was dollar-negative and gold-positive... the Fed will remain in focus as the market tries to determine how many rate reductions are planned for next year." Gold and other non-yielding investments benefit from lower interest rates. LSEG data shows that traders expect the Federal Reserve to cut rates by 63 basis points next year. "The trend in gold is still positive and a breakout to the upside is expected." "I've got upside targets at $4,515.63, and $5,000 is also a valid goal," said Peter Grant. U.S. President Donald Trump announced on Wednesday that the next Federal Reserve Chair will be someone who supports a sharply lower rate of interest. An announcement is expected to take place early next year. Silver spot fell 0.7%, to $65.83 per ounce. This is a retreat from the previous session's?record-high of $66.88. Silver has outperformed the gold market this year, with a 129% increase in value. This is due to investment demand as well as concerns about a possible supply shortage. Palladium rose 2.8% to $1,693.75, a record high for nearly three years. Platinum climbed 1.4% to $1.924.88, which is a 17-year-high. Commerzbank stated in a report that "the wave of price increases has now spread from Silver to Platinum... The platinum price is buoyed up by strong demand coming from China."
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UN reports over 1,000 civilians dead in Sudan's Darfur, as US and others call for ceasefire
A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover. Survivors have also described widespread killings and abuse, including rape and torture. At least 319 people were executed either in the camp itself or while they fled. In a statement that accompanied the 18-page report, Volker Turk, the U.N.'s High Commissioner for Human Rights said: "Such deliberate murder of civilians or people?hors combat could constitute a war crime." The findings were based on interviews with 155 survivors who fled to the Chad in July 2025. The report stated that one of them testified to the fact that eight people who were hiding in a camp room were killed by RSF soldiers who shot at the group through a window. RSF didn't immediately respond to our request for comment. The group denied that they had ever injured civilians, and has said it would hold their forces accountable for any violations. The April attack was the precursor to the RSF's attack on al-Fashir in the north, which took place late October. In that attack the RSF has been accused of summarily killing and kidnapping tens of thousands of people. The majority of those believed to have lived in this city are still missing. Separately, on Tuesday the U.N. Human Rights Office said that drones have killed more than 100 civilians this month in Sudan's Kordofan. The United States, United Kingdom, and Norway, on Thursday, called for Sudan's leaders "to urgently reverse course". They also called on all parties to cease the armed attacks, and to return to a truce, saying that a return to greater levels of violence could destabilize the entire region. The nations issued a joint declaration in which they stated that the transitional government must stop its aerial attacks on its own citizens, release political prisoners, use public revenue to pay employees of the public sector, and fund health, educational, and other vital services for its people. "South Sudan's leaders must stop the conflict and restore the trust of their people and the international communities through concrete actions." "If they do this, they will receive the support, investment and respect of the entire world," they stated, without providing any additional details. "Enough is Enough." Reporting by Emma Farge in Cairo and Nafisa Altahir; additional reporting in Washington by Susan Heavey; editing by Madeline Chambers, CaitlinWebber and Madeline Chambers.
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Ghana's Parliament approves stricter limits on central banks financing
By Emmanuel Bruce ACCRA, Dec. 18 - Ghana’s parliament approved amendments to Bank of Ghana Act on Thursday, imposing stricter limitations on central bank funding of the government in order to safeguard its independence. The Bank?of Ghana Amendment?Bill 2025 bars the central banks from purchasing government securities on the secondary market. It also redefines the emergency provisions which previously allowed officials bypass a 5% loan cap tied to?revenues of the previous year. Emergency situations are limited to those that involve force majeure, such as natural disasters, crises declared by the president or public health emergencies. The reforms come after criticism of the 'heavy central banks support during and after the COVID pandemic, when Ghana lost its access to international capital markets and inflation soared, and the Bank?of Ghana?posted negative equity?after extending overdrafts?and other assistance?to manage fiscal imbalances?. The revised law prohibits direct and indirect loans to government except in exceptional circumstances, such as temporary revenue shortages. These advances will be subject to a?repayment schedule, capped limits, and parliamentary approval. The law also introduces stricter requirements for board membership and enhanced audit oversight in accordance with the International Monetary Fund's programme, which was agreed in 2023, to reduce central bank funding, stabilize inflation, and restore investor trust. Cassiel To Forson, Finance Minister, told the parliament that reforms will "strengthen" the central bank while maintaining its independence. The bill also sets out the framework for joint medium-term inflation target with the government. The amendments, which are subject to presidential approval, include provisions that the state recapitalise its central bank in order to comply with legal requirements. Reporting by Emmanuel Bruce. Colleen Goko is the writer. Mark Potter (editing)
Australia cashes in on beef exports as United States cattle herd shrinks
storyp1> COOMA, Australia, Oct 17 (Reuters) In a refrigerated room, around two lots personnel in hats, gloves and blue plastic aprons carve and pack carcasses into boxes within minutes of their massacre.
The Monbeef slaughterhouse, owned by Bindaree Food Group and located about 100 kilometres south of Canberra, processes some 200 cattle a day, up from 30-40 two years earlier, and could increase to 220 in the coming months.
It's an ideal time, stated Ryan McDonald, the plant's livestock supervisor. Need out of the U.S. export market is driving the prices up in abattoirs, which then drives the market up for livestock.
A downturn in U.S. beef production has opened the door for Australia to export record amounts of meat, growing its market share in The United States and Canada and Asia and channelling billions of dollars to livestock processors and farmers.
Australia and the United States are amongst the world's largest beef exporters. Each accounts for a little over 10% of the global beef trade, sending out around a million metric loads worth some $8 billion abroad every year, trade information reveal.
Drought has shrunk U.S. cattle numbers to their smallest given that the 1950s, triggering the country to import more beef and export less.
Analysts anticipate U.S. beef exports to fall further as farmers keep back livestock to reproduce and reconstruct herds, developing a growing market opportunity for rivals.
Many huge beef exporters, including top shipper Brazil, have actually limited ability to take this chance either due to production declines or restricted market access.
South American producers deal with tariffs in the United States and many are barred from delivering to Japan and South Korea, the most significant recipients of U.S. beef, due to rules on foot and mouth disease.
But Australia is flush with cattle after four primarily damp years and has trouble-free trade access to the United States, Japan and South Korea.
Australia's feast will not last forever. Cattle markets relocate cycles of de-stock and restore and by the late 2020s, Australia's herd will likely be diminished while U.S. livestock numbers must have recovered.
However for now, there's money to be made Down Under, stated Ben Theurer, a Barclays expert in Mexico City.
Australia is going to have a golden couple of years. It's going to be very, really lucrative, he stated.
At the country's top processor, the Australian arm of Brazilian multinational JBS JBSS3.SA, EBITDA rose by 57% year-on-year to $226 million in the 2nd quarter, financial declarations reveal.
Farmers are winning too. Cattle prices usually tumble when supply of animals is plentiful, but heavy guides deserve around A$ 3.50 ($2.35) a kilo, data from industry body Meat & & Animals Australia reveal, below recent peaks however above in 2015's low of A$ 2, when farmers struggled to recover cost.
We're benefiting, said George King, a farmer near Carcoar in southeast Australia. Without that worldwide need, we 'd be desperate.
MARKET SHARE Australia's shipments to the United States have rocketed from approximately 11,000 tons worth $100 million a month in 2022 to almost 40,000 heaps worth $ 290 million in August, the most for any month because 2015, customs figures accessed through Trade Data Screen program.
Australia's share of U.S. beef imports has actually risen from 12% in 2022 to 22% in the first 8 months of this year.
Exports to Asia's most significant importers, Japan, China, and South Korea, have actually also increased as U.S. shipments declined.
Australia's market share has actually grown from 38% in 2022 to 47% this year in Japan and from 35% to 45% over the exact same timeframe in South Korea, while the U.S. share fell from 40% to 34% in Japan and 55% to 48% in South Korea.
In China, where Brazil and Argentina are the most significant suppliers, Australia's share has actually increased from 7% to 8% while the U.S. share slipped from 7% to 5%.
Meat & & Animals Australia predicts that Australia's exports determined by shipped weight will rise from 1.08 million metric loads in 2023 to a record 1.36 million loads this year and 1.37 million tons in 2025 before dipping in 2026.
However, the United States will eventually broaden production and recover market share, said Angus Gidley-Baird, an analyst at Rabobank in Sydney.
This isn't a permanent shift, he stated. However it's a great chance.
Where's the beef? https://tmsnrt.rs/4dOaThq Competition for Japan https://tmsnrt.rs/3zR6n3T (source: Reuters)