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Singapore firms target South Africa amid global trade shake-up
This week, a delegation of Singaporean firms is visiting South Africa to explore partnership opportunities in manufacturing, logistics and consumer goods. Trade between the two countries has almost doubled in the last four years. Enterprise Singapore, Singapore's agency for trade and enterprise, stated that this mission was part of the Scale-Up Programme and aimed to link participating firms with South African counterparts, and potential partners, in a variety of sectors including agriprocessing and industrial supplies. "South Africa is already a close partner of Singapore, and there are many Singaporean firms operating in South Africa," Rahul Ghosh said on Thursday. He was the director for Enterprise Singapore Middle East and Africa. "In the longer term, this will lead to Singaporean businesses unlocking opportunities for South African business for win-win results, which is particularly important at this critical junction of global trade uncertainty and investment." REDRAWING GLOBAL TRADE ROUTES The visit coincides with the redrawing of global trade routes due to shifting tariff regimes, supply-chain disruptions and other factors. Countries are now forging new partnerships or strengthening existing ones to gain access to markets and raw materials. The delegation is made up of steel infrastructure specialist Mlion Corporation as well as car leasing firm Lumens and snack manufacturer Cocoba. Meetings with local and regional major players are being planned, including Tolaram Group, Denmark-based FLSmidth and Tolaram Group, to discuss possible collaboration and investment. Ghosh stated that manufacturing, agriprocessing and logistics were identified as priority industries. Official data show that the trade in goods between Singapore, South Africa and other countries reached $1.4 billion by 2024. This is almost twice as much as what was recorded in 2010. Colleen Goko is the reporter. (Editing by Anathi madubela and Mark Potter.
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Gold prices rise on renewed geopolitical risk; US inflation data is in focus
After two sessions of declines, gold prices rose by over 1% Thursday as investors awaited Friday's key U.S. Inflation data. As of 09:21 am, spot gold was up by 1.2% to $4,143.80 an ounce. ET (1321 GMT) after falling to near a two-week low during the previous session. U.S. Gold Futures for December Delivery climbed 2.3%, to $4.160.50 an ounce. The prices reached a record-high of $4,381.21 in the first session, but then experienced their steepest fall in five years during the second. This year, the value of gold has soared. All the fundamentals that drove gold higher in this year are still very much present. "There was some opportunistic purchasing on the dip, and perhaps an uptick today in trade and geopolitical conflicts fostering that," Peter Grant said. The gold price has risen by 57% in the last year due to geopolitical tensions and economic uncertainty. Central bank purchases have also been sustained. U.S. president Donald Trump imposed sanctions against Russia on Wednesday for the first times in his second term. The sanctions targeted oil companies Lukoil, and Rosneft. In response to Beijing’s recent restrictions on rare-earth-exports, the administration is also considering a proposal to limit a wide range of software exports to China. The Federal Reserve is now focusing on the U.S. Consumer Price Index report due out Friday, which could be its clearest inflation signal before next week's policy meetings. Data is expected to show core inflation at 3.1% for September. The markets have already priced a rate cut of 25 basis points, and another one is expected in December. In low-interest rate environments, gold, which is a non-yielding investment, tends be to gain. JP Morgan has forecast that gold prices will reach $5,055/oz on average by the fourth quarter 2026. This is based on an assumption that central bank and investor demand will be around 566 tonnes each quarter. Other metals rose in price: spot silver increased 1.6% to $49,29 an ounce; platinum increased 1.2% to $1640.61 while palladium dropped 0.1% to $1457.08.
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Canada retail sales in August grew by 1.0%, but declined 0.7% from September
Data from Canada's National Statistics Agency showed that retail sales in Canada rebounded during August, as consumers increased their spending on new cars, supermarkets, and clothing, among other things. Statista Canada reported that retail sales increased by 1% in August to C$70.40 Billion ($50.20 Billion) from a downwardly revised 0.7% drop in July. A preliminary estimate of September sales showed a likely decline of 0.7%. Analysts polled had predicted retail sales growth of 1.3% in August, excluding automotive and part sales. StatsCan's data shows that sales increased by 0.7% excluding the automotive category which accounts for as much as 28% of total retail sales. It said that the volume of retail sales for each month also saw a similar gain of 1%. Retail sales, including domestic sales of furniture, food and gasoline, and many other items are considered a early indicator of gross national product growth, and contribute approximately 40% of total consumer spending. Retail sales are closely monitored by economists and analysts to determine the state of the economy. In August, the largest boost in retail sales came from the automotive sector, which includes new and used cars, parts, accessories, and tires. The category saw a robust 1.8% growth, led by new car sales which increased by 2.3%. Clothing and accessories also saw a solid increase of 3.2%. Almost 6% of retail sales are accounted for by this sector. The second largest contributor to retail sales was food and beverages. This category saw a 0.3% increase, mainly due to purchases made at grocery stores and supermarkets. Fuel station sales and building material sales have both dropped.
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Mount Fuji in Japan sees snowfall 21 days later than normal
The top of Japan's Mount Fuji received snow on its summit for the first winter time ever, according to the Meteorological Agency. This is 21 days later than average, since records started in 1894. The snowfall this year was two weeks earlier than in 2024 when the snow fell on the 3,776 metre (12,388 ft) peak only on November 7 - the latest date since records began. The sacred mountain has been a symbol of Japan for centuries. Its snow-capped summit inspired many of Japan's greatest artworks, including Katsushika's "Great Wave Off of Kanagawa", which is now featured on the backside of the 1,000 yen note. Mamoru Mamatsumoto, of the Kofu Observatory office of the Meteorological Agency, told last year that the cause of the snowfall was unknown. In August, Japan's highest temperature ever was recorded in Isesaki, a city located northwest of Tokyo. It reached 41.8 degrees Celsius (107.8 Fahrenheit). According to the Kofu Observatory office of the Meteorological Agency, Fuji's first snowfall is the point in the summer when all or part the mountain is covered with snow or "white looking solid precipitation", as observed from below. (Reporting and editing by Kate Mayberry; Anton Bridge)
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Bulgarian fuel supply secure after Lukoil sanction, says PM
Rosen Zhelyazkov, the Prime Minister of Bulgaria, said that although U.S. sanctions have been imposed on Russia's Lukoil, which operates Bulgaria's largest refinery, there is still enough fuel to meet demand. The U.S. President Donald Trump has imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This has sent global oil prices up and prompted India to cut Russian imports. Lukoil operates the Burgas refinery in Bulgaria which produces 190,000 barrels per day. It also has more than 200 petrol station and a network of fuel depots and transport. Zhelyazkov, speaking to journalists in Brussels before a meeting of the European Council, said that "the refinery must continue operating." He said that the country had a month to decide how it would approach the refinery, as well as the refinery and its management. Fuel supplies are secure. He said, "I am not referring to the immediate future but rather in general." In a Thursday statement, the central bank of Bulgaria said it had been in touch with the ministry of finance and other authorities in order to discuss future steps. Lukoil already felt pressured to sell its refinery because of the sanctions imposed on Russia for the conflict in Ukraine. This is not a joke. "We could run out at some point," said Boyko Borissov who is the leader of GERB, the ruling party. He said that "it is) a very complex and delicate issue. We are prepared to take all possible actions if needed." Latchezar Bogdonov, chief economist of the Institute for Market Economics, Sofia, stated that Lukoil had three options for its Bulgarian operations: sell assets, place them under government management or shut down operations. Banks are likely to stop working with Lukoil, and its subsidiaries. How will you survive if you can't use the financial system? He told.
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JP Morgan expects gold to average $5,055 an ounce by the end of 2026
JP Morgan analysts maintained a bullish view on gold on Thursday, forecasting that prices could reach $5,055 an ounce on average by the fourth quarter 2026. The bank's forecast is based "on demand assumptions which see central bank and investor buying at an average of 566 tons per quarter in 2026," it said in a statement. Natasha Kaneva is the Head of Global Commodities Strategy for JP Morgan. She said, "Gold remains the highest conviction long term we have this year. We see further upsides as the market enters into a Fed rate cutting cycle." Gregory Shearer of Base & Precious Metals Strategy believes that the combination of a Fed cutting cycle, stagflation fears, concerns about Fed independence and broader debasement hedging will support gold's upward movement. The bank stated that, in regards to the dollar, it was "not a story of de-dollarization, or debasement, but most likely, a story of dollar diversification," noting that foreign investors are slowly shifting small amounts into gold. Analysts at JP Morgan also emphasized that recent market consolidation was healthy. Kaneva said that the pullback is a reflection of the market adjusting to the rapid rise in prices since August. It's perfectly normal to be paralyzed by fear because the price has moved so quickly. She said, "It's a very simple story. You have many buyers and no sellers." She reaffirmed a long-term goal of $6,000/oz in 2028 and stressed that gold should be seen on a multiyear horizon. The spot gold price has reached several records this year. Its latest high of $4,381.21 was achieved on Monday. This represents a year-to date gain of almost 57%, and sets the stage for the strongest annual performance in the history of the metal. (Reporting from Sherin Elizabeth Varighese in Bengaluru and Anmol Chaubey; Editing by Susan Fenton & Joe Bavier.)
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Russia at war faces double trouble - Trump's ultimatum, and the impact on oil sales to India
Russia, which is the second-largest oil exporter in the world, is considering how it will respond to U.S. sanction against top oil companies Rosneft, and Lukoil, and to the possibility of reduced sales to India, its largest buyer. Since months, President Donald Trump and Vladimir Putin have been discussing a way to end the conflict. However, there has not yet been a breakthrough. What did the U.S. do? The U.S. Department of the Treasury’s Office of Foreign Assets Control, or OFAC, imposed sanctions against Rosneft, Lukoil and several of their subsidiaries on October 22, while calling on Moscow to agree to an immediate ceasefire. Around half of Russia's crude oil production is produced by these two companies, and they account for more than 5% global crude production. The U.S. Treasury announced sanctions in January against the Russian energy industry, including the oil majors Gazprom and Surgutneftegaz. However, these measures did not have a significant impact on Russian oil exports. Some lawmakers are calling for even tougher sanctions. The U.S. already has introduced sanctions against this so-called "shadow fleet" that handles Russia's oil imports. These sanctions are aimed at more than 180 ships and dozens oil traders, oilfield services providers, insurance companies, and energy officials. What did India do? According to two sources with knowledge of the situation, Indian refiners and their top buyer Reliance Industries intend to reduce or stop their Russian oil imports. India is under increasing pressure from the United States to reduce its purchases in trade talks with Washington. According to the International Energy Agency, it bought 1.9 millions barrels per day (bpd), or 40% of Russia’s total exports in the first nine month of 2025. What does it mean for Russia? In order to maintain its exports, Russia will likely be forced to offer greater discounts to buyers as a result of increased sanctions. The oil and gas revenues account for up to one quarter of the Russian budget. They are also the main source of funds for Moscow's ongoing military campaign against Ukraine. These taxes on mineral extraction are only paid in the oilfield. Sanctions will only be imposed if Russia has to reduce production. How could Russia respond? The Kremlin reacted to Trump's warning earlier this month that the Russian economy would collapse by saying that Russia has considerable reserves and is strong enough to enable Putin to achieve his objectives. Stopping its crude exports would be one option, but it would harm allies like China and achieve what the West wants - a reduction in Moscow's revenues and war coffers. Other options for Russia include cutting off important exports like enriched uranium or palladium, but that would also harm its own economy. A second option is to intensify rare-earth collaboration with China. According to U.S. Geological Survey data, Russia has the fifth largest reserves of rare-earth metals in the world. A tie-up with China, which is the top player, would thwart U.S. attempts to counter Beijing’s dominance. Russia has leverage over Western oil giants, as it controls Black Sea exports through the Caspian Pipeline Consortium that mainly transports crude from Kazakhstan. This oil is being pumped by the U.S. giants Chevron & Exxon Mobil. Kazakhstan is a country with whom Russia has strong economic and security links. What about OPEC+? Russia is a major member of OPEC+, which unites the Organization of the Petroleum Exporting Countries (OPEC) and its allies. It accounts for approximately half of the oil production in the world. OPEC+ has unwinded production curbs in recent months to regain market shares, but a squeeze of Russia's exports may hamper the group's attempts to agree to further increases. What about China? China, along with India is the largest buyer of Russian crude. In February 2022, when Putin visited Beijing days before sending tens-of-thousands of troops to Ukraine, the two countries announced a partnership with "no limitations". About 20% of China's crude oil imports come from Russia China's Foreign Ministry reiterated on Oct 23 its position against unilateral sanctions when commenting about U.S. restrictions on Rosneft, Lukoil and other oil companies.
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Fuel prices are set to rise in Kyrgyzstan after Ukrainian strikes on Russian refineries
Fuel prices could increase by 15% in Kyrgyzstan in the next few weeks due to a shortage of supplies from Russia. The state anti-monopoly agency said this on Thursday. Kyrgyzstan is feeling the impact of Ukrainian drone strikes on Russian oil refineries. Due to domestic shortages caused in part by the Ukrainian attacks that have affected up to a quarter of Russian refinery capacity, Russia has extended its export restrictions until 2025. Officials in Kyrgyzstan said that current reserves will last for about a month. However, they expect the situation to improve when autumn agricultural work, which increases demand, concludes in Russia. This week, several gas stations in Bishkek, the capital of Kyrgyzstan, were temporarily out of fuel. This is not good timing for the government as it faces a snap election for parliament in November, where cost of living pressures will be the main issue. Syrgak Omorov, the deputy head of anti-monopoly services, stated that the government worked with Rosneft, a Russian oil company, and local distributors in order to stabilize prices and avoid "unjustified markups". The authorities have proposed temporary tax breaks and soft loans in order to reduce the impact of fuel traders. Official figures show that gasoline prices have increased by 8.8% in Kyrgyzstan since January. Diesel has risen by 6.3%. According to the economy ministry, these increases have been a major factor in inflation which was 8.4% annually in September. Kyrgyzstan has posted a 10% economic growth in the first nine months 2025. This is largely due to Western sanctions against Russia, which have led Moscow to import goods via Kyrgyzstan. Russia and Kyrgyzstan belong to a customs Union. The consequences of Russia’s invasion of Ukraine in 2022 have affected all five former Soviet Republics of Central Asia. Their economies are closely tied to Russia. Last week, Kyrgyzstan’s neighbor Kazakhstan implemented sweeping price controls for fuel and utility rates amid rising inflation. The fallout of the Ukraine war was blamed. The Karachaganak field in Kazakhstan has seen its production fall sharply due to a Ukrainian strike on the Russian Orenburg gas plant that processes Kazakh gas. Kyrgyzstan, under the populist and nationalist Sadyr Japarow, has adopted a pro-Russian stance on the Ukraine conflict. Several Kyrgyz bank have been sanctioned by Western countries for helping Russian sanctions to be evaded. Reporting by Aigerim Turgunbaeva; Writing by Felix Light, Editing by Mark Trevelyan
How Musk's US government efficiency panel might work
President-elect Donald Trump has charged billionaire Tesla CEO Elon Musk with setting up a panel to simplify the U.S. federal government. Although Trump has stated little about how this group would operate, Musk previously set an enthusiastic objective of cutting $ 2 trillion of federal spending. Musk, the world's wealthiest individual, will head the brand-new panel along with former Republican politician Presidential prospect Vivek Ramaswamy. Here is how it may work.
WHAT DOES MUSK WISH TO CUT? Musk stated at a Trump rally at Madison Square Garden in October that the federal budget could be lowered by a minimum of $2. trillion. That ambitious goal exceeds overall discretionary. spending, consisting of defense spending, which is approximated to. total $1.9 trillion out of $6.75 trillion in total federal. outlays for financial 2024, according to the Congressional Budget. Office. Musk, whose companies consist of the electrical lorry maker Tesla. and commercial space business SpaceX, has comprehensive federal. contracts for rockets and other space operations with the. National Aeronautics and Space Administration and the Pentagon.
Musk has likewise tussled with numerous federal regulators. The. Federal Air Travel Administration has a say in SpaceX rocket. launches and the Epa has actually fined the. business over pollution near a launch website in Texas. The National. Highway Traffic Safety Administration is examining. autonomous driving functions in Tesla's cars and trucks. The Securities and. Exchange Commission disciplined Musk for a 2018 tweet about. taking Tesla private. Ramaswamy, who founded pharmaceutical company Roivant Sciences,. has worked with the Fda, a company he. has called corrupt. On social networks site X in 2023 he wrote:. Numerous FDA policies and actions are hypocritical, harmful. & & unconstitutional.
WHAT HAVE MUSK AND TRUMP SAID ABOUT THE PANEL?
Trump in a declaration on Tuesday stated the panel would. supply suggestions and guidance from beyond federal government, on. slimming down the government, cutting guidelines, reducing. costs and restructuring federal firms. Trump wants to abolish the Department of Education, providing. states greater control of schooling. He also wishes to dramatically. cut the deep state-- profession federal staff members he states are. clandestinely pursuing their own programs. Trump and Musk have suggested the panel will make dramatic cuts. However the U.S. Constitution offers Congress the power over the. federal budget plan. Congress can take or neglect recommendations from. outside panels like the proposed efficiency group.
In an effort to be transparent, Musk said the panel will. post its actions for public comment.
Anytime the general public thinks we are cutting something. important or not cutting something inefficient, just let us know!. he stated on X. He likewise pointed out producing a list of dumb spending, which he. noted would be incredibly amusing.
On Tuesday, Ramaswamy said the panel would quickly start. crowdsourcing examples of government waste and supposed fraud.
WHAT IS THE PRECEDENT FOR THE EFFECTIVENESS PANEL?
In February 1982, previous President Ronald Reagan revealed. he would form a group of private sector professionals to suggest. ways to remove inefficiency and waste. That June, his. executive order formed a panel that became known as the Grace. Commission for its chairman J. Peter Grace, previous CEO of W.R. Grace and Co.
. Grace raised money to money the effort through a foundation. About 150 magnate offered time on an executive. committee that supervised 36 Grace Commission job forces, which. examined agencies or functions. The Commission issued a report in January 1984 with 2,500. recommendations. The task forces came out with reports as. well.
The majority of the recommendations, specifically those needing. legislation from Congress, were never executed, the Reagan. Library stated. In March 2017, Trump signed an executive order aiming to improve. effectiveness, effectiveness, and accountability and eliminate or. rearrange unneeded federal agencies. It directed each. agency to send a strategy to rearrange. He signed a different. executive order to put regulative reform task forces and. officers within firms. Trump unsuccessfully tried to eliminate a minimum of 19 firms throughout. his very first term. He called for getting rid of the Overseas Private. Investment Corporation that helps stimulate private financial investment in. foreign development projects and the Corporation for Public. Broadcasting. He likewise attempted to cut financing for Amtrak, subsidies. for rural airline company service and the Special Olympics.
WHAT EXPERIENCE DOES MUSK HAVE WITH EXPENSE CUTTING? After Musk bought the social networks app Twitter, he laid off. roughly 3,700 staff members, half its workforce. Revenue diminished as. marketers pulled spending and hundreds more staff members. consequently resigned. He later on renamed the social networks site. X, however its appraisal has actually plunged under his ownership.
Musk has had much greater success with SpaceX. Its Falcon 9. rocket slashed launch expenses with its reusability. This grown. new satellite markets, triggering the business's fast-growing. Starlink constellation, which has interrupted the established. satellite communications market and assisted shape modern. military methods. SpaceX is now a major defense contractor.
I would hope that he will try to find locations to do what he. did at SpaceX, stated Steve Grundman, a deputy under secretary at. the Pentagon under President Bill Clinton.
The method to save huge money is to erase stuff, close. things, Grundman stated, including the task is complicated because,. you're never going to discover a thing that is pure dead weight.
WHAT ARE THE GUIDELINES FOR A PANEL LIKE THIS?
The committee would likely run under the Federal. Advisory Committee Act, a 1972 law making sure panels provide. guidance that is timely, unbiased and available to the public. It. requireds cost controls and record keeping requirements that. apply to the roughly 1,000 committees with some 60,000 members. encouraging the President and the executive branch at any provided. time. Ramaswamy stated on Wednesday, once again on X, that the panel will. have a legal required offered current choices by the Supreme Court. the curtailed the power of regulators.
(source: Reuters)