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Bulgaria and Rheinmetall sign 1 billion euro agreement to produce gunpowder
Bulgaria and European defence company Rheinmetall signed a deal on Tuesday worth more than one billion euros ($1.2billion) for the construction of a factory that will produce 155mm artillery and gunpowder. Officials have said that the project is important for Bulgaria, and Europe in general, because the region wants to upgrade its defense capabilities after Russia's invasion into Ukraine. Rheinmetall has been a major beneficiary from the increase in military spending. The project will be a partnership between Rheinmetall, a German company, and Bulgarian VMZ. Rheinmetall will own 51% of the joint venture and VMZ will hold 49%. Bulgaria will finance the stake through a loan from Europe's SAVE Mechanism to boost defense investment. At a ceremony held at the Council of Ministers, in Sofia's capital city, Ivan Getsov and Armin Papperger of Rheinmetall signed the contract. After the signing ceremony, Prime Minister Rosen Zhelyazkov stated that "with the signing of this agreement, we mark the start of a strategic relationship between the Bulgarian government and the German technology concern which will transform the future of Bulgarian defence industry". Papperger stated that the Bulgarian plant would be completed within 14 months and would significantly contribute to Europe and NATO's ammunition needs. Papperger stated that Bulgaria's speed was unprecedented. "With our second gathering, we create one of the most advanced factories in Europe." He was referring a meeting between Rheinmetall, the German steel company, and Boyko Boissov of Bulgaria's centre-right GERB Party in August, where they agreed on this project. The project will create around 1,000 jobs, and restore an important element of Bulgarian defence capability. Gunpowder, artillery shells of 155 mm and the latest modular charging systems will be produced. Rheinmetall has formed alliances with companies such as Italy's Leonardo, and the U.S. firm Lockheed Martin to increase its capacity in Europe.
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Gold drops over 2% at a three-week low amid signs of an easing US-China Trade Woes
Gold dropped more than 2% on Tuesday to a 3-week low, as investors focused their attention on the Federal Reserve's policy meeting. As of 1140 GMT spot gold fell 1.4% to $3,924.99 an ounce, its lowest level since the 6th. U.S. Gold Futures for December Delivery fell 2% to $3.940.20 an ounce. "Hopes that a full-out war between the U.S.... and China will not happen... are driving a rally in risky assets such as shares." Ricardo Evangelista, an ActivTrades analyst, said that the trade war is negatively impacting demand for safe haven assets such as gold. Donald Trump, the U.S. president, said on Monday that he believed a trade deal would be reached between China and the United States. He also announced a series of deals with four Southeast Asian countries on minerals and trade. On Sunday, top Chinese and U.S. economists hammered out the framework for a trade agreement that Trump and his Chinese counterpart Xi Jinping will decide upon when they meet Thursday. On Tuesday, Asian shares continued to consolidate recent gains as the risk appetite remained high amid hopes of a thawing in global trade tensions. Investors are waiting for any comments from Jerome Powell, Chair of the Fed, regarding the future. As gold is not a yielding asset, it benefits from low interest rates. Spot prices rose by 53% in the past year, peaking at $4,381.21 per pound on October 20. This week, they fell 3.2%. Citi analysts reduced their forecast of gold prices for the next three months to $3.800/oz (down from $4,000/oz), while Capital Economics lowered its forecast to $3.500/oz by 2026. The spot price of silver dropped 0.9%, to $46.47 an ounce. Platinum fell 1.6%, to $1565.20, and palladium declined 2.4%, to $1368.48. This is a three-week low. (Reporting from Ishaan Varghese and Sherin Arora in Bengaluru, and editing by Sherry J. Phillips, Subhranshu S. Sahu, and Sonia Cheema.)
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UK actress Prunella scales, 93 years old, died after a long illness.
Her sons released a statement Tuesday confirming that Prunella scales died at the age of 93. She was best known as Sybil Fawlty, the iconic character in "Fawlty Towers", a comedy series. Sybil was married to John Cleese’s Basil Fawlty in the two series of the show made in 1975-1979. It was a comedy set in a dysfunctional Torquay hotel. The popular culture continues to reference and broadcast it. Her two sons released a statement saying that "our darling mother Prunella scales died peacefully yesterday at home in London." She watched Fawlty Towers on the day she died. Scales and actor Timothy West were married for 61 years. He died last November. She was suffering from dementia. Radio Times magazine named Fawlty Towers as the best British TV sitcom ever in 2019. In 2016, it was adapted into a stage production in Australia, and then moved to London’s West End in the year 2024. Sybil's braying laugh was compared by Basil to that of "someone machine gunning a seal" in the show. She has a seven-decade long acting career that includes multiple roles, dating back to the 1950s. One of her most memorable roles was in "Marriage Lines", a 1960s sitcom. She appeared in "Howards End", an Oscar-winning 1992 film, with her son Samuel West. Scales and husband traveled on their narrowboat during the "Great Canal Journeys TV series" in the 2010s. She began her acting career in Bristol at The Old Vic Theatre School after she was born in Surrey. (Reporting and editing by Paul Sandle; Additional reporting by Sam Tabahriti; Sarah Young, additional reporting).
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Wall St Futures Pause with Focus on Earnings Rush, Fed Decision
U.S. index futures hovered around record highs Tuesday after rallying the previous two sessions. Investors focused on corporate earnings, including UnitedHealth and UPS. Amazon has announced that it will reduce its corporate workforce of 14,000 employees. Sources claim Paramount is also planning to begin job cuts. The third quarter earnings season has begun. AI updates, particularly among major tech companies, are being scrutinized to justify their high valuations and large investments. Microsoft, Alphabet (Apple), Amazon, and Meta will all report their earnings later this week. UnitedHealth's shares rose by 2.7% in premarket trading after the healthcare giant increased its profit forecast for the year and reported better than expected quarterly earnings. Peers Elevance Health and Centene each gained more than 1 percent. United Parcel Service, a global economic bellwether, climbed 9.6% following a forecast of fourth-quarter revenues that exceeded Wall Street expectations. Fedex, the rival company, gained 2.3%. Around 87% of the 143 S&P 500 companies that reported last week beat analyst expectations. Artificial intelligence is a major factor in the Wall Street bull market rally, which celebrated its third anniversary this month. Fed officials will discuss interest rates later today and the plans to end "quantitative tightening", which Jerome Powell hinted earlier. The central bank will announce its decision on Wednesday. The markets are pricing in the expectation that the U.S. Central Bank will lower borrowing rates by 50 basis points before the end of the year. John Velis, BNY Mellon’s Americas Macro Strategist said in a report that "the rates view is fully priced into the market which assigns 100% probability of an increase this week." We expect little in terms of clear guidance for the December meetings and beyond 2026 given the lack of data from the government due to the shutdown and the unlikely likelihood that it will be resolved anytime soon. At 7:05 a.m. At 07:05 a.m. ET, Dow E Minis were up 53, or 0.1%. S&P 500 E Minis were down 0.75, or only 0.01%. Nasdaq E Minis were up 13,75, or just 0.05%. The U.S. Government has been closed for almost a month. This delays important economic data, and forces traders to rely solely on corporate and private announcements. On Tuesday, the Conference Board's Consumer Confidence Report, as well as surveys by Richmond and Texas Federal Reserves are expected to be published. PayPal shares soared 12.7% among the top movers after the payments company announced a partnership to allow ChatGPT to users to check out immediately. Royal Caribbean Group's shares fell 7.6% following a disappointing profit forecast for the fourth quarter. D.R. Horton's quarter-end profit was lower, sending the shares down by 3.4%. NextEra Energy increased by 2.1% following a nuclear deal reached with Google. Investors believe that Donald Trump, the U.S. president, will sign a long-awaited deal with China on his Asia tour. Trump signed an agreement with Japan for the mining and processing of rare earths and critical minerals. Reporting by Johann M Cherian in Bengaluru and Twesha Dkshit; Editing and proofreading by Pooja Deai and Devika Syamnath
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As sanctions threaten Russian supplies, Asia's refining margins are on the rise.
Analysts and trade sources reported that Asian oil refinery profits had risen to their highest level in 20 months. This was due to a strong diesel performance, which has been boosted by a tightening of the outlook following US sanctions against two major Russian suppliers. Singapore's complex refinery margin, a proxy of Asia's refining profitability rose to almost $9 a barrel Tuesday, a record high since February 2024. LSEG data shows that the margin was about $2 a barrel at the beginning of October. The global diesel market has been the main driver of strength in recent weeks, with a strong demand and tighter supplies. On Tuesday, the price of refining cracks used to refine 10ppm gasoil benchmarked at sulphur reached $26 per barrel. This is a record high for more than 1 1/2 years. The European market has followed a similar pattern, rallying due to supply concerns and benchmark diesel margins On Monday, oil prices rose to their highest level since mid-February of 2024. US SANCTIONS RUSSIAN OPEC EXPORTERS The markets were further boosted last week by U.S. Sanctions on Russian Oil Exporters Rosneft & Lukoil. In a recent research note, ING commodities strategists stated that "the latest sanctions against Russia threaten diesel flow as Russia exports approximately 1 million barrels of diesel per day." There is also a risk that Indian refiners will reduce their run rates if they cease to buy Russian oil. This would result in lower export volumes of middle-distillate from India", ING added. Diesel supplies from India were shifting to Europe before the latest sanctions as refineries reached peak maintenance and production dropped. According to June Goh of Sparta Commodities Senior Oil Market Analyst, the current diesel rally is a result of reduced Russian diesel exports as a result Ukrainian drone attacks and seasonal refinery turnarounds, along with limited Chinese clean products export quotas in Q4. "Also, the distillate arbitrages in the Arab Gulf and West Coast India are pointing East and tightly shutting into Europe. The diesel shortage in Europe is expected to be more severe, said Goh. The short-term sentiment was also boosted by the market talk that fewer spot shipments from Asian suppliers including South Korea China and Taiwan for November shipments. Other parts of the Barrels The profit on processing a barrel gasoline has risen nearly 30% to $13 per barrel this month, due to the tight supply caused by unplanned outages in Southeast Asia, while margins are narrowing in other regions as winter approaches, traders reported. Energy Aspects' monthly outlook on middle distillates stated that "Strong margins will keep refinery operations high and a rising OPEC+ supply, particularly medium sours, is expected to improve crude slate optimisation, and boost clean products yields." The margins on fuel oil and naphtha remained mediocre this month. Low-sulphur cracks are down, while high-sulphur cracks are ranging.
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Copper drops on profit-taking ahead of Fed meeting, US-China discussions
The price of copper fell on Tuesday, as investors held on to their gains following Monday's rally that led to a record-high. Investors are now focused on the Federal Reserve rate announcement and a meeting between U.S. president Donald Trump and his Chinese counterpart Xi Jinping. At 1015 GMT, the benchmark three-month copper price on London Metal Exchange fell 1.1% to $10.910.50 a metric ton. The metal reached $11,094 Monday, only a few cents short of its record high of $11,104.50. This was driven by the hope that Trump and Xi would reach a deal on Thursday to ease U.S. China trade tensions. Traders said that investors were making profits following the rise in copper prices. WORSE DOLLAR SUPPORTS There seems to be disappointment among bulls. Tom Price, Panmure Liberum analyst, said that copper "just keeps hitting a wall". He noted how open arbitrage to send metal to the U.S. continues to increase Comex inventories. . Price stated that "no one is concerned about the short-term supply." The LME cash copper contract was almost $24 cheaper than the forward three-month contract There is little immediate need for metal. The Yangshan Copper Premium is a premium in China The price of copper per ton was $35, down from $58 in late September. Brokers expect the Fed will trim its short-term lending rate by 25 basis point at its meeting that ends on Wednesday. Chair Jerome Powell could also indicate whether an additional reduction in December is likely. Price noted that the U.S. shutdown of the government is a drag on the dollar. Dollar-denominated commodities are more affordable to holders of other currencies when the dollar is weaker. Price explained that there were three factors which should push copper prices above their previous record. Price said, "Even if I'm a bearish on the long-term outlook for Copper, I think that this could be a pretty buoyant few weeks." Aluminium dropped 0.6%, to $2.856 per ton. Zinc fell 1.1%, to $3.020.50. Nickel fell 0.7%, to $15.165. Tin fell 0.2%, to $35.820. Lead lost 0.4%, to $2.016. (Reporting from Tom Daly. Lewis Jackson and Dylan Duan contributed additional reporting. Sherry Jab-Phillips, Mark Potter and Sherry Jacob Phillips edited the article.
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Police report that Israeli forces killed three Palestinian militants on the West Bank
A police spokesperson confirmed that Israeli security forces had killed three Palestinian militants on Tuesday in the West Bank occupied. Hamas, a militant Palestinian group, said that two of the three men died in an encounter with Israeli forces. According to Israel's police, and military, the Israeli forces fired at militants planning attacks near the Jenin Refugee Camp, then struck them by air. The Jenin camp has been left in ruins and abandoned after a large-scale Israeli military operation in January. This area has historically been a stronghold for militant groups such as Hamas and Islamic Jihad. Reporting by Maayan Loubell in Jerusalem, Nidal Al-Mughrabi near Jenin and Raneen Sawafta in Cairo; Editing and production by Kim Coghill & Hugh Lawson
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Delhi uses cloud seeding for rain and pollution control
Manjinder Singh Sirsa, the Environment Minister in Delhi's capital territory, said that authorities began to seed clouds in the city on Tuesday in order to bring artificial rain in and reduce pollution levels. The city has been struggling with poor air quality for several days. This method aims to increase rainfall by adding chemical particles around the water droplets that form in clouds. This is the first attempt in the Indian capital. Although cloud seeding has been used by several countries to increase rain and improve air quality, or to water crops during a drought, it was not until now that the technique had been tried. Studies have shown mixed results on the effectiveness of cloud-seeding. Sirsa stated that the Indian Institute of Technology believed rainfall could occur anywhere between 15 minutes and four hours after the seeding procedure, in any amount. He said that if the trials are successful, then a long-term strategy will be implemented until February. Images shared by IIT-Kanpur show substances being released as flares are attached to an airplane while it is flying in a cloudy atmosphere. Delhi and the surrounding areas are susceptible to pollution each winter, as the cold, heavy air traps dust from construction, vehicle emissions and smoke from fires in crops, causing respiratory problems for many of Delhi's 20 million residents. According to the Central Pollution Control Board (CPCB), an air quality index between 0 and 50 is considered 'good.' The air quality in the city remained'very bad' on Tuesday afternoon with a reading 304. Manindra Agrawal is a scientist from IIT-Kanpur. She said that artificial rain caused by cloud seeding could reduce pollution by up to 50%. However, it may be necessary to repeat the process. "If it rains pollution will come down (but) it'll rise again because... the source hasn't gone." "Whenever there is cloud cover, you have to repeat the procedure," he said. (Reporting and editing by YPrajesh, Kim Coghill, and Sakshi Dayal)
Can citizen scientists clean up UK's troubled water?
Volunteers test rivers for chemicals
Resources are being cut by government agencies
Citizen Science aims to improve Waterways
Adam Smith
The Great UK WaterBlitz was organised by Earthwatch Europe and involved thousands of volunteers testing rivers and lakes in 90 different locations.
The charity will analyze the results and send them to the Environment Agency (EA), a government agency responsible for waste management and conservation, and managing water contamination, in an effort to improve the quality of the water.
The condition of Britain's rivers and waterways is a scandal. Privatised water companies are widely criticized for pumping raw sewerage into rivers and oceans.
In a recent report, the National Audit Office (an independent parliamentary institution) said that water infrastructure would require an estimated investment of 47 billion pounds ($62.5 million) over the next five year to repair infrastructure and clean rivers and seas.
"Citizen science can be incredibly powerful in this area." Woods stated that it is a catalyst for meaningful environmental changes - ordinary citizens coming together to create something special in their thousands.
Earthwatch Europe also said that it would use the results from the mass tests to hold water companies accountable for failing to keep waterways clean.
Earthwatch Europe's last testing blitz, conducted in September, revealed a significant amount of antidepressants and agricultural contaminants, as well traces of stimulants such as nicotine and caffeine. The EA began monitoring these substances based on their findings.
DIGNATING Infrastructure
Late last year, lawmakers accused companies of prioritizing dividends and bonuses for management over investments, causing critical infrastructure to degrade.
In October, Britain’s regulator ordered that water companies refund millions of pounds in customer fees for failing to comply with environmental regulations. Now, water company executives can also be charged with criminal offenses if they violate environmental regulations.
Water UK, the company that represents these companies, stated in October that although performance wasn't what it should have been, improvements had been made.
Waterways that are dirty can be harmful to wildlife, ecosystems, human health, and other activities like farming and fisheries.
Woods said that "more polluted waters require more treatment and we will not know what contaminants to remove if we do not monitor what goes into our rivers."
She added that Britain's drinking-water is among the most safe in the world. If we continue to pollute our freshwater systems this might not be the case.
Earthwatch Europe, a charity for the environment, and The Rivers Trust report that significant cuts in the EA has made it more difficult to monitor statutory compliance.
The National Audit Office reported that funding for EA enforcement activities fell by 80 percent, from 117 millions pounds in 2010 down to 23 million pounds by 2020.
The EA stated that it would intensify efforts to hold companies accountable. It tested 4,536 sites in the past year, and is aiming for 10,000 inspections in this year.
"LOVE WHERE YOUR LIVE"
This blitz is a continuation of the work that Keri and Annette Lloyd already do as non-profits Friends of Bilbrook, in South Staffordshire, central England.
They test the water in their local rivers every month for ammonia and other pollutants. The information is then sent to Severn Trent, a water provider, and open data platforms like FreshWater Watch run by Earthwatch Europe.
The residents would like to see stronger relationships between the authorities and the residents. They also said that the EA had not sampled the water in Bilbrook since 2022.
Keri Lloyd said, "We (use) the old motto of 'love your home'", explaining that they felt the collected data was not being used properly. "We want to value it."
The EA stated that there were multiple sampling points near Bilbrook. The site is monitored every five years, with a re-sampling scheduled for 2027.
It said, "We are not able to monitor all our sampling points each year."
Michelle Walker, the technical director at The Rivers Trust said that citizen science was a valuable resource, particularly as government agencies are cutting budgets.
She said that the government no longer collects much data (national) and there are many holes in national data sets.
The trust works with other organisations to create national standards for citizen testing. These include methods for monitoring water, fish populations and soil.
The EA stated that "we encourage an open approach to the data collection and are collaborating with citizen scientists across the country... but this cannot replace all the other reasons why we monitor."
Walker stated that the billions of dollars set aside to monitor combined sewer overflows - pipes that discharge raw sewage in the environment when heavy rain falls - could be used to fund citizen research.
She added that a citizen science program would cost only a fraction of the money the EA spends on monitoring, and the amount the water industry will spend to do the same.
"You can start engaging people about rivers and they will become advocates for their own river." They start local habitat improvement projects and form groups called Friends of the River. "It will pay for itself many times over."
(source: Reuters)