Latest News
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Gold prices rise as the dollar weakens and US shutdown fears persist
Gold prices rose Friday, as the dollar weakened and the uncertainty surrounding the U.S. shutdown contributed to the demand for safe-haven assets. Wall Street indexes are set for a sharp weekly drop. As of 11:12 am, spot gold rose 0.5% to $3,997.47 an ounce. ET (1612 GMT). The contract has dropped 0.1% in the last week. U.S. Gold Futures for December Delivery gained 0.1%, to $3.993.60 an ounce. Investors worried about the sustainability of an artificial intelligence rally on Friday, which is a concern for tech-heavy markets. Other currency holders can now buy greenback bullion at a lower price. Jim Wyckoff is a senior analyst with Kitco Metals. He said, "The recent price movement suggests that we are putting a floor under the gold and silver prices." As a non-yielding investment, gold tends to do well in environments with low interest rates. The U.S. shutdown delayed the release of the non-farm payroll report for October. Traders turned to the private sector data which showed that there were job losses in the month of October to gauge the probability of another Federal Reserve rate cut this year. According to CME Group’s FedWatch tool, the markets now expect a rate cut of 25 basis points in December. Industry insiders say that China has begun designing a new licensing regime for rare earths, which could accelerate shipments. However, it is unlikely that the restrictions will be lifted as Washington had hoped. The conflicts have not been resolved, even though trade policy has calmed down a bit. Commerzbank wrote in a report that gold is likely to continue being sought after as a "safe haven". Silver spot rose 0.7% per ounce to $48,30. Platinum increased by 0.3% at $1,545.61 while palladium rose 0.7% to $1,385. All three metals are heading for losses this week. (Reporting and editing by Sahal Muhammad, Noel John in Bengaluru, Kavya Baliaraman in Bengaluru)
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Exxon CEO anticipates oil and gas to play a long-term role, but not necessarily as fuel
Exxon Mobil's CEO Darren Woods stated on Friday that oil and gas would continue to play a crucial role for a very long time. He added that the real question is whether they will be used to fuel vehicles. Woods stated that while future technological advances may see a shift in the way hydrocarbons are burned, they will still be used in other areas, like the medical industry. Woods said that crude oil and hydrocarbons will play a crucial role in everyone's lives for many years to come. Carbon emissions from fossils fuels, such as coal and oil, but also gas, contribute significantly to climate change The question is: Do you continue to burn them? "I think that will change over time depending on how the technology develops," said he on the sidelines at the Sustainable Innovation Forum, held in Sao Paulo. This month, the South American nation hosts United Nations COP30 Climate Conference in Belem. The UN announced earlier this week that the world will overshoot the goal to keep global warming under the 1.5 degree Celsius target set in 2015 at the Paris Climate Conference. Woods stated that the government is making decisions without having all of the facts, and that carbon accounting is needed to track emissions properly. Woods stated that "without a mechanism for accurately accounting the carbon emissions across economies, net zero" is nothing more than a slogan. "You need to understand where emissions come from, and you also need a ledger system that can give credibility to the emissions along a value-chain," he said. Reporting by Oliver Griffin, Editing by Mark Porter & Alexander Smith
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US official: Iranian plot to kill Israel’s ambassador in Mexico foiled
A U.S. official stated on Friday that Iran's Islamic Revolutionary Guard Corps planned to assassinate Israel’s ambassador to Mexico beginning late last year. However, the plot was thwarted and there is currently no threat. According to the official who spoke on condition of anonymity about the plot against Einat Kranz-Neiger, the plot was active throughout the first half of the year. The official said that the plot had been contained and did not pose any current threat. The official said that the plot was contained and does not pose a current threat. Officials declined to provide any further details or information about how the plot foiled. The Iranian mission at the U.N. headquarters in New York has declined to comment. The United States, its allies and others have repeatedly claimed that Iran and its agents have attempted to launch violent attacks on Tehran's enemies. Last year, security services in Britain and Sweden warned that Tehran used criminal proxies in these countries to carry out violent attacks. London said it had foiled 20 Iran-linked plots in the last 20 years. Dozens of other countries condemned the alleged increase in Iranian intelligence services' plots to assassinate, kidnap, and harass. The British spy chief MI5 Director-General Ken McCallum said that Iran is "frantically" trying its critics to be silenced around the globe. He cited Australian authorities who had exposed Iranian involvement with antisemitic plans and Dutch authorities who had revealed an unsuccessful assassination. Israel has been a target of Iran for a long time, but this is especially true after Israel and Iran engaged in armed conflict in which U.S. bombers attacked Iranian nuclear sites in the summer. (Reporting by Steve Holland, Editing by Michelle Nichols & Lincoln Feast)
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India's JSW Cement reports profit on higher volumes and price recovery
JSW Cement, a construction material manufacturer in India, reported a profit for the second quarter on Friday. The company sold more of its products at higher prices. The growth in volume comes during a weaker quarter, when India's annual rains reduce construction activity and lower demand for the material. The total net profit of 864.3 millions rupees for the period July-September was $9.8 million, compared to a loss last year of 643.9million rupees. JSW Cement shares closed Friday 0.6% lower. Since their August listing, they are down approximately 17%. The cement prices have slowly recovered from the lows of 2024, when construction, and especially infrastructure projects, slowed down after the general elections. Data from brokerage Ambit Research revealed that cement prices rose by an average of 5% during the period reported. This, combined with a 7 percent increase in cement volume, increased revenue by over 17%, to 14,36 billion rupees. Cement companies such as UltraTech, Ambuja and other larger cement producers also reported an increase in profits for the quarter reported. ($1 = 87.8950 Indian rupees) (Reporting by Hritam Mukherjee in Bengaluru; Editing by Anil D'Silva)
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Gates Foundation pledges $1.4 Billion to help farmers adapt extreme weather
Bill Gates Foundation CEO said that the foundation would spend $1.4 billion in the next four year to help farmers adapt to extreme weather conditions. Mark Suzman said that the Gates Foundation would be funding innovations such as mapping soil health, and biofertilisers which use microorganisms instead of chemicals to promote plant development. Gates called for a shift in climate strategy from focusing on emission targets to helping the poor who are increasingly suffering the effects of extreme weather and climate change. Suzman said in an interview conducted before the funding announcement that "these are people who have contributed a very small fraction of the greenhouse gas emissions causing climate changes, but are most affected by the climate impacts in terms of the ability to feed their families and themselves." The United Nations, noting that climate-driven weather extremes pose an increasing threat to food security and crop yields, has called for more protection of agriculture. In a report published by Systemiq, a consultancy that was part of a group of more than 20 organizations, crop resilience emerged as one of the areas where investment could have the greatest impact. The report released on Tuesday said that there is a need for climate resilient crop varieties, better weather forecasts, and innovations like AI-enabled maps and guidance. FARMING TECHNOLOGIES OF THE FUTURE The International Potato Center (IPC), one of the organizations that previously benefited from Gates Foundation funding unveiled on Friday a newly-cultivated variety of potatoes that are resistant to blight. Blight is a disease which is spreading higher altitudes with global temperature increases. Thiago Mendes, one of the researchers at the company, said that the new potato was created in Peru after identifying wild potatoes resistant to disease and incorporating these resistances into cultivated varieties. TomorrowNow sends out weather updates via text message to African farmers, including those in Kenya and Rwanda. This helps them avoid wasting seed and supplies, according to CEO Wanjeri Mbugua. Suzman stated that there is a lot of research and development in agricultural solutions. However, the goal should be to provide these solutions to the poorest peoples around the globe. He said, "The jury's still out as to whether we will see this." Oliver Griffin, Simon Jessop and Nia William edited the story.
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Russia launches first-ever investigation into searches online for "extremist" material
The first Russian to be investigated for violating a law that prohibits online searches of material Moscow deems extremist is a man whose lawyer claims he accidentally came across information about pro Ukrainian combat units when browsing the Internet on a bus. Sergei Barsukov is a Russian lawyer who practices in Sverdlovsk, a region located near the Urals. He was quoted by Russian media as saying that he represented Sergei Glukhikh (20), whose internet service provider had reported him to the FSB for viewing information on units Russia considers terrorists. Barsukov was quoted by the news outlet Ostorozhno Novosti as saying that his client did not have malicious intent and complained about investigators exerting psychological pressure on him. Since its invasion of Ukraine in 2022, Russia has introduced censorship legislation that makes people liable for fines or lengthy prison sentences if "discrediting" the Russian military or spreading "knowingly false information" regarding the war. A new law, passed in July, imposes fines up to 5,000 rubles ($61.50) on people who search online for extremist material. The fine may seem small, but critics claim that it could be used to investigate people and lead to more serious charges or penalties. Barsukov said that a verdict had not yet been made in the case of his client, but many people would be unfairly affected by the law. Imagine I am a researcher preparing a piece about banned organizations. "I'm left defenseless because an internet operator has reported me to the law enforcement," said he. It's time to end this farce, and stop draging decent citizens through courts.
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US official: Iranian plot to kill Israel’s ambassador in Mexico foiled
A U.S. official stated on Friday that Iran's Islamic Revolutionary Guard Corps planned to assassinate Israel’s ambassador to Mexico beginning late last year. However, the plot was thwarted and there is currently no threat. According to the official who spoke on condition of anonymity about the plot against Einat Kranz-Neiger, the plot was active throughout the first half of the year. The official said that the plot had been contained and did not pose any current threat. The official said that the plot was contained and does not pose a current threat. Officials declined to provide any further details or information about how the plot foiled. The United States, its allies and others have repeatedly claimed that Iran and its agents have attempted to launch violent attacks on Tehran's enemies. Last year, security services in Britain and Sweden warned that Tehran used criminal proxies in these countries to carry out violent attacks. London said it had foiled 20 Iran-linked plots in the last 20 years. Dozens of other countries condemned the alleged increase in Iranian intelligence services' plots to assassinate, kidnap, and harass. The British spy chief MI5 Director-General Ken McCallum said that Iran is "frantically" attempting to silence its critics in the world. He cited Australian authorities who had exposed Iranian involvement with antisemitic plans and Dutch authorities who had revealed an unsuccessful assassination. Israel has been an Iranian target for a long time, but this is especially true after Israel engaged in a war with Iran in which U.S. aircraft bombed Iranian nuclear sites in the month of June. Reporting by Steve Holland. Editing by Michelle Nichols, Lincoln Feast.
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Gold prices rise as the dollar weakens and US shutdown fears persist
Gold prices rose Friday, as the dollar softened. The uncertainty surrounding the U.S. shutdown also added to the demand for safe-haven assets. Wall Street indexes are set for sharp weekly drops. As of 9:37 am, spot gold rose 0.2% to $3,986.83 an ounce. ET (1437 GMT). The contract has dropped 0.4% this week. U.S. Gold Futures for December Delivery gained 0.1%, to $3.993.60 an ounce. Investors worried about the sustainability of an artificial intelligence rally on Friday kept tech-heavy markets poised for their largest weekly drop in seven months. Other currency holders can now buy greenback bullion at a lower price. Jim Wyckoff is a senior analyst with Kitco Metals. He said, "The recent price movement suggests that we are putting a floor under the gold and silver prices." As a non-yielding investment, gold tends to do well in environments with low interest rates. The U.S. shutdown delayed the release of the non-farm payrolls data for October. Traders turned to the private sector data which showed that there were job losses in the month of October to gauge the probability of another Federal Reserve rate cut this year. According to CME Group’s FedWatch tool, the markets now expect a rate cut of 25 basis points in December. Industry insiders say that China has begun designing a new licensing regime for rare earths, which could accelerate shipments. However, it is unlikely to lift all restrictions, as Washington had hoped. The conflicts have not been resolved, even though trade policy has calmed a bit. Commerzbank wrote in a report that gold is likely to continue being sought after as a "safe haven". Silver spot rose 0.6% per ounce to $48,26. Platinum dropped 0.5% to 1,533.10, while palladium remained at $1,374.75. All three metals are on a downward trend. (Reporting and editing by Sahal Muhammad, Noel John in Bengaluru, Kavya Baliaraman and Pablo Sinha in Bengaluru)
Document shows that India has advanced hydro-projects in Kashmir after terminating the pact with Pakistan
According to a government and industry source, India has accelerated the start of four hydropower projects under construction in the Kashmir area by several months. This is after it suspended a water-sharing agreement with Pakistan which had slowed down progress.
The Indian government is using the unilateral suspension of Indus Waters treaty 1960, which it unilaterally imposed following the deadly attack on Kashmir last month, to try and take advantage of this.
India said that two of the "terrorists", who killed 26 men in a popular tourist spot in Kashmir on the 22nd of April, were from Pakistan. It has also taken a number of diplomatic and financial steps against Islamabad at a time when relations between the nuclear-armed neighbors are deteriorating.
Islamabad denied involvement in the attack and threatened legal action for the suspension. It also said that any attempt to divert or stop the flow of water to Pakistan would be viewed as an act war. Pakistan relies on the Indus System for 80% its farms and for most of its output in hydroelectricity.
Since nearly two weeks, the armies have been exchanging small arms fire along the border. Pakistan claims that India is about to launch a military attack.
New Delhi, despite Pakistan's threats, has taken steps to reduce water supplies to Pakistan.
The document was an undated list compiled by the Power Ministry and reviewed by the Prime Minister Narendra Modi’s government.
Pakal Dul (1 000 MW), Kiru (620 MW), Kwar (560 MW) et Ratle (850MW) are the four projects. The four projects are located on the Chenab River. Although its waters are intended for Pakistan, India has been allowed to build hydroelectric projects that use run-of water without significant storage.
All the projects are being built by NHPC (India's largest hydropower company), a state-owned corporation. The document states that they are scheduled to begin between June 2026 - August 2028.
The document states that various agencies, such as those focusing on law enforcement and labor supply, were asked to speed up work.
NHPC, the Indian Ministries of Power, Water Resources and Foreign Affairs did not respond immediately to requests for comments.
Indus River Authority officials in Pakistan held a Monday meeting and "noted unanimously with concern that a sudden reduction in River Chenab flows at Marala, (the headworks which regulates flow), due to a short supply from India, would result in further shortages" of summer crops.
The authority announced in a late-Monday statement that it would use downstream reservoirs "in light of the crisis created by Indian shortages in the Chenab River".
"PLANS FOR MORE"
Last month, India's Water Minister vowed to "ensure that no drop of water from the Indus River reaches Pakistan".
According to a source in the Indian industry, there have been several meetings between officials of various government and private agencies and the power ministry over the last week regarding projects in Jammu & Kashmir.
The source declined to identify herself because the matter was sensitive. "In general, government orders to speed up existing projects such as this means that it wants to plan new ones," she said.
India is requesting that seven projects, with a combined power of 7 gigawatts and a cost of 400 billion rupees ($4.73 billion), be expedited. Could not identify all of the projects.
The Permanent Court of Arbitration at the Hague has already heard a dispute between Pakistan and India over Ratle. The dispute concerns the small pondage or water storage area as well as the turbine design.
New Delhi was required by the water treaty to provide Islamabad with extensive details about projects on three Indus Rivers that were meant for Pakistan, the Indus, the Chenab, and the Jhelum. Modi's Government has sought a modification to the water treaty, citing India's growing population and the need for cleaner forms of power like hydropower.
Officials and experts from both countries had stated that India could not stop the flow of water immediately because the treaty only allowed them to build plants without the need for large storage dams. However, a Pakistani official claimed the Chenab River had already seen a drastic drop in flows.
Muhammad Khalid Idrees Rana told Bloomberg News that the flow of water has dropped by 90% since Sunday.
Sources at Pakistan's Indus Authority said that the Chenab flow has been wildly fluctuating since Sunday. On Sunday, water was flowing at Marala Headworks at 31,000 cusecs. It then dropped to 3,100 on Monday and is now up to 25,000.
Source: "The changes in water supply are due to India's (some hydro) projects," said the source. They can stop the water, then dump it. These variations are not large enough to cause significant damage, but they have an impact on the canals.
(source: Reuters)