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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)
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Britain increases sanctions against Russia's energy sector
As part of its efforts to increase pressure on Moscow over the conflict in Ukraine, Britain imposed sanctions Thursday on additional Russian oil companies and Canadian-Pakistani Murtaza Lakhaani. The government has targeted 24 individuals, entities and companies, including what they describe as Russia's biggest remaining un-sanctioned oil firms: Tatneft, Russneft, NNK-Oil, and Rusneftegaz. The latest measures aim to make it more difficult for Russia to sell its oil globally. In October, Britain sanctioned Rosneft and Lukoil, two of Russia's largest oil companies. On Thursday, the EU sanctioned?41 ships of Russia's?shadow fleet? that tries to circumvent Western trading restrictions. Russia dismissed Western sanctions in the past as political motivated. The package included Lakhani and his companies. According to the British government, they are among the biggest traders of Russian oil in the world since 2022. Lakhani is a 63-year-old trader who began his career at the global trading company Glencore. He now runs a midsized trading firm called Mercantile & Maritime which faces UK sanctions. The company is based in London and Singapore. Britain said that it would also use'sanctions' to crack down on Central Asian cotton pulp supply chains, a component used in ammunition, explosives, and missile fuel, which it claimed Russia could not produce at scale. (Reporting Muvija M. Additional Reporting by Anna Hirtenstein. William James, Mark Potter and Mark Potter edited the story.
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TSX rises as tame U.S. data on inflation supports rate-cut bets
Canada's main index of stocks gained on Thursday after a U.S. inflation report that was lower than expected boosted expectations about Federal Reserve rate cuts. By 10:06 a.m., the?S&P/TSX composite index had risen 1% to '31,567.25?points. ET, after four consecutive days of modest losses. Cannabis companies Curaleaf Canopy Growth and Tilray have jumped between 2% and 21.5%. This is a continuation of their recent rally fueled by the expectation that U.S. president Donald Trump will sign an executive directive easing federal marijuana regulations. After Micron Technology's optimistic forecast, the technology index led gains in all Canadian sectors. The data showed that U.S. consumer price increases were less than economists expected for the year ending November, but they expect a faster increase in December. According to LSEG, investors are 'betting' that the Fed will reduce borrowing costs by 64 basis points at the end of the year. Oil prices are choppy due to geopolitical worries and the sell-off this week on Wall Street has weighed on the sentiment. Toronto's main index of stocks is on track for a weekly loss. The commodity-heavy Index is still on track to have its best year since 2009 with a gain of nearly 27%, driven by an increase in precious metal prices, and signs that the Canadian economy has remained resilient despite the tariff war between the U.S. Orla Mining climbed by 4% to a new record high, after the company confirmed that high-grade gold deposits extended beyond its underground operations at Musselwhite mine. (Reporting and editing by Avinash P in Bengaluru)
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Trump claims that he has cut energy costs. Has he?
In his White House address on Wednesday, Donald Trump credited the reduction of gasoline prices, increased power generation and boost to the coal industry. Here is a fact-check: GASOLINE -PRICES Trump stated: "Gasoline has dropped below $2.50 per gallon across the majority of the United States." By the way, in some states, it's just $1.99 per gallon. According to AAA's daily survey, the national average price for a gallon is $2.896. This is down from $3.034 one year ago. According to AAA, the lowest gasoline prices are found in Oklahoma where the average price is $2.343. The price of gasoline closely relates to its feedstock crude, which was pressured by OPEC's production increase and slowing economic growth in recent months. Power Generation Trump said, "Within 12 months, we will have opened 1600 electrical generating stations." It's a record which, I'd say, will not be broken by anyone, or at least not anytime soon. "Prices on electricity will drop dramatically, and everything else too." Facts: The rise in power prices is due to the proliferation of data centers that are electricity-hungry. This is a major reason why Trump and his predecessor Joe Biden wish to increase America's energy generation. U.S. Energy Information Administration (EIA), the statistical arm of the Department?of?Energy's, predicts that U.S. electricity generation will grow by 2.4% in 2020, and 1.7% more in 2026. This growth reverses the shrinking U.S. electricity generation between 2010 and 2020. During this period, demand for electricity was flat. However, the EIA data indicates that solar and wind power projects are responsible for the largest growth in new generation. These projects were in the pipeline since?years, and benefited from federal subsides that Trump has now cut. Trump's administration wants a reduction in renewable energy and a boost to oil, gas and coal technologies. COAL REVIVAL In his speech, Trump said that his administration is "bringing back beautiful coal and raising take-home pay for?miners". After years of falling incomes at record levels, our policies have boosted take-home pay at an historic rate. For miners, this is $3,300. The facts: According to the Bureau of Labor Statistics, employment in the coal industry in November was 41,200, down from 42,300 a year ago. According to data, the average hourly wage of coal miners in October was $35.72, up from $35.65 one year ago. According to the EIA, coal consumption in the United States is expected to rise by 9% by 2025, driven by an increase of 11% in the demand for electric power. However, coal consumption is expected decline in 2026 due to the increase of electric power generated from renewable sources. (Reporting and editing by Nick Zieminski, Richard Valdmanis)
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Eni and BlackRock’s GIP jointly control a carbon capture unit
Eni announced on Thursday that it had sold a 49.99% share of its carbon storage and capture unit to BlackRock’s infrastructure fund Global Infrastructure Partners. This gives the two groups joint control over the business. This deal is part Eni's plan to spin-off specific businesses, and to bring in partners who can help fund investment for these units. The deal is a larger share than previous deals with its low-carbon units Plenitude and Enilive, where it restricted the'share of partners' to 30%. Eni's CCUS Holding is responsible for the Liverpool Bay?and Bacton project in Britain in addition to the L10 -CCS in the Netherlands. The CCUS Unit?also has a right to purchase the 50% owned by Eni in the 'carbon capture project' it launched in Italy with gas grid operator Snam. The Italian group did not disclose the value of any additional projects that could be added to the portfolio in the medium-term. This strategic partnership will enhance the industrial potential and value of portfolio projects. It will also reinforce Eni's ambitions to be the leading global player in the carbon capture and storage industry. Carbon capture and Storage technology is a way to remove CO2 from the air or store it underground. It does this by capturing it at the point of emissions. International Energy Agency claims that the technology can be a key component in meeting global climate goals. Critics have questioned the commercial viability of this technology and claim that it could prolong fossil fuel use. (Reporting and editing by Barbara Lewis; Francesca Landini)
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Gold prices rise as inflation data drives rate-cut bets
Gold prices held firm on 'Thursday', reversing earlier losses, as U.S. inflation figures were softer than expected, confirming expectations for Federal Reserve rate reductions in 2026. As of 1424 GMT, spot gold was down by 0.1% to $4,333.57 per ounce. U.S. Gold Futures were also down 0.2% at $4,366.80. Data showed that U.S. consumer price index rose 2.7% on an annual basis in November. This was below the 3.1% rise forecast by economists?surveyed. After the data, futures on the federal fund rate increased the probability 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 the spotlight going into 2026, as the market attempts to determine how many rate reductions are planned for the 'next year. Gold and other non-yielding investments benefit from a low-interest rate environment. LSEG data shows that traders expect the Federal Reserve to cut rates by 63 basis points next year. Donald Trump, the U.S. president, said that he expects to announce early next year who will be the next Federal Reserve Chair. He stated that a person?who supports dramatically lower interest rates" would be chosen. Silver spot fell 0.4%, to $66.04 per ounce. This is a retreat from the record high of $66.88 set in the previous session. Meger stated that "both gold and silver saw magnanimous moves over the past few weeks. It's therefore not surprising to see a little profit-taking or consolidation on the market." Silver has outperformed the gold market this year. Its price is up?129% on an annual basis due to investment demand and fears over a shortage of supply. Platinum rose by 0.7% to $1.924.05, which is a record high for more than 17 years. Palladium gained 2.9%, reaching a new high of $1.695.68, which is a three-year-old 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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Saudi Arabian crude exports reach a two-and-a half year high in October
Saudi Arabian crude oil exports reached their highest level since?two-and-ahalf years in October. Data from the Joint Organizations Data Initiative, or JODI, was released on Thursday. Crude oil exports increased from 6.460 million barrels a day in September to 7.100 millions barrels a day (bpd), their highest level since the beginning of April 2023. Saudi Arabian crude production, on the other hand, reached its highest level since April 2023 in October. Output ?in September stood at 9.966 million bpd. Saudi Arabia and the other OPEC countries submit monthly?export data to JODI which publishes it on its platform. JODI data show that the refinery crude throughput fell to 2.712 mbpd in September, down 7.8% from 2.940 mbpd. Direct crude burning also decreased 92,000 bpd and is now 393,000 bpd. UBS analyst Giovanni Staunovo said that the OPEC+ members of the Group of Eight lowered their production further in October, and with local demand seasonal declining, there was more crude available for export. Eight OPEC+ member countries have agreed to halt production increases for the first quarter of 2026. Other producers such as Brazil and the U.S. are also increasing their supply, which is adding to fears of a glut. OPEC predicted earlier this month that the demand for OPEC+ oil will average 43 millions bpd 'in 2026. This is unchanged from last?month and similar to what OPEC+ was producing in November. If OPEC+ continues to pump at?November’s rate in 2026, and all other factors remain the same, production?would 60,000 bpd more than demand. This calculation is based on an OPEC report. Saudi Arabia's crude oil exports to China will reach a three-month peak in January, according to sources early last week. The kingdom has lowered its official selling price to Asia. Reporting by Sherin Elizabeth Varighese in Bengaluru, Noel John in New York and Anmol Chaubey at Bengaluru. Editing by Kirby Donovan.
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Industry says EU carbon tax changes are not sufficient for metals
Industry representatives say that the proposed changes to the European Union’s carbon border adjustment mechanisms are a step in the correct direction but not an ideal solution for the steel and aluminum sectors of Europe. The European Commission announced Wednesday proposals to extend the scope of CBAM, which will impose carbon taxes on Europe's steel imports and aluminium as well as a few other commodities starting January 1, to include some downstream products that contain a large amount of these?metals. It took into account the warnings of metal industry players from Europe about "carbon leakage", or the risk of industries worried about losing their competitiveness moving operations outside of the region in order to avoid the cost of climate policies. Eurofer, the European steel association, said that the proposals were flawed and failed to provide "a comprehensive?and durable?response to carbon?and jobs?leakage." They described the number of downstream products as being "very limited." Norsk Hydro, a Norwegian aluminium manufacturer, was the leader in lobbying to expand CBAM so that it would cover downstream and scrap. Norsk Hydro claimed that 35% EU aluminium recycling capacities could be closed if remelted aluminum scrap entered the EU without a carbon tax. It stated on Wednesday that the inclusion of preconsumer waste was a "big leap forward". "However,?post-consumer scrap ?must also be ?added to the scope," a company spokesman said. "If we don't, then half the scrap loophole remains open." Post-consumer?metal is the end-of-life metal such as aluminum beverage cans. The industry association European Aluminium agreed on Thursday that CBAM needs more work. Paul Voss said that the direction was right but more adjustments were needed to close the remaining loopholes. "We are committed to working with co-legislators in a constructive manner to produce a CBAM which supports the climate ambitions while maintaining Europe's competitiveness." (Reporting and editing by Barbara Lewis; Tom Daly, Kate Abnett)
Trump's funding cuts halt water projects and increase risks for millions
According to new research, the Trump administration's decision of cutting nearly all U.S. aid to foreign countries has left dozens water and sanitation projects in the middle of completion around the world, creating hazards for those they were intended to help.
After speaking with 17 sources who are familiar with infrastructure plans, we have identified 21 unfinished construction projects in 16 different countries. The majority of these projects were not reported before. Workers have abandoned their shovels, left half-dug holes, and unguarded building materials after hundreds of millions in funding were cancelled since January. This is according to internal documents and interviews with U.S. officials.
The United States has left millions of people to their own devices, despite having promised them clean drinking water and reliable sanitation. According to two anonymous U.S. officials, water towers that were intended to serve Mali's schools and clinics have been abandoned. Construction on more than a hundred drinking water systems in Nepal was stopped, and plumbing supplies, 6,500 bags cement, were left behind. According to Pradeep Yadav, the water minister of the Himalayan country, the nation will finish the project with its own money. The project in Lebanon to supply cheap solar energy to water utilities has been scrapped. This resulted in the loss of 70 jobs and stopped plans to improve services for the region. Suzy Hoayek is an advisor to Lebanon's Energy Ministry. She said that utilities now depend on diesel to power their systems. Residents of Taita Taveta County in Kenya say that they are more susceptible to flooding now than before because half-finished irrigation channels could collapse, sweeping away crops. Community leaders estimate that it will cost $2,000 for the community to reduce the flood risk. This is twice the average income of the area.
Mary Kibachia (74), a farmer, said: "I am not protected from the flooding caused by the canal. The floods are only going to get worse."
SUPPORT BIPARTISAN
Trump's demise of the U.S. Agency for International Development left food and medical aid that could save lives rotting and in warehouses. It has also thrown humanitarian efforts all over the world into chaos. According to a study published in The Lancet, the cuts could cause 14 million additional deaths by 2030. Trump's administration and its supporters say that money should be spent on Americans in the United States rather than sent abroad. They also claim USAID has strayed away from its original purpose by funding LGBT rights projects in Serbia.
The U.S. Water Projects, with an annual budget $450 million dollars, accounted for only a fraction of the $61 Billion in foreign aid that the United States distributed last year.
Washington's water projects were not controversial before Trump was re-elected in November. Both chambers of Congress passed a 2014 law that doubled the funding.
According to advocates, the United States improved the lives tens of thousands of people over the years by building toilets, irrigation canals, and other water and sanitation project. John Oldfield is a consultant for water infrastructure and a lobbyist. He said that by building water infrastructure, the United States has improved the lives of tens of millions over time.
Do we want girls to carry water for their families on their heads? "Or do you want girls carrying schoolbooks?" he asked.
The U.S. State Department has not responded to a question about the impact on the water projects of the halting. The agency has restored funding for some life-saving project, but Secretary Marco Rubio said that American assistance would be limited in the future. At least one project has been restarted. After King Abdullah's diplomatic push, funding for a $6 Billion desalination facility in Jordan has been restored.
Those familiar with the programs, who spoke under condition of anonymity, said that funding for other countries, including Ethiopia, Tanzania and the Democratic Republic of the Congo has not been resumed.
Women in these areas will walk hours to get unsafe water. Children will also be at risk of disease, and the health facilities in these areas will close. This is according to Tjada McKenna CEO of Mercy Corps. The nonprofit worked with USAID to implement water projects that benefited 1.7 million people in Congo, Nigeria, and Afghanistan.
She said: "This isn’t just about the loss of assistance -- it’s about the unraveling progress, stability and human dignity."
The Perils of Fetching Water
Former USAID water kiosks are now used as playgrounds for children in eastern Congo where the fighting between Congolese troops and M23 rebels have claimed thousands of victims.
Evelyne Mbaswa told how her son, 16, went to fetch some water in June but never returned home. This is a common experience for families living in the violent region.
The mother of nine stated, "When we send girls to school, they're raped and young boys are abducted . All of this is due to the lack of drinking water."
A spokesperson for Congo's government declined to comment on requests. USAID in Kenya was amidst a $100 million, five-year project to provide drinking and irrigation water for 150,000 people, when, according to documents viewed by, contractors and staff were told to stop working in January. DAI Global LLC's memo dated May 15, 2015, states that only 15% of the project was completed.
According to correspondence, $100,000 worth of pipe, fencing, and other materials were left exposed on construction sites where they could be damaged or stolen. USAID signage on those sites clearly shows who is responsible, according to several memos.
According to a draft of a memo sent by the U.S. Embassy in Nairobi to State Department, this could harm the United States’ reputation and give a boost for extremist groups looking to recruit new members in the region.
Al Shabaab, a Somalia-based group with ties to al Qaeda, has been responsible in Kenya for a series of high-profile assaults. One such attack in 2015 on a Kenyan university killed at least 147.
The memo stated that "the reputational risk of failing to complete these projects could become a security threat."
DAMAGING FLOODS
Community leaders in Kenya's Taita Taveta county, which is a rural area that has experienced cyclical flooding and drought, said workers were only able to construct brick walls for 220 meters of a 3.1 kilometre irrigation canal (1.9 miles) before they were told to stop. These walls are not plastered and therefore vulnerable to erosion.
Juma Kubo is a leader in the community. She said that without plaster, walls would collapse during heavy rains, and water flow will destroy farms.
The community asked for the Kenyan Government and international donors' help to finish the project, with a projected cost $526,000.
Kubo stated that they will sell the steel cables and cement left at the site to raise funds to backfill and plaster the canal.
Stephen Kiteto Mwagoti is an irrigation officer for the county. He said that the county needs "funds so we can finish the project as much as we can, with the materials available, if we cannot complete it completely."
Kenyan authorities did not reply to our request for comment. Kibachia has been living with flooding for many years and needs help now.
After three months of work on the project was completed, her mud-hut was inundated with water up to her knees.
It was bad this time. She said that she had to use dirt to repair the damage done by the floods.
Where can I go?" "This is home."
(source: Reuters)